INTERLOCAL AGREEMENTS

PUBLISHED NOTICE OF SUMMARY OF INTERLOCAL AGREEMENTS INDIVIDUALLY BETWEEN THE REDEVELOPMENT AGENCY OF WEST BOUNTIFUL CITY, THE REDEVLOPMENT AGENCY OF WOODS CROSS CITY (THE “AGENCIES”) AND THE FOLLOWING TAXING ENTITIES: (1)WEST BOUNTIFUL CITY, (2) WOODS CROSS CITY, (3) DAVIS SCHOOL DISTRICT, (4) SOUTH DAVIS RECREATION DISTRICT, (5) SOUTH DAVIS SEWER IMPROVEMENT DISTRICT, (6) DAVIS COUNTY, (7) MOSQUITO ABATEMENT DISTRICT-DAVIS, AND (8) THE WEBER BASIN WATER CONSERVANCY DISTRICT (THE “TAXING ENTITIES”)
The Redevelopment Agency of West Bountiful and the Redevelopment Agency of Woods Cross City ( the “Agencies”) hereby give notice pursuant to the Utah Community Development and Renewal Agencies Act (the “Development Act”), Sections 17C-4-201 and 202, and the Agencies and West Bountiful City, Woods Cross City, Davis School District, South Davis Recreation District (SDRD), South Davis Sewer Improvement District (SDSID), Davis County, Mosquito Abatement District-Davis, and the Weber Basin Water Conservancy District (WBWCD), (individually referred to as “Taxing Entity” and jointly referred to as “Taxing Entities”), hereby jointly give notice pursuant to the provisions of the Utah Interlocal Cooperation Act, Title 11, Chapter 13 (the “Cooperation Act”), Section 11-13-219(3)(c), Utah Code Annotated 1953 as amended, that the Agencies and each individual Taxing Entity approved and authorized execution of interlocal agreements between the Agencies and each individual Taxing Entity dated as shown below for funding of the Agencies’ West Bountiful/Woods Cross Joint Legacy Gateway Community Development Project Area Plan. The Agencies and the Taxing Entities have executed and entered into the Agreements, and pursuant to Section 17C-4-201 of the Development Act and Section 11-13-215 of the Cooperation Act, and pursuant to the Agreements, the parties have agreed as follows:
(1) The Agencies for 20 years starting no later than 2014 shall receive, and Davis County as the collector of property taxes, pursuant to Section 17C-4-203(2) of the Development Act, shall pay to the Agencies the percentage of the tax increment attributable to each of the Taxing Entities’ tax levies on both real and personal property within the West Bountiful/Woods Cross Joint Legacy Gateway Community Development Project Area (the “Project Area”), all as shown below;
Entity Duration Percent of Increment to Agency Agreement Date
West Bountiful City 20 Years 75% November 15, 2011
Woods Cross City 20 Years 75% November 15, 2011
Davis School District 20 Years 75% November 15, 2011
SDRD 20 Years 75% July 18, 2011
SDSID 20 Years 75% July 21, 2011
Davis County 20 Years 75% October 19, 2010
Mosquito Abatement Dist 20 Years 75% November 15, 2011
WBWCD 20 Years 75% November 15, 2011
(2) For purposes of calculation of each Taxing Entity’s share of tax increment from the Project Area to be paid by Davis County to the Agencies, the base year shall be 2010, and the base taxable value shall be the 2010 assessed taxable value of all real and personal property within the Project Area;
(3) The property tax revenues from the respective Taxing Entities’ levies that are attributable to the base taxable value shall continue to be paid by Davis County to the respective Taxing Entities;
(4) The increase in the property tax revenues attributable to each Taxing Entity’s tax levy on both real and personal property within the Project Area, over and above the property tax revenues attributable to each Taxing Entity’s tax levy on the base taxable value, or in other words the tax increment attributable to the Taxing Entities’ tax levies, shall be paid by Davis County to the Agencies for the period indicated above;
(5) The agreements with the Mosquito Abatement District-Davis and the Davis School District require the Agencies to remit back to these Districts any of these Districts’ tax increment received by the Agencies on residential properties located in the Project Area if the residential assessed property value exceeds 65% or 50% respectively of the total assessed property value in the Project Area;
(6) The term of each of these Agreements commences with the full execution or effective date of each of the Agreements and continues until all tax increment payments to the Agencies under each of the respective Agreements for the applicable 20 year period have been paid to and disbursed by the Agencies, but in any event shall terminate by no later than January 1, 2035. Among other things, each of the Agreements also contains provisions for compliance with the Development Act and Cooperation Act and for the publication of this notice.
For 30 days after the publication of this notice, and thereafter, the respective Agreements and the respective resolutions of the Agencies and the Taxing Entities approving and authorizing them, are available for review and general public inspection at the principal places of business of the Agencies located at 1555 South 800 West, Woods Cross, Utah and 550 North 800 West, West Bountiful, Utah and at the respective principal places of business of the Taxing Entities, all as listed below, Monday through Friday, during regular business hours, 8:00 a.m. to 5:00 p.m., excluding holidays.
Woods Cross City
1555 South 800 West
Woods Cross, Utah
West Bountiful City
550 North 800 West
West Bountiful, Utah
Davis County Commission Office
28 E State Street
Farmington, Utah
South Davis Sewer District
1800 West 1200 North
West Bountiful, Utah
South Davis Recreation District
550 North 200 West
Bountiful, Utah
Davis School District
45 East State Street
Farmington, Utah
Weber Basin Water Conservancy District
2837 E. Hwy 193
Layton, Utah 84040
Mosquito Abatement District-Davis
85 North 600 West
Kaysville, Utah 84037
C-8641 2/2


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