HomeMy WebLinkAboutOrd No 1230 Exhibit 1 First Amendment to the Second Amended and Restated Plan 4837-8038-8282 v.3 (002)
FIRST AMENDMENT TO THE
SECOND AMENDED AND RESTATED URBAN RENEWAL PLAN
REXBURGURBAN RENEWAL AGENCY
(also known as the Rexburg Redevelopment Agency)
CITY OF REXBURG, IDAHO
Ordinance No.728
AdoptedDecember 27, 1991
EffectiveDecember 31, 1991, publication
Amended and RestatedPlan
Ordinance No. 815
Adopted December 27, 1998
Effective December 30, 1998, publication
Second Amended and Restated Plan
Ordinance No. 950
Adopted December 31, 2005
Effective December 23, 2005, publication
First Amendment to the Second Amended and Restated Plan
Ordinance No. ____
Adopted________, 2020
Effective _______________, 2020, publication
FIRST AMENDMENT TO THE SECOND AMENDED AND RESTATED URBAN
RENEWAL PLAN-1
BACKGROUND
This First Amendment to the Second Amended and Restated Urban
Renewal Plan, North Highway Urban Renewal Project, Including South Addition Plan
deannexes certain parcels from the plan area/revenue allocation area created by the Plan
commonly referred to as the North Highway District Project Area, adopted by Rexburg City
Council Ordinance No. 728, on December 27, 1991, and as subsequently amended and restated
to add geographic area by Rexburg City Council Ordinance No. 815, on December 27, 1998, and
by Rexburg City Council Ordinance No. 950, on December 21, 2005. The scope of this First
Amendment is limited to addressing the deannexation of certain parcels from the North Highway
District Project Area. It is important to note this First Amendment to the Plan does not extend
2021; however, revenue allocation
proceeds will be received in 2022 pursuant to Idaho Code § 50-2905(7).
As a result of the deannexation, in 2020 through the remaining years of the Plan, the
Urban Renewal Agency of the City of Rexburg, Idaho, also known as the Rexburg
Redevelopment Agency Agencyn of revenues from the
deannexed parcels. The increment value of the parcels deannexed from the North Highway
District Project Area shall be included in the net taxable value of the taxing district when
calculating the subsequent property tax levies pursuant to section 63-803, Idaho Code. The
increment value shall also be included in subsequent notification of taxable value for each taxing
district pursuant to section 63-1312, Idaho Code, and subsequent certification of actual and
adjusted market values for each school district pursuant to section 63-315, Idaho Code. The
Madison
value, if any, included on the new construction roll for new construction associated with the
deannexed parcels. The amount added to the new construction roll will equal the amount by
which the December 31, 2019, increment value exceeds the increment value as of December 31,
2006.
Currently, the revenue allocation proceeds from the deannexed 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 , purchased by The Bank of Commerce, Ammon, Idaho . The
deannexation of certain parcels within the boundaries of the North Highway District 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 Bond The Bank has consented
to the deannexation in writing by letter to the Agency dated April 8, 2020.
House Bill 606, effective July 1, 2016, amended the Local Economic Development Act,
firmly establishing \[f\]or plans
adopted or modified prior to July 1, 2016, and for subsequent modifications of those urban
renewal plans, the value of the base assessment roll of property within the revenue allocation
-2903(4).
Though the provisions of Idaho Code § 50-2903A do not apply to the Plan, a plan amendment or
modification to accommodate a de-annexation in the revenue allocation boundary is a
FIRST AMENDMENT TO THE SECOND AMENDED AND RESTATED URBAN
RENEWAL PLAN- 2
specifically identified exception to a base reset. Idaho Code § 50-2903A(1)(a)(iii). This
highlights the legislative support for these types of amendments.
AMENDMENTS TO THE PLAN
1.Definitions. Capitalized terms not otherwise defined herein shall have the
respective meanings ascribed to such terms in the Plan.
2.The following defined terms are amended throughout the Plan as follows:
(a) Project AreaProject Area except
where specifically referenced in this First Amendment.
(b) Delete references to
supplemented by Attachment 5D
3. Amendment to List of Attachments. The List of Attachments on page iii is
amended by deleting the list of attachments and replacing it as follows:
Attachment 1 Project Area-Revenue Allocation Area Boundary Map
Attachment 1A Boundary Map of the Deannexed Area
Attachment 2 Legal Description of the Project Area and Revenue
Allocation Area
Attachment 2A Legal Description of the Boundary of the Deannexed Area
Attachment 3 Properties Which May be Acquired by the Agency
Attachment 4 Map Depicting Expected Land Uses and Current Zoning
Within the Amended Project Area
Introduction to
Attachment 5 Introduction
Attachment 5 Statement of Proposed Public Improvements, Costs,
Revenues, Tax Impacts and Financing Methods (and)
Implementation Plan
Attachment 5A Net Value of Private Development in Revenue Allocation
Area
Attachment 5B Estimated Annual Tax Revenue Allocations
Attachment 5C Estimated Annual Revenues and Costs
Attachment 5C-1 Financial History North Highway Project Area 1993-2005
FIRST AMENDMENT TO THE SECOND AMENDED AND RESTATED URBAN
RENEWAL PLAN- 3
Attachment 5C-2 Bond Amortization Schedule
Attachment 5D Supplement to Attachment 5: Financial Analysis Related to
the 2020 Deannexation
4. Amendment to Section 100 of the Plan. Section 100 is amended by deleting the
list of attachments and replacing it as follows:
Project Area-Revenue Allocation Area Boundary Map (Attachment 1)
Boundary Map of the Deannexed Area (Attachment 1A)
Legal Description of the Project Area and Revenue Allocation Area (Attachment
2)
Legal Description of the Boundary of the Deannexed Area (Attachment
2A)
Properties Which May be Acquired by the Agency (Attachment 3)
Map Depicting Expected Land Uses and Current Zoning Within the Amended
Project Area (Attachment 4)
Introduction to Attachment 5 (Attachment 5)
Statement of Proposed Public Improvements, Costs, Revenues, Tax
Impacts and Financing Methods (and) Implementation Plan (Attachment
5)
Net Value of Private Development in Revenue Allocation Area
(Attachment 5A)
Estimated Annual Tax Revenue Allocations (Attachment 5B)
Estimated Annual Revenues and Costs (Attachment 5C)
Financial History North Highway Project Area 1993-2005 (Attachment
5C-1)
Bond Amortization Schedule (Attachment 5C-2)
Supplement to Attachment 5: Financial Analysis Related to the 2020
Deannexation (Attachment 5D)
FIRST AMENDMENT TO THE SECOND AMENDED AND RESTATED URBAN
RENEWAL PLAN- 4
5 Amendment to Section 101.1 of the Plan.
(a) Section 101.1 OF IDAHO URBAN
RENEWAL LAW OF 1965, AS AMENDEDis amended by adding new paragraphs to the end
of the existing language as follows:
This First Amendment to the Plan
deannexes certain parcels from the existing Project Area, resulting
as further described and shown in
Attachments 1, 1A, 2 and 2A.
In accordance with the Law, this First Amendment was submitted
to the Planning and Zoning Commission of the City of Rexburg.
After consideration of the First Amendment, the Commission filed
a Resolution dated June 4, 2020, with the City Council stating that
the First Amendment is in conformity with the City of Rexburg
2020 Comprehensive Plan, adopted on November 19, 2008, by
Resolution No. 2008-19.
Pursuant to the Law, the City Council, having published due notice
thereof, held a public hearing on the First Amendment. Notice of
the hearing was duly published in a newspaper having general
circulation. The City Council adopted the First Amendment on
June 17, 2020, pursuant to Ordinance No. _____.
6. Amendment to Section 200 of the Plan.
(a) Section 200 is deleted and
replaced as follows:
DESCRIPTION OF THE AMENDED PROJECT AREA
The 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
hereto and incorporated herein by reference, and are more
particularly described in the Legal Description of the Project Area
and Revenue Allocation Area, attached hereto as Attachment 2 and
incorporated herein by reference.
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.
Pursuant to the First Amendment, the boundaries of the deannexed
area are shown on the Boundary Map of the Deannexed Area in
FIRST AMENDMENT TO THE SECOND AMENDED AND RESTATED URBAN
RENEWAL PLAN- 5
Attachment 1A and are described in the Legal Description of the
Boundary of the Deannexed Area in Attachment 2A.
The attachments referenced above are attached hereto and are
incorporated herein by reference.
7. Amendment to Section 302 of the Plan.
(a) Section 302 is amended by deleting the first sentence of the second paragraph and
replacing it as follows:
The Amended Project Area includes the area as described in
Section 200, as amended by this First Amendment.
8. Amendment to Section 401 of the Plan.
(a) Section 401 is amended by deleting the paragraph and replacing it
as follows:
The Amended Project Area includes the area as described in
Section 200, as amended by this First Amendment. The proposed
land uses to be permitted land uses are described in Attachment 4.
9. Amendment to Section 403.1 of the Plan.
(a) Section 403.1 is amended by deleting the first paragraph and replacing it as
follows:
The major public streets within the Amended Project Area include those as shown
in the area as described in Section 200 of the Plan, as amended by this First
Amendment.
10. Amendment to Section 504 of the Plan.
(a) Section 504 is amended by adding a new sentence immediately following the end
of the first sentence of the first paragraph as follows: Revenue allocation financing authority for
the deannexed parcels pursuant to the First Amendment will be terminated effective January 1,
2020.
(b) Section 504 is amended by adding the following at the end of the fourth paragraph
as follows: No modifications to the analysis set forth in Attachment 5 through 5C-2 have been
made as a result of the First Amendment. The estimated financial impact to the Agency as a
result of the deannexation of certain undeveloped and/or underdeveloped parcels from the
existing Project Area pursuant to the First Amendment is set forth in Attachment 5D.
FIRST AMENDMENT TO THE SECOND AMENDED AND RESTATED URBAN
RENEWAL PLAN- 6
11. Amendment to Section 504.1 of the Plan.
(a) Section 504.1 is amended by adding a new sentence at the end of the paragraph as
follows: The Study has been supplemented as a result of this First Amendment. Attachment 5D
includes the estimated financial impact to the Agency as a result of the deannexation of certain
undeveloped and/or underdeveloped parcels from the existing Project Area pursuant to the First
Amendment prepared by Richard Horner, Agency Administrator.
12. Amendment to Section 504.3 of the Plan.
(a) Section 504.3 is amended by adding a new sentence at the end of the paragraph as
follows: The deannexation of parcels from the existing Project Area pursuant to the First
Amendment will not substantively change this analysis, but will result in a reduction in the base
assessment roll.
13. Amendment to Section 504.4 of the Plan.
(a) Section 504.4 is amended by adding a new sentence at the end of the second
paragraph as follows: The deannexation of parcels from the existing Project Area pursuant to the
First Amendment will reduce the amount of revenue generated by revenue allocation as set forth
in Attachment 5D.
(b) Section 504.4 is amended by adding a new sentence at the end of the third
paragraph as follows: Attachment 5D includes the estimated financial impact to the Agency as a
result of the deannexation of certain undeveloped and/or underdeveloped parcels from the
existing Project Area. Based on the findings set forth in Attachment 5D, the conclusion is the
deannexation of certain parcels from the existing Project Area does not materially reduce
revenue allocation and the Project continues to be feasible.
14. Amendment to Section 800 of the Plan.
(a) Section 800 is amended by adding a new sentence at the end of the first paragraph
as follows: The deannexation of parcels from the existing Project Area pursuant to the First
Amendment has no impact on the duration of this Plan.
15. Amendment to Plan to add new Attachment 1A. The Plan is amended to add new
Boundary Map of the Deannexed Areaattached hereto.
16. Amendment to Plan to add new Attachment 2A. The Plan is amended to add new
Legal Description of the Boundary of the Deannexed Area
hereto.
17. Amendment to Plan to add new Attachment 5D. The Plan is amended to add new
Attachment 5D Supplement to Attachment 5: Financial Analysis Related to the 2020
Deannexation
FIRST AMENDMENT TO THE SECOND AMENDED AND RESTATED URBAN
RENEWAL PLAN- 7
18.Second Amended and Restated Urban Renewal Plan, North Highway Urban
Renewal Project, Including South AdditionRemainsin Effect. Except as expressly
modified in this First Amendment, the Plan and the Attachmentsthereto remain in full force and
effect.
FIRST AMENDMENT TO THE SECOND AMENDED AND RESTATED URBAN
RENEWAL PLAN-8
Attachment 1A
Boundary Map of the Deannexed Area
Attachment 2A
Legal Description of the Boundary of the Deannexed Area
Parcel Description 1.
Commencing at the Southeast corner of Section 18, Township 6 North, Range 40
East,
a distance of 58.15 feet more or less to the Northeast corner of Lot 1 of the North
nd
2 East Church Subdivision Plat I, recorded July 9, 2001 as Instrument No.
to the point of beginning,
and running thence
intersection of the West line of said Lot 1 of said Subdivision, thence
Northwest corner of Lot 3 of said Subdivision and the intersection of the railroad
railroad right of way a distance of
1015.82 feet more or less to the intersection of the East line of said section, thence
nce along a curve to the
right with an arc length of 84.22 feet, a radius of 548.26 feet and a chord bearing
to the right with an arc length of 97.51 feet, a radius of 333.99 feet and a chord
bearing S34°1
feet more or less to the intersection of the East line of Lot 3 of said Subdivision,
thence 431 feet more or less to the point of
beginning.
Parcel Description 5.
nd
Lot 4 of the North 2 East Church Subdivision Plat I, City of Rexburg, Madison
County, Idaho as shown on the plat recorded July 9, 2001, as Instrument No.
290157
Parcel Description 6.
Commencing at a point 50 feet West and 1145 feet South of the NE corner of
Section 19, Township 6 North, Range 40 E.B.M., Madison County, Idaho, and
Running Thence West 300 feet; thence South 140 feet; thence East 300 feet;
thence North 140 feet to the point of beginning.
Parcel Description 8.
Parcel Description 9.
Parcel Description 10.
Lot 1 of the Grover Subdivision, City of Rexburg, Madison County, Idaho as
shown on the plat recorded April 13, 2015, as Instrument No. 394710.
Parcel Description 11.
Parcel Description 12.
Parcel Description 13.
Lot 3 of Grover Subdivision, Madison County, Idaho, as shown on the Plat
recorded April 13, 2015 as Instrument No. 394710.
Parcel Description 14.
Lot 7, Block 1, Walker Addition Division No. 3, City of Rexburg, Madison
County, Idaho, as shown on the Plat recorded November 1, 2007, as Instrument
No. 341317.
Parcel Description 15.
Lot 8, Block 1, Walker Addition Division No. 3, City of Rexburg, Madison
County, Idaho, as shown on the Plat recorded November 1, 2007, as Instrument
No. 341317.
Parcel Description 16.
Lot 12, Block 1, Walker Addition Division No. 3, City of Rexburg, Madison
County, Idaho, as shown on the Plat recorded November 1, 2007, as Instrument
No. 341317.
Parcel Description 17.
Lot 13, Block 1, Walker Addition No. 3 to the City of Rexburg, Madison County,
Idaho, as shown on the Plat recorded November 1, 2007 as Inst. No. 341317.
Parcel Description 18.
Lot 14 Block 1 Walker Addition No. 3 to the City of Rexburg, Madison County,
Idaho as shown on the Plat recorded November 1, 2007 as Inst. No. 341317.
Parcel Description 19.
Commencing at the Northwest corner of Lot 2 Block 2, Walker Addition Division
No. 2 being in Section 20, Township 6 North, Range 40 East, Boise Meridian,
ce of 129.99
186.43 feet to the Northeast corner of Lot 2 Block 2, Walker Addition Division
No. 2, thence S0°
Lot 2
Also
the Westerly 67.55 feet of Lot 3, Block 2 of the Walker Addition Division
No. 2 to the City of Rexburg, Madison County, Idaho as shown on the plat
recorded September 22, 2004. As Instrument No. 316040.
Parcel Description 20.
A parcel of land shown as the Rexburg Canal on the Walker Addition Division
No. 2 Final Plat Recorded November 22, 2004 and recorded as Inst. No. 316040
further described as follow: Commencing at the Center Quarter corner of Section
20, Township 6 North, Range 40 East, Boise Meridian, Madison County, Idaho
and running N00°22.62 feet, thence along a curve to the
right with an arc length of 49.41 feet, a radius of 542.96 feet and a chord bearing
curve to the left with an arc length of 175.53 feet, a radius of 602.96 feet and a
chord beari
arc length of 220.94 feet, a radius of 316.48 feet and a chord bearing
distance of 334.32 feet, thence along a curve to the right with an arc length of
with a
chord distance of 125.76 feet, thence continuing along a curve to the right with an
arc length of 117.71 feet, a radius of 351.97 feet and a chord bearing
distance of 30.83 feet, th
e of 189.54 feet, thence
S77°4
more or less to the point of beginning.
Parcel Description 21.
Parcel Description 22.
Parcel Description 23.
Parcel Description 24.
Commencing at the West Quarter Corner of Section 20, Township 6 North, Range
40 East, Boise Meridian, Madison County, Idaho and running thence
of 333.50 feet to the point of beginning and
ance of 63.79
feet more or less to the point of beginning.
Parcel Description 25.
nd
A parcel of land describing a portion of North 2 East Street in the Rexburg
Townsite further described as follow:
Commencing at the Southeast corner Section 18, Township 6 North, Range 40
East, Boise Meridian, Madison County, Idaho, and running thence S
a distance of 58.15 feet more or less to the Northeast corner of Lot 1 of the North
nd
2 Church Subdivision Plat I, recorded July 9, 2001, as Instrument No. 290157,
running thence South a distance of 591 feet to the point of beginning, thence
South a distance of 2097.83 feet, thence East a distance of 99 feet more or less to
the intersection of the West line of Block 2 of the Rexburg Town site, thence
North a distance of 2097.83 feet more or less to the North boundary line of
nd
Lorene Street right of way and the intersection of North 2 East Street, thence
West 99 feet more or less to the point of beginning.
Parcel Description 26.
nd
A parcel of land describing a portion of North 2 East Street in the Rexburg
Town site further described as follow:
Commencing at the East Quarter corner of Section 19, Township 6 North, Range
40 East, Boise Meridian, Madison County, Idaho, thence West 49.50 feet more or
less to the Northeast corner of Block 3 of the Rexburg Town site, thence South
245.33 feet said point being the point of beginning, and running thence South
1568.90 feet more or less to the Southeast corner of Block 21 of the Rexburg
Townsite, thence East 99 feet more or less to the Southwest corner of Block 20 of
the Rexburg Townsite, thence North 1568.90 feet, thence West 99 feet more or
less to the point of beginning.
Parcel Description 27.
ndrd
A parcel of land describing a portion of East 2 North Street, North 3 East
th
Street, and East 4 North Street in the Rexburg Town site further described as
follow:
Commencing a the Southwest corner of Block 17 of the Rexburg Townsite and
running thence East 660.00 feet more or less to the Southeast corner of said
Block, thence North a distance of 523.87 feet, thence
of 757.03 feet, thence
nd
distance of 679.56 feet more or less to the intersection of North 2 East Street and
th
East 4 North Street, thence North 61.00 feet, thence East 672.77 feet to a curve
,to the right with an arc length of 69.68 feet, a radius of 500.00 feet and a chord
bearing N
39.89 feet
more or less to the more or less to the Northwest corner of the Brentwood
Townhomes Final Plat recorded February 28, 2007 as Instrument No. 335150,
thence continuing South a distance of 643.05 feet more or less to the Northwest
corner of Block 19 of the Rexburg Townsite, thence West 762.50 feet more or
less to the Northwest corner of Block 20 of the Rexburg Townsite, thence North
99.00 feet more or less to the point of beginning.
Parcel Description 28.
A parcel of land describing a portion of Barney Dairy Rd in the Rexburg
Townsite further described as follows:
Commencing at the Center Quarter Corner of Section 20, Township 6 North,
Range 40 East, Boise Meridian, Madison Count
distance of 804.24 feet, thence along a curve to the left with an arc length of 86.60
feet, a radius of 562.55 feet a
with an arc
length of 95.96 feet, a radius of 270.77 feet and a cho
ng a curve to the right
with an arc length of 241.19 feet, a radius of 474.48 feet and a chord bearing
S65°4
e
feet, thence along a curve to the left a with an arc length of 47.13 feet, and a
radius of 30.00
rd
the East right of way of North 3 East Street, thence North along said right of
st
way 113.08 feet more or less to the intersection of the 1 Amended Plat of Walker
Addition Division No. 1 recorded January 15, 1998 as Instrument No. 269965 and
the right of way of said street, thence along a curve to the left following the South
line of said Subdivision and the right of way of Barney Dairy Road with an arc
length of 47.12 feet, a radius of 30.00
thence along the Barney Dairy Road right of way N89°4523
265.00 feet, thence along a curve to
the left with an arc length of 244.15 feet, a radius of 351.97 feet and a chord
bearing N69°5305 and a chord length of 239.28, thence N50°
distance of 334.32 feet, thence along a curve to the right with an arc length of
220.94, a radius of
distance of 623.24 feet, thence along a curve to the right with an
arc length of 175.53 feet, a radius or 602.96 feet and a chord bearing
radius of 542.98 feet and a chord South a distance
of 22.62 feet more or less to the point of beginning.
Parcel Description 29.
th
A parcel of land describing First American Circle and a portion of East 4 North
Street in the Rexburg Townsite further described as follows:
Commencing at the Center Quarter Corner of Section 20, Township 6 North,
Range 40 East, Boise Meridian, Madison County, Idaho, and running thence
Addition Division No. 3 Final Plat recorded November 11, 2007 as Instrument
the point of
distance of 226.31 feet, thence along a curve to the right with an arc length of
thencE a distance of 328.16 feet, thence along a curve to the right
with an arc length of 17.04 feet, a radius of 20.00 feet and a chord bearing
79.07 feet, a radius of 62.00 feet an
thence along a curve to the left with an arc length of 106.24 feet, a radius of 62.00
with an arc length of 96.26 feet, a radius of 62.00 feet and a chord bearing
a curve to the left with an arc length of
thence along a curve to the right with an arc length of 17.04 feet, a radius of 20.00
distance of 328.16 feet, thence along a curve to the left with an arc length of
feet, thenc
right with an arc length of 31.13 feet, a radius of 20.00 feet and a chord bearing
90.57 feet, a radius of 3
thence along a curve to the left with an arc length of 166.51 feet, a radius of
a distance of 224.96 feet, thence a distance of 68.00 feet, thence
eet, thence along a curve to the right with an
1 feet, then
distance of 49.96 feet more or less to the point of beginning.
Attachment 5D
Supplement to Attachment 5: Financial Analysis Related to the 2020 Deannexation