Millcreek's 2025 East Common bonds: $25 million in two series, and a $21.2 million figure in the audit note
City budget and planning records put the redevelopment agency's August 2025 borrowing for the east block of Millcreek Common at $25 million in principal across two series. The audit's subsequent-event note opens with a $21.2 million figure before listing the same two series.
Continuing story: Auditing Millcreek
Millcreek's Community Reinvestment Agency issued two series of bonds in August 2025 for the eastern part of Millcreek Common. Two city records put the principal at $25 million. The city's audited financial statements open their description of the same borrowing with a different figure. [1][2][3]
What the records say
The fiscal 2027 adopted budget book's debt service fund table lists $21,075,000 in proceeds from Series 2025A and $3,925,000 from Series 2025B, which together are $25,000,000. It also lists a $125,292 premium on Series 2025A and $328,000 in costs of issuance, and a $24,805,300 transfer to Millcreek Common East. [1]
Slides from the city's Jan. 14, 2026 strategic planning meeting say the agency "issued $25 million Debt for East Block of Millcreek Common," closed Aug. 27, 2025, and received AA+ bond ratings from Fitch Ratings and S&P. [2]
The subsequent-event note in the financial statements for the year ended June 30, 2025 says that on Aug. 28, 2025 the agency issued "$21.2 million of Sales Tax and Tax Increment Revenue Bonds," to be used for the acquisition of land and certain improvements. The same note says Series 2025A, tax-exempt, was issued at a premium with principal of $21,075,000, printed as "$21,075,000 million," and that Series 2025B, federally taxable, was issued at par of $3,925,000. [3]
Repayment
The budget book schedules $956,000 in interest on the 2025 bonds in fiscal 2026 and $1,232,000 in fiscal 2027, paid by a transfer from the East Common fund. It describes principal as interest-only until December 2029. [1]
The city's other bonds
The 2025 bonds came after the June 30, 2025 balance sheet date. On that date the city reported $50,485,000 in sales tax revenue bonds: $17,205,000 from a 2019 series maturing in 2039 and $33,280,000 from a 2021 series maturing in 2051. [3]
For fiscal 2027 the budget book schedules $825,000 in principal and $953,000 in interest on the 2021 bonds, and $395,000 in principal and $691,000 in interest on the 2019 bonds. [1]
The $25 million is principal. It is not the cost of the East Common project, and the premium and issuance costs are not added to it. The difference in the audit note is a difference between two figures in the same document; no record reviewed shows more or less was borrowed than the series amounts.
Sources
- Millcreek City Council · June 22, 2026 presentations, including the FY27 Adopted Budget book
- Millcreek · 2026 Strategic Planning Meeting slides, Jan. 14, 2026
- Millcreek · FY2025 basic financial statements and independent auditor's report (Dec. 8, 2025 council packet)
Reporting by The Utah Ledger from the public records above. AI-assisted, checked against those records.