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HomeMy WebLinkAboutOrd No 1230 (without exhibits)BY THE COUNCIL: Instrument # 431749 REXBURG, MADISON, IDAHO 6-242020 11:04:55 AM No. of Pages: 50 Recorded for: CITY OF REXBURG KIM H. MUIR Fee: 0.00 Ex-0fflclo Recorder Deputy ^_ CITY U F REXBURG America's Family Community ORDINANCE NO. 1230 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF REXBURG, IDAHO, APPROVING 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. WHICH FIRST AMENDMENT AMENDS A PLAN THAT INCLUDES REVENUE ALLOCATION FINANCING PROVISIONS; AUTHORIZING THE CITY CLERK TO TRANSMIT A COPY OF THIS ORDINANCE AND OTHER REQUIRED INFORMATION TO THE COUNTY AND STATE OFFICIALS AND THE, AFFECTED TAXING ENTITIES; PROVIDING SEVERABILITY; APPROVING THE SUMMARY OF THE ORDINANCE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council and Mayor of the city of Rexburg respectively on or about November 6, 1991, adopted and approved a resolution creating the urban renewal agency for the City of Rexburg, also known as the Rexburg Redevelopment Agency (the "Agency"), authorizing the Agency to transact business and exercise the powers granted by the Idaho Urban Renewal Law of 196531 chapter 20, title 50, Idaho Code, as amended (hereinafter the "Law"), and the Local Economic Development Act, chapter 29, title 50, Idaho Code, as amended (hereinafter the "Act") upon making the findings of necessity required for creating 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 "North Highway Plan"); WHEREAS, following said public hearing, the City Council adopted its Ordinance No. 728 on December 27, 1991, approving the North Highway 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 North Highway 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; 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 North Highway Plan"); WHEREAS, following said public hearing, the City Council adopted its Ordinance No. 950 on December 212 2005, approving the Second Amended and Restated North Highway Plan, which amends and restates in its entirety the North Highway Plan and the Amended and Restated North Highway Plan and making certain findings; WHEREAS, the Second Amended and Restated North Highway Plan project area is referred to herein as the "Existing Project Area"; ORDINANCE NO. 1230 1 WHEREAS, the Agency has analyzed the feasibility of deannexing certain parcels from the Existing Project Area; WHEREAS, the Agency seeks to amend the Existing Project Area to deannex 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 North Highway 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 deannexed from the Existing Project Area; WHEREAS, the First Amendment amends the Second Amended and Restated North Highway Plan, which contains provisions of revenue allocation financing as allowed by the Act; WHEREAS, the revenue allocation proceeds from the deannexed parcels secure, in part, 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 deannexation 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 deannexation in writing by letter to the Agency dated April 8, 2020; WHEREAS, on April 29, 2020, the Agency Board passed Resolution No. 2020-02 proposing and recommending the approval of the First Amendment; WHEREAS, the Agency submitted the First Amendment to the Mayor and City Clerk; WHEREAS, the Mayor and City Clerk have taken the necessary action in good faith to process the First Amendment consistent with the requirements set forth in Idaho Code Sections 50-2906 and 50-2008; WHEREAS, as of May 15, 2020, the First Amendment was submitted to the affected taxing entities, available to the public, and under consideration by the City Council; WHEREAS, notice of the public hearing of the First Amendment was caused to be published by the City Clerk in the Standard Journal on May 15 and 29, 2020, a copy of said notices are attached hereto as Exhibit 2; WHEREAS, pursuant to the Law, at a meeting held on June 4, 2020, the Rexburg Planning and Zoning Commission considered the First Amendment and found that the First Amendment is in all respects in conformity with the City's Comprehensive Plan and forwarded its findings to the City Council, a copy of which is attached hereto as Exhibit 3; WHEREAS, as required by Idaho Code Section 50-2906, the First Amendment was made available to the general public and all taxing districts at least thirty (30) days prior to the June 17, 2020, regular meeting of the City Council; WHEREAS, appropriate notice of the First Amendment and the impact on the revenue allocation provision contained therein has been given to the taxing districts and to the public as required by Idaho Code Sections 50-2008 and 50-2906; ORDINANCE NO. 1230 2 WHEREAS, the City Council, at its regular meeting held on June 17, 2020, held a public hearing and considered the First Amendment as proposed, and made certain comprehensive findings; WHEREAS, it is necessary, and in the best interests of the citizens of the City to adopt the First Amendment; WHEREAS, the First Amendment amends a pre July 11, 20162 urban renewal plan containing a revenue allocation financing provision; and therefore, pursuant to Idaho Code Section 50-2903(4), there is no reset of the base assessment roll to the current values for the remaining Existing Project Area; WHEREAS, the City Council finds that the equalized assessed valuation of the taxable property in the Existing Project Area, as amended, is likely to increase, and continue to increase, as a result of initiation and continuation of urban renewal projects in accordance with the Second Amended and Restated North Highway Plan as amended by the First Amendment. NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF REXBURG: SECTION 1: The First Amendment attached hereto as Exhibit 1 and made a part hereof, is hereby approved. As directed by the City Council, the City Clerk may make certain technical corrections or revisions in keeping with the information and testimony presented at the June 17, 2020, hearing, including, but not limited to, changes to the maps and legal descriptions contained in the First Amendment, and incorporate changes or modifications, if any. SECTION 2: No direct or collateral action challenging the First Amendment shall be brought prior to the effective date of this Ordinance or after the elapse of thirty (30) days from and after the effective date of this Ordinance adopting the First Amendment. SECTION 3: Upon the effective date of this Ordinance, the City Clerk is authorized and directed to transmit to the Madison County Auditor and Assessor, and the Madison County Board of County Commissioners and to the appropriate officials of the City of Rexburg, Madison County Ambulance, Madison County Mosquito Abatement, Madison County Road and Bridge, Madison Library District, Madison School #321, Rexburg Cemetery, Madison County Fire, and the State Tax Commission a copy of this Ordinance, a copy of the legal description of the boundary of the deannexed areas, and a map indicating the boundaries of the parcels to be deannexed from the Existing Project Area. SECTION 4: This Ordinance shall be in full force and effect immediately upon its passage, approval, and publication, and shall be retroactive to January 1, 2020, to the extent permitted by the Law and the Act, with the remaining Existing Project Area maintaining its base assessment roll as of January 1, 1991 for the original North Highway Plan Project Area, January 1, 1998, for the Amended and Restated North Highway Plan Project Area, and January 1, 2005, for the Second Amended and Restated North Highway Plan Project Area. SECTION 5: The provisions of this Ordinance are severable, and if any provision of this Ordinance or the application of such provision to any person or circumstance is declared invalid for any reason, such declaration shall not affect the validity of remaining portions of this Ordinance. SECTION 6: At least one-half, plus one of the City Council members finding good cause, the City Council hereby dispenses with the rule that this Ordinance be read on three different days; two readings of which shall be in full, and have hereby adopted this Ordinance, having considered it at one reading; SECTION 7: The Summary of this Ordinance, a copy of which is attached hereto as Exhibit 41, is hereby approved. SECTION 8: All ordinances, resolutions, orders or parts thereof in conflict herewith are hereby repealed, rescinded and annulled. ORDINANCE NO. 1230 3 SECTION 9: SAVINGS CLAUSE: This Ordinance does not affect an action or proceeding commenced or right accrued before this Ordinance takes effect. PASSED by the City Council of the city of Rexburg, Idaho, on this 17' day of June 2020. APPROVED by the Mayor of the city of Rexburg, Idaho, on this 17`s day of June 2020. EXe�i�40 �yORAr , Jj Je Mex , May r .E :o ATTEST: Deborah Lovejoy, City Clerk INANCE NO. 1230