HomeMy WebLinkAboutAmended and Restated North Highway PlanSECOND AMENDED AND RESTATED URBAN RENEW AL PLAN
NORTH HIGHWAY URBAN RENEWAL PROJECT,
INCLUDING SOUTH ADDITION
REXBURG URBAN RENEWAL AGENCY
(also known as the REXBURG REDEVELOPMENT AGENCY)
CITYOF REXBURG, IDAHO
Ordinance No. 728
Adopted December 27, 1991
Effective December 31, 1991, Publication
Amendment No. 1
Ordinance No. 815
Adopted December 27, 1998
Effective December 30, 1998, Publication
Amendment No. 2
Ordinance No . 950
Adopted 12-21-05
Effective December 23, 2005, Publication
h:\Judy\Wpdata\Rcxburg\N Highway Amcnd\URP-12-16 C h angcs-CLN.doc
TABLE OF CONTENTS
Page
[§ 100] INTRODUCTION ............................................................................................. 1
[§ 100.1] General Procedures of the Agency ............................................................. 5
[ § 101] Provisions Necessary to Meet State and Local Requirements ....................... 6
[ § 101.1] Conformance With State of Idaho Urban Renewal Law of 1965, as
Amended ................................................................................................. 6
[§ 101.2] History and Cunent Conditions .............................................................. 6
[§ 102] Purpose of Activities ...................................................................................... 7
[§ 103] Open Land Criteria ........................................................................................ 9
[§ 200] DESCRIPTION OF PROJECT AREA .............................................................. 9
[§ 300] PROPOSED REDEVEr:OPMENT ACTIONS ....................................... = .... 10
[§ 301] General ......................................................................................................... 10
[§ 302] Urban Renewal P lan Objectives .................................................................. 11
[§ 303] Participation Opportunities and Agreement.. ............................................... 14
[ § 303 .1] Participation Agreements ...................................................................... 14
[§ 304] Cooperation With Public Bodies .................................................................. 16
[§ 305] Property Acquisition .................................................................................... 17
[§ 305.1] Real Property ........................................................................................ 17
[§ 305.2] Personal Property .................................................................................. 19
[§ 306] Property Management. ................................................................................. 20
[§ 307] Relocation of Persons (Including Individuals and Families), Business
Concerns, and Others Displaced by the Project.. .......................................................... 20
[§ 308] Demolition, Clearance, Building Site Preparation, and Construction
Activities ...................................................................................................................... 21
[ § 3 08 .1] Demolition and Clearance ..................................................................... 21
[ § 3 08 .2] Building Site Preparation and Constrnction Activities ......................... 22
[§ 309] Prope1iy Disposition and Development ........................................................ 22
[§ 309.1] Real Property Disposition Development .............................................. 22
[§ 309.l(a)] General ........................................................................................... 22
[§ 309. l(b)] Disposition and Development Documents .................................... 23
[§ 309.l(c)] Development by the Agency .......................................................... 25
[§ 309.l(d)] Development Plans ........................................................................ 27
[ § 310] Personal Property Disposition ...................................................................... 27
[ § 311] Rehabilitation and Conservation .................................................................. 27
[§ 312] Participation With Private or Public Development.. .................................... 28
[ § 313] Conforming Owners ...................................................................................... 29
[ § 400] USES PERMITTED IN THE PROJECT AREA. ............................................. 29
[§ 401] Redevelopment Plan Map and Develo pment Strategy ................................. 29
[§ 402] Designated Land Uses ................................................................................... 29
[§ 402.1] Conm1tmit y Business Center U ses ........................................................ 29
[§ 402.2] Residential Uses .................................................................................... 29
[§ 402.3 ] Light Industrial Uses ............................................................................. 30
[§ 402.4] Open Space ........................................................................................... 30
-1 -
[§ 403] Other Land Uses ........................................................................................... 30
[§ 403 .1] P ublic Rights-of-Way ........................................................................... 30
[§ 403.2] Other Publi c, Semi-Public, Institutional, and Nonprofit Uses .............. 31
[ § 403.3] Interim Uses .......................................................................................... 31
[§ 404] General Controls and Limitations ................................................................. 32
[§ 404.1] Construction .......................................................................................... 32
[ § 404.2] Rehabilitation and Retention of Properties ........................................... 32
[§ 404.3] Limitation on Type, Size, and Height of Building ................................ 33
[§ 404.4] Open Spaces, Landscaping, Light, Air, and P1ivacy ............................ 33
[§ 404.5] Signs ...................................................................................................... 33
[§ 404.6] Utilities .................................................................................................. 33
[§ 404.7] Incompatible Uses ................................................................................. 33
[§ 404.8] Nondiscrimination and Nonsegregation ............................................... 33
[§ 404.9] Subdivision of Parcels ........................................................................... 34
[ § 404 .10] Minor Variations ............................................................................... 3 4
[ § 404.11] Off-Street Loading ............................................................................ 34
[§ 404.12] Off-Street Parking ............................................................................. 35
[§ 405] Design for Development.. ............................................................................. 35
[ § 405 .1] Design Guidelines for Development. .................................................... 3 5
[§ 405.2] Design Guidelines for Development Under a Disposition and
Development Agreement or Owner Participation Agreement.. ................................ 36
[§ 405.3] Nonconfonning Uses ............................................................................ 37
[§ 500] METHODS OF FINANCING THE PROJECT .............................................. 37
[§ 501] General Description of the Proposed Financing Method ............................. 37
[§ 502] Revenue Bond Funds ................................................................................... 38
[§ 503] Other Loans and Grants ............................................................................... 38
[§ 504] Revenue Allocation Financing Provisions ................................................... 39
[ § 504.1] Economic Feasibility Study .................................................................. 42
[§ 504.2] Assumptions and Conditions/Economic Feasibility Statement.. .......... 42
[§ 504.3] Ten Percent Limitation ......................................................................... 43
[§ 504.4] F inancial Limitation .............................................................................. 44
[§ 504.5] Rebate of Revenue Allocation Funds ................................................... 45
[ § 505] Participation With Local Improvement Districts ......................................... 4 7
[§ 506] Issuance of Debt and Debt Limitation ......................................................... 47
[§ 507] Impact on O ther Taxing Districts ................................................................ 47
[§ 508] Phasing and Other Fund Sources ................................................................. 48
[§ 509] Lease Revenue Bonds .................................................................................. 48
[ § 600] ACTIONS BY THE CITY ............................................................................... 49
[§ 700] ENFORCEMENT ............................................................................................ 50
[§ 800] DURATION OF THIS PLAN ......................................................................... 51
[§ 900] PROCEDURE FOR AMENDMENT .............................................................. 53
[§ 1000] SEVERABILITY .......................................................................................... 53
[§ 1100] ANNUAL REPORT ..................................................................................... 53
-11 -
(
Attachment 1
Attachment 2
Attachment 3
Attachment 4
Introduction to
Attaclunent 5
Attachment 5
Attachment 5A
Attachment 5B
Attaclunent 5C
· Attachment 5C-1
Attaclunent 5C-2
ATTACHMENTS
Project Area-Revenue Allocation Area Boundary Map
Description of the Project Area and Revenue Allocation Area
Private Properties Which May be Acquired by Agency
M ap Depicting Expected Land Uses and Current Zorring Within
Revenue Allocation Area and Project Area
Introduction
Statement of Proposed Public Improvements, Costs, Revenues,
Tax In1pacts and Financing Methods (and) Implementation Plan
Net Value of Private Development in Revenue Allocation Ar ea
Estimated Ammal Tax Revenue Allocations
Estimated Annual Revenues and Costs
Financial History North Highway Project Area 1993-2005
Bond Amortization Schedule
-lll -
SECOND AMENDED AND RESTATED URBAN RENEWAL PLAN
FOR THE NORTH HIGHWAY PROJECT AREA, SOUTH ADDITION
NORTH HIGHWAY URBAN RENEWAL PROJECT,
INCLUDING SOUTH ADDITION
REXBURG URBAN RENEW AL AGENCY
(also known as the REXBURG REDEVELOPMENT AGENCY)
[§ 100] INTRODUCTION
This is the Second A mended and Restated-urban Renewal Plan (the "Plan") 1 for
the North Highway Project Area, South Addition (the "Proj ect") in the C ity of Rexburg
(the "City"), Co unty of Madison, State ofldaho, and consists of the text contained herein
and:
the Project Area-Revenue Allocation Area Boundary M ap (Attachment 1);
the Description of the Proj ect Area and Revenue Allocation Area
(Attachment 2);
the P r ivate Properties Which May be Acquired by Agency (Attachment 3);
the Map Depicting Expected Land Uses and Current Zoning Within
Revenue Allocation Area and Proj ect Area (Attach ment 4 );
the Introduction to Attachment 5 , the Statement of Proposed Public
Impro vements, Costs, Revenues, T ax Impacts and Financing Methods, and
Implementation P lan (Attachment 5);
the Net Value of Private Development in Revenue Allocation Area
(Attachment 5A);
the Estimated Annual Tax Revenue Allocations (Attachment 5B);
1 This Second Amended and Restate d Urba n Renewal P lan is organize d in a manner which, instead of
showing new text redlined and t ext deleted as crossed out, simply r es tates in total the text of this Plan.
Many of the tables and exhibits fr om the 1998 Plan are not repeated in this Secon d Ame nded and Restated
Plan for ease ofreview a nd analysis . Addit ionally, much of the fina ncial information and improvement list
has been replaced or superseded. The 01iginal work for th e 1998 P lan and th e prior 1991 Plan are availab le
through the Agency or the City of Rexburg.
-1 -
the Estimated Arnmal Revenues and Costs (Attachment SC);
the F inancial History N 01ih Highway Project Area 1993-2005
(Attachment 5C-1 ); and
the B ond Amortization Schedule (Attachment 5C-2).
The term "Project" is used herein to describe the ov erall activities defined in this
P lan and confo nns with the statutory definition of urban r enewal proj ect. Reference is
specifically made t o Idaho Code Section 50-2018U) for the various activities
contemplated by the term "Project." Such activities include both p rivate and p ublic
development of property within the Urban Renewal Area. The term "Project" is not
meant to refer to a specific activity or development scheme.
This Plan was prepared for the Rexburg Urban Renewal Agency (also known as
the Redevel opment Agency) (the "Agency"), Board of Commissioners, by its
consultants, and staff of the Agency, pursuant to the State ofidaho Urban Renewal Law
(Chapter 20, Title 50, Idaho Code) (the "Law "), the Local Economic Dev elopment Act
(Chapter 29, Title 50, Idaho Code) (the "Act"), the I daho Constitution, and all applicable
local laws and ordinances.
The proposed redevelopment of the Project Area as described in this P lan
conforms to the Comprehensive Plan of Rexburg, as adopted by the C ity Council on
September 2, 1998, by way of Ordinance No. 80.
The particul ar projects or redevelopment projects by private entities described
herein are not intended to be an exclusive or exhaus tive list of potential redeve lopment
activity. Allowed projects are those activities which comply with the Law and the Act
and m eet the overall objectives of this Plan.
-2 -
The purposes of the L aw which will be attained through and the major goals of
this Plan are:
the e limination of enviromnental deficiencies in the Proj ect Area, including,
among others, obsolete and aged building typ es and inadequate public
improvements and faciliti es ;
the assembly of land into par cels suitable for modem, integrated development
w ith improved setback, parking, pedestrian, and vehicular circulation in the
P roject Area;
the rep lanning, redesign, and development of undeveloped and underdeveloped
areas which are stagnant or improperly utili zed;
the strengthening of the economic base of the Project Area and the community by
the installation of needed public improvements and facilities to stimulate new
commercial expansion, employment, and economic growth;
the establishment and implementation of perfonnance criter ia to assure high site
design standards, environmental quality, and other design el ements which provide
unity and integrity to the entir e Project;
the strengthening of the tax base by encouraging private development, thus
increasing the assessed valuation of properties within the Revenue Allocation
Area and the Project Area as a whole and benefiting the var ious taxing distric ts in
which the Project Area is located;
the creating of p ublic spaces, gateway entries, and the like;
the provision of civic buildings or cmmnunity facilities own ed or occupied by the
Agency or other public entities including the City;
the provision of adequate land for open space a nd street rights-of-way; and
the construction and improvement of major street corridors to allow traffic flows
to move through the d evelopment along with the accompanying utility
connections through the Project A r e a.
In 1991 and 1998 an urban renewal plan and an amended and res tated urban
renewal plan (hereinafter collective ly the "1998 Plan ") wer e prepared at the direction of
the A gency and utilizes infom1ation gathered over a period of months from business
owners, property owners, and the citize ns of Rexburg and Madison County. The 1998
-3 -
P lan was reviewed and recommended by the Agency, pursuant to the Law, the Act, the
Idaho Constitution, and all applicable local laws and ordinances.
This Second Amended and Restated Plan provides the Agency with powers,
duties, and obligations to implement and further the program generally fonm1lated in this
Seconded Amended and Restated Plan for the redevelopment, rehabilitation, and
revitalization of the area within the boundaries of the Amended and Restated Project
Area, which area includes the South Addition (the "Amended and Restated Project
Area"). The Agency retains all powers allowed by the Law and the Act. Because of the
long-term nature of this Second Amended and Restated Plan and the need to retain in the
Agency flexibility to respond to market and economic conditions, property owner and
developer interests, and opportunities from time to time presented for redevelopment, this
Second Amended and Restated Plan does not present a precise plan or establish specific
projects for the redevelopment, rehabilitation, and revitalization of any area within the
Second Amended and Restated Project Area, nor does this Second Amended and
Restated Plan present specific proposals in an attempt to solve or alleviate the concerns
and problems of the community relating to the Second Amended and Restated Project
Area. Instead, this Second Amended and Restated Plan presents a process and a basic
framework within which specific plans will be presented, specific projects will be
established, and specific solutions w i ll be proposed and by which tools are provided to
the Agency to fashion , develop, and proceed with such specific plans, projects, and
solutions. In particular this Second Amended and Restated Plan attempts to respond to
the challenges created by the development and enhancement of Brigham Young
University-Idaho campus located in Rexburg, Idaho.
-4 -
Implementation of this Second Amended and Restated P lan w ill require public
coinvestment to help stimulate desired private development. Typically, the public will
fund enhanced public facilit ies like streets, sidewalks, parking facilities, parks, public
buildings such as a park or recreation center, or plazas which, in turn, create an attractive
setting for adjacent private investment.
This Second Amended and Restated Plan provides the Agency with powers,
duties, and obligations to implement and further the program generally fonnulated in this
Second Amended and Restated P lan for the redevelopment, rehabilitation, economic
enhancement, and revitalization of the Amended and Restated Project Area. The Agency
retains all powers allowed by law. The Agency will encourage projects with those
activities which comply with the Law and the Act and meet the overall objectives of this
Second Amended and Restated Plan.
[§ 100.1] General Procedures of the Agency
Under the Law, the Agency is governed by the Idaho open meeting law, the
Public Records Act, the Ethics in Government Act, financial reporting requirements
under Idaho Code Section 67-450B, and the competitive bidding requirements under
Chapter 28, Title 67, Idaho Code.
Generally, the Agency shall conduct all meetings in open session and allow
meaningful public input as mandated by the issu e considered or by any statutory or
regulatory provision. Whenever in this Plan it is stated that the Agency may modify,
change, or adopt certain policy statements or contents of this Plan not requiring a fonnal
amendment to the Plan as required by the Law or the Act , it shall be deemed to mean a
consideration by the Board of such policy or procedure, duly noticed upon the Agency
-5 -
meeting agenda, considered by the Agency at an open public meeting, and adopted by a
majority of the members present, constituting a quorum, un less any provision herein
provides otherwise.
[§ 101] P rovisions N ecessary to Mee t State and Local R equiremen ts
[§ 101.1] Con forma n ce W ith State of Idaho U rban R enewal L aw
of 1965, as Amen ded
The laws of the State ofldaho allow for an Urban R enewal Plan to be submitted
by any interested person or entity in an area certified as an Urban Renewal Area b y the
Rexburg City Council. The original No1ih Highway area was certified by the Council by
resolution on November 6, 1991 , the initial expansion area was ce1ii fied by the Council
by resolution on November 28, 1998, and th e second expansion area was certified by the
Council on November 9, 2005.
In accordance with the Law, this Plan was submitted to the Planning and Zoning
Commission of the City of Rexburg. After consideration of the P lan, the Commission
fi l ed its recommendation with t he Cit y Council stating that this Plan is in conformity with
the Compr ehensive Plan, City of Rexburg.
[§ 101.2] History and Current Conditions
S ince the adoption of the first p lan in 1991 and the Amended and Restated Plan in
1998, the Agency has embarked on several activities to improv e the N orth Highway
Proj ect Area. Those activities have included improvements to North Highway; an initial
phase of a j ogging path; open space, water, sewer, and drainage improvements;
sidewalks; improvements to the North Highway Bridge; intersection improv ements;
utility lin e extensions; and landscaping. In 1992 the Agency issue d its Series 1 992 B onds
in the aggregate p rincipal amount of $1 ,250,000, which provided funding for so m e of
-6 -
those improvements. The Agency's annual debt service since 1992 has ranged from
$126,000 to $154,000 with a total of approximately $1 ,7 00,000 , and the Agency expects
to retire those bonds in 2008. The Agency has previously borrowed certain funds from
the City in an approximate amount of $35,000. Those advances were repaid by the
Agency in 2000.
In total, the Agency has received revenue allocation funds in the approximate
amount of $1.7 million and paid for public improvements in the approximate amount of
$1.3 million. Additionally, the Agency has advance funded planning and administrative
costs for the downtown area in Rexburg with those project areas committed to reimburse
the North Highway Project Area no later than September 30, 2008.
Assessed values of the North Highway Project Area have increased from the base
assessment roll of $3.8 million (combined 1991 and 1998 bases) to an assessed value in
2005 of approximately $30 million.
During 2005, the Agency and other interested parties began to examine the need
for an expansion of the Project Area to include what has not been referred to as the South
Addition. This new project area.responds to certain deteriorating conditions,
development opportunity, and the n eed for public services and improvements.
[§ 102) Purpose of Activities
The description of activities, public improvements, and the estimated costs of
those items are intended to create an outside limit of the Agency's activity. The Agency
reserves the right to change amounts from one category to another as long as the overall
total amount estimated is not substantially exceeded. The items and amounts are not
intended to relate to any one particular development, developer, or owner. Rather, the
-7 -
Agency intends to discuss and negotiate with any owner or developer who seeks Agency
assistance. During such negotiation, the Agency will detennine, on an individual basis,
the eligibility of the activities sought for Agency funding and the amount the Agency
may fund by way of percentage or other criteria. The Agency will also take into account
the amount of revenue allocation proceeds estimated to be generated from the developer's
activities . The Agency also reserves the right to establish, by way of policy, its funding
percentage or participation, which would apply to all developers and owners.
The activities listed in Attachment 5 are also prioritized by way of imp01iance to
the Agency, by the amounts funded, and by year of funding, with earlier years reflecting
the more important activities. As required by the Law a nd Act, the Agency w ill adopt
more specific budgets annually.
Throughout this Plan there are references to Agency activities, Agency funding,
and the acquisition, development , and contribution of public improvements. Such
references do not necessarily constitute a full, final, and fonnal commitment by the
Agency, rather granting to the Agency the discretion to paiiicipate as stated subject to
achieving the objectives ofthis Plan and provided such activity is deemed eligible under
th e Law and the Act.
The Agency reserves the right to prioritize the projects described in this Plan.
The Agency also reserves the right to retain its flexibility in funding the various
activities. The Agency also reserves its discretion and fl exibility in deciding which
improvements should be funded and at what level, whether using its own funds or funds
generated by other sources.
-8 -
[§ 103] Open Land Criteria
Such open land areas may b e acquired by the Agency and developed for
nomesidential uses if such acquisition is needed to solve various problems associated
with the land or the public infrastrncture that have retarded its development. These
problems include defective or unusual conditions of title, diversity of ownership, tax
delinquency, improper subdivisions, outmoded street patterns, deterioration of site, and
faulty lot layout, all of which are included in one form or another in the Section 50-
2903(8)(b) definition of deteriorated area . The problems that are listed only in
Section 50-2008( d)( 4)(2) (the open land section) include economic disuse, unsuitable
topography, and "the need for the conelation of the area with other areas of a
municipality by streets and modem traffic requirements , or any combinati on of such
factors or other conditions which retard development of the area."
Such areas qualify if any of the standard 50-201 S(i) and 59-2903(8)(b)
characteristics apply. But such areas also qualify if any of the prob l ems listed only in
Section 50-2008(d)(4)(2) app ly. Clearly, lack of water and sewer faci li ties, a nonexistent
street system, and lack of fire protection facilities are all conditions which retard
development of the area.
[§ 200] DESCRIPTION OF PROJECT AREA
Th e boundaries of the Second Amended and Restated Project Area and of the
Amended and Restated Revenue Allocation Area are depicted in Attachment 1, the
boundary map, which is attached h ereto and incorporated herein by reference, and are
more particularly described on the Project Area and Revenue All ocation Area Bom1dary
Map, attached hereto as Attachment 2 and incorporated herein by reference .
-9 -
For purposes of boundary descriptions and use of proceeds for payment of
improvements, the boundary shall be deemed to extend to the outer boundary of
rights-of-way.
[§ 300) PROPOSED REDEVELOPMENT ACTIONS
[§ 301] General
The Agency proposes to eliminate and prevent the spread of deterioration and
deterioration in the Project Area by:
1. Acquisition of certain real property (if needed) and through the voluntary
measures described in Section 305;
2. Demolition or removal of certain buildings and improvements for public
rights-of-way for streets, utilities, walkways, an d other improvements fo r
public facility building s ites, to e liminate unhealthful, unsanitary, or
unsafe conditions, improve densi ty, eliminate obsolete or other uses
detriment al to the public welfare, or otherwise to remove or to prevent the
spread of deterioration;
3. Provision for participation by property owners within the Project Area;
4. Management of any prope1iy acquired by any entity under the ownership
and control of the Agency;
5. Provision for relocation assistance to disp laced Project occupants, as
required by law;
6. Installation, construction, or reconstruction of streets and utilities
includin g development o f water and sewer systems, electrical distribution
and transmission lines in underground configuration if needed to
encourage new developments, fiber optic systems, parking facilities, and
other public improvements including civic buildings or community
facilities owned or occupied by the Agency or other public agencies,
including the City of Rexburg and Madison School District No. 321, storm
drain systems, walkways, public open spaces, and visitors or information
centers as may be deemed appropriate by the Urban Renewal Agency
Board;
7 . D isposition of property for uses in accordance with this Plan;
-10 -
8. The redevelopment of land by private enterprise or public agencies for
uses in accordance with this P lan ;
9. Rehabilitation of structures and improvements by present owners, their
successors, and the Agency;
10. Preparation and assembly of adequate sites for the development and
construction of facilities for commercial, mixed-use development, office,
appropriate retail, and other ancillary uses;
11. As allowed by law, lend or invest federal funds to facilitate urban renewal
redevelopment; and
12. Construction of foundations, platforms, and other like structural forms
necessary for the provision or utilization of air rights, sites for buildings to
be used for residential, commercial, and other uses contemplated by the
Plan, and to provide utilities to the development site.
In the accomplishment of these purposes and activities and in the implemen tation
and the furtherance of this Plan, the Agency is authorized to use all the powers provided
in this Plan and all the powers now or hereafter pe1mitted by law. The Agency intends to
encourage development of a mixed-us e proj ect consisting of governmental residential,
office, and supporting commercial and retail. For purposes of this Plan, the reference to
"Mixed-Use Development" shall mean this objective.
[§ 302] Urban Renewal Plan Objectives
Urban renewal action is necessaiy in the Project Area to combat problems of
physical deterioration and economic underdevelopment.
The Project Area consists of ai1 area along North H ighway generally from West
211 d North on the south; N01ih 2nd West on the west, then along the railroad right-of-way
to East ih on the north, and on the east adjacent to the City park and school district
prope1iy to Barney Dairy Road. The area has a history of a slow-growing t ax base
primarily attributed to inadequate public improvements and facilities, poorly maintained
-11 -
properties, undeveloped and underdeveloped prope1iies, inconsistent and diverse prope1iy
ownership, and other deteriorating factors.
Hence, the Urban Renewal Plan for the Project Area is a proposal for public
improvements and facilities: to provide an improved environment for new commercial
and light manufacturing developments; to eliminate insanitary and unsafe conditions; t o
assist potential owner paiiicipation and other developers to assemble appropriate
development sites where necessary through acquisition, demolition, and disposition
activities; and to otherwise prevent the extension of deterioration and reverse the
deteriorating action of the area.
Any streets or other rights-of-way to be vacated or relocated will create additional
building area for Mixed-Use Development or public use. Vacations or relocations must
be requested from th e City of Rexburg or any agency having jurisdiction over the
particular public right-of-way.
Air rights and subte1raneai1 rights may be disposed of for any pennitted use
within the Project Area boundaries.
Less than fee acquisition of any interest in real property may b e utilized by the
Agency when and if necessary to promote urban r enewal in accordance with the
objectives of the Plan.
The Agency may act to improve transportation opportunities throughout the
Project Area.
The Agency may participate in the cost of removal of extraordinary s ite
conditions. A further objective of the P l an is t o provide for the acquisition and clearance
of prope1iy to be used for other public facilities. Off-street parking facilities may be
-12 -
developed to serve new commercial uses within the Project Area. Over the life of the
Plan, land use in the Project Area will be modified to the extent that b uildings ClUTently
vacant and land underdeveloped may be converted to Mixed-Use Development, public
and private parking, and public/semi-public uses.
The provisions of this Plan are applicable to all public and private property in the
Proj ect Area. The provisions of the Plan shall recognize the need for flexibility in
interpretation and implementation. All development under an owner participation
agreement shall conform to those standards specified in Section 3 03 .1 of this Plan.
The Agency will play a key role in creating the necessary momentum. The
following list repr esents the key elements of the plan:
1. Initiate simultaneous projects designed to revitalize the Project Area.
2. Secure certain public open space in critical areas ( e.g., parks, plazas, and
pathways); this p ublic open space will greatly increase property values
adjacent to it and greatly contribute simultaneously to a new sense of
place.
3 . Develop new Mixed-Use Development projects.
4. Pursue development across all land-use sectors.
5. Develop parking facilities.
Without Agency intervention, much of the Project Area could conceivably remain
unchanged for the n ext several years. Success will come through numerous public-
private partnerships. The Plan creates the necessary flexible framework for the Project
Area to capture a share ofRexburg's growing population and economy.
-13 -
[§ 303] Participatio n O pportu nities and Agreement
[§ 303.1] Participation Agreements
The Agency shall enter into an owner paliicipation agreement with any existing or
futur e owner of property in the event the property ovvner seeks and/or receives assistance
from the Agency in the redevelopment of the property. In that event, the Agency may
allow for an existing or future owner of property to remove his property and/or structure
from future Agency acqui sition subject to entering into an own er pmiicipation agreement.
Each structure and building in the Project Area to be rehabilitated or new projects
to be constructed as a condition of the owner pariicipation agreement between the
Agency and the owner pursuant to this P lan will be considered to be satisfactorily
rehabilitated and constructed, and the Agency will so certify, if the rehabilitated or new
structure meets the following star1dards :
1. Executed owner participation agreement to meet conditions described
below.
2. Any such propeliy within the Project Area shall be required to conform to
all applicable provisions , requirements, and regulations of this Plan. Upon
completion of any rehabilitation or new development, each structure must
be safe and sound in all physical respects and be refurbished and altered to
bring the property to an upgraded marketable condition which will
continue throughout an estimated useful life for a minimum of twenty (20 )
year s.
3. All such buildings or portions of buildings which are to r emain w ithin the
Proj ect Area shall be rehabilitated in conformity w ith all applicable codes
and ordinances of the City of Rexburg.
4. Any new construction shall also conform to a ll applicable provisions ,
requirements, and regulations of this Plan.
5. Any new construction shall also confonn to all applicable codes and
ordinances of the City of Rexburg.
-14 -
In such participation agreements, participants who retain real property shall be
required to join in the recordation of such documents as may be necessary to make the
provisions ohhis Plan applicable to their properties, whether or not a participant enters
into a participation agreement with the Agency, the provisions of this P lan are applicable
to all public and private property in the Project Area.
In the event a participant fails or refuses to rehabilitate, develop, use, and
maintain its real property pursuant to this Plan and a participation agreement, the real
property or any interest therein may be acquired by the Agency in accordance with
Section 307 of this Plan and sold or leased for rehabilitation or development in
accordance with this Plan.
Owner participation agreements may be used to implement the following
objectives:
1. Encouraging property owners or tenants to revitalize deteriorating
areas of their parcels and to incorporate elements of the Plan;
2. Subject to the limitations of the Law and the Act, providing
incentives to existing property owners or tenants to encourage
continued utilization and expansion of existing pennitted uses to
prevent properties from falling into disuse, a proliferation of vacant
and deteriorated parcels;
3. Allowing existing nonconfonning uses to continue in accordance
with City regulations and to accommodate improvements and
expansions allowed by City regulations; and
4 . Subject to the limitations of the Act, providing incentives to
improve nonconforming properties so they implement the design
guidelines r ecomm ended by this Plan to the extent possible and to
encourage an orderly transition from nonconforming to
conforming uses over the p lanning horizon.
-15 -
All such agreements will address phasing issues, justification and eligibility of
project costs, and achi evement of the objectives of the Urban R enewal Plan . Agency
shall retain its discretion in the funding level of its parti cipation.
[§ 304] Cooperation With Public Bodies
Certain public bodies are authorized by state law to aid and cooperate, with or
without consideration, in the planning, undertaking, constrnction, or operation of this
P roject. The Agency shall seek the aid and cooperation of such public bodies and shall
attempt to coordinate this Plan w ith the activities of such public bodies in order to
accomplish the purposes ofredevelopment and the highest public good.
The Agency may impose on a ll public bodies the plamung and design controls
contained in tlus Plan to ensure that present uses and any future development by public
bodies will conform to the requirements of this P lan. The Agency i s authorized to
financially (and otherwise) assist any public entity in the cost of public land, buildings,
facilities, structures, or other improvements within th e Project Area.
The Agency specifically intends to cooperate to the extent allowable b y l aw with
the C ity of Rexburg and Madison School D istrict No. 32 1 fo r the acquisition of property
and the construction, reconstruction of public improv ements and faci lities, including the
improvements to city streets and the state highway, and environmental remediation.
The Agency, by law, is not authorized to acquire real property owned by public
bodies without the consent of such public bodies . The A gency, however, will seek the
cooperation of all public bodies that own or intend to acquire property in the Project
Area. Any public body that owns or leases property in the Project Area will be afforded
all the priv ileges of an owner participant if such public body is willing to enter into a
-16 -
participation agreement with the Agency. All plans for development of property in the
Project Area by a public body shall comply with the provisions of this P lan, in the event
the Agency is providing any financial assistance.
In the event the Agency is participating in the public development by way of
financial incentive or otherwise, the public body shall enter into a participation agreement
with the Agency and then shall be bound by the Plan and other land use elements and
shall conform to those standards specified in Section 304 of this Plan.
[§ 305] Property Acquisition
[§ 305.1] Real Property
Only as specifically authorized herein, the Agency may acquire, through the
voluntary measures described below, but is not required to acquire, any real property
located in the Project Area where it is determined that the property is needed for
construction of public improvements, required to eliminate or mitigate the deteiiorated or
deteriorating conditions, and as otherwise allowed by law . The acquisition shall be by
any means authorized by law, including, but not limited to, the Law, the Act, and the
Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, as
amended, but shall not include the right to invoke eminent domain authority. The
Agency is authorized to acquire either the entir e fee or any other interest in r eal property
less than a fee , including strnchlfes and fixtures upon the real property, without acquiring
the land upon which those structures and fixtures are located.
The Agency shall not acquire real properties to be retained by an own er pursuant
to a participation agreement if the owner fully performed trnder the agreement.
-17 -
The Agency intends to acquire any real property through voluntary or consensual
gift, devise, exchange, or purchase. Such acquisition of property may be for the
development of the public improvements identified in this Plan or for the assembly of
properties for the redevelopment of those prope1iies to achieve the objectives of this Plan.
Such properties may include properties owned by private parties or public entities. This
Plan does not anticipate the Agency's widespread use of its resources for property
acquisition, except for the construction of public improvements, any ability to engage in
certain demonstration projects, and other major objectives outlined in this Plan, and to
assemble certain critical or strategic parcels to dispose to th e private sector to assist in the
redevelopment of the Project Area.
In the event the Agency identifies certain property which should be acquired to
develop certain public improvements intended to be constructed under the provisions of
this P lan, the Agency shall coordinate such property acquisition with any other public
entity ( e.g., without limitation, the City, the State ofidaho, or any of its authorized
agencies), including the assistance of the Agency of funds to acquire said property either
through a voluntary acquisition or the public entity's invoking of its eminent domain
authority. The Agency shall not be entitled to invoke its statutory eminent domain
authority without an express amendment to this Plan, properly approved by the City
Council.
U n der the provisions of the Act, the urban renewal plan "shall be sufficiently
complete to indicate such land acquisition, demolition, and removal of struchrres,
redevelopment, improvements, and rehabilitation as may be proposed to be carried out in
the urban renewal area." Idaho Code§ 50-2018(1). The Agency has not identified any
-18 -
pmiicular parcel for acquisition for the construction of public improvements other than
the parking facility west of the K-Mali site. However, certain parcels may be acquired
for development of public improvements, assemblage of parcels, or other demonstration
projects. These activities are generally described in Attachment 3. The Agency may also
acquire property for the purpose of developing public parking facilities, public open
space, and to enhance the opporhmity for other uses. At the present time , the Agency
cannot specifically identify which parcels may be necessary for acquisition for the
parking facilities or for site assembly for private development. The Agency reserves the
right to detemune which properties, if any, should be acquired. Generally, the Agency
will invoke its acquisition authority only for the e limination or mitigation of deteriorated
or deteriorating buildings, strnctures, or properties in order to enhance public open space
in the Project Area or assist or paiiicipate in site reclamation, remediation, or elimination
of blighted or deteriorated areas, and then only by voluntary means.
[§ 305.2] Personal Property
Generally, personal property shall not be acquired. However, where necessary in
the execution of this Plan and where allowed by l aw, the Agency is authorized to acquire
personal property in the Project Area by any lawful means. For purposes of this Plan,
acquisition of celiain permanent fixtures or improvements upon real property shall be
governed by this section. The Agency retains the right to purchase those fixtures or
improvements (including buildings) for the purpose of eliminating certain deteriorated or
deteriorating strnctures to facilitate the Urban Renewal of the real property upon which
the buildings and strnctures are located. Such acquisition shall be based upon appraised
value of the structures and negotiation with the owner of the strnctures. The Agency
-19 -
shall take into account, before committing to such acquisition, any environmental or other
liability present or potentially present in su ch structures. In the event, the Agency
dete1mines to acquire such property; it shall do so upon the successful negotiation of an
owner participation agreement in compliance w ith the terms o f Section 303 .1 of thi s P lan.
h1 addition, such owner shall commit to the redevelopment of the real property and to
maintain the real property in a safe and clean manner. The Agency shall acquire such
property by way of any accep table conveyance.
[§ 306] Property Management
During such time such property, if any, in the Project Area is owned b y the
Agency, such prope1ty shall be under the management and control of the Agency. Such
property may be rented or l eased by the Agency pending its disposition for
redevelopment, and such rental or l ease shall be pursuant to such policies as the Agency
may adopt.
[§ 307] Relocation of Persons (Including Individuals and Families),
Business Concerns, and Others Displaced by the Project
If the Agency receives federal funds for real estate acquisition and relocation, the
Agency shall comply with 24 C.F.R. Part 42, implementing the Uniform Relocation
Assistance and Real Property Acquisition Policies Act of 1970, as am ended. T he Agency
may also undertake relocation activities for those not entitled to b enefit under federal law,
as the Agency may deem appropriate for which funds are available. The Agency's
activit ies should not result in the displacement of families w ithin the area. In the event
the Agency's activities result in d isplacement, the Agency will compensate such residents
by providing reasonable moving expenses into decent, safe, and sanitary dwelling
accommodations within their means and without undue h ardship to su ch famil i es. For
-20 -
any other activity, the Agency will comply with the provisions of the Idaho Urban
R enewal Law regarding relocation.
The Agency reserves the right to extend benefits for relocation to those not
otherwise entitled to relocation benefits as a matter of s tate law under the Act or the Law.
The Agency may determine to use as a reference the relocation benefits and guidelines
promulgated by the federal govennnent, the state govermnent, or local govennnent,
including the Idaho Transportation Department. The intent of this section is to allow the
Agency sufficient flexibility to award relocation benefits on some rational basis, or by
payment of some lump sum per case basis. The Agency may also consider the analysis
ofreplacement value for the compensation awarded to either owner occupants or
businesses displaced by the Agency to achieve the objectives of this Plan. The Agency
may adopt relocation guidelines which would define the extent of relocation assistance in
non-federally-assisted projects and which relocation assistance to the greatest extent
feasible would be unifonn.
For displacement of families, the Agency shall comply with, at a minimum, the
standards set forth in the Law. The Agency shall also comply with all applicable state
laws concerning relocation benefits.
[§ 308) Demolition, Clearance, Building Site Preparation and
Construction Activities
[§ 308.1) Demolition and Clearance
The Agency is authorized, but not required, to demolish and clear buildings,
structures, and other improvements from any real property in the Project Area as
necessary to cmTy out the purposes of this Plan.
-21 -
[§ 308.2] Building Site Preparation and Construction Activities
The Agency is authorized, but not required, to prepare or cause to be prepared as
b uilding sites any real property in the Project Area owned by the A gency. In connect ion
therewith , the Agency m ay cause, provide for, or undertake the installation or
construction of streets, utilities, parks, pedestrian walkways, traffic signals, drainage
facilities, pub lic art, and other public improvements necessary to carry out this Plan. The
Agency is also authorize d, but not required, to construct foundations, p latforms, and other
structural fonns necessary for the provision or utili zation of air rights sites for buildings
to be used for industrial, commercial, private, public, and other uses provided in this
P lan. T o the extent allowed by the Law and Act, the Agency may assi st in the
preparation of building sites by way of reclamation, remediation, or elimination of
deteriorated conditions. The Agency is also authorized, but not required, to purchase
certain site or building improvements for purposes of site preparation and development.
[§ 309] Property Disposition and Development
[§ 309.1] Real Property Disposition Development
[§ 309.l(a)] General
For the purposes ofthis Plan, the Agency i s authorized to sell, lease, exchange,
subdivide, transfer, assign, pledge, encumber by mortgage or deed of t rust, or otherwise
dispose of any interest in real property under the reuse provisions set fmih in Idaho Code
Section 50-2011 and as otherwise allowed by law. To the extent permitted by law, the
Agency is authorized t o dispose of real property by negotiated lease, s ale, or transfer
without public bidding.
-22 -
All purchasers or lessees of property acquired from the Agency shall be obligated
to use the property for the pmposes designated in this Plan, to begin and complete
development of the property within a period of time which the Agency fixes as
reasonable, and to comply with other conditions which the Agency deems necessary to
carry out the purposes of this Plan.
R eal property acquired by the Agency may be conveyed by the Agency and,
where beneficial to the Project Area, without charge to any public body as allowed by
law. All real property acquired by the Agency in the Proj ect Area may be sold or leased
to p ublic or private persons or entities for d evelopment for the uses permitted in this Plan.
[§ 309.l(b)] Disposition and Development Documents
To provide adequate safeguards to ensure that the provisions o f this P lan w i ll be
carried out and to prevent the recurrence of blight, all real property sold, leased, or
conveyed by the Agency, as well as all property subject to parti cipation agreements, is
subject to th e provisions of this Plan.
The Agency shall reserve s uch powers and control s in the disposition and
development documents as may be necessary to prevent transfer, retention, or use of
property fo r specul at ive purposes and to ensure that develop ment is carried out pursuant
to this Plan.
Leases, deeds, contracts, agreements , and declarations of restrictions of the
Agency may contain restrictions, covenants, covenants running with the land, rights of
reverter, con ditions subsequent, equitable servitudes, or any other provisions necessary to
cany out this P lan. Where appropriate, as detennined by th e Agency, such documents, or
portions thereof, shall be recorded in the office of the Recorder of Madison Co unty.
-23 -
All property in the Project Area is hereby subject to the restriction that there shall
be no discrimination or segregation based upon race , color, creed, r eligion, sex, age,
handicap, n ational origin, or ancestry in the sale, lease, sublease, transfer, use, occupancy,
tenure, or enjoyment of prope11y in the Project Area. All property sold, leased, conveyed
or subject to a participation agreement shall be expressly subject by appropriate
documents to the restriction that all deeds, leases, or contracts for the sale, lease,
sublease, or other transfer of land in the Project Ar ea shall contain such
nondiscrimination and nonsegregation clauses as required by law. The developers
(including owner/participants) will be required by the contractual agreement to observe
the Land Use and Building Requirements provision of this Plan and to submit a
Redevelopment Schedule satisfactory to the Agency. Schedule revisions will be made
only at the option of the Agency.
In addition, the following requirements and obligations shall be included in the
agreement:
The developers, their successors, and assigns agree:
1. A plan and time schedule for the proposed development shall be submitted
to t he Agency.
2. The purchase or lease of the land and/or subterranean rights and/or air
rights is for the purpose of redevelopment and not for speculation.
3. The building of improvements will be commenced and completed as
jointly scheduled and detennined by the Agency and the developer(s).
4. There will be no discrimination against any person or group of persons
because of handicap, disability, age , race, sex, creed, color, national origin
or ancestry, in the sale, l ease, sublease, transfer, use, occupancy, tenure, or
enjoyment of the premises or any improvements erected or to be erected
thereon, therein conveyed, nor will the developer or any person claiming
under or through the devel oper establish or pennit any such practice or
practices of discrimination or segregation with reference to the selection,
-24 -
location, number, use, or occupancy of t enants, lessees, sub lessees, or
vendees in the premises or any improvements therein conveyed. The
above provision will be perpetual and will be appended to the land
disposed of within the Urban Renewal Project Area by the Agency.
5. The site and construction plans will be submitted to the Agency for review
as to confonnity with the provisions and purposes of this U rban Renewal
P lan.
6. At the discretion of the Agency a bond or other surety wi ll be provided
acceptable to the Agency to ensure performance under the contract of the
sale.
7. Rehabilitation of any existing structure must assure that the structure is
safe and sound in all physical respects and be refurbished and altered to
bring the property to an upgraded marketable condition which will
continue throughout an estimated useful life for a minimum of twenty (20)
years.
8. A ll such buildings or portions of the buildings which are to remain within
the Project Area shall be reconstructed in conformity with all applicable
codes and ordinances of the City of Rexburg.
9. All new construction shall have a minimum estimated life of no less than
twenty (20) years.
10. All disposition and development documents and owner pa1iicipation
agreements shall be governed by the provisions of Section 405.2 of this
Plan.
[§ 309 .l(c)] Development by the Agency
To the extent now or hereafter pennitted by the Law or Act, the Agency is
authorized to pay for, develop, or construct any publicly-owned building, facility,
structure, or other improvement within the Project Area for itself or for any public body
or entity, which buildings, facilities, structures, or other improvements are or would be of
benefit to the Project Area. Specifically, the Agency may pay for, install, or construct the
buildings, facilities, structures, and other improvements identified in Attachment 5,
-25 -
attached hereto and incorporated herein by reference, and may acquire or pay for the land
required therefor.
The Agency may also prepare properties for development by renovation or other
means as allowed by law. The Agency may also , as allowed by law, assist in the
development of private projects.
In addition to the public improvements authorized under Idaho Code
Section 50-2007, the Agency is authorized to install and construct or to cause to be
installed and constructed within the Project A rea or outside the Project Area, for
improvements or faci lities that are needed to suppo1i new development in the Project
Area for itself or for any public body or entity, public improvements and public facilities,
including, but not limited to, the following: (1) utilities; (2) pedestrian paths; (3) traffic
signals; (4) landscaped areas; (5) street improvements; (6) sanitary sewers; (7) flood
control facilities and storm drains;(8) water mains, pumps, and r eservoirs; (9) parks and
recreation facilities; (10) community facilities; and (11) enviromnental remediation.
Any public facility ultimately owned by the Agency shall be operated and
managed in such a manner to preserve the public purpose nature of the facility. Any
lease agreement with a private entity or management contract agreement shall include all
necessary provisions sufficient to protect the public interest and public purpose.
The Agency may enter into contracts, leases, and agreements with the City, other
public body, or private entity pursuant to this section, and the obligation of the Agency
under such contract, lease, or agreement shall constitute an indebtedness of the Agency as
described in Idaho Code Section 50-2909 which may be made payable out of the taxes
levied in the Project Area and allocated to the Agency under subdivision (2)(b) of
-26 -
Section 50-2908 of the Act and Section 504 to this Plan or out of any other available
funds.
[§ 309.l(d)] Development Plans
All development plans, whether public or p rivate, prepared pursuant to disposition
and development or owner participation agreements shall be submitted to the Agency for
approval and architectural review through the City Building Department. All
development in the Project Area must confonn to those standards specified in
Section 404 herein.
[§ 310] Personal Property Disposition
For the purposes of this Plan, the Agency is autho1ized to lease, sell, exchange,
transfer, assign, pledge, encumber, or otherwise dispose of personal property which is
acquired by the Agency.
[§ 311] Rehabilitation and Conservation
The Agency is authorized to rehabilitate, renovate, and conserve, or to cause to be
rehabilitated, renovated, and conserved, any building or struch1re in the Project Area
owned by the Agency for preparation ofredevelopment and disposition. The Agency is
also authorized and directed to advise , encourage, and assist in the rehabilitation and
conservation of property in th e Project Area not owned by the Agency.
As necessary in carrying out this P lan, the Agency is authorized to move, or to
cause to be moved, any substandard structure or building or any structure or building
whi ch can be rehab ilitated to a location within or outside the Project Area.
-27 -
[§ 312] Participation With Private or Public Development
Under the Law the A gency has the authority to lend or invest funds obtained from
the federal government fo r the purposes of the urban renewal law if allowable lmder
federal laws or regulations. The federal funds that may be available to the Agency are
governed by regulations promulgated by the Department of Housing and Urban
D evelopm ent for the Community Development Block Grant Program or other available
federal grant programs.
Under those regulations the Agency may paiiicipate with the private sector in the
development and financing of those private projects which will attain certain federal
objectives.
The Agency may, therefore, use the federal funds for the provision of assistance
to private, for-profit business, including, but not limited to, grants, loans, loan gliarantees,
interest supplements, technical assistance, and other forms of support, for any other
activity necessary or appropriate to carry out an economic development project.
As allowed by law, the Agency may also use funds fr om any other sources fo r any
purpose set forth under the Law.
The Agency may enter into contracts, leases, and agreemen ts w ith the City or
other publi c body or private entity pursuant to this section, and the ob ligation of the
Agency under such contract, lease, or agreement shall constitute an indebtedness of the
Agency as described in Idaho Code Section 50-2909 which may be made p ayable out of
the taxes levied in the Project Area and allocated to the Agency under subdiv ision (2)(b)
of Section 50-2908 of the Act and Section 504 of t hi s Plan or out of any other avail able
funds.
-28 -
[§ 313] Conforming Owners
The Agency may, at the Agency's sole and absolute discretion, determine that
certain real property within the Project Area p resently meets the requirements of this
Plan, and the owner of such property will be pennitted to remain as a conforming owner
without a participation agreement with the Agency provided such owner continues to
operate, use, and maintain the real property within the requirements of this Plan.
{§ 400] USES PERMITTED IN THE PROJECT AREA
{§ 401] Redevelopment Plan Map and Development Strategy
The Description of the Second Amended and Restated Project Area and Revenue
Allocation Bmmdary Map and the Second Amended and Restated Project Area-Revenue
Allocation Boundary Description, attach ed hereto as Attachment 1 and Attachment 2 and
incorporated by reference, describe the location of the Project Area boundaries. T he
proposed land uses to be permitted in the Project area for all l and, public and private, are
depicted in Attachment 4.
{§ 402] Designated Land Uses
[§ 402.1] Community Business Center Uses
The areas designated in Attachment 4 for area community business uses shall be
used for commercial uses set forth and described in the Rexburg City Zoning Ordinance.
[§ 402.2] Residential Uses
The areas designated in Attachment 4 fo r l ow density, medium density, and high
density residential uses shall be used for those purposes as set forth in the Rexburg City
Zoning Ordinance.
-29 -
[§ 402.3] Light Industrial Uses
T he areas designated in Attachment 4 for light industrial uses sh all be used for
those purposes as set forth in the Rexburg City Zoning Ordinance.
[§ 402.4] Open Space
The areas designated in Attachment 4 for open space use shall be used for those
purposes as set forth in the Rexburg City Zoning Ordinance.
[§ 403] Other Land Uses
[§ 403.1] Public Rights-of-Way
The major public streets within the Project Area include North H ighway
(2nd East), East 1000 North, East ih North, North 2nd West, West 2 nd North, and Barney
Dairy Road.
Additional public streets, alleys, and easements may be created in the Project
Area as need for proper development. Existing streets, alleys, and easements may be
abandoned, closed, expanded, or modified as necessary for proper development of the
Project in conjunction with any applicable policies and standards of the City of Rexburg
or the Idaho Transportation Department regarding changes to dedicated rights-of-way.
Any changes in the existing interior or exterior street l ayout shall be in
accordance with the objectives of this P lan and the C ity's design standards; shall be
effectuated in the manner prescribed by state and local law; and shall be guided by the
following criteria:
1. A balancing of the needs of proposed and potential new developments for
adequate pedestrian and vehicular access, vehicular parking, and delivery
loading docks with the similar n eeds of any existing developments
permitted to remain-Such balancing shall take into consideration the rights
of existing owners and t enants under the rules for owner and tenant
-30 -
participation adopted by the Agency for the Project and any participation
agreements executed thereunder;
2. The requirements imposed by such factors as topography, traffic safety,
and aesthetics; and
3. The potential need to serve not only the Project Area and new or existing
developments but also to serve areas outside the Project by providing
convenient and efficient vehicular access and movement.
The public rights-of-way may be used for vehicular and/or pedestrian traffic, as
well as for public improvements, public and private utilities, and activities typically in
public rights-of-way.
[§ 403.2] Other Public, Semi-Public, Institutional, and Nonprofit
Uses
The Agency may impose such other reasonable requirements and/or restrictions as
may be necessary to protect the development and use of the Project Area.
The Agency is also authorized to pennit the maintenance, establishment, or
enlargement of public, semi-public, institutional, or nonprofit uses, including park and
recreational facilities; educational, fraternal, employee, philanthropic, and charitable
institutions; utilities; governmental faci lities; and faci l ities of other similar associations or
organizations. All such uses shall, to the extent possible, conform to the provisions of
this Plan applicable to the uses in the specific area involved. The Agency may impose
such other reasonable requirements and/or restrictions as may be necessary to protect the
development and use of the Project Area.
[§ 403.3] Interim Uses
Pending the ultimate development of land by developers and participants, the
Agency is authorized to use or permit the use of any land in the Project Area for interim
-31 -
uses that are not in conformity with the uses pennitted in this P lan. However, any interim
use must comply w ith applicable Rexburg City Code.
[§ 404] General Controls a nd L imi tations
All real prope11y in the Project Area, under the provisions of either a disposition
and development agreement or owner participation agreement is made subject t o the
controls and requirements of this Plan. No such real property shall be developed,
rehabilitated, or otherwise changed after the date of the adoption of this Plan, except in
confonnance with the provisions of this P lan.
[§ 4 04.1] Construction
All construction in the Project Area shall comply with all applicable state and
local laws and codes in effect from time to time. In addition to applicable codes,
ordinances, or other requirements governing development in th e Project Area, additional
specific performance and development standards may be adopted by the Agency to
control and direct redevelopment activities in the Project Area in the event of a
disposition and development agreement or owner participation agreement.
[§ 404.2] R ehabilitation and Retention of Properties
Any existing structure within the Project Area, subject to either a disposition a nd
development agreement or owner participation agreem ent, approved by the Agency for
retention and rehabilitation shall be repaired, altered, reconstructed, or rehabilitated in
such a manner that it will be safe and sound in all physical respects and be attractive in
appearance and not detrimental to the sunounding uses.
-32 -
[§ 404.3] Limitati o n on Type, S ize, an d Height of Building
Except as set forth in other sections of this Plan, the type, size, and height of
buildings shall be as limited by applicable fe deral, state, and local statutes, ordinances,
and r egulations.
[§ 404.4] Open Spaces, Landscaping, Light, Air, and Privacy
The issues o f open space, land scaping, light , air, an d privacy shall be governed by
applicable federal, s tate, an d local ordinances.
[§ 404.5] Signs
All signs shall conform to City sign ordinances as they now exist or are hereafter
amen ded.
[§ 404.6] Utilities
The Agency shall require that all utilities be place d underground whenever
physically and economically feasible.
[§ 404.7] Incompatible Uses
No use or structure which by reason of appearance, traffic, smoke, glare, noise,
odor, or similar factors which would be incompatible with the surrounding areas or
s tructur es sh all be permitted in any part of the Project Area.
[§ 404.8] Nondiscrimination and N onsegregation
T here shall be no discrimination or segregation based upon race, color, creed, age,
r eligion, sex, marital stah1s, national origin, handicap, disability, or ancestry p ermitted in
the sale, lease, sublease, transfer, use, occupancy, tenure, or e njoyment of the property in
the Project A rea.
-33 -
[§ 404.9) Subdivision of Parcels
Any parcel in the Project Area shall be subdivided only in compliance w ith the
C ity Subdivision Ordinance.
[§ 404.10] Minor Variations
Under excepti onal circumstances, the Agency is authorized to pe1mit a variation
from the limits, restrictions, and controls established by this Plan . In order to permit such
vaiiation, the Agency must dete1mine that:
1. The application of certain provisions of this Plan would result in practical
difficulties or unnecessary hardships inconsistent with the general purpose
and intent of this Plan;
2. There are exceptional circumstances or conditions applicable to the
property or to the intended development of the property which do not
apply generally to other properties having the same standards, restrictions,
and controls;
3. Pennitting a variation will not be materially detrimental to the public
welfai·e or injurious to property or improvements in the area; and
4. Permitting a variation will not be contrary to the objectives of this Plai1.
No variation shall be granted which changes a basic land use or which permits
other than a minor departure from the provisions of this Plan, without amendment of this
P lan. In permitting any such variation, the Agency shall impose such conditions as are
necessary to protect this public peace, health, safety, or welfare and to assure compliance
with the purposes of this Plan . Arly variation permitted b y the Agency hereunder shall
not supersede any other approval required under City codes and ordinances.
[§ 404.11) Off-Street Loading
Arly development and improvements shall provide off-street loading as required
by the City ordinances as they now exist or are hereafter amended.
-34 -
[§ 404.12] Off-Street Parking
All new constrnction in the area shall provide off-street parking as required by the
City ordinances as they now exist or are hereafter amended.
[§ 405] D esign for Development
[§ 405.1] Design Guidelines fo r Development
Within the limits, restrictions, and controls established in this Plan, and to the
extent allowed by law, the Agency is authorized to establish heights of buildings, land
coverage, setback requirements, design criteria, traffic circulation, traffic access, and
other development and design controls necessary for proper development of both private
and public areas within the Project Area. Any development must also comply with the
City of Rexburg Zoning Ordinance regarding h eights, setbacks, and other like standards.
h1 the case of property which is the subject of a disposition and development or
owner paiiicipation agreement with the Agency, no new improvement shall be
constructed and no existing improvement shall be substantially modified, altered,
repaired, or rehabilitated except in accordance with this Plan. Under those agreements
the architectural, landscape, and site plans shall be submitted to the Agency and approved
in writing by the Agency. One of the objectives of this Plan i s to create an attractive and
pleasant environment in the Project Area. Therefore, such plans shall give consideration
to good design and other amenities to enhance the aesthetic quality of the Project Area.
The Agency shall not approve any plans that do not comply with this P lan.
In the event the Agency adopts design standards or controls, those provisions w ill
thereafter apply to each site or portion thereof in the Proj ect Area. Those controls and
standards will be implemented through the provisions of any disposition and
-35 -
development agreement or owner participation agreement or by appropriate covenants
appended to the land and instruments of conveyance executed pursuant thereto. These
controls are in addition to any standards and provisions of any applicable City Building
or Zoning Ordinances; provided, however, each and every development shall comp ly
with all applicable City Zoning and Buildin g O rdinance. Absent the Agency developing
and promulgating specific design standards or controls, the Agency shall review all
projects by applying and/or deferring to th e usual approval process imposed by the City
of Rexburg.
[§ 405.2 ] Design Guidelines for Development Under a Disposition
and Development Agreement or Owner Participation
Agreement
Under an owner participation agreement or a disposition and development
agreement the design guidelines and land use elements as imposed shall be achieved to
the greatest extent feasible, though the Agency retains the authority to grant minor
variations under Section 404.10 of this Plan and subject to a negotiated agreement
between the Agency and the developer or prope1iy owner.
Under those agreements, the architectural, landscape, and site plans shall be
submitted to the Agency and approved in writing by the Agency. In such agreements, the
Agency may impose additional design controls. One of the objectives of this Plan is to
create an attractive pedestrian environment in the Project Area. Therefore, such plans
shall give consideration to good design and amenities to enhance the aesthetic quality of
the Project Area. These additional design standards or controls will be implemented
tlu·ough the provisions of any disposition and development agreemen t or owner
participation agreement or by appropriate covenants appended to the land and
-36 -
instmments of conveyance executed pursuant thereto. These controls are in addition to
any standard and provisions of any applicable City building or zoning ordinances;
provided, however, each and every development shall comply with all applicable City
zoning and building ordinances.
[§ 405.3] Nonconforming Uses
T he Agency may permit an existing use to remain in an ex isting building and site
usage in good condition, which use does not confonn to the provisions of this Plan,
provided that such use is generally compatible with existing and proposed developments
and uses in the Project Area. The owner of such a property must be willing to enter into a
paiiicipation agreement and agree to the imposition of such reasonable restrictions as
may be necessary to protect the development and use of the Project Area.
T he Agency may authorize additions, alterations, repairs, or other improvements
in the Project Area for uses which do not confonn to the provisions of this Plan where
such improvements are within a portion of the Project where, in the determination of the
Agency, such improvements would be compatible with surrounding Project uses and
development.
All nonconfonning uses shall also comply with the Rexburg City Code.
[§ 500] METHODS OF FINANCING THE PROJECT
[§ 501] General Description of the Proposed Financing Method
The Agency is authorized to finance this Project with financial assistance from the
City, State ofldaho, federal government, interest income, Agency bonds, donations,
loans from private financ ial institutions, the lease or sale of Agency-owned property, or
-37 -
any other available source, public or private, including assistance from any taxing district
or any public entity.
The Agency is also authorized to obtain advances, borrow funds, and create
indebtedness in carrying out this P lan. The principal and interest on such advances,
funds, and indebtedness may be paid from any other funds available to the Agency. The
City, as it is able, may also supply add itional assistance through City loans and grants for
various public facilities.
The City or any other public agency may expend money to assist the Agency in
carrying out this Project.
The Agency may also provide certain grants or loans to property owners, business
owners, or others as may be allowed by law.
[§ 502] Revenue Bond Funds
As allowed by law and subject to such restrictions as are imposed b y law, the
Agency is authorized to issue bonds from time to time, if it deems appropriate to do so, in
order to finance all or any part of the Project. Neither the members of the Agency nor
any persons executing the bonds shall be li able on the bonds by reason of their issuance.
[§ 503] Other Loans and Grants
Any oth er loans, grants, guarantees, or financial assistance from the United States,
the State of Idaho, or any other public or private source will be utilized if available. The
Agency intends to consider funding sources through Local Improvements Districts and/or
Business Improvements Districts as authorized by state law. Neither the members of the
Agency nor any persons executing such lo ans or grants shall be liable on the loans or
grants by reason of their issuance.
-38 -
[§ 504] Revenue Allocation Financing Provisions
The A gency hereby adopts revenue allo cation financing provisions as authorized
by the Act, effective retroactively to January 1, 1991, for the original area, January 1,
1998, for the expansion area, and January 1, 2005, for the South Additi on. These revenu e
allocation provisions shall apply t o all taxing districts in which the Revenue A llo cation
Area is located and described on Attaclunents 1 and 2 to this P lan. The Agency shall take
all actions n ecessary or convenient to implement these revenue allocation financing
provisions. The Agency specifically finds that the equalized assessed valuation of
property within the Revenue Allocation Area is likely to increase as a result of the
initiation of th e Urban Renewal Project.
The Agency, acting by one or more resolutions adopted by i ts Board of Directors,
is hereby authorized to apply all or any p01iion of the revenues allocated to the Agency
pursuant to the A ct to pay such costs as are incurred or to pledge all or any portion of
such revenues to the repayment of any moneys borrowed, indebtedness incurred, or
bonds issued by the Agency to finance or to refinance the Project Costs (as defined in
Idaho Code Section 50-2903[14]) of one or more urban renewal projects.
Upon enactment of an ordinance by the governing body of the City of Rexburg,
Idaho, finally adopting these revenue allocation fmanc ing provisions and defining the
Revenue Allocation Area described herein as part of the Pl an, there shall hereby be
created a special fund of the A ge ncy into which th e County Treasurer shall d eposit
allocated r evenues as provided in Idaho Code Section 50-2908. The Agency shall use
such funds solely in accordance with Idaho Code Section 50 -2909 and sol ely for the
purpose of providing funds to pay the Project Costs, including any incidental costs, of
-39 -
such urban renewal projects as the Agency may determine by resolution or resolutions of
its Board of Directors.
A statement listing proposed public improvements and facil ities, an economic
feasibility study, estimated Project Costs, fiscal impact upon other taxin g districts, and
methods of financing Project Costs required by Idaho Code Section 50-2905 is included
in Attachment 5 to this Plan. Thi s statement necessarily incorporates estimates and
projections based on the Agency's present knowledge and expectation s. The Agency is
hereby authorized to modify the presently anticipated urban renewal projects and use of
revenue allocation fi nancing of the related Project Costs if the Board of Directors of the
Agency deems such modification necessary or convenient to effectuate the general
objectives of the Plan.
The Agency h as also provided for expenditure of revenue allocation proceeds on
an annual basis without the issuance of bonds. The Agency has also provided for
obtaining advances or loans from the City or p1ivate entity in order to immediately
commence constrnction of certain of the public improvements. Revenues will continue
to be allocated to the Agency until the improvements identified in Attachment 5 are
completely constructed or until any obligations to the City or other public entity or
private entity are fulfilled. Attachment 5 incorporates estimates and projections based on
the Agency's present knowledge and expectations concerning the length of time to
complete the improvements. The activity may take longer depending on the significance
and timeliness of development. Alternatively the activity may be completed earlier if
r evenue allocation proceeds are greater or the Agency obtains additional funds.
-40 -
The revenue allocation proceeds ar e hereby irrevocably pledged for the payment
of the principal and interest on the advance of monies or making ofloans or the incurring
of any indebtedness such as bonds, notes, and other obligations (whether funded,
refunded, assumed, or otherwise) by the Agency to finance or refinance the Project in
who le or in part, as well as payment for costs incurred for activities of the Project.
Under legislation adopted in 2000 by the 55 th Idaho Legislature, 2 nd Regul ar
Session, effective July 1, 2000, revenue allocation authority is limited to twenty-four (24)
years from the date the ordinance was passed by the City Council, except for those urban
renewal plans which were adopted prior to 2000. The amended and restated urban
renewal plan establish ed its duration through December 31, 2021. With this Second
Amended and Restated Plan the duration of the Plan and revenue allocation authority has
remained through December 31, 2021, w ith no extension.
The Agency is authorized to make sw;h pledges as to specific advances, loans,
and indebtedness as appropriate in canying out the Project.
Revenue allocation proceeds are deemed to be only a part of the proposed funding
sources for the payment of public improvements and other project improvements.
Additionally, project funding is proposed to be phased for the improvements, allowing
various sources of funds to be accumulated for use.
The assumptions concerning revenue allocation proceeds are based upon certain
assessed value increases and assumed tax levy rates. As of the effective date of this
Second Amended and Restated Urban Renewal P lan, the Idaho State Legi slature h as
appointed an interim legislative committee to study the ad val orem property tax laws of
the State ofldaho. The interim committee has proposed certain changes to those property
-41 -
tax laws which could impact the types of property subject to ad valorem taxation, the
creation of several exemptions, and the limitation of taxes. No representation is made
through the adoption of this Second Amended and R estated Urban Renewal Plan that the
assumptions contained herein will remain in place for the term of the Second Amended
and Restated Urban Renewal Plan.
[§ 504.1] Economic Feasibility Study
Attachment 5 consists of the Economic Feasibility Study for the Urban Renewal
Area prepared by Harlan W. Mann, Urban Renewal Consultant, and Richard Homer, City
of Rexburg Finance Officer and Agency Treasurer. The Study constitutes the financial
analysis required by the Act.
[§ 504.2] Assumptions and Conditions/Economic Feasibility
Statement
The information contained in Attachment 5 assumes certain completed and
projected actions. Under the provisions of the Act, the revenue allocation shall continue
until any bond debt or other obligation is satisfied. All debt is projected to be repaid no
later than the duration period of the Plan. The total amount of indebtedness and the
amount of revenue generated by revenue allocation is dependent upon the extent and
timing of private development. Should all of the development take place as projected,
indebtedness could be extinguished earlier, dependent upon the bond sale documents or
other legal obligations . Should private development take longer to materialize , or should
the private development be substantially less than projected, then the amount of revenue
generated will be substantially reduced and those obligations may continue fo r their full
term.
-42 -
The Plan and attachments incorporate estimates and projections based on the
Agency's present knowledge and expectations. The Study has assumed increases in
assessed valuation based on the development of constrnction of new projects, plus two
percent (2%) net prope1ty value increases for scheduled parcels on a 5-year reassessment
cycle as offset by depreciated personal property values. The Study has also estimated tax
levy rate increases of two percent (2%) from 2005 for five years , a level levy rate for four
years, and a one percent (1 %) decrease for four years. The Agency may modify the
project if the Board of Commissioners deems such modifications necessary to effectuate
the P lan. The Plan proposes certain public improvements, including utility
improvements, streetscapes, street improvements, property acquisition, and r elocation
costs, which wi ll facilitate development in the Revenue Allocation Area.
[§ 504.3] Ten Percent Limitation
Under the Act the base assessed valuation for all revenue allocation areas cannot
exceed gross/net ten percent (10%) of the current assessed valuation for the entire City.
The base assessment roll, and less any homeowner's exemption, for the North Highway
Revenue Allocation Area is $3,805,164, which consists of the 199 1 and the 1998 adjusted
base amounts and the 2005 base assessment roll of $5,728,945 for the proposed South
Addition. In addition the base assessment roll for the Washington School Project is
$2,023,604 and the Downtown Project is $35,748,977. The total assessed value for the
City of Rexburg as ofJanuary 1, 2005, less homeowner's exemptions, is $508,079,592.
The combined base assessment roll for the Revenue Allocation Area does not exceed ten
percent (10%) of the assessed value for the C ity of Rexburg.
-43 -
[§ 504.4] Financial Limitation
The Study identifies several capital improvement projects . Use of any particular
financing source for any particular purpose is not assured or identified. Use of revenue
allocation funds will be limited by the authority of the Act. If revenue allocation funds
are unavailable, then the Agency will need to use a different ftmding source for that
improvement, including grant funds. The Study has examined the potential of grant
funding and certain funds which may be received from the State ofldaho.
The amount of funds available to the Agency from revenue allocation financing is
directly related to the assessed value of new improvements within t he Revenue
Allocation Area. Under the Act, the Agency is allowed the revenue allocation generated
from inflationary increases and new development value. The Study has assumed certain
amrnal increases over the tenn of the Plan based on historical analysis and other
circumstances, as stated in Section 504.2.
The Study, with the various estimates and projections, constitutes an economic
feasibility study. Costs and revenues are analyzed, and the analysis shows the need for
public capital funds during the Project. Multiple financing sources including proposed
revenue allocation notes and bonds, ammal revenue allocations, developer contributions,
and other funds are sh own. This Study identifies the kind, number, and location of all
proposed public works or improvements, a detailed list of estimated project costs, a
description of the methods of financing illustrating project costs, and the time when
related costs or monetary ob ligations are to be incuned. See Idaho Code 50-2905. B ased
on these funding sources, the conclusion is that the Project is feasible.
-44 -
The infornrntion contained in the Study assumes ce1iain projected actions. First
the Agency has projected a bond issue (or perhaps a bank loan or note), which would be
issued in 2007. The tenn of such debt will be finally determined by the marketability of
the notes or bonds. Under the provisions of the Act, the revenue allocation may continue
until the end of the Plan tenn. Second, the total amount of indebtedness and the amount
of revenue generated by revenue allocation is dependent upon the extent and timing of
private development. Should all of the development take place as projected, indebtedness
would be extinguished earlier, dependent upon the bond sale documents and legal
obligations therein. Should private development take longer to materialize or should the
private development be substantially less than projected, then the amount ofrevenue
generated will b e substantially reduced and bonds may continue for their full term. T he
Study has targeted certain private development projects by a particular year and at a value
premised on certain build-out assumptions.
The proposed timing for the public improvements may very well have to be
modified depending upon the availability of some of the funds and the Agency's ability
to sell an initial issue of notes or bonds.
The Plan has shown that the equalized valuation of the Revenue Allocation Area
as defined in the Plan is likely to increase as a result of the initiation and completion of
urban renewal projects pursuant to the Plan.
[§ 504.5] Rebate of Revenue Allocation Funds
In any year during which the Agency receives revenue allocation proceeds, the
Agency, as allowed by law, is authorized, but not required, to return or rebate to the other
taxing entities identified in Attachment 5 of this Plan any revenue allocation funds not
-45 -
previously pledged or committed for the purposes identified in the Plan. Under the Act,
the Agency must first apply all such revenues for the payment of the projected costs of
the urban renewal project identified and repayment of principal and interest on any
moneys borrowed, indebtedness incurred, or bonds issued by the Agency and maintain
any required reserve for payments of such obligation or indebtedness. Only to the extent
revenues of the Agency exceed these obligations shall the Agency consider any r ebate or
return of revenue allocation funds to the other taxing entities. The Agency shall r ebate
such funds in a manner that corresponds to each taxing entity's relative share of the
revenue allocation proceeds or on the basis of extraordinary service requirements
generated by the Project. All other taxing entities shall first receive any such rebate
before such rebate shall be disbursed to the City.
Attachment 5 describes the Agency's financing plan for the Project. The Project
w ill be financed, in part, through tax increment financing, using revenue allocation funds
as allowed by the Act. The Agency anticipates that on an annual basis, tax increment,
and other funds may be sufficient to satisfy the obligations incurred by the Agency, even
though the entire amount of revenue allocation funds must be pledged for the term of any
bonds or other debts incurred by the Agency. Therefore, on an annual basis, the Agency
will consider the rebate of funds, which funds may not be revenue allocation funds but
may be other funds available to the Agency.
The Agency also reserves th e right to provide a tax increment rebate t o any
particular taxing entity which m ay be entitled to a levy rate increase by virtue of an
approved levy electi on.
-46 -
[§ 505] Participation With Local Improvement Districts
Under the Idaho Local Improvement D istrict Code, Chapter 17, Title 50, Idaho
Code, the City has the auth ority to establish local improvement districts for various
public facilities, including, but not limited to, streets, curbs, gutters, sidewalk s , drains,
landscaping, and other like faci l ities. To the extent allowed by the Law and the Act, the
Agency reserves the authority to participat e in the funding of local improvement district
fac i lities. This par tic ipation may include either direct funding to reduce the overall cost
o f the LID or t o partici pate as an assessed entity to finan ce the LID project.
[§ 506] Issuance of Debt and Debt Limitation
Any debt incurred by the Agency as allowed by the Law and Act shall be secured
by reven ues identified in the debt resolution or revenu e allocation funds as allowed by the
Act. All such debt shall be repaid within the du ration of this Plan.
[§ 507] Impact on Other Taxing Districts
A specifi c delineation of tax dollar s gen erated by revenu e allocation upon each
t axing district has not been prepared. The overall impact of the revenue allocat ion
project is shown on Attachment SB. Since the passage of House Bill 156 in 1995, taxing
entities are constrained in establishing levy rates by a function of the amount each budget
of each t axing district can increase on an annual basis. Th e amounts set forth in
Attachment SB in the column "Gross Revenue" would constitut e the amounts distributed
to the other taxin g entities from the Revenue Allocation Area if there were no urban
renewal project. Each individual district's share of that amount would be determined by
i ts pmiicular levy rate as compared to th e other districts in any g iven year. Therefore, the
impact ofrevenue allocation is more of a product of the imposition of House Bill 156. In
-47 -
addition, without the revenue allocation district and its ability to pay for public
improvements and public facilities, fewer substantial improvements within the Revenue
Allocation Area would be expected in the next five to ten years, hence there would be
lower increases in assessed valuation to be used by the other taxing entities. If the overall
levy rate is less than as assumed, the Agency shall receive fewer funds from revenue
allocation.
[§ 508] Phasing and Other Fund Sources
The Agency anticipates funding only a portion of the entire cost of the public
improvements shown on Attachment 5. Other sources of funds shall include developer
contributions, federal and state funds, foundation funds, grants, and City of Rexburg
paiiicipation. Agency pa1iicipation shall be determined by the amount ofrevenue
allocation funds generated.
[§ 509] Lease Revenue Bonds
Under the Law, the Agency is authorized to issue revenue bonds to finance certain
public improvements identified in the Urban Renewal Plan. Under that type of financing,
the public entity would pay the Agency a lease payment annually which provides certain
funds to the Agency to retire the bond debt. Another variation of this type of financing is
sometimes referred to as conduit financing, which provides a mechanism where the
Agency uses its bonding authority for the project, with the end user making payments to
the Agency to retire the bond debt. These sources of revenues are not related to revenue
allocation funds an d may not be particularly noted in the Study, because of the "pass
through" aspects of the financing. Under the Act, the economic feasibility study focuses
on the revenue allocation aspects of the Agency's financial model.
-48 -
These financing models typically are for a longer period of time than the 24-year
period set forth in the Act. However, these financing models do not involve revenue
allocation funds, but rather funds from the end users which provide a funding source for
the Agency to continue to own and operate the facility beyond the term of the Plan as
allowed by Idaho Code Section 50-2905(7) as those resources involve funds not related
to revenue allocation funds.
[§ 600] ACTIONS BY THE CITY
The City shall institute the normal processes to aid and cooperate with the Agency
in canying out this Plan and shall take all actions necessary to ensure the continued
fulfillment of the purposes of this Plan and to prevent the recurrence or spread in the area
of conditions causing deterioration. Actions by the City shall include, but not be limited
to, the following:
1. Institution and completion of proceedings necessary for changes and
improvements in private and publicly-owned property, rights-of-way, or public
utilities within or affecting the Project Area;
2. Assuring that all project activities are consistent with the City Comprehensive
Plan, Zoning Ordinances, and all applicable laws and regulations within the
Project Area to permit the land uses and development authorized by this Plan;
3. Imposition, wherever necessary, by conditional use permits or other means of
appropriate controls within the limits of this Plan upon parcels in the Project Area
to ensure their proper development and use;
4. Provision for administrative enforcement of this Plan by the City after
development, wherein the City and the Agency may develop and provide for
enforcement of a program for continued maintenance by owners of all real
property, both public and private, within the Project Area throughout the duration
of this Plan;
5 . Building code enforcement;
-49 -
6. Perfonnance of the above actions and of all other functions and services relating
to public p eace, health, safety, and physical development normally rendered in
accordance with a schedule which wi ll pennit the redevelopment of the Project
Area to be commenced and carried to completion without unnecessary delays;
7. Institution and completion of proceedings necessary for the establishment of an
LID under Chapter 17, Title 50, Idaho Code, or a BID under Chapter 26, Title 50,
Idaho Code;
8. The undertaking and completing of any other proceedings necessary to carry out
the Project;
9. Administration of Community Development Block Grants and other state and
federal grant funds that may be made available for the Project;
10. Appropriate agreements with the Agency for administration, supporting services,
funding sources, and the like;
11. The waiver of any hookup or installation fee for sewer, water, or other utility
services for any facility owned by any public agency, including the Agency;
12. The imposition, whenever necessary (by conditional use permits or other means
as appropriate), of controls within the limits of this Plan upon parcels in the
Project Area to ensure their proper development and use;
13. Joint funding of certain public improvem ents and coordination with the City's art
programs; and
14. Use of City labor, services, and materials for constrnction of the public
improvements listed in the Urban Renewal Plan.
The foregoing actions to be taken by the Ci ty do not constitute any commitment
for additional financial outlays by the City.
[§ 700] ENFORCEMENT
The administration and enforcement of this Plan, including the preparation and
execution of any documents implementing this P lan, shall be performed by the Agency
and/or the City.
The provisions of this Plan or other documents entered into pursuant to this Plan
may also be enforced by court litigation instituted by e ither the Agency or the City. Such
-50 -
remedies may include, but are not limited to, specific performance, damages, reentry,
injunctions, or any other remedies appropriate to the purposes of this Plan. In addition,
any recorded provisions which are expressly for the benefit of owners of property in the
Project Area may be enforced by such owners.
[§ 800) DURATION OF THIS PLAN
Except for the nondiscrimination and nonsegregation provisions which shall rnn
in perpetuity, the provisions of this P lan shall be effective, and the provisions of other
documents formulated pursuant to this Plan shall be effective, from the date of the
adopt ion of this Second Amended and Restated Plan by the Rexburg City Council
through December 21, 2021 , which date shall be deemed the termination date of this
Second Amended and Restated Plan except for any revenue allocation proceeds received
in calendar year 2022.
This Plan shall tenninate no later than December 31, 2021, except for revenues
which may be received in 2022. Either on January 1, 2022, or if the Agency determines
an earlier terminate date:
1. When the Revenue Allocation Area p lan budget estimates that all financial
obligations have been provided for, the principal of and interest on such
moneys, indebtedness, and bonds have been paid in full or w hen deposits
in the special fund or funds created under this chapter are sufficient to pay
such principal and interest as they come due, and to fund reserves, if any,
or any other obligations of the Agency funded throu gh revenue allocation
proceeds shall be satisfied and the Agency has determined no additional
project costs need be funded through revenue allocation financing, the
allocation of revenues under Section 50-2908, Idaho Code, shall thereupon
cease; any moneys in such fm1d or funds in excess of the amount
necessary to pay such principal and interest shall be distributed to the
affected taxing distiicts in which the Revenue Allocation Area is located
in the same manner and proportion as the most recent distribution to the
affected taxing districts of the taxes on the taxable property lo cated within
the Revenue Allocation Area; and the powers granted to the urban renewal
agency under Section 50-2909, Idaho Code, shall thereupon terminate.
-51 -
2 . In determining the tem1ination date, the Plan shall recognize that the
Agency shall receive allocation of revenues in the calendar year following
the last year of the revenue allocation provision described in the urban
renewal plan.
3. For the fiscal year that immediately predates the te1mination date, the
Agency shall adopt and publish a budget specifically for the projected
revenues and expenses of the Plan and make a determination as to whether
the Revenue Allocation Area can be tenninated before January 1 of the
te1mination year pursuant to the tenns of Section 50-2909(4), Idaho Code.
In the event that the Agency determines that cunent tax year revenues are
sufficient to cover all estimated expenses for th e cunent year and all future
years, by September 1, the Agency shall adopt a resolution advising and
notifying the local governing body, the county auditor, and the State Tax
Commission, recol11111ending the adoption of an ordinance for termination
of the Revenue Allocation Area by December 31 of the current year, and
declaring a surplus to be distributed as described in Section 50-2909,
Idaho Code, should a surplus be dete1mined to exist. The Agency shall
cause the ordinance to be filed with the office of the county recorder and
the Idaho State Tax Commission as provided in Section 63 -215, Idaho
Code.
As allowed by Idaho Code Section 50-2905(7), the Agency may retain assets or
revenues generated from such assets as loans the Agency shall have resources other than
revenue allocation funds to operate and manage such assets. T he Agency may retain
ownership of the several parking facilities which may be constmcted in the Project Area,
as parking revenues may be sufficient to provide the resources necessary for the Agency
to retain those assets. Similarly, facilities which provide a lease income stream to the
Agency for full retirement of the facility debt will allow the Agency to meet debt services
obligations and provide for the continued operation and management of the facility.
For those assets which do not provide such resources or revenues, the Agency will
likely convey such assets to the City of Rexburg, depending on the nature of the asset.
Upon tennination of the revenue allocation authority of the urban renewal plan to
the extent the Agency owns or possesses any assets, the Agency shall dispose of any
-52 -
remaining assets by granting or conveyin g or dedicating such assets to the City of
Rexburg.
[§ 900] PROCEDURE FOR AMENDMENT
The Urban Renewal Plan may be further modified at any time by the Agency
provided that, if modified after disposition ofreal property in the Project Area or after
execution of an owner participation agreement, the modifications must be consented to
by the developer or developers or the developer(s) successor or successors of such real
property whose interest is substantially affected by the proposed modification. Where the
proposed modification will substantially change the Plan, the modifications must be
approved by the City Council in the same manner as the original P lan. Substantial
changes for City Council approval purposes shall be regarded as revisions in project
boundaries, land uses permitted, land acquisition, and other changes which w ill violate
the objectives of this Plan.
[§ 1000] SEVERABILITY
If any one or more of the provisions contained in this Plan to be performed on the
part of the Agency shall be declared by any court of competent jurisdiction to be contrary
to law, then such provision or provisions shall be null and void and shall be deemed
separable from the remaining provisions in this Plan and shall in no way affect the
validity of the other provisions of this Plan.
[§ 1100] ANNUAL REPORT
Under the Law, the Agency is required to file with the City, on or before
March 31 of each year, a report of the Agency's activities for the preceding calendar
-53 -
year, which rep01i shall include a complete financial statement setting forth its assets,
liabilities, income, and operating expenses as of the end of such calendar year.
I 1/18/05
-54 -
ATTACHMENT 1
Map of Urban Renewal Project Area and Revenue Allocation Area
Attachment No. 1
..
~ C: <t 0 Cl •-
c: "' ·-C: ~ ..
-~ a. X X w w
ATTACHMENT 2
Description of Urban Renewal Project Area and Revenue Allocation Area
Attachment No . 2
URBAN RENEWAL DISTRICT
The following legal description is of the Urban Renewal District for the City of Rexburg
in the year of 2005 .
Beginning at the Northeast comer of lot I, block 25, of the Rexburg Original Townsite,
of Township 06 North, Range 40 East, Section 19, and commencing North 0°15' 4" west,
a distance of 1154.826 feet; thence N 89°44'49" East a distance of 1226.561 feet; thence
in a Northeasterly direction following the Eastern railroad right-of-way and having a
bearing of North 30°8'14" East, and a distance of 959.904 feet; thence in an Easterly
direction following the center of the Teton River, with an approximate bearing of South
89°22'37"East, and an approximate distance of 2,240.66 feet; thence North 1 °1 '9" East,
502.879 feet; thence North 88°47'44" East, 110.024 feet ; thence North 0°14'13 " West,
287.002 feet; thence North 89°26'48" East, 330.015 feet; thence North 0°13'56" West,
993.978 feet; thence North 89°26'50" East, 398 .359 feet; thence South 0°17'53" East,
1883.756 feet to the South bank of the Teton River; thence along the south bank of said
river the following four courses: North 53°3'14" East, 227.586 fee t ; thence North
77°3'41" East, 206.558 feet; thence South 80°27'49" East, 398.38 feet; thence South
48°11 '16" East, 205.266 feet. Thence continuing South 0°19'43" East, 687 .725 feet ;
thence West 751.125 feet; thence South 1049.937 feet; thence West 259.999 feet ; thence
North 224 feet; thence West 3 12.626 feet; thence North 0°6'45" West, 521.249 feet;
t h ence along the South right-of-way line of Barney Dairy Rd. S 60°33'43" West a
distance of23.71 feet; thence on a tangent curve to the right a distance of 174.647 feet,
having a radius of 416.912 feet , and a tangent of 88.623 feet; South 0°19'30" East, 22.08
feet; thence South 84°44'29" West, 4.676 feet; thence South 53°1 '30" West, 14.421 feet;
thence South 61 °18'36" West, 192.615 feet; thence South 85°22 '7" West, 105 .526 feet;
thence South 80°4'21" West, 39.745 feet; thence South 0°15'13" East, 116.345 feet;
thence South 70°59'40" West, 104.577 feet; thence South 89°44'59" West, 229 .003 feet;
Thence South 0°16'31" East, 65.001 feet; S 89°44'48" West, 99 feet; thence North
0°14'51" West, 57.938 feet; thence west, 332 feet, thence South 0°15'12" East, 17.18
feet; thence North 89°58'20" W, a distance of 99.012 feet; thence North 0°15'5" West,
336.831 feet; thence South 89°44'57" West, to the center of the Rexburg canal, a distance
of 477.203 feet; thence in a Northwesterly direction along the center of the Rexburg
canal, with an approximate bearing of North 31 °38'50" West, and an approximate
distance of 350.882 feet; thence South 0°15 '2" East, 603.394 feet; thence South
89°50'42" West a distance of234.001 feet; thence South 0°15'7" East a d istance of 16
feet; thence S 89°44'56" West, 62.9 feet; thence North 0°14'57" West a distance of
11.001 feet; thence South 89°44'55" West, 132.099 feet; thence South 0°15'3" East,
70.999 feet; thence South 89°44'56" West, 379.497 feet; thence South 0°11 '33" East a
distance of 428.994 feet; thence South 89°44'57" West, 1564.564 feet to the point of
beginning.
Less the following areas:
LESS 1: Beginning at a point that is North 89°44'58" E, 529.694 feet and North 0°0'24"
East, 83.469 feet, of the Southwest comer, of the Southeast quarter, of the Northeast
Attachment No. 2 Cont .
quarter, of section 19, Township 06 North, Range 40 East, which point is the point of
beginning, and nmning thence North 0°0'31" West, 600 .93 feet ; thence North 89°19'8"
East, 731.172 feet; thence South 0°8'39" East, 659 .853 feet; thence North 89°57'26"
West, 308.55 feet; thence on a tangent curve to the right a distance ofl 11.124, having a
radius of 577.313, a delta of 11 °1 '43", and a bearing of North 84°26'34" West; thence
North 76°27'33" West, 97 .931 feet; thence on a tangent curve to the left a distance of
121.584 feet , having a radius of 580.403, a delta of 12°0'9", and a bearing of North
82°27'37" West; thence North 89°45'59" West, 98.368 feet to the point of beginning.
LESS 2: Beginning at a point that is North 9°37'28" East, 287.562 feet from the West
quarter comer of section 20 of Township 06 North, Range 40 East, which point is the
point of beginning, and mnning thence North 0°15'10" West, 326.505 feet; South
89°56'25" East 62.004; South 85°56' 1 O" East, 91.623 feet; thence South 87°37'3 l"
East, 163.059 feet; thence South 0°16'54" East, 38.625 feet; thence North 89°49'33"
East, 616.876 feet; thence South 0°11 '55" East, 252 .389 feet; thence North 89°45'41"
East, 242.603 feet; thence South 1 °16' 11" East, 209. 798 feet; thence South 89°2'22"
West, 18.628 feet; thence South 0°14'21" East, 59.953 feet; thence South 89°44'59"
West, 159.1 14 feet; thence South 0°15'3" East, 351.658 feet; thence South 89°44'57"
West, 231.4 7 feet to a point on a curve to the right; said curve described as having a
radius of30.001, a tangent of 30, a delta of 89°59'56", and a bearing of North 45°15'4"
West; thence North 0°15'3" West, 571.658 feet; thence S 89°45'6" West, 740.019 feet to
the point of beginning.
ATTACHMENT 3
Private Proper ties Which Mav Be Acquired by Agency
1. No paiiicular properties have been identified for acquisition by the Agency, excepting a
p arking area adjacent to the existing K-Mart, and such other properties as may be
required to meet the objectives of the Plan.
2. The Agency reserves the right to acquire any additional right-of-w ay or access routes near
or around existin g or planne d rights-of-way.
3. The Agency reserves the right to acquire property n eeded to encourage certain
demonstration projects which achieve .the objectives of the Plan (the exact location of
which has not been determined).
ATTACHMENT 4
Expected Land Use and Current Zoning Map of the Project Area
I
I L_
Low Density Residential 1
Low De nsity Residentlal 2
l ow De nsity Residential 3
REXBURG
-·---<"'.:...• -·
D
13 II
_ .24 19
---.~-~
Med!um Density Residential 1
Medium Resldential 2
High Density Resider.tlal 1
High Density Residential 2
Community Business Center
Ce ntral Business District
~
Rural Residential 1
Rural Residential 2
Tra nsi tional Agricultural 1
t.,a,.i U"<hlle Cciol~ 1J., 200:5
UIII PMI: Octob<if IS 20l5 ~~--·---·-··--'-----•-· ,,.._...., _,,....,.,.,_, ... Cltr"'---~ ... ,__ ...... , .... --.i,,.-.--...
J
c /
Transitional Ag ricultural 2
Open Space
Light Industrial
\
Heavy Industrial ,,,,. u' University
... Proressicnal Offi ce Zone Ai rport
.. Technology and Office Zone ~ ProfesslOnal Overlay
rL._J-----,___;---iF,"w(
0 3JO ~ 1,320 1,QSO 2,~
Introduction
ATTACHMENT 5
Statement of Proposed Public Improvements,
Costs, Revenue, Tax Impacts, and Financing Methods
Expenditure of funds for projects is anticipated through 2022 with the assumption the
Project could be completed by that date.
Anticipated costs of the urban renewal project, revenue sources, estimated revenue
allocations, and the amount of indebtedness required to complete the project are shown in
Attachment 5 . Attachment 5 necessarily incorporates estimates and projections based on the
Agency's completed activities, present knowledge, and expectations . The Agency may modify
the presently anticipated urban renewal projects and use ofrevenue allocation financing or the
related project costs if the Board of Directors of the Agency deems such modification necessary
or convenient to effectuate the general objectives of the Plan. Any future modification will affect
the estimate.
Attachment SA also depicts estimated tax assessments through 2021, anticipated
increases in tax assessments through the development process, and increases as described in
Section 504.4 of this Plan.
Attachment 5 also demonstrates the overall estimated impact of revenue allocation
financing on all taxing districts in which the revenue allocation area is located. The impact on
individual taxing districts would be determined by those districts' then-current levies and the
projected addition of private investment within the Revenue Allocation Area.
The information contained in Attachment 5 assumes certain completed and projected
actions. Under the provisions of the Act, the revenue allocation shall continue until the bond debt
and Project is satisfied. All debt is projected to be repaid no later than the duration period of the
Plan. Second, the total amount of bonded indebtedness and the ammmt ofrevenue generated by
revenue allocation is dependent upon the extent and timing of private development.
Attachment SC projects expenditures from 2005 through 2022. Should all of the development
take place as projected, bonded or other indebtedness could be extinguished earlier, dependent
upon the bond sale documents or other legal obligations . Should private development take
longer to materialize, or should the private development b e substantially less than projected, then
the amount of revenue generated will be substantially reduced and bonds may continue for their
full term.
The Urban Renewal Plan and attachments incorporate estimates and projections based on
the Agency's present knowledge and expectations. Th e Agency may modify the project i f the
Board of Directors deems such modificatio ns n ecessary to effectuate the Plan. The P lan
ATTACHMENT 5 -1
(h:/judy/wpdat~Rexburg/N Highway AmencVURP Att:ich 5-11-1 8-05-CLEAN.duc)
proposes certain public improvements, including utility improvements, streetscapes, street
improvements, p r operty acquisition, , relocation costs, water and sewer improvement s, pub lic
facili ties, and community facilities which will facilitate development in the Revenue Allocation
Are a .
Economic Feasibility Statement
The attachments, with their various estimates and projections , constitute an economic
feasibility study. Costs and revenues are analyzed, and the analysis shows the need from public
capital funds during the project. Multiple financing sources including proposed revenu e
allocation notes and bonds, annual revenue allocations, developer contributions, grant funds, City
in-kind services, and other fonds are shown. This attachment identifies the kind, number, and
location of all proposed public works or improvements, a detailed list of estimated project costs,
a description of the methods of financing illustrating project costs, and the time when related
costs or monetary obligations are to be incurred (see Idaho Code § 50-2905). Based on these
funding sources, the conclusion is that the project is feasible.
The information contained in these attachments assumes certain projected actions . First,
the Agency has projected certain loan or bond obligations. The loan or bond term will be finally
determined by the marketability of the obligations. Under the provisions of the Act, the revenue
allocation may continue until the debt is satisfied. Second, the total amount of indebtedness and
the amount of revenue generated by revenue allocation is dependent upon the extent and time of
p rivate development. Should all of the development take place as projected, indebtedness would
be extinguished earlier, dependent upon the bond sale documents and legal obligations therein.
Should private development take longer to materialize or should the private development be
substantially less than projected, then the amount ofrevenue generated will be substantially
reduced and loan or bond obligations may continue for their full term.
The proposed timing for the public improvements may very well have to be modified
depending upon the availability of some of the funds and the Agency's ability to sell an initial
issue of notes or bonds.
Attachment 5A, Estimated Net Taxable Value of New Private Development and Annual
Tax Revenue A llocations, lists estimated increases in tax assessments resulting from new
development in the Revenue A llocation Area beginning in 2006 and illustrates how the project's
new development would generate net revenue to the Agency, including reassessment cycles as
offset by d epreciated personal property values.
Attachment 5B, Estimated Annual R evenues, shows the estimated revenue allocation
funds through 2022.
The analysis has assumed certain changes in the le vy rates as more particularly described
in Attachment 5B and Section 504.4 .
ATTACHMENT 5 -2
(h:/judy/wpd,ua/Rcxburg/N Highway Ameml/URP Attach 5-11-18-05 -CLEAN .doc)
Attachment SC, Estimated Annual Revenues and Costs shows the projected Agency
Project expenditures ..
A ttac hment SC -I provides the financ ial history for the North Highway District for the
period 1993 through 2005.
Attachment SC-2 provides t h e Bond amortization schedule.
Description of Public Financing Sources
Revenue Allocation-Revenue allocation financing (sometimes referred to as tax
increment financing) applies the increase in prope1iy taxes within a defined area to public
infrastmcture improvements. The improvements are designed to enhance the p rivate
development potential, thus creating the additional assessed valuation. The process is initiated
upon action of a municipality, whereupon the county assessor will es tablish the assessed
valuation within the Revenue Allocation Area for a base year: The incremental revenue may be
applied directly as it is received by the authorized redevelopment agency or, more commonly,
applied as a long-term revenue stream for the issuance of bonds or other debt obligations. Once
the Plan has been fully imp l emented, the incremental revenue flows back to the appropriate
taxing districts in the same proporti on as the base revenue. Under the Act, a p ercentage of the
Tax Levy Rate (currently 0.0040) is deducted from the incremental taxes and passed through to
the local public school district. Revenue Allocation has been available in Idaho since 1988 and
is anticipated to be the major, and thus most essential, component for Plan financing.
Bond Anticipation Notes-Problematic with Revenue Allocation financing i s the time
delay from initiation of P lan implementation and establishment of the base assessment roll .
Several years may elapse b efore the incremental tax revenue stream can adequately demonstrat e
the strength necessary to issue bonds. Short-term bond anticipation notes issued by local lenders
or underwriters are a means of providing the bridge financing n ecessary to begin development
work. Bond proceeds can then be used to "take out" the notes. T he Agency may borrow other
funds from other sources as needed and authorized under the Urban Renewal Plan.
Local Improvement Districts (LIDs)-This financing mechanism is u sed to fund capital
improvements and distribute the cost among a number of property owners. C ities and highway
districts often use LIDs for local street and sewer projects. After sixty percent (60%) of a
proposed district's property owners sign a LID petition, a series or ordinances are adopted to
create the district, approve the assessment roll, and issue construction w arrants and long-term
bonds. The tax-exempt bonds are issued through bid or n egotiated sale with revenue collection
tied to the property tax system. Bond terms are usually ten years.
SBA 504 Program-This program uses the public sale ofreduced interest debentures to
write-down commercial loans for commercial and limited industri al projects.
Community Reinvestment-Local lenders are making funds available at below-market
interest rates i n order to meet their Community Reinvestment Act obligations.
ATTACHMENT 5 -3
(h:/judy/wpdata/Rexburg/N Highway Amend/URP Attach 5-11-1 8-05-CLEAN.doc)
Community Development Block Grant (CDBG)-In order to achieve the objectives set
forth in this P lan, the City may submit an application from tim e to time for Community
Development Block Grant funding. Such application must meet certain eligibility objectives.
The grant is constrained to a specific list of eligib le activities. However, Community
Development B lock Grant funding may be of some assistance in portions of the Agency's
funding objectives.
Other F ederal Funding-The City has also commen ced the process fo r direct federal
funding for several of the projects shown on Attachment SC.
Developer Advances-Given the delayed flow ofrevenu e under tax increment financing ,
developer advances may be a desirable approach to initiate development projects. Th e terms of
the a dvance would be negotiable on a project-by-project basis, but possible uses could be master
planning, project administrations, necessary legal work, and even preliminary public
infrastructure work.
City Advances-City may provide advances or contributions for certain public
improvements .
Conduit Financing-The Agency reserves the right to participate as a conduit financing
vehicle for those projects described in this Urban Renewal Plan, using lease or revenue proceeds,
rather than revenue all ocation proceeds.
Financing Conclusion
The Plan has shown that the equalized valuation of the Rev enue Allocation Area as
defined in the Urban Renewal P lan is likely to increase as a r esult of the initiation and
completion of urban renewal projects pursuant to the Urban Renewal Plan.
ATTACHMENT 5 -4
(h:/judy/wpduta/Rcxburg!N l-llghw,1y Amcnd!U RP Attach 5-11-18-05-C'LEAN.doc)
Attachment SA
Estimated Net Taxable Value of New Private Development
Rexburg North Highway Urban Renewal Project, as Amended
(11-15-05)
··'··Year .. ,'1.,
· ... Office 1• . ·.Commercial ~. . . ~. , 'Yeai-Total 1 · ;cumulative Total ·
' ' ,"\-~:•~., • °;:)~.~ _., •:.~,:.,: I \<r~ ' .·•'
' >-.;•,,; :· ' ·,.,. ,,-.
:':. ' "'-.'
1992 -2005 0 26,156,888 26,156,888 26,158,888
2005-2006 224,000 375,000 599,000 26,750,0002
2006-2007 4,525,000 0 4,525,000 31,275,000
2007-2008 14,39 1,000 4,460,000 18,851,000 50,126,000
2 008 -2009 4,857,000 3,415,000 8,272,000 58,398,000
2009-2010 0 2,175,000 2,175,000 60,573,000
20 10-2011 0 0 0 60,573 ,000
2011-20 12 0 0 625,0003 61,1 9 8,000
2012-20 13 0 0 0 61,198,000
2013-20 14 0 0 1,211 ,0003 62,409,000
20 14-20 15 0 0 0 62,409,000
20 15-20 16 0 0 0 62,409,000
20 16-20 17 0 0 0 62,409,000
20 17-2018 0 0 0 62,409,000
2 01 8-2019 0 0 1,248,0003 63,657,000
2019-2020 0 0 0 63,6 57,000
2020-202 1 0 0 0 63,657,000
'Gen erally reflects value of construction completed in the first year indicated and assesse d in the
following year but can include occupancy roll (bui ld ings) and subsequent/missed roll (persona l property)
values for the following year.
2Previous t otal rounded to nearest thousand.
3Reflects estimated 2 .0 per cent net property value increases for scheduled parcels on 5-year
reassessment cycle, as offset by depreciated personal property values.
h:Vudy\Wpdata\Rexburg\N Highway Amend\URP Attach 5-A.doc
1993-2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Totals
Attachment SB
Estimated Annual Revenue Allocations
Rexburg North Highway Urban Renewal Project, as Amended
(11-15-05)
2006 26,156,888 0.0165611 443,187 104 ,628
2007 26,750,000 0 .0168923 451 ,869 107,000
2008 31 ,275 ,000 0.0 172301 538,871 125,100
2009 50,126,000 0.0175747 863,676 200,504
2010 58,3 98,000 0.0 179262 1,045,958 233,392
2011 60,573,000 0.0181055 1,096,704 242,292
2012 60,573,000 0.0182866 1,107,674 242,292
2013 61,198,000 0.0184695 1,130,296 244,792
2014 61,198,000 0.0186542 1,141,600 244,792
2015 62,409,000 0.0188407 1,175,829 249,636
2016 62,409,000 0.0188407 1,175,829 249,636
2017 62,409,000 0.0188407 1,175,829 249,636
2018 62,409,000 0.0188407 1,175,829 249,636
2019 62,409,000 0.0186523 1,164,071 249,636
2020 63,657,000 0.0184658 1,175,477 254,628
2021 63 ,6 57,000 0.0182811 1,163,720 254,628
2022 63,657,000 0.0180983 1,15 2,083 254,628
3,756,856
1Estimated valuation is base d on cumulative net values from Attachment SA.
328,559
344,869
413,771
663,172
812,566
854,412
865,382
885,504
896,808
926,193
926,193
926,193
926,193
914,435
920,8 49
909,092
897,455
13,411 ,646
2Tax levy rate is estimated to incre ase 2 percent per year from 2005 for Syear s, 1 p ercent per year
for next 5 years, level levy rate for the n ext 4 years, and I percent per year decrease for the final 4 years.
3Gross revenue is estimated valuation times tax levy rate. The amount shown as "Gross Revenue"
is the amount that, absent revenue allocation authority, would be distributed to the other taxing entities in
proportion to their respective annual levies . The levy amount is dete rmine d by compliance with the
limitations contained within House Bill 156 adopted by the Idaho Legislature in 1995.
4School payment is estimate d valuation times 0.0040 as required by statute, revised 1994.
H:\Judy\Wpdata\Rexburg\N Highway Amend\URP Attach 5-B.doc
Fiscal Year> 1993-2006
2005
Beginning Balance 299 179
Sources of Funds:
Revenue Allocation 329
Federal Appropriation
Foundation Grants
Bond Proceeds
Bond Reserve (120)
City (in Kind L. & E.)
Total Sources of Funds (120) 329
Total Funds Available 179 508
Uses of Funds:
Parks & Recreation
Facilities 130
Property Acquisition
Pathways on Rive1 · 175
Streets/Bridge
School Property
Development
Old Bond Debt Service 129
New Bond Debt Service
Adm in./Prof. Services 15
Total Uses of Funds -449
END BALANCE 179 59
Notes:
Attachment SC
Estimated Annual Revenues and Costs (Figures Shown in 000)
Rexburg North Highway Urban Renewal Project, as Amended
2007 2008 2009 2010 2011 2012 2013 2014
59 4,477 1,047 695 588 522 467 433
345 414 663 813 854 865 886 897
100 500
200
8,500
(800) 120
200 200
8,545 1,234 663 813 854 865 886 897
8,604 5,711 1,710 1,508 1,442 1,387 1,3 53 1,330
'
2,960 3,300
500
197 320
100
132 129
900 900 900 900 900 900 900
338 15 15 20 20 20 20 20
4,127 4,664 1,015 920 920 920 920 920
4,477 1,047 695 588 522 467 433 410
(1) 1993-2005 Activity: See Attachment 5C-1.
2015 20 16 2017 2018 2019 2020
410 416 422 428 434 428
926 926 926 926 914 92 1
926 926 926 926 91 4 92 1
1,336 1,342 1,348 1,354 1,3 48 1,3 49
900 900 900 900 900 900
20 20 20 20 20 20
920 920 920 920 920 920
416 422 428 434 428 429
(2) Revenue Allocations: See Attac hment 5B, rounded to the nearest thousand, fiscal year ending Se ptember 30 of year indicated.
2021 2022
429 9 JL
909 897
800
1,709 897
2,138 1,8 11
1,204
20 3(
1,224 3(
914 1,7 81
(3) Any remaining funds at closeout will be returned to the taxing districts. 2022 & 2023 revenue allocations could be avoided by early closeout.
2007 Bond Proceeds (000's)
Parks & Recreation 6,260
Land 500
Streets/Bridges 517
School Property 100
Und erwriter 323
Reserve 800
Total 8,500
Totali
13,411
60(
20(
8,50 (
40(
23,1 11
6,390
500
175
517
JOO
390
12,904
653
2 1,62(
Attachment SC-1
Rexburg Redevelopment Agency
Financial History: North Hiway District Only
1993 1994 1995 1996 1997 1998
Revenue
Property Tax Revenue $ 14,121 $105,649 $ 116,24 9 $106,808 $ 103,437 $ 134,207
Tax Refund to Schools
State & Local Funding $ 32,288 $ 195,000 $ 64,119
Interest Income $ 28,576 $ 14,958 $ 18,499 $ 7,001 $ 7,886 $ 7,454
Bond & Note Pro ceeds $1,250,000 $ 15,000 $ 20,000
Total Revenue $1,324,985 $120,607 $ 329,748 $192,928 $ 131,323 $ 141,661
Expenses
Administration $ 105,653 $ 13,286 $ 6,357 $ 687 $ 10,614 $ 980
Debt Service* $ 48,322 $126,973 $ 133,501 $130,889 $ 133,001 $ 131 ,048
Construction Costs* $. 771,040 $ 4,739 $ 373,756 $111,286
Total Expenses $ 925,015 $144,998 $ 513,614 $242,862 $ 143,615 $ 132,028
Net $ 399,970 $ (24,391) $ (183,866) $ (49,934) $ (12,292) $ 9,633
Balance* $ 399,970 $375,579 $191,713 $141,779 $ 129,487 $ 139,120
~ *Constru ction Costs included: road & bridge w idening, st reet signal, util ity line extens ion, landscaping .
*Bond issue will be repaid in full in 2008.
*Balance includes $120,000 of Bond Reserve
1999 2000 200 1 2002 2003 2004 2005
$ 125,971 $200,585 $173,546 $ 232,732 $177,799 $186,420 $202,862
$(140,000) $ (63,647)
$ 9,065 $ 9 ,429 $ 12,312 $ 9,859 $ 5,584 $ 3,817 $ 5,890
$ 135,036 $210,014 $185,858 $ 102,591 $183,383 $1 26,590 $208,752
$ 9,537 $ 396 $ 4 5 0 $ 1,185 $ 2,205 $ 1,540 $ 3,602
$ 132,343 $186,893 $128 ,943 $ 129,255 $129,175 $133,119 $133,686
$ 141,880 $187,289 $129,393 $ 130,440 $131,380 $134,659 $137,288
$ (6,844) $ 22,725 $ 56,465 $ (27,849) $ 52,0 03 $ (8,069) $ 71,464
$ 132,276 $155,001 $211,466 $ 183,617 $235,620 $227,551 $299,015
Attachment SC-2
Bond Amortization Schedule
R exburg North Highway Urban Renewal Project, as Amended
Compo und Period :
Effective Annua l Rate:
CASH FLOW DATA
Event Date
1 Loan 12/1/2007
2 Payment 12/1/2008
3 Payment 12/1/2021
Annua l
6.000%
Amount
8,500,000.00
900,000.00
1,204, 124.31
N umber Period
1
13 Annual
1
AMORTIZATION SCHEDULE -Normal Amortization
Date Payment Interest Principal Balance
Loan 12/1/2007 8,500,000 .00
1 12/1/2008 900,000 .00 510,000.00 390,000.00 8,110,000.00
2 12/1/2009 900,000.00 486,600 .00 413,400.00 7,696,600.00
3 12/1/2010 900 ,000 .00 461,796.00 438,204.00 7,258,396.00
4 12/1/2011 900,000 .00 435,503.76 464,496 .24 6,793,899.76
5 12/1/2012 900 ,000 .00 407,633.99 492,3 66 .01 6,301,533 .75
6 12/1/2013 900 ,000 .00 378,092.03 521,907 .97 5,779,625.78
7 12/1/2014 900,000 .00 346,777.55 553,222.45 5,226,403 .33
8 12/1/2015 900,000 .00 313,584.20 586,415.80 4,639,987.53
9 12/1/2016 900,000.00 278,399.25 621 ,600.75 4,018,386.78
10 12/1/201 7 900,000 .00 241,103.21 658,896.79 3,359,489.99
11 12/1/2018 900,000.00 201,569.40 698,430 .60 2,661,059.39
12 -12/1/2019 900,000.00 159,663.56 740,336.44 1,920,722.95
13 12/1/2020 900 ,000 .00 115,243.38 784,756.62 1,135,966.33
14 12/1/2021 1,204,124.31 68,157.98 1,135,966 .33 0.00
Grand Totals 12 ,904,124.31 4,404,124.31 8,500,000.00
End Date
12/1/2020