The Military Facilities Development Authority is pouring hundreds of millions of dollars into projects in Wasatch County.
On Tuesday, October 22nd, a $390 million bond resolution was unanimously passed. This is in addition to $260 million in bonds already approved in 2021.
However, residents are being asked to share their views at a public hearing next month on November 19th.
MIDA Executive Director Paul Morris said at Tuesday’s meeting that the purpose of the new bond is to complete construction faster.
“You have such a beautiful hotel, and you’re going to have military personnel and civilians coming,” he said. “But if it becomes a continual construction zone over the next 10 years, that could be difficult and one of the best things you can do is accelerate it.”
MIDA is the state agency responsible for major ongoing development projects, including the Skyridge luxury golf facility near Jordanelle Reservoir, the Deer Valley East Village expansion, and the Sundance Inn.
Governed by appointed rather than elected officials, it was originally established to serve veterans and military personnel.
An additional $400 million is for MIDA’s Mountain Village Public Infrastructure District, which includes land west of US 40 where Deer Valley is expanding and hundreds of new hotel rooms and homes are being built.
Public Infrastructure Districts (PIDs) are a relatively new method of using bonds to pay for infrastructure. The bonds are repaid by imposing taxes or special assessment fees on the project area to cover costs. Because the debt applies only within the infrastructure district, it typically benefits the developer and minimizes local government liability.
Morris argued the plan will benefit everyone involved in the MIDA agreement, including Wasatch County and the Wasatch County School District. This is because new resort bases can become profitable faster.
“The faster we build, the more cash goes directly to the county for municipal services, and the same goes for school districts,” he says.
The original agreement provides that MIDA will retain 75% of new property taxes in the development area for the first 40 years of the project, with Wasatch County acquiring the remaining 25%.
Morris said no state or county revenue will be secured by the bond. These funds would be funded by property tax revenues from MIDA’s Wasatch County development and additional resort sales taxes within the MIDA region, a new taxing authority granted to MIDA in the 2024 Legislature.
Local residents can share their feedback on the already approved bond by registering for a public hearing on Nov. 19 at 10 a.m.
