serving 2013-08-22 through 2013-08-22
PUBLIC NOTICE NOTICE OF INTERLOCAL AGREEMENTS BETWEEN THE REDEVELOPMENT AGENCY OF EAGLE MOUNTAIN AND THE FOLLOWING TAXING ENTITIES: (1) UTAH COUNTY AND EAGLE MOUNTAIN CITY (THE "TAXING ENTITIES") Pursuant to Section 11-13-219, Utah Code Annotated 1953, as amended, the Redevelopment Agency of Eagle Mountain City (the "Agency"), Utah County (the "County"), and Eagle Mountain City (the "City) are providing this notice with respect to the Interlocal Agreements (the "Interlocal Agreements") entered into, separately and individually, by and between the Agency and the County and the City (the "Taxing Entities"), wherein the Taxing Entities have separately and individually agreed to remit to the Agency annually a portion of the tax increment generated within the Parkside Community Development Project Area, (the "Project Area") for the purpose of providing funds to the Agency to carry out the Project Area Plan and for the Agency to assist potential developers in offsetting costs and expenses which will be necessary to construct and install certain municipal improvements and other development related costs needed to serve the Project Area. The Interlocal Agreements provide that the Taxing Entities will remit to the Agency annually a portion of the Project Area's tax increment. Tax Increment will begin with the tax year in which the taxable values for the Project appear on the Utah County Tax rolls ("Year One") in an amount exceeding $7,500,000.00. A summary of the individual Taxing Entity's participation duration and increment percentages stated in each Interlocal Agreement with the Agency is as follows: Entity Duration Percentage of Increment to Agency Agreement Date Cap Amount County Years 1-3 50% July 9, 2013 $126,328 Year 4 40% Year 5 30% Years 6-10 25% City 10 Years 100% July 17, 2013 $500,000 A copy of each Interlocal Agreement is available for public viewing at the City Offices of Eagle Mountain City during normal business hours. 901377 UPAXLP
PUBLIC NOTICE NOTICE OF INTERLOCAL AGREEMENTS BETWEEN THE REDEVELOPMENT AGENCY OF EAGLE MOUNTAIN AND THE FOLLOWING TAXING ENTITIES: (1) UTAH COUNTY AND EAGLE MOUNTAIN CITY (THE "TAXING ENTITIES") Pursuant to Section 11-13-219, Utah Code Annotated 1953, as amended, the Redevelopment Agency of Eagle Mountain City (the "Agency"), Utah County (the "County"), and Eagle Mountain City (the "City) are providing this notice with respect to the Interlocal Agreements (the "Interlocal Agreements") entered into, separately and individually, by and between the Agency and the County and the City (the "Taxing Entities"), wherein the Taxing Entities have separately and individually agreed to remit to the Agency annually a portion of the tax increment generated within the Parkside Community Development Project Area, (the "Project Area") for the purpose of providing funds to the Agency to carry out the Project Area Plan and for the Agency to assist potential developers in offsetting costs and expenses which will be necessary to construct and install certain municipal improvements and other development related costs needed to serve the Project Area. The Interlocal Agreements provide that the Taxing Entities will remit to the Agency annually a portion of the Project Area's tax increment. Tax Increment will begin with the tax year in which the taxable values for the Project appear on the Utah County Tax rolls ("Year One") in an amount exceeding $7,500,000.00. A summary of the individual Taxing Entity's participation duration and increment percentages stated in each Interlocal Agreement with the Agency is as follows: Entity Duration Percentage of Increment to Agency Agreement Date Cap Amount County Years 1-3 50% July 9, 2013 $126,328 Year 4 40% Year 5 30% Years 6-10 25% City 10 Years 100% July 17, 2013 $500,000 A copy of each Interlocal Agreement is available for public viewing at the City Offices of Eagle Mountain City during normal business hours. 901377 UPAXLP