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

2. 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

10. 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.

11. 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.

12. Benefits – Miscellaneous
Thank You
ZIONS PUBLIC FINANCE, INC.