RDA approves participation agreement with DJ 57 LLC; terms include trust deed and phased timelines

The Daggett County Redevelopment Agency approved a participation agreement with DJ 57 LLC that staff said establishes a price structure for developable versus harder-to-develop acreage, a trust deed with a 5% annual interest, and deadlines tied to concept and preliminary plans.

A staff presenter summarized the purchase price and how it was calculated "by looking at the usable property, and and the commissioners already discussed that how we came to that price," and said the agreement mirrors prior participation agreements the RDA has used. The transcript references a figure for the first section of land of $213,000; the record is not fully clear on the surrounding digits and the agency should be consulted for a definitive number.

The agreement includes a trust-deed provision carrying "5% per annum, and it's paid off as each developed lot is sold," the presenter said. The RDA also included timelines requiring a concept plan and preliminary plan submissions within 90–180 days and a provision allowing the agency to repurchase the property at the original sale price if development does not proceed within specified phase windows.

Commission discussion did not add conditions to block approval; a motion to approve the RDA participation agreement was seconded and passed with recorded affirmative votes.

What happens next: the RDA will proceed with the participation agreement as presented; staff indicated enforcement provisions are consistent with prior agreements and that repayment and repurchase mechanics are tied to phasing and lot sales.