Economic DevelopmentSan Juan & Blanding Community Reinvestment Agencies10 July 2018
Discussion Points
• Goals for Economic Development in San Juan County/Blanding City
• Bluff Dwellings Project• Blanding Project
Economic Development
• Import Tax Base• Expand Economic Activity• Invest in Local Equity• Retain Jobs – Invest in Human Capital• Control Growth • Proactive Approach• Partner with Taxing Entities
Bluff Dwellings
Project Area
Map of Area
Project Summary
54 Units 9 Private Suites 3 Kachina Suites
Swimming Pool with Beach Entry Food and Smoothie Shack SPA & Jacuzzi Access to Hiking Trails $6m Investment
Why The Need for Tax Increment
18 Units – no need for turn lane & no incentive $127k in present value to School District (20 years)
54 Units – with incentive for turn lane $407k in present value to School District (20 years)
Tax Increment Request
Bluff Dwelling Reimbursement ExpensesUDOT Turn Lane 300,000$ Bluff Water Works 75,000 Electrical Utilities 50,000 Other Utility Costs 25,000 Total Request 450,000$
Request:• 75% of Tax Increment• 15 Years or • Until $450k
Tax Revenue to School District:• Current Tax Collection: $691• After Development: $8,890• After CRA: $35,200
Tax Increment Request
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10,000
20,000
30,000
40,000
50,000
60,000
70,000
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Tax Increment Revenue
Base Taxes Taxing Entities CRA
Next Steps
• School Board Review Interlocal Agreement
• School Board and County CRA Approve Interlocal Agreement
North Entrance
Project Area
Map of Area
Project Summary
70 Units with Swimming Pool County Senior Center Future Convention Center Attached $7.5m Investment
Why The Need for Tax Increment
Need down payment Incentive will provide part of that down payment Critical to getting lending in rural San Juan County
Tax Increment Request
Request:• 75% of Tax Increment• 20 Years or • Until $1.25m
Tax Revenue to School District:• Current Tax Collection: $1,759• After Development: $12,800• After CRA: $50,000
Reimbursement ExpensesRoadways/Parking 550,000$ Curb & Gutter 135,000 Storm Drain 125,000 Utilities 125,000 Civil Work/Landscaping 315,000 Total Request 1,250,000$
Next Steps
• School Board Review Interlocal Agreement
• School Board and County CRA Approve Interlocal Agreement