HomeMy WebLinkAboutOrd 1201 Washington School Urban Renewal District Termination Ordinance/
ORDINANCE NO. 1201
BY THE COUNCIL:
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF REXBURG, IDAHO, IMMEDIATELY TERMINATING THE REVENUE ALLOCATION AREA FOR THE WASHINGTON SCHOOL URBAN RENEWAL PROJECT URBAN RENEWAL PLAN
AREA; REQUIRING DISTRIBUTION OF ANY SURPLUS DETERMINED TO EXIST AS OF SEPTEMBER 30, 2019, PURSUANT TO SECTION 50-2909, IDAHO CODE; AUTHORIZING THE CITY CLERK OR THE URBAN RENEWAL AGENCY
OF THE CITY OF REXBURG, ALSO KNOWN AS REXBURG REDEVELOPMENT AGENCY TO FILE THE ORDINANCE, TOGETHER WITH THE BOUNDARY MAP AND LEGAL DESCRIPTION, WITH THE OFFICE OF THE COUNTY RECORDER,
THE COUNTY ASSESSOR AND THE IDAHO STATE TAX COMMISSION AS PROVIDED IN SECTION 63-215, IDAHO CODE; PROVIDING THAT A COPY OF THIS ORDINANCE SHALL BE GIVEN TO EACH OF THE TAXING ENTITIES
AFFECTED BY SAID REVENUE ALLOCATION AREA; APPROVING THE SUMMARY OF THE ORDINANCE; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Mayor and City Council (the “City Council”) of the city of Rexburg, Idaho (the “City”), respectively, on or about November 6, 1991, adopted and approved a resolution creating
the Urban Renewal Agency of the city of Rexburg, also known as the Rexburg Redevelopment Agency (the “Agency”), authorizing it to transact business and exercise the powers granted by
the Idaho Urban Renewal Law of 1965, Title 50, Chapter 20, Idaho Code, as amended (the “Law”), and the Local Economic Development Act, Title 50, Chapter 29, Idaho Code, as amended (the
“Act”), upon making the findings of necessity required for creating said Agency;
WHEREAS, the City Council, after notice duly published, conducted a public hearing on the Washington School Urban Renewal Project Urban Renewal Plan (the “Washington School Plan”);
WHEREAS, following said public hearing, the City Council adopted its Ordinance No. 794 on June 3, 1997, approving the Washington School Plan, and making certain findings;
WHEREAS, the Washington School Plan contained a revenue allocation financing provision pursuant to the Act;
WHEREAS, the termination date for this revenue allocation area, as set forth in the Washington School Plan, is December 31, 2017, except for revenues to be received in 2018, as authorized
pursuant to Idaho Code § 50-2905(7);
WHEREAS, a substantial portion of identified projects have been completed in the Washington School Plan area;
WHEREAS, it appears there are remaining projects to be completed under the Washington School Plan, which will not be fully completed by the end of the Agency’s current fiscal year ending
September 30, 2018;
WHEREAS, it is expected most of the expenses from any remaining improvements to be completed under the Washington School Plan are to be incurred and satisfied by the Agency’s current
fiscal year ending September 30, 2018, with the exception of possible project carryover
costs on the street reconstruction project at the corner of 2nd West and 1st North in the estimated amount of over $276,000. An estimate of the remaining project costs and other administrative
fees and costs are set forth in the Termination Plan attached hereto as Exhibit A. The Termination Budget is attached hereto as Exhibit B;
WHEREAS, pursuant to Exhibit A, and as shown on Boundary Map of the Terminating Revenue Allocation Area, attached hereto as Exhibit C, the Agency intends to retain the Agency owned parcel
and will seek redevelopment proposals. If unsuccessful, the Agency intends to transfer the parcel to the City.
WHEREAS, the Agency does not intend to receive delinquent property taxes due to the Agency that were levied for calendar year 2017, or earlier;
WHEREAS, the Agency will have sufficient funds on deposit for payment of all final project costs and administrative fees;
WHEREAS, the Agency has reviewed the remaining improvements and/or projects and based on projected revenues and expenses of the Washington School Plan, has determined there are sufficient
funds for payment of all final improvement costs and Agency expenses and has further determined the revenue allocation area can be terminated on or before December 31, 2018;
WHEREAS, pursuant to Exhibit A, the Agency estimates a minimal surplus will be available for distribution on or before September 30, 2018, and which will be included in the Agency’s
amended FY 2018 budget;
WHEREAS, the Agency on June 7, 2018, passed Resolution No. 2018-02 recommending the City Council adopt an ordinance terminating the revenue allocation area on or before December 31,
2018;
WHEREAS, a copy of the boundary map and legal description of the revenue allocation area are attached hereto as Exhibit C and Exhibit D, respectively.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF REXBURG, IDAHO:
Section 1: That the above statements are true and correct.
Section 2: That the revenue allocation area contained in the Washington School Plan, as more particularly shown and described in Exhibit C and Exhibit D, is hereby terminated, consistent
with the termination provisions set forth in the Act.
Section 3: That the tax year 2018 revenues from the increment value as levied upon within the revenue allocation area are not needed for the payment of any Agency indebtedness or Agency
projects to be completed before September 30, 2019.
Section 4: That any surplus will be distributed prior to the end of the Agency’s 2019 fiscal year on or before September 30, 2019. Any surplus funds will be remitted to the County Treasurer
to be distributed to the taxing districts in the same manner and proportion as the most recent distribution to the taxing districts of the taxes on the taxable property located within
the revenue allocation area. See I.C. 50-2909(4). Further, any other remaining funds in subsequent fiscal years received by the Agency from delinquent taxes after September 30, 2019,
shall be disbursed in the same manner each fiscal year.
Section 5: That a copy of this Ordinance shall be sent to and/or filed with the Madison County Assessor’s Office, the County Auditor/Recorder and the Idaho State Tax Commission, together
with a boundary map and legal description, to provide notice of termination of the revenue allocation area in the Washington School Plan by either the City Clerk or Agency representatives.
Section 6: That this Ordinance shall be in full force and effect immediately upon its adoption, approval and publication.
Section 7: The Summary of this Ordinance, a copy of which is attached hereto as Exhibit E, is hereby approved.
PASSED by the Council of the City of Rexburg, Idaho, this ___ day of September 2018.
APPROVED by the Mayor of the City of Rexburg, Idaho, this ___ day of September 2018.
____________________________
Jerry L. Merrill, Mayor
ATTEST:
____________________________
Deborah Lovejoy, City Clerk
STATE OF IDAHO )
) ss:
County of Madison )
I, DEBORAH LOVEJOY, City Clerk of the city of Rexburg, Idaho, do hereby certify: That the above and foregoing is a full, true and correct copy of the Ordinance Entitled:
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF REXBURG, IDAHO, IMMEDIATELY TERMINATING THE REVENUE ALLOCATION AREA FOR THE WASHINGTON SCHOOL URBAN RENEWAL PROJECT URBAN RENEWAL PLAN
AREA; REQUIRING DISTRIBUTION OF ANY SURPLUS DETERMINED TO EXIST AS OF SEPTEMBER 30, 2019, PURSUANT TO SECTION 50-2909, IDAHO CODE; AUTHORIZING THE CITY CLERK OR THE URBAN RENEWAL AGENCY
OF THE CITY OF REXBURG, ALSO KNOWN AS REXBURG REDEVELOPMENT AGENCY TO FILE THE ORDINANCE, TOGETHER WITH THE BOUNDARY MAP AND LEGAL DESCRIPTION, WITH THE OFFICE OF THE COUNTY RECORDER,
THE COUNTY ASSESSOR AND THE IDAHO STATE TAX COMMISSION AS PROVIDED IN SECTION 63-215, IDAHO CODE; PROVIDING THAT A COPY OF THIS ORDINANCE SHALL BE GIVEN TO EACH OF THE TAXING ENTITIES
AFFECTED BY SAID REVENUE ALLOCATION AREA; APPROVING THE SUMMARY OF THE ORDINANCE; AND PROVIDING AN EFFECTIVE DATE.
____________________________________
Deborah Lovejoy, City Clerk
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