The Military Installation Development Authority is overseeing East Village’s rapid construction in Wasatch County.
On Tuesday, Oct. 14, MIDA’s Mountain Village Public Infrastructure District board authorized $60 million in additional bonding capacity for the land west of U.S. 40, where Deer Valley Resort is expanding and hundreds of new hotel rooms and residences are under construction.
Nicole Cottle, MIDA’s chief legal and administrative officer, said staff carefully watched the economy before deciding to add to its bonds.
“The good news about this is, because we’ve seen such a great change in the market, in interest rates, and also because of the very prolific construction season that we’ve seen, we have this opportunity to add just a little bit of benefit to that bond that we approved last year,” she said.
She was referring to the infrastructure district’s decision last October to approve a $390 million bond resolution.
Attorney Randy Larsen said the additional bond money is to refinance existing loans and support additional mountain improvement projects in the resort area.
Last winter, Deer Valley debuted about 20 new runs on its expanded terrain. The Grand Hyatt Deer Valley also opened its doors, with 100 discounted rooms set aside for military recreation.
Heather Kruse, who oversees MIDA’s presence in Wasatch County, said the East Village area is continually evolving as winter approaches.
“Construction continues like gangbusters,” she said. “We’ll take the nice weather while we can keep it.”
Deer Valley plans to open 80 new ski runs in December.
The public infrastructure district is a relatively new way to use bonds to fund infrastructure like roads and sewers. The bonds are repaid by levying taxes or special fees within the area to cover the cost.
MIDA is a state agency founded to serve veterans and military members. It’s involved in major economic development projects around the state. In Wasatch County, that includes the Skyridge luxury golf and equestrian facilities across the highway from East Village.
Locals can share feedback on the already-approved bonds by registering for a public hearing Oct. 30 at 2 p.m. For a link to register, visit the state public meeting notice website.
