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Saturday, March 23, 2013

UPDATED: Weber County Commissioners Make Plans to Carry $17 Million Bond for Pow Mow Private Developers Summit Group

Guest post by Shanna Francis

Weber County Commissioner Jan Zogmaister confirmed during a phone interview on March 22 that the county is considering floating a $17 million bond to help pay for infrastructure—water and roads—for the Summit Group’s proposed development at Powder Mountain.  In the interview, Zogmaister confirmed that Summit and the county have been discussing the matter for several months now, and are working on the details for the bond, such as how the bond would be repaid if Summit defaulted on payments, which Summit say they will make to cover the cost of the bond.  Zogmaister said the county and Summit are close to completing the details of an agreement, and, in a closed meeting planned for later in the day (at 1:30 p.m., March 22), the two groups and their attorneys (Weber County and Summit’s) were meeting.  When asked if members of the public could attend, she stated “no, it wasn’t for the public.”  When asked if, legally, the public could be kept from attending, she stated she didn’t know.
At the Weber County Commissioner’s meeting on Tuesday, March 26, Zogmaister said that passage of a memorandum of understanding (MOU) regarding issue would be on their agenda. The meeting begins at 10:00 a.m. in the Commission Chambers in Ogden.
When Zogmaister was asked about input from the communityWeber County tax payers—regarding the Commissioner’s decision to carry the public debt for a private developer,Zogmaister explained that there are many types of bonds, and, in this case, the county can take on the bond debt without a public hearing or public input on the issue.

The county is also working on the details of carrying a bond for the Weber County Library system for updates and renovations.  For the library bonds, the county has to go through the public hearing process. 

Weber County taxpayers can express their approval or concern and disapproval at such county action by contacting the Commissioners at 801-399-8402.
Update March 24, 2013 @ 8am:

Our friends at the Weber County Forum provide more insight and the legalities behind the proposed secret Welfare bond here: 

7 comments:

rudizink said...

Sounds like a revenue bond, the same kind of gimmick Mayor Godfrey used in Ogden numerous times. Although the Commission wouldn't be legally obligated to hold any public hearings, from ethical point of view they certainly should.

Significantly, these bonds can be problematic. For instance, in 2009, revenues for the Ogden Junction Project weren't meeting meeting minimum necessary debt service, requiring a painful refinance, together with a shuffling of funds from other Ogden City accounts. Even today, and after a bond rewrite, Junction revenue still isn't covering actual debt service for the Junction Project. Politicains who push this type of financing will tell you that the "taxpayers are not on the hook," which simply isn't true

I'm wary of the lack of financial sophistication and experience on the part of our current County Commission; so they'd do well to encourage public input.

Thanks for the heads-up, Valley. It's unsettling that our Commissioners are adopting such an arrogant approach in re: the PM project. Every Weber County taxpayer should be sorely concerned about this.

Bo Jevtich said...

Negativity People! Seems the minority view dominate the talk on this forum ALL the time! Bunch of naysayers! The valley will NOT stay like it was in the 1960's or x past date! Things ALL evolve and this is encouraging as Summit wants to improve infrastructure which will benefit the public and valley. The county SHOULD be involved in infrastructure improvements!


This is exciting news! Weber County stands to GREATLY increase their tax base and help develop recreational infrastructure that will BENEFIT Valley residents and KEEP the Valley moving forward in a POSITIVE way. Bringing in increasing tourism from AROUND the WORLD to visit our beautiful valley and jobs in the valley! What's not to like naysayers????

Vermel said...

Oh ya! Does this mean we get a traffic light now? Or how about a high rise snooty apartment building? Oops there goes the "beautiful valley". All this and all of that put aside... It seems that the "hip hip hoorrayers" might of not been in this "beautiful valley" some years ago when the property taxes went up by 351% for this household and since have seen little to none improvement for said increase. But last year we did get some effort on North Ogden Divide. Only because of the Ogden Canyon waterline improvement placed a loaded gun to the heads of the commissioners. The road still sucks though.

Jobs? Having been in business in the "beautiful valley" for 20 years now, these jobs that will be created will not substantially benefit the "beautiful valley". All major contracts for buildings ect. will go to non-valleyites. The remaining jobs will be low paying subserviant types of jobs. So Alrightythen!

The biggest non-surprise is that when all of this took place it was held in a secretive manor behind "closed doors". That alone denotes and requires suspicion of all that are on the other side of these closed doors. If this is such a hot idea why not let all the participants behind these doors foot the bond for all of these things that are going to make this valley even more beautiful? Or open the doors to the public?

Just a few hints on "Whats not to like?"

Bob Sawatzki said...

Thanks for sharing this information. Now we know why the county commissioners were so reluctant to allow the library's $50 million dollar bond proposal. I'm looking forward to hearing their story at Tuesday's PUBLIC hearing.

Here is a link to The Summit Group $60 million dollar plan for Powder Mountain:

http://www.co.weber.ut.us/planning_commission/packets/Ogden_Valley_February_26,_2013.pdf

vermel said...

Oh ya!



Does this mean we get a traffic light now? Or how about a high rise
snooty apartment building? Oops there goes the "beautiful valley". All this and all of that put aside... It seems that the "hip hip hoorrayers" might of not been in this "beautiful valley" some years ago when the property taxes went up by 351% for this household and since have seen little to none improvement for said increase.



But last year we did get some effort on North Ogden Divide About the only noticeable thing that was achieved was some of the long term or native residents got pushed out o house and home by this minor bump. Only because of the Ogden Canyon waterline improvement placed a loaded gun to the heads of the commissioners. The road still sucks though.

Jobs? Having been in business in the "beautiful valley" for 20 years now, these jobs that will be created will not substantially benefit the "beautiful valley". All major contracts for buildings ect. will go to non-valleyites. The remaining jobs will be low paying subserviant types of jobs. So Alrightythen!

The biggest non-surprise is that when all of this took place it was held in a secretive manor behind "closed doors". That alone denotes and requires suspicion of all that are on the other side of these closed doors. If this is such a hot idea why not let all the participants behind these doors foot the bond for all of these things that are going to make this valley even more beautiful? Or open the doors to the public?

Just a few hints on "Whats not to like?"

LMP/AAS said...

We bought our house and have been full time residents here for one year today! Every day gets better and better. We have found our paradise! My wife and I have been long time visitors to Ogden Valley/Pow Mow, made some friends, fell in love with Eden and decided life was way to short so here we are. Coming from Chicago where we were very community active with respect to commercial and residential development with our Aldermen, community groups etc.to maintain neighborhood characteristics, growth and inspire the right kind of businesses into the area, i certainly understand the dynamics of skepticism from the community as Summit moves forward. What I don't understand is the abundance of negative speculation and misinformation about this group and a lack of fact checking with regard to what we have seen in the local paper, blogs like this etc. We have already seen retractions and corrections published too so I would say some fact checking is in order. Full disclosure, we have had what we believe to be the good fortune to have made some friends within the Summit team and provide some professional services that are in our business' wheel house. I believe the Summit group to be a pretty sound operation and it seems they are very focused on communication here in the valley and doing the right thing, so why not reach out? Pretty sure they would take or return the call and answer questions vs.the guessing game going on. Honestly, all I have seen at this point is some paint at the lodges of pow mow, a better menu, some bankrupt vacant buildings from wolf creek brought back to use,local lodging companies kept extra busy, local restaurants catering large meals, local outfitters and vendors across the valley being engaged etc. as Summit entertains guests each weekend. I certainly believe in challenging things, being cautious and careful. To my point above and in support of some prior comments, something was going to and needed to happen here in Ogden valley. I believe Summit and it's development intent is a great fit with a focus on maintaining why we all live here in tact and in fact making it better with resort access improved and so on. So, as long as due process and due diligence is carried out by county, community and by Summit, I would prefer to see more cautious optimism vs. misinformation.

Ogden Valley said...

Bo, you seem to be missing the point. We would guess that most who have met and interacted with the Summit-ers are impressed and even like them. They all seem like nice, sharp guys and gals.

However, for those who have been around for more than a few years, we have seen the wool pulled over our eyes by fast talking developers too many times. As Ronald Reagan once said, "Trust, but verify."

While we applaud the Summit group's willingness to reach out to the community, we are disappointed by the County Commissioner's unwillingness to have transparency in their governance.

We say let the light shine in.