[Call to Order]
[00:00:03]
YOU'RE GOOD, CHAIR. THANK YOU. ALL RIGHT. I NOW CALL TO ORDER THE REDEVELOPMENT AGENCY BOARD MEETING FOR MAY 26TH, 2026. IT IS APPROXIMATELY 8:23 P.M. AT THIS TIME. ALL OF THE BOARD
[a. Public Hearing to Receive Comment on the West Jordan Redevelopment Agency Fiscal Year 2027 Budget]
MEMBERS ARE PRESENT. AND AS WE GET READY TO GO THROUGH THIS, WE'LL BRING BUDGET ANALYST BECKY CANDY. ALL RIGHT. THIS IS THE REDEVELOPMENT AGENCY BUDGET FOR FISCAL YEAR 2027. THE REDEVELOPMENT AGENCY, OR THE RDA, IS FOCUSED ON REVITALIZING SPECIFIC AREAS OR DISTRICTS THROUGHOUT THE CITY THAT HAVE BEEN DETERMINED TO BE BLIGHTED OR NEGLECTED OR IN NEED OF SOME SORT OF REDEVELOPMENT. AND THE PRIMARY PURPOSE IS TO ENCOURAGE THE COMMUNITY DEVELOPMENT AIMED AT IMPROVING THE ECONOMIC AND SOCIAL ENVIRONMENT OF THOSE SPECIFIC AREAS, WHICH IN TURN LIFTS THE THE WHOLE CITY. THE BUDGET FOR 2027 THAT IS PROPOSED. YOU CAN SEE THE THE INFORMATION HERE ON THE SLIDE. THERE IS SOME REVENUE COMING FROM PROPERTY TAXES ON THE DIFFERENT AREAS, AS WELL AS A TRANSFER FROM THE GENERAL FUND, WHICH IS THE SALES TAX AND ENERGY TAX REBATES THAT ARE IN THE DIFFERENT AGREEMENTS AND ARRANGEMENTS THAT HAVE BEEN PUT IN PLACE. ON THE EXPENDITURE SIDE, THERE ARE PLANNING TO DO A STUDY THAT WILL BE THE $50,000. THERE'S SOME ADMINISTRATIVE COSTS THAT ARE PART OF THE AGREEMENTS AS WELL.ON THAT, 79,000 GOES TO THE GENERAL FUND FOR THE STAFF SUPPORT. IN TERMS OF INCENTIVE AGREEMENTS, IT'S $1.787 MILLION. AND THEN THERE'S IMPROVEMENTS IN LAND PURCHASES, WHICH I CAN SHOW ON THE NEXT COUPLE OF SLIDES AS WELL. BUT YOU CAN SEE THAT THE THE FUND BALANCE FOR 2026 IS ESTIMATED TO END AT $21 MILLION, AND THE MAJORITY OF THAT IS COMING DOWN BECAUSE OF THOSE IMPROVEMENTS AND LAND PURCHASES OR THAT FUNDING THAT WE WANT TO HAVE AVAILABLE TO BE ABLE TO MAKE THOSE PURCHASES WHEN THE THE OPPORTUNITY COMES. THESE ARE THE AGREEMENTS IN PLACE. THE EDA NUMBER FOUR, CDA NUMBER ONE, AND CRA NUMBER ONE. I DON'T KNOW IF ANYONE HAS QUESTIONS ON THAT, BUT THERE'S MORE INFORMATION AVAILABLE IN YOUR BUDGET DOCUMENT, AS WELL AS THE IMPROVEMENTS AND PROPERTY ACQUISITION AMOUNTS IN THE VERY IN THESE VARIOUS RDA AREAS. TONIGHT'S OPPORTUNITY IS BEFORE WE GO THERE, YOU CAN SEE HERE THAT THE ENDING RESERVES OVER THE LAST THE YEAR, THAT FISCAL YEAR 2025, THAT IS ACTUAL. OUR CURRENT YEAR THAT WE'RE IN. 26 BOTH THE BUDGET AND WHAT WE ESTIMATE TO END THE YEAR AT. AND THEN THE 2027 BUDGET AMOUNTS. IN TERMS OF THE ENDING RESERVES FOR EACH OF THOSE AREAS. MOST OF THESE AREAS HAVE CLOSED IN TERMS OF THE COLLECTING ON THE TAXES. SO WE HAVE JUST THOSE THREE THAT ARE STILL OPEN, TWO OF WHICH WILL THE COMING FISCAL YEAR, CURRENT TAX YEAR 2026 WILL BE THE LAST YEAR THAT THAT THAT THOSE ARE IN PLACE BEFORE THEY CLOSE. AGAIN. THIS BUDGET WAS ORIGINALLY PRESENTED ON MAY 5TH, AND THE TENTATIVE BUDGET WAS ADOPTED AT YOUR PREVIOUS MEETING. THIS PUBLIC HEARING TONIGHT IS THE OPPORTUNITY FOR ANY PUBLIC WHO WOULD LIKE TO MAKE COMMENT ON THE BUDGET AND WHICH POINT YOU CAN CONSIDER ALL OF THAT INPUT AND ADOPT AN ANNUAL BUDGET SUGGESTED TO DO THAT ON JUNE 9TH WITH, OF COURSE, ANY CHANGES THAT THE BOARD HAS MAJORITY IN FAVOR OF. IF THERE ARE NO QUESTIONS, THEN WE CAN HEAR FROM THE PUBLIC, BUT OTHERWISE HAPPY TO ADDRESS ANYTHING THAT YOU MIGHT. COUNCIL MEMBER JACOB. I DO HAVE TWO. CAN WE BACK UP? LET'S SEE. TWO. ONE MORE. THERE WE GO. I WAS CURIOUS ON THIS ONE, AND I HAVE ONE QUESTION ON A PREVIOUS SLIDE TOO, BUT ON THIS ONE ON THE TOWN CENTER LINE, I'M JUST READING ACROSS AN ACTUAL AND THEN BUDGET AND THEN ACTUAL AND THEN BUDGET. THERE'S A BIG VARIANCE THERE. IT LOOKS LIKE WE'RE. ENDING WITH ABOUT THREE TIMES THE AMOUNT OF MONEY THAT WE ANTICIPATE TO END WITH EACH YEAR. CAN YOU JUST GIVE US A LITTLE HEADS UP ON WHY THAT IS? IT'S ACTUALLY KIND OF TRUE ON ALL OF THEM, BUT THAT'S THE BIGGEST ONE. I THINK THE BIGGEST PART OF THAT IS BECAUSE IN THE FISCAL YEAR 2026 BUDGET, WE HAD ALLOCATED MONEY FOR LAND PURCHASES. SO THAT THAT WOULD BE EXPEDITIOUSLY AVAILABLE WHEN THOSE OPPORTUNITIES AROSE IN WHICH THEY HAVE NOT YET AT THIS POINT. AND SO YOU CAN SEE THE BUDGET HAD DROPPED DOWN. IS THERE ANY RESERVES IN ANTICIPATION OF SPENDING THAT WHICH DIDN'T HAPPEN? AND SO THE
[00:05:05]
ACTUAL ENDING RESERVES ARE GOING TO BE HIGHER. AND WE HAVE THE SAME PLAN IN THIS YEAR'S BUDGET. YES. PUTTING MONEY ASIDE FOR LAND PURCHASES. IF WE. YEAH. GOTCHA. OKAY. AND THEN BACK, I THINK TWO MORE SLIDES. YEAH. ONE MORE. THIS ONE. ONE MORE, ONE MORE. THERE WE GO.INTEREST. EARNINGS. WHAT? WHAT WERE WE COLLECTING INTEREST ON THAT WE'RE NOT GOING TO BE COLLECTING INTEREST ON ANYMORE. SO INTEREST EARNINGS IS THE INTEREST THAT COMES ON THAT FUND BALANCE RIGHT. FOR $21 MILLION IN FISCAL YEAR 26. WE DON'T TYPICALLY BUDGET FOR INTEREST BECAUSE WE NEVER KNOW IF THE RATES ARE GOING TO BE UP OR DOWN. RIGHT. SO THAT'S WHY THERE'S NO BUDGET IN FISCAL YEAR 27. BUT THE 26 NUMBER DOES SHOW WHAT WE HAVE COLLECTED AND ESTIMATE TO COLLECT BY THE END OF THIS YEAR. EXCELLENT. THANK YOU. YOU'RE WELCOME. DO WE HAVE ANY OTHER QUESTIONS? NOPE. NO MORE QUESTIONS. SO I BELIEVE WE CAN OPEN THIS UP FOR PUBLIC COMMENTS ON THIS PUBLIC HEARING. IF ANYONE WHO WOULD LIKE TO SPEAK ON THE REDEVELOPMENT AGENCY BOARD MEETING AND THINGS HAVE BEEN DISCUSSED HERE, WE OPEN THAT UP. YOU'LL HAVE THREE MINUTES TO SPEAK. JUST NEED YOUR NAME AND CITY OF RESIDENCE AND YOU CAN COME UP NOW. ALL RIGHT. WE'LL MOVE ON TO MR. ANDERSON, SEE IF WE HAVE ANYONE ONLINE. THERE IS NO ONE ONLINE TONIGHT. THANK YOU. WELL, THEN I WILL CLOSE THE PUBLIC COMMENT SECTION OF THIS HEARING, AND WE
[Consent Items]
WILL GO TO OUR CONSENT ITEMS TO APPROVE THE MINUTES OF PRIOR MEETINGS MAY 5TH AND MAY 12TH FOR THE REDEVELOPMENT AGENCY. IS THERE ANYONE WOULD LIKE TO MAKE A MOTION ON THIS? VICE CHAIR A MOTION TO APPROVE AND I WILL SECOND. SO WE HAVE A MOTION TO APPROVE FROM VICE CHAIR. SECONDED BY MYSELF. ALL THOSE IN FAVOR? I. ALL RIGHT THEN. I SEE THAT THAT PASSES.AND WE HAVE NO FURTHER BUSINESS IN THIS, AND I WILL ADJOURN
* This transcript was compiled from uncorrected Closed Captioning.