Royal Holladay Hills public infrastructure districts
Holladay Hills Public Infrastructure District Nos. 1-3 were created March 7, 2024 to issue bonds, with a ceiling of $80 million, for parking garage and other infrastructure; parking garage hard costs are about $51 million.
- Where it stands
- Approved
- Type
- Development agreement
Every hearing and vote
February 15, 2024 · City Council
Public hearing: public infrastructure districts at Royal Holladay Hills
Continued
No comments; the hearing stayed open. The district budget is $50 million and the maximum bond issuance $80 million, a figure staff was seeking more information on.
March 7, 2024 · City Council
Continued public hearing: public infrastructure districts at Royal Holladay Hills
Discussed
No comments; the hearing closed. Parking garage hard costs are about $51 million and the bonding ceiling is $80 million. A bond adviser said about $67 million to $70 million in bonds would be needed to produce about $50 million in usable proceeds, given a roughly 10% reserve fund and three years of capitalized interest.
March 7, 2024 · City Council
Ordinance 2024-06: Create Holladay Hills Public Infrastructure Districts Nos. 1-3
Approved · 5-0
Creates the districts that could issue bonds for the Royal Holladay Hills project.