NOTICE OF PUBLIC HEARING

 

 

Zions Bank Public Finance has completed a feasibility study on the proposed incorporation of the Lake Point area.  The results of the study will be presented to the public at two separate meetings.  Following each presentation, questions and comments from the public will be accepted.


OCTOBER 28, 2014 (TUESDAY), 7:00 P.M.

LAKE POINT FIRE STATION

1540 Sunset Road

Lake Point, UT  84074


NOVEMBER 6, 2014 (THURSDAY), 7:00 P.M.

COMFORT INN & SUITES

8580 N. Highway 36

Lake Point, UT  84074


 


Below is a summary of the feasibility study.  A full copy of the study is available for inspection and copying at the Tooele County Clerk’s Office, 47 S. Main, Room #318, in Tooele.

Lake Point is the gateway to Tooele County on the north end of the valley.  Lake Point is home to approximately 34 businesses and a community of approximately 1,166 people.  The area within the proposed boundary makes up 9.9 square miles.  Lake Point is served and taxed by several districts, including Lake Point Improvement District, Stansbury Park Improvement District (no tax assessed in area), North Tooele County Fire District, Tooele Valley Mosquito Abatement District, and Lake Point Cemetery and Parks Service Area.  If incorporation occurs the services these districts provide would be unaffected.  In addition to those mentioned Lake Point residents pay taxes to Tooele County, Tooele County School District, and the Municipal Services Tax.  This study has determined that incorporation is feasible and that revenues do not exceed expenses.  In fact, it has been determined that Lake Point, if incorporated, would need to assess a municipal tax of its own which would be paid in lieu of the Municipal Services Tax currently paid to the County (approximately $64,209.48 based on the areas taxable valuation).  Approximately $147,325.94 in revenue, net of expenses, needs to be generated in the newly formed city based on the 2014 budgetary needs.  Lake Point residents would no longer pay the Municipal Services Tax to Tooele County therefore the net difference is $76,416.45.  One additional tax increase is likely in the following year.  It should be noted that outside of North Tooele County Fire District no other service districts/areas anticipate a tax increase in the next five years.  The Fire District will need a budget increase of 3-5% annually.  The table below indicates the municipal tax for Lake Point only.  More detail on total tax projections can be found later in this document.

 


Table ES.1: Tax Rates and Impacts by Tax District in 2015

2014

2015

2016

2017

2018

2019

0.001962

0.002246

0.002251

0.002251

0.002251

0.002251

 

14%

0.3%

0%

0%

0%

The impact on a residential home with a market value of $200,000 and the impact to $100,000 taxable value are displayed in table ES.3 below.

 

Table ES.2: Impact to Home/$100,000 Taxable Value (Less the Municipal Services Tax assessed by Tooele County)

Residential

2014

2015

2016

2017

2018

2019

Home Value

$200,000

$200,000

$200,000

$200,000

$200,000

$200,000

Lake Point Tax

$215.79

$247.02

$247.65

$247.65

$247.65

$247.65

100,000

Taxable Value

2014

2015

2016

2017

2018

2019

Value

$100,000

$100,000

$100,000

$100,000

$100,000

$100,000

Lake Point Tax

$196.18

$224.56

$225.13

$225.13

$225.13

$225.13

Tooele County would see an impact ranging between a loss of revenue $305,040.12 to $579,916.24 based on decisions made on whether or not to contract for services with Tooele County or other service providers.

 

Table ES.2: Impact to Tooele County

Impact To Tooele County

Loss of Revenue - Tooele County

No Contract with County

Contract with County

Municipal Services Tax

(64,209.48)

(64,209.48)

Sales Tax

(242,685.63)

(242,685.63)

Business Licenses

(4,875.00)

(4,845.00)

Building Permits Revenue

(61,439.26)

-

Roads

7,420.14

-

Sheriff's Departments

(220,827.00)

-

Dispatch Fees

6,700.00

6,700.00

Total Impact to County

(579,916.24)

(305,040.12)

 

DATED this 7th day of October 2014.

 

BY ORDER OF THE

TOOELE COUNTY COMMISSION:

 

 

__________________________________

MARILYN K. GILLETTE, County Clerk

 

 

(Please publish on October 9, 16, and 23, 2014.)