1. Canyons Voluntary Assessment Area
Assessment Bond Requirements

2. County is authorized to designate a Voluntary Assessment Area and issue an Assessment Bond for the purpose of “financing the costs of improvements, operation and maintenance, or economic promotion activities that benefit the property within the area.”
Utah Code Title 11, Chapter 42

3. Voluntary Assessment Area
Repaid by annual assessments over 20 years
The bond to value ratio must be at least 3:1
On par with property taxes (super priority lien date)
Generally is tax exempt
Generally exempt from Private Activity Bond restrictions
County must own the improvements
The improvements must be built in accordance with statutory bidding requirements

4. Assessment Bond Repaid by annual assessments over 20 years
The bond to value ratio must be at least 3:1
On par with property taxes (super priority lien date)
Generally is tax exempt
Generally exempt from Private Activity Bond restrictions
County must own the improvements
The improvements must be built in accordance with statutory bidding requirements

5. Proposed Canyons Voluntary Assessment Area
Jones Lang LaSalle Appraisal Report: $181,300,000
~ $23,000,000 Assessment Bond
Re-alignment of High Mountain Road and associated road improvements within the Resort Center (~ $3,000,000)
High Mountain Road to be a Class B County Road within the Resort Center
Acquisition of LV6 for employee housing within the Canyons SPA (~ $14,400,000), which includes 150 Class A shares of Summit Water Distribution Co. Stock
Construction of County Parking Solutions and associated improvements (~ $5,000,000)

6. Pre-conditions Maintenance Contract LV6
High Mountain Road (Class B County Road)
CVMA to repair and maintain
CVMA to replace and restore, if necessary
20 year term with renewals
Adequate remedy in the event of default
TCFC assigns LV6 purchase agreement to County
LV6 is subdivided into LV6-A and LV6-B
County closes LV6 purchase with IHC
CVMA purchases LV6-B from County
LV6-A: Employee Housing (1,107 pillows); LV6-B: 25,000 sf commercial
Master Employee Housing Agreement with CVMA
LV6-A Ground Lease with CVMA (20 years)

7. Off-Site Employee Parking Agreement
CVMA
200 Reserved Parking Stalls for Canyons employees (including Vail Resort employees)
Shuttle Bus Service
$160,000 annual fee
20 year term

8. IHC LV6 Option
IHC has a 6.8 Workforce Unit Equivalents (WUE) requirement for Park City
In exchange for relocating 6.8 WUE on LV6, IHC will reduce the purchase price of LV6 by $1,400,000
Park City is amenable to working any conditions for this transfer out with the County
$1,400,000 could be utilized on other capital improvements within the Canyons SPA owned by the County and which benefit the properties within the assessment area (such as off-site parking facilities)

9. CVMA Option to Purchase LV6 at close of Ground Lease
UCA (4) allows for a non-monetary purchase of a County asset which is to be utilized for moderate income housing
Specialized Study (paid for by CVMA)
14 day noticed public hearing
Adoption of ordinance