Summit County – Canyons Employee Housing ZIONS PUBLIC FINANCE, INC. December 13, 2017

1,107 beds of employee housing Background 1,107 beds of employee housing $67.5 million for vertical construction of employee housing Significant complementary development of residential, retail, office and lodging Voluntary assessment area to pay land costs - $14.4 million County owns the land for 20 years CVMA to manage employee housing project ZIONS PUBLIC FINANCE, INC.

Fiscal Impacts to the County Other Benefits/Concerns Approach Fiscal Impacts to the County Other Benefits/Concerns Compatibility with County Goals Affordable Housing Development Traffic Impacts Transportation Cost Savings Pollution and Emissions Safety Employer Hiring Benefits ZIONS PUBLIC FINANCE, INC.

Annual 20-Year Total NPV, 20 Years Fiscal Impacts - Revenues Summary of Revenues Annual 20-Year Total NPV, 20 Years Property Taxes $44,253 $885,060 $625,469 Sales Taxes $94,095 $1,881,900 $1,278,782 Class B/C Road Funds $26,568 $531,360 $361,068 TOTAL $164,916 $3,298,320 $2,265,319 ZIONS PUBLIC FINANCE, INC.

Fiscal Impacts - Expenses Annual Expenses Related to Employee Housing: General Fund - $147,404 Municipal Services Fund - $180,686 TOTAL - $328,090 NET FISCAL IMPACTS TO SUMMIT COUNTY: Annual Revenues - $164,916 Annual Expenses – ($328,090) Net Fiscal Impacts – ($163,174) ZIONS PUBLIC FINANCE, INC.

Benefits – Complementary Development Description 20-Year Estimated Amount Property Taxes to Entities:   Summit County $12,302,295 County Municipal Service Area $15,293,128 Weber Basin Water Conservancy District $3,967,839 Park City Fire District $16,768,606 Summit County Mosquito Abatement $687,861 Snyderville Basin Recreation District $21,992,595 Park City School District $88,947,386 Assessing & Collecting $4,087,472 Total Property Tax Revenues $164,057,182 Transient Room Tax Revenues $151,940,006 Other Sales & Use Tax Revenues $245,032,749 TOTAL Revenues – 20 Years $561,029,937 Source: TCFC ZIONS PUBLIC FINANCE, INC.

Benefits – Affordable Housing Meets a strategic goal of the County to provide more affordable housing Workforce Housing The County will facilitate efforts to significantly decrease the deficit in workforce/affordable housing in order to have more community members who work and live in our County. Housing Needs Assessment by Jim Wood – “The housing supply conditions in the Snyderville Basin and East Summit County indicate a serious shortage of affordable housing.” ZIONS PUBLIC FINANCE, INC.

Benefits – Reduction of Traffic Meets a strategic goal of the County to reduce traffic and congestion Transportation and Congestion The County will plan for and make improvements to our transportation system to reduce traffic congestion. Description Amount Employees 1,107 Average Commute Distance (round-trip miles) per Workday 66 Total Reduced Miles from Workforce Housing per Year 14,119,760 Average Miles Saved per Employee 12,755 ZIONS PUBLIC FINANCE, INC.

Transportation Cost Savings Amount Employees 1,107 Benefits – Transportation Cost Savings Transportation Cost Savings Amount Employees 1,107 Reduced Miles per Employee per Year 12,755 Average Cost per Mile $0.40 Average Cost Savings per Employee per Year $5,102 Total Annual Cost Savings for All Employees $5,647,904 Travel Time Savings – Federal guidelines: $25.40 per hour; $6,350 per employee annually ZIONS PUBLIC FINANCE, INC.

Benefits – Environment Meets a strategic goal of the County to preserve and protect our water, land and air quality Environmental Stewardship Through environmental stewardship and leadership, the County will implement plans and policies to secure, preserve and protect our water, land and air quality for the present and future. Decreased emissions and pollutants from reduced vehicle miles traveled ZIONS PUBLIC FINANCE, INC.

Increased safety from reduced vehicle miles traveled Benefits – Miscellaneous Increased safety from reduced vehicle miles traveled Employee base expanded – employer benefits ZIONS PUBLIC FINANCE, INC.

Benefits – Miscellaneous Thank You ZIONS PUBLIC FINANCE, INC.