annual meeting july 23, 2019 - prospectorsquare.com...annual meeting july 23, 2019 4:00pm - 6:00pm...

PropertyOwnersAssociation

AnnualMeetingJuly23,2019

4:00pm- 6:00pmParkCitySheraton

1895SidewinderDriveParkCity,Utah

AnnualMeetingAgenda• Welcome• Approvalof2018Minutes• StateoftheSquare

• 2019/2020FinancialReview• IssuesFaced

• SnowRemoval• CompletingtheMasterPlan

• HowMoneyHasBeenSpent

• WhatisNextintheSquare• FinishingPhase1– LandscapingandIrrigation• DefineWorkfor2019

• 2018/2019BudgetPresentationandRatification• Five-YearPlan

• ElectionofDirectors• SolicitMemberFeedback

ApprovalofMinutesSeeenclosedminutes.

2018/2019FinancialReviewFinancialStatementSnowRemovalCosts

DisputeWithOurVendor

Year in ReviewMajor Snow Year

Year in ReviewDisputewithourVendor

Year in ReviewLot HRebuilt

Year in Review

Lot DRebuilt

Prospector Ave. Rebuild

Prospector Ave. Rebuild$2 Million UDOT/Park City Project

Finished Nov. 2019, later than planned

And still doing warranty work last week

Year in ReviewBlack Tie CompletedOther Remodels

Year in ReviewTwo Fire Hydrants Moved

Lots H & K

Split cost with city

Year in ReviewRebranding of the Marriott this month

New GM

Jason Ford

Let’s Look at the Details

The Master Plan Numbers

Master Plan By the NumbersJANUARY2017SPECIALASSESSMENT

PhaseI $738,280

ReconstructLotD&H

Sewer:RoadandinLotH

PLANSFORFUTUREPHASES $178,720

RESERVEFUNDING $183,000

TOTAL $1,100,000

LESS:5%paymentinfulldiscount 9,607

PLUS:InterestEarned/SBWRD 3,185

Master Plan By the NumbersDISBURSED

Phase1 $792,352

PlansforFuturePhase $10,077

SBWRDEscrow $8,264

REMAININGMASTERPLANFUNDBALANCE$282,885*

*FundsRestrictedforPlansofFuturePhases $168,643

ReserveFunding $114,242

TOTAL $282,885

Master Plan By the NumbersNOTCOMPLETED:

LotD&Hlandscapeandirrigation(scheduledfornextthreemonths)

LotD&Hfurniture(2benches,2bikeracks&2trashcontainers)BenchesandTrashContainersonOrder

GarbageEnclosuresforLotsE,G&I

What’s NextLandscaping Lots D and H

(Three month delay in discussions with city)

City Landscaping the Sidewalks

What’s Next

How to Finance the Rest

• On-Going Discussions with Park City

• Nate Rockwood, the City’s Director of Redevelopment & Capital Management, brought the concept of a Special Services Area to our attention

• Last month’s board meeting Nate presented to our board and was favorably received

Special Assessment Area

Key Advantages:Allowsaccesstolongtermfinancing

Improvementscanbedonewithoutphasing

Collectionispartofpropertytaxcollection

Allowsdifferentmethodsofassessmenttomatchimprovements

Abilitytoincludeareasoutsideofabusinessdistrict

Costofprojectovertime

Let’s Welcome Nate Rockwood

Director of Redevelopment & Capital Management

Park City Municipal Corporation

Where he also serves as

Arts & Culture District Project Director

SAA Definitions

"AssessmentArea"meansanarea,or,ifmorethanoneareaisdesignated,theaggregateofallareaswithinalocalentity'sjurisdictionalboundariesthatisdesignatedbyalocalentityforthepurposeoffinancingthecostsofimprovements,operationandmaintenance,oreconomicpromotionactivitiesthatbenefitpropertywithinthearea

SAA Definitions"BenefittedProperty"meanspropertywithinanassessmentareathatdirectlyorindirectlybenefitsfromimprovements,operationandmaintenance,oreconomicpromotionactivities.

“AssessmentMethod"meansthemethodbywhichanassessmentisleviedagainstbenefittedproperty,whetherbyfrontage,area,taxablevalue,fairmarketvalue,lot,parcel,numberofconnections,equivalentresidentialunit,anycombinationofthesemethods,oranyothermethod(thattheCityCouncilandbenefittedpropertyownersconsiderafair&reasonableassessment).

SAA Definitions"Improvement":

(i)Meansapubliclyownedinfrastructure,system,orenvironmentalremediationactivitythat:

(A)alocalentityisauthorizedtoprovide;

(B)thegoverningbodyofalocalentitydeterminesisnecessaryorconvenienttoenablethelocalentitytoprovideaservicethatthelocalentityisauthorizedtoprovide;or

(C)alocalentityisrequestedtoprovidethroughaninterlocalagreementinaccordancewithTitle11,Chapter13,InterlocalCooperationAct;and

(ii)Includesfacilitiesinanassessmentarea,includingaprivatedriveway,anirrigationditch,andawaterturnout,that:

(A)Canbeconvenientlyinstalledatthesametimeasaninfrastructure,system,orotherfacilitydescribedinSubsection(24)(a)(i);and

(B)Arerequestedbyapropertyowneronwhosepropertyorforwhosebenefittheinfrastructure,system,orotherfacilityisbeinginstalled

SAA Definitions"OperationandMaintenanceCosts":

(a)meansthecoststhatalocalentityincursinoperatingandmaintainingimprovementsinanassessmentarea,whetherornotthoseimprovementshavebeenfinancedunderthischapter;and

(b)Includesservicecharges,administrativecosts,ongoingmaintenancecharges,andtariffsorotherchargesforelectrical,water,gas,orotherutilityusage.

"Service"means:

(a)water,sewer,stormdrainage,garbagecollection,library,recreation,communications,orelectricservice;

(b)economicpromotionactivities;or

(c)anyotherservicethatalocalentityisrequiredorauthorizedtoprovide.

"VoluntaryAssessmentArea"

(a)meansanassessmentareathatcontainsonlypropertywhoseownershavevoluntarilyconsentedtoanassessment.

What’s Next?

Potential Timeline◦ Define Cost, Design, Drawings◦ Take Temperature of Membership◦ If favorable, take a vote

Questions and Answers

Park City Has Been Helpful In Other Ways

I. On-Going Discussions and Commitments On Rail Trail Connections

II. Movement of Fire Hydrant in Lot A

III. Repair of Lot A Sidewalk

Rail Trail, Lot FPartnershipwithcity-- wedesign,theybuild

Restaurant Tax Funds at work

in 2020

PSPOA contribution

$4,200

Total cost, $30,000?

Rail Trail Connection, Lot F

Rail Trail Connection, Lot F

Lot G Construction

Rail Trail Connection, Lot G

Lot D Garage

Emergency Repair Last Fall

Coming Repairs:Expansion JointsBumpers on the SurfaceReplacement of the SurfaceDoor Replacements

Lot D Garage

Other Issues That We Are Looking At:Outdoor Dining & Common Area Usage

Remodeling and New Construction Projects

Irrigation issues

Electric Vehicle Charges Stations

Dying Trees

Other Issues That We Are Looking At:

1. Parking Rules and RegulationsRevisions Reviewed at August board meeting. Available today.

2. More Active Board members and Committees

Upcoming Events

Park City Film SeriesLot K

Saturday, Aug. 10Tickets can be purchased

at parkcityfilm.org

Music begins at 7 pm

Five-Year Budget

Forecast

AvailableonRequest

Five-Year Cash Flow Forecast

Notecapitalprojects

Five-Year Budget Summary

Unknown Impacts:

Arts District Across the Street◦ Displacing Current Tenants Next Door

Kearns/248 Rebuild◦ Proposal Has Some Property Taken

This Winter’s Weather

(This same slide appeared last year!)

FiscalYear2019-20ProposedBudgetSeeProposedBudgetandDuesCalculations

KeyFeatures:DuesIncreaseofTenPercent

FivePercentOperating,FivePercentCapitalReservesSnowRemovalIncreasesfrom$85,000to$140,000ExecutiveDirectormovesfrom20hoursperweekto30hoursManagementCompany(DHU)renewedcontractforone-year

BoardApprovedJune25

MoveforRatificationbyMembership

ElectionofBoard

Members

Feedback/DiscussionMember feedback and discussion