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