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HomeMy WebLinkAboutURD Resolution No 2020-02 First Amendment to the Second Amended and Restated Urban Renewal Plan North Highway Urban Renewal ProjectRESOLUTION NO. 2020- 0 � BY THE BOARD OF COMMISSIONERS OF THE REXBURG URBAN RENEWAL AGENCY OF REXBURG, IDAHO, AKA THE REXBURG REDEVELOPMENT AGENCY: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE REXBURG URBAN RENEWAL AGENCY OF REXBURG, IDAHO, ALSO KNOWN AS THE REXBURG REDEVELOPMENT AGENCY, RECOMMENDING AND ADOPTING THE FIRST AMENDMENT TO THE SECOND AMENDED AND RESTATED URBAN RENEWAL PLAN NORTH HIGHWAY URBAN RENEWAL PROJECT, INCLUDING SOUTH ADDITION, WHICH FIRST AMENDMENT SEEKS TO DEANNEX CERTAIN PARCELS FROM THE EXISTING SECOND AMENDED AND RESTATED URBAN RENEWAL PLAN NORTH HIGHWAY URBAN RENEWAL PROJECT, INCLUDING SOUTH ADDITION PROJECT AREA; AUTHORIZING AND DIRECTING THE CHAIR OR VICE -CHAIR TO TAKE APPROPRIATE ACTION; PROVIDING FOR THE RESOLUTION TO BE EFFECTIVE UPON ITS PASSAGE AND APPROVAL; AND PROVIDING AN EFFECTIVE DATE. THIS RESOLUTION, made on the date hereinafter set forth by the Rexburg Urban Renewal Agency of Rexburg, Idaho, also known as the Rexburg Redevelopment Agency, an independent public body, corporate and politic, authorized under the authority of the Idaho Urban Renewal Law of 1965, Chapter 20, Title 50, Idaho Code, as amended (the "Law"), and the Local Economic Development Act, Chapter 29, Title 50, Idaho Code, as amended (the "Act'), a duly created and functioning urban renewal agency for Rexburg, Idaho, hereinafter referred to as the "Agency." WHEREAS, the City Council of the city of Rexburg, Idaho (the "City"), after notice duly published, conducted a public hearing on the Urban Renewal Plan, North Highway Urban Renewal Project (the "Plan"); WHEREAS, following said public hearing, the City Council adopted its Ordinance No. 728 on December 27, 1991, approving the Plan and making certain findings; WHEREAS, the City Council, after notice duly published, conducted a public hearing on the Amended and Restated Urban Renewal Plan, North Highway Urban Renewal Project (the "Amended and Restated Plan"); WHEREAS, following said public hearing, the City Council adopted its Ordinance No. 815 on December 27, 1998, approving the Amended and Restated Plan and making certain findings; RESOLUTION NO. 2020- 0-2---1 WHEREAS, the City Council, after notice duly published, conducted a public hearing on the Second Amended and Restated Urban Renewal Plan, North Highway Urban Renewal Project, Including South Addition (the "Second Amended and Restated Plan"); WHEREAS, following said public hearing, the City Council adopted its Ordinance 950 on December 21, 2005, approving the Second Amended and Restated Plan, which amends and restates in its entirety the Plan and the Amended and Restated Plan and making certain findings; WHEREAS, the Second Amended and Restated Plan project area is referred to herein as the "Existing Project Area'; WHEREAS, the Agency seeks to amend the Existing Project Area to de -annex certain parcels as described in the First Amendment defined below; WHEREAS, the Agency has reviewed the financial impact of the deannexation on its allocation of revenue and has concluded the remaining allocation of revenue is sufficient to pay its operations and obligations, and to continue to implement the terms of the Second Amended and Restated Plan; WHEREAS, the Agency has prepared the First Amendment to the Second Amended and Restated Urban Renewal Plan (the "First Amendment"), as set forth in Exhibit 1 attached hereto, identifying the parcels to be de -annexed from the Existing Project Area; WHEREAS, the First Amendment amends the Second Amended and Restated Plan, which contains provisions of revenue allocation financing as allowed by the Act; WHEREAS the revenue allocation proceeds from the de -annexed parcels secure repayment of that certain Revenue Allocation Refunding Bond, Series 2016 (North Highway District Project) in the principal amount of up to $2,553,070.03, with a maturity date of September 1, 2022 (the "Bond"), purchased by The Bank of Commerce, Ammon, Idaho (the "Bank"). The de -annexation of certain parcels within the boundaries of the Existing Project Area by adoption of the First Amendment results in a reduction in the revenue allocation proceeds received by the Agency and pledged to the Bank in that certain Bond Purchase and Security Agreement, dated October 13, 2016 (the `Bond Purchase Agreement"). The Bank has consented to the de -annexation in writing by letter to the Agency dated April 8, 2020; WHEREAS, the First Amendment is expected to be adopted by the City Council in accordance with the requirements of the Law and the Act, specifically, but not limited to the requirements set forth in Idaho Code §§ 50-2008 and 50-2906; WHEREAS, the Agency Board finds it in the best interests of the Agency and the public to recommend approval of the adoption of the First Amendment, as prepared by the Agency, and as set forth in Exhibit 1 attached hereto, and to forward it to the Mayor and City for adoption in accordance with the requirements of the Law and the Act. RESOLUTION NO. 2020- 0-1, - 2 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE REXBURG REDEVELOPMENT AGENCY, REXBURG, IDAHO: Section 1. The above statements are true and correct. Section 2. That the Agency Board recommends that the First Amendment, attached hereto as Exhibit 1, identifying the parcels to be deannexed from the Existing Project Area, be adopted by the City Council including any sections, modifications, or text discussed at the April 29, 2020, Agency Board meeting. Section 3. That this Resolution constitutes the necessary action of the Agency under the Law, Section 50-2008, Idaho Code, and the Act. Section 4. The Chair or Vice -Chair of the Board of Commissioners are hereby authorized and directed to take all steps necessary and convenient in partnership with the City to facilitate the City's adoption of the First Amendment. Section 5. That this Resolution shall be in full force and effect immediately upon its adoption and approval. PASSED by the Rexburg Urban Renewal Agency of Rexburg, Idaho, on April 29, 2020. Signed by the Chair of the Board of Commissioners and attested by the Secretary to the Board of Commissioners, on April 29, 2020. REXBURG URBAN RENEWAL AGENCY By / —��rL, Att*� Chair ATTEST: W By i bit J9 r:4� Secretary 4835-5886-7323, v. 1 RESOLUTION NO. 2020-0 Z— 3