Mayflower Development Update - Park City, UT

 

Mayflower Development Update   The MWR Conference hotel has officially started as the general contractor, Jacobsen Construction, and the pile-lagging and soil-nail wall subcontractor have mobilized and started work. The CMA has been executed and three initial trades contracted; soil-nail, the balance of the excavation, and SWPPP. The footings and foundations scoping are complete and the contract award is scheduled prior to the month’s end. The balance of the GMP’s subtrades’ has been revived and re-bidding is in process. The building permit is complete and impacts fee payment released by July 5th. A groundbreaking ceremony was held in mid-June.  Ski Improvements and Associated Services   The connector lift, Lift #3, into Sultan’s Nose base terminal pad was excavated and graded to finish elevation. Ski beach grading and drainage is 35% complete and will be finished by the Fall of 2021. Planning for ski operations continues with a focus on snowmaking engineering and system design as well as skier services programming. Scoping and contractor selection for primary mountain access roads in the process.  2021 key summer initiatives follow: •  Snowmaking •  RFP Skier Service programming •  Lift amended RFP •  Mountain access initiation and roads construction Infrastructure Improvements   Substantial progress on-site work and civil infrastructure:  Water, sewer, storm drainage, and retaining walls are completed in Mayflower Drive and Glencoe Way. In addition, these roads are paved to the southern construction entrance which is roughly 4,000 LF and over 7,000 tons of asphalt.    Five-Star Hotel entry has permitted a borrow-pit and the emergency vehicle access (EVA) road under construction with completion scheduled for the first week of August. Water Tank #2 pad and pumphouse clearing complete and contractor contracted with construction starting mid-July.   Galena Ridge Way and Ski Beach Way roads graded; water is 25% complete and sewer 100% complete, and storm drain pending.    Non-Culinary Water. JSSD’s bids came back high, re-bid will occur in the Fall of 2021 ensuring ample time to complete improvements prior to required delivery. North Frontage Road. Engineering and plan sets are complete and under final review. A bid package was issued with responses pending, construction starting on the north end will begin mid.   Temporary Construction Parking. Engineering was enacted and permits pulled for over 200 temporary parking spaces adjacent to Lot 13. Construction; stormwater, drainage, grading, and asphalt, will be completed by June 25th.   Portals, North and South. UDOT continuing to make progress. They are tracking for a late fall of 2021 completion.   Voluntary Cleanup. The environmental contractor reinitiated work in May and is on track to complete VCP Phase 1, development parcels, by the Fall of 2021. Star and Glencoe mine remediation action plan in the process.

Pioche Apartments. Buildings A, B, and D have footings complete and foundations in process. Building A has the first floor’s post-tension slab poured and second-floor formation in the process. Building C excavation encountered rock and blasting will occur. The site subsurface infiltration system build-out continues and is 55% complete. The GMP buy-out with the general contractor, New Star Construction, is complete and on budget; equity and bank loan in place with leasehold interest closed.    Pioche Proper. Pioche’s estate lots and townhomes are progressing. Engineered infrastructure permit set as well as initial plat remitted to an agency for review. Binding REPSA executed.  Tax Allocation Revenue (TAR) Bonds. In early June, the MIDA board unanimously approved the procurement and issuance of TAR bonds. A public release and offering is anticipated mid-August.  Architectural Designs. 4240 Architecture has been re-engaged on the Skier Hotel, skier services and village core. An RFP was issued for the Select Service.    East Overlook. East Overlook, utility parcel, engineering is in process with key partners, e.g. JSSD, RMP, and Dominion, as numerous system impact studies complete.    Skier bridges. Engineering contracted and pending approved subdivision plans.             Regardless of price point, our team is united in their efforts to support the client, support each other, and get the job done in the best way possible. Paula Higman Real Estate is a unique team of talented and diverse individuals with a passion for success and client satisfaction. Contact Paula Higman Real Estate today and let us take this journey with you to marketing and selling your home for the best value, to the biggest luxury real estate market out there.   Ensure that you have the best representation when buying and/or selling Contact Paula Higman Real Estate Park City at 435-602-8228  Connect With Us:

OPPORTUNITY ZONES--- DO YOU KNOW WHAT IT IS?

 Targeted Growth Through Collaboration

Stimulating growth in economically-disadvantaged communities is a provocative aspiration — one that requires collaboration and support from the foremost experts in community development. 

The Federal Opportunity Zones Program is an innovative reinvestment system established through the Tax Cuts and Jobs Act of 2017. Through temporarily deferring taxes on capital gains reinvested into designated Opportunity Funds, researchers estimate that the program may infuse rural and underserved markets with an estimated 6.1 trillion dollars.

Opportunity Zones were drawn from low-income census tracts with poverty rates of at least 20 percent and median family incomes of no greater than 80 percent of the area median income.

The governor of each state nominated up to a quarter of their low-income census tracts to be certified by the U.S. Department of the Treasury as Opportunity Zones.

Additionally, governors were given dispensation to nominate up to five percent of moderate-income tracts that are adjacent to qualifying low-income tracts to be designated as Opportunity Zones.

Opportunity Funds invest at least 90 percent of their capital in qualifying assets in Opportunity Zones. Investors who reinvest their realized capital gains into qualified Opportunity Funds receive the following benefits:

• A temporary tax deferral;
• A permanent exclusion from taxable income of capital gains from the sale or exchange of gains accrued from an investment in an Opportunity Fund; and
• A step-up in basis for capital gains, such that the basis of the original investment is increased by 10 percent if the investment in the opportunity zone fund is held for at least five years, and by an additional five percent if held for at least seven years. Therefore, those with assets invested for at least seven years will have 15 percent of their original gain excluded from taxation.

Real Estate

Opportunity Funds can invest in real estate projects, provided they build new construction or “significantly improve” existing structures.

Businesses

Opportunity Funds can also invest in businesses that perform the majority of their operating activities in Opportunity Zones.

Business Owners and Developers

Local employers have a new source of equity capital to access when looking to fund projects or expansions.

Investors with Capital Gains

Individuals and corporations benefit from deferring and reducing their capital gains tax liability.  

If you would like more information call or text me today.

435-602-8228