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Clerk: Zion Mountain project area has $152,436.65 in TIF revenue; allocations and debt-service priority explained
Summary
Clerk Shamil Lam reported $152,436.65 collected in TIF revenue with $3,810.92 for admin, $15,243.67 for housing (split 40/60), and $133,382.06 for project development (allocated first to visitor center debt service). The board noted the RDA lacks funds to cover $340,562.24 in district delinquencies.
At the meeting, Clerk Shamil Lam provided a line-item overview of TIF revenues for the Zion Mountain project area and how those funds are allocated.
"The total amount of revenue that we have for this project area has been $152,436.65," Shamil Lam said. He explained allocations include a 2.5% administrative fee ($3,810.92), 10% for housing split 40/60 (workforce housing $6,097.47; other authorized housing $9,146.20), and the remaining ~87.5% (listed as $133,382.06) designated for project development and first applied to visitor-center debt service.
Board members highlighted that existing TIF balances are insufficient to cure the district's delinquent property taxes. A staff member told the board that 340 property owners are delinquent, owing $340,562.24 — more than twice the RDA’s current project-development balance.
