[Call to Order]
[00:00:09]
IDAHO FALLS REDEVELOPMENT AGENCY. THURSDAY, MAY 21ST, 2026. IS THERE ANY ARE THERE ANY MODIFICATIONS OR CHANGES TO THE AGENDA THAT WE HAVE SET FORTH TODAY? HEARING NONE,
[2. ACTION ITEM: Approval of Minutes: April 16, 2026]
WE'LL MOVE TO THE APPROVAL OF THE MINUTES OF THE APRIL 16TH, 2026 MEETING. ARE THERE ANY MODIFICATIONS OR CHANGES TO THE APRIL 16TH, 2026, MEETING MINUTES? I MOVE WE APPROVE THE APRIL 26TH REGULAR MEETING MINUTES AS PRESENTED. IS THERE A SECOND? SECOND. ALL IN FAVOR, SAY AYE. AYE. ANY OPPOSED? SAY NAY. I THAT MOTION PASSES UNANIMOUSLY. THE NEXT ITEM ON[3. ACTION ITEM: Approval of Expenditures and Finance Report]
THE AGENDA IS THE FINANCE REPORT. KASEY, DO YOU WANT TO GIVE US AN UPDATE? I THINK WE'VE DECIDED THE BEST WAY IS JUST TO ASK YOU TO GIVE US AN UPDATE, RATHER THAN TRYING TO DO THAT. YEAH. YEAH, ABSOLUTELY. THANK YOU, MISTER CHAIR AND BOARD OF COMMISSIONERS. I SO JUST TO POINT OUT IF WE'LL START WITH THE FINANCE REPORT, NOTHING REALLY MAJOR ON THIS MONTH'S FINANCE REPORT OTHER THAN WE DID RECEIVE TWO MONTHS WORTH OF INVOICES FOR THEM. SO THAT'S WHY THEIR TOTALS ARE A LITTLE BIT HIGHER THAN USUAL. BUT OTHER THAN THAT, NO MAJOR CHANGES TO THE FINANCE REPORT. I DID WANT TO POINT OUT ON THE BUDGET TO ACTUAL REPORT. AS YOU MAY HAVE NOTICED THAT JACKSON HOLE JUNCTION THERE, OPA LINE IS A LITTLE BIT OVER BUDGET. I WANTED TO POINT OUT THIS MONTH WE DID A BUDGET TRANSFERS FOR BOTH RIVER COMMONS AND JACKSON HOLE JUNCTION. AS WE MOVE FORWARD WITH THIS. ONE THING I'D LIKE TO POINT OUT IS THAT WE BELIEVE THAT WE ARE STILL IN COMPLIANCE, SINCE WE ARE NOT OVER BUDGET AS AN URBAN RENEWAL AGENCY AS A WHOLE. IT WAS RECOMMENDED TO US BY LEGAL THAT WE SHOULD NOT BE MOVING FUNDS BETWEEN DISTRICTS TO COVER OVERAGES, BUT RATHER DO BUDGET TRANSFERS WITHIN THE DISTRICT ITSELF. ONE THING I ALSO WANTED TO POINT OUT IS THAT WE HAVE CREATED A PROCESS MOVING FORWARD THAT IF WE ARE SIGNIFICANTLY OVER BUDGET IN A LINE ITEM WITHIN A DISTRICT, THAT THAT'S SOMETHING THAT THE BOARD CAN REEVALUATE. WE CAN REOPEN THE BUDGET DURING THE NEXT THE NEXT BUDGET PROCESS, WHICH WOULD BE. NOW, I MEAN, WE ARE LOOKING TO START OUR NEXT YEAR'S BUDGET FOR THE IDAHO FALLS REDEVELOPMENT AGENCY. AND SO IF THAT IS SOMETHING THAT THE BOARD WOULD LIKE TO PURSUE, I'M HAPPY TO GO THE ROUTE OF LOOKING AT REOPENING THE LAST YEAR'S BUDGET. SO OTHER THAN THAT, I THINK EVERYTHING ELSE IS PRETTY SELF-EXPLANATORY. THE BIGGEST ITEM FOR THIS MONTH, AS WE STATED, IS JUST THE BUDGET TRANSFERS FOR JACKSON HOLE AS WELL AS THE RIVER COMMONS DISTRICT. WHY DON'T YOU EXPLAIN THE JACKSON HOLE ONE TO US AGAIN? I THINK WE COVERED THAT BEFORE. YEAH. SO AS YOU'RE AWARE, WHEN IT COMES TO BUDGETING FOR OPAS, IT IS A LITTLE BIT TRICKY BECAUSE WE DON'T GET SPECIFIC NUMBERS FROM THE COUNTY. IT'S ALL DEPENDENT ON WHETHER OR NOT PEOPLE PAY THEIR TAXES. SO SOME YEARS WE MIGHT BE SIGNIFICANTLY UNDER BUDGET BASED ON THE OPA LINE, DEPENDING ON WHETHER OR NOT THAT DISTRICT AND THEIR PARCELS PAY THEIR TAXES OR NOT. AND SO, HONESTLY, THE OPA LINE IS STRICTLY A NUMBER THAT WE TRY TO PREDICT THAT WE FEEL BASED ON PRIOR YEARS. HOWEVER, THAT IS A LITTLE BIT TRICKY TO PREDICT THAT NUMBER AND CALCULATE THAT BASED ON THE FACT THAT WE CAN'T GET ACTUAL NUMBERS FROM THE COUNTY ON THAT. AND SO THIS MOVING THE 394,000 FROM THE CONSTRUCTION PROJECTS BUDGET OF THE JACKSON HOLE DISTRICT TO THE OPA BUDGET.WHAT CAN YOU EXPLAIN THAT TO US, REALLY JUST THAT THE IDEA BEHIND THAT WAS REALLY THAT THE CONSTRUCTION PROJECTS LINE, WE BASICALLY SAY, HEY, THAT IS THE REMAINING BUDGET TO GET IT TO EQUAL OUT TO ZERO, THAT THE BOARD HAS THE DISCRETION ON WHETHER OR NOT THEY WANT TO PURSUE CONSTRUCTION PROJECTS IN THAT DISTRICT. AND SO BECAUSE OF THAT, WE JUST LOOKED AT THAT AND SAID, YOU KNOW, I THINK THAT'S THE BEST LINE ITEM TO TRANSFER THE BUDGET FROM TO HELP COVER THE OVERAGE IN THE OPA LINE. OTHER THAN THAT, THAT'S REALLY THE REASON BEHIND THAT. RIGHT. OKAY. THAT'S GOOD. I'M HAPPY TO STAND FOR ANY QUESTIONS. IF ANYBODY HAS ANY ANY QUESTIONS ABOUT THE FINANCE REPORT OR THE BUDGET REPORT. ALL RIGHT. VERY GOOD. THANK YOU.
[00:05:08]
KASEY, IS THERE A MOTION TO APPROVE THE FINANCE REPORT? SO MOVED. IS THERE A SECOND? SECOND. ALL IN FAVOR SAY AYE AYE AYE. ANY OPPOSED? SAY NAY. ALL RIGHT. THAT MOTION PASSES[4. ACTION ITEM: Approve Confirmation of Reimbursement for Eagle Ridge RAA]
UNANIMOUSLY. NEXT ITEM IS THE IS AN ACTION ITEM TO APPROVE CONFIRMATION OF REIMBURSEMENT FOR THE EAGLE RIDGE REDEVELOPMENT AREA. LET'S SEE. IS THAT MEGAN, IS THAT YOU OR BRAD WANT TO GO OVER THAT FOR US? I THANK YOU, MR. CHAIR. COMMISSIONERS. I CAN COVER THIS ONE. THIS IS RELATED TO THE EAGLE RIDGE PROJECT, LLC. THAT DEVELOPMENT IS ONGOING, AND WE ARE AT THE POINT WHERE THEY HAVE SUBMITTED THE REQUEST FOR REIMBURSEMENT. THOSE ITEMS HAVE BEEN REVIEWED. AND BECAUSE SOME OF THE IMPROVEMENTS THAT WERE MADE IN SOUTH UTAH, INCLUDING SOME OF THE UNDERGROUND IMPROVEMENTS, WERE REIMBURSED TO THE ORIGINAL DEVELOPER, THAT THAT AMOUNT WAS DEDUCTED FROM THE AMOUNT OF REIMBURSEMENT HEARING. SO HERE WHAT WE HAVE IS THE FINAL NUMBER FOR THE CONFIRMATION OF REIMBURSEMENT, WHICH IS $871,599.95. AND THIS HAS BEEN CIRCULATED TO THE DEVELOPMENT TEAM AND THEY HAVE SIGNED OFF ON IT. SO IT'S READY FOR YOUR CONSIDERATION. AND THEN GO OVER WITH THIS THE RELEASE TERMS OF WHAT THIS WHAT THIS RELEASES US OF WHEN WE WHEN WE SIGN THIS CONFIRMATION. YEAH. SO THIS IS A LITTLE DIFFERENT THAN OUR STANDARD CONFIRMATION OF REIMBURSEMENT FORMS. AND THE RELEASE LANGUAGE IS TO PROVIDE SOME PROTECTION TO THE AGENCY FROM A CLAIM FROM DEVELOPERS SEEKING THE DELTA BETWEEN THE AMOUNT THAT WAS DEDUCTED FROM THE AMOUNT SOUGHT FOR REIMBURSEMENT BASED ON THE REIMBURSEMENT TO THE ORIGINAL DEVELOPER. SO IT'S INTENDED TO BE A COMPLETE RELEASE BY THE DEVELOPER OF THE AGENCY FROM ANY ALL PAST, PRESENT OR FUTURE CLAIMS. CAUSES OF ACTION THAT ARE RELATED TO ANY TYPE OF CLAIM THAT THE PARTICIPANT MAY HAVE AGAINST THE AGENCY. AND SO THEY HAVE SIGNED OFF ON THAT. VERY GOOD. THANK YOU FOR YOUR WORK ON THAT, MEGAN. ALL RIGHT.ANY OTHER QUESTIONS ABOUT THE CONFIRMATION OF AGENCY REIMBURSEMENT FOR THE EAGLE RIDGE AREA? ALL RIGHT THEN WITH THAT, IS THERE A MOTION TO APPROVE THE CONFIRMATION OF AGENCY REIMBURSEMENT, NUMBER ONE, AND AUTHORIZE THE THE CHAIR TO SIGN. MOTION TO APPROVE. IS THERE A SECOND? SECOND. ANY FURTHER DISCUSSION? ALL IN FAVOR, SAY AYE. AYE. ANY OPPOSED. SAY NAY. I THAT MOTION PASSES UNANIMOUSLY. THANK YOU. ALL RIGHT. THE NEXT ITEM IS A
[5. ACTION ITEM: Resolution 2026-04 Approving the Urban Renewal Plan for the Willow Creek Urban Renewal Project]
RESOLUTION 2020 604 APPROVING THE URBAN RENEWAL PLAN FOR THE WILLOW CREEK WILLOW CREEK URBAN RENEWAL PROJECT. BRAD, IS THIS YOU HAVE THIS ONE. MEGAN, THIS WILL PROBABLY BE A LITTLE BIT OF A TAG TEAM. SO MEGAN, IF YOU'RE OKAY, I CAN I CAN START IT AND THEN WE CAN GO BE GREAT.OKAY. SO THIS, WHAT YOU HAVE BEFORE YOU IS THE URBAN RENEWAL PLAN FOR THE WILLOW CREEK URBAN RENEWAL DISTRICT. IT INCLUDES THE ACTUAL PLAN DOCUMENTATION. THERE'S A RESOLUTION APPROVING IT. IT INCLUDES ALL OF THE ATTACHMENTS, INCLUDING ATTACHMENT FIVE, WHICH IS THE ECONOMIC FEASIBILITY STUDY THAT RENEE MAGEE HAD STARTED. AND THEN I TOOK OVER AND FINISHED WE ON THAT. NORMALLY AT THIS STAGE, I WOULD GO THROUGH THE SLIDES OF WHAT THAT REPORT TALKS ABOUT. I'VE ALREADY PRESENTED THOSE SLIDES TO YOU A FEW MONTHS AGO, AND SO I HAVE THEM AVAILABLE IF YOU'D LIKE A REFRESHER. I'M ALSO FINE IF YOU DON'T NEED A REFRESHER. BUT WHAT THE PLAN WILL DO IS COVER ALL OF THE TERMS OF THE PLAN. IT COVERS THE POTENTIAL PROJECTS AND WHAT THOSE ANTICIPATED COSTS ARE. THE THE ECONOMIC FEASIBILITY REPORT WILL LOOK AT THE PRIVATE INVESTMENT, WHETHER OR NOT IT WILL GENERATE THE TAXES NECESSARY TO REIMBURSE FOR THOSE THOSE IMPROVEMENTS. AND IT DOES. IT IS FINANCIALLY FEASIBLE. SO THERE AGAIN, I'D PROBABLY PROBABLY LEAVE IT TO THE BOARD'S DISCRETION IS IF WHETHER OR NOT YOU WANT THE SLIDES OR IF YOU'D LIKE ME TO JUST TURN IT TO MEGAN TO WALK THROUGH THE THE COMPONENTS OF THE PLAN. YEAH, I THINK WE CAN WE DID DISCUSS THIS BEFORE, SO
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LET'S JUST HAVE MEGAN GO THROUGH THE PLAN FOR US. THANK YOU, MR. CHAIR. COMMISSIONERS.SO WHAT YOU HAVE IN YOUR PACKET IS THE URBAN RENEWAL PLAN WITH MOST OF THE ATTACHMENTS, THE LEGAL, THE BOUNDARY MAP AND LEGAL DESCRIPTION, WHICH ARE ATTACHMENTS ONE AND TWO TO THE PLAN WERE SUBMITTED TO THE STATE TAX COMMISSION. GIS THEY DID COME BACK WITH A FEW EDITS.
THOSE WERE SUBMITTED TO THE SURVEYING TEAM, AND I BELIEVE I JUST HAVE THOSE IN MY INBOX NOW TO SUBMIT TO THE STATE TAX COMMISSION. NOT SIGNIFICANTLY. HUGE CHANGES WERE NEEDED, BUT JUST A CLEANUP THAT WE WANT TO OCCUR BEFORE WE GET TOO MUCH FURTHER DOWN THE LINE. THE OTHER PIECE OF IT IS, IS IN REVIEWING, THERE ARE LIKELY GOING TO BE THE NEED TO OBTAIN ONE OR MORE AGRICULTURAL OPERATION CONSENTS. WE'RE NOT ANTICIPATING ANY ISSUE WITH THAT, AND THAT IS BEING PROCESSED. BUT WANTED TO LET YOU KNOW ABOUT THOSE THINGS THAT HOPEFULLY WILL BE ACCOMPLISHED PRIOR TO THE TIME THAT, IF APPROVED, THAT THIS PLAN IS, IS CIRCULATED TO THE CITY. IF NOT, CERTAINLY THEY NEED TO BE THERE PRIOR TO CITY COUNCIL CONSIDERATION OF THE PLAN. IF THIS MOVES FORWARD, THE PLAN LANGUAGE IS WHAT YOU'RE FAMILIAR WITH IN TERMS OF STRUCTURE. IT INCLUDES YOUR INTRODUCTORY PROVISIONS AND AS PART OF SECTION ONE, AND THEN YOU MOVE INTO SECTION TWO, WHICH IS THE BOUNDARIES. AND THE MEAT OF IT REALLY STARTS TO OCCUR AS PART OF SECTION THREE. LET ME PAUSE ON SECTION 104.
THE PURPOSE OF ACTIVITIES IN IN THE ECONOMIC FEASIBILITY STUDY, AS PREPARED BY MR. KRAMER, YOU'LL SEE THAT THERE IS. THE DEVELOPER ESTIMATED ELIGIBLE PROJECT COSTS IN THE AMOUNT OF ABOUT $5.3 MILLION. THERE'S ALSO IDENTIFIED IN THAT LIST ABOUT $6.5 MILLION OF DESIRED AGENCY AND CITY PROJECTS. SO THOSE HAVE BEEN SPLIT OUT. CERTAINLY, THE REVENUE THAT'S ANTICIPATED TO GENERATE FROM THE PRIVATE DEVELOPMENT WILL MORE THAN COVER THOSE COSTS THAT ARE IDENTIFIED AS ELIGIBLE FOR REIMBURSEMENT TO THE DEVELOPER. AND THERE IT ALMOST COVERS ALL OF THE ANTICIPATED COSTS OF THE PUBLIC IMPROVEMENTS AS WELL. SO THE TOTAL ESTIMATED PUBLIC IMPROVEMENTS THAT ARE IDENTIFIED ARE ABOUT $11.8 MILLION. WE DO RETAIN SOME FLEXIBILITY IN PRIORITIZATION OF THOSE PROJECTS. CERTAINLY, THE MARKET MAY DRIVE ADVANCING SOME OF THOSE CITY AGENCY PROJECTS TO THE EXTENT THEY CAN OCCUR EARLIER IN TIME, OR THERE MAY BE ADDITIONAL FUNDING SOURCES AVAILABLE WITH SO THE AGENCY CAN PARTNER IN FUNDING SOME OF THOSE PUBLIC IMPROVEMENTS, SO THAT FLEXIBILITY HAS BEEN MAINTAINED IN THE PLAN. JUMPING TO SECTION 301. THIS PROVIDES A BIT OF A NARRATIVE EXPLANATION AS TO WHAT THE ANTICIPATED PUBLIC IMPROVEMENTS ARE GOING TO BE, OR ELIGIBLE IMPROVEMENTS IN THE SITE. SO MOSTLY THE IMPROVEMENTS ARE GOING TO BE SITE REMEDIATION IN TERMS OF BASALT REMOVAL AND REMEDIATION AND STRUCTURAL FILL, PARTICULARLY FOR THE TRENCHING OF ELIGIBLE PUBLIC UTILITIES. THERE'S ALSO A NUMBER OF NEW RIGHT OF WAYS THAT ARE CONTEMPLATED IN THIS AREA THAT REALLY WILL HELP POTENTIALLY PROVIDE AN INTERNAL STREET NETWORK TO MOVE TRAFFIC AROUND, AS WELL AS HOPEFULLY START COLLECTING SOME OF THAT TRAFFIC IN THE INTERIOR OF THE DISTRICT SO THEY CAN OFFLOAD INTO THE ARTERIOLES OF HOLMES AND ANDERSON. THERE IS SOME PROPERTY ACQUISITION CONTEMPLATED, BUT NOT AS SIGNIFICANT AS INTENDED USE. IT MAY BE NECESSARY TO SUPPORT SOME OF THE PUBLIC INFRASTRUCTURE PROJECTS IN THE DISTRICT. THERE IS SOME UTILITY WORK CONTEMPLATED AS WELL. AND THEN WHEN WE. THE REAL. AS IS TYPICAL WITH THESE PLANS, WE HAVE THE OPPORTUNITY OF HOW TO FUND THESE PROJECTS. AND SO WE. THERE'S LANGUAGE IN THERE THAT CONTEMPLATES PARTICIPATION AGREEMENTS THROUGH AN OWNER PARTICIPATION AGREEMENT OR
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OTHER REIMBURSEMENT AGREEMENT. TO THE EXTENT THE AGENCY DOES OWN PROPERTY, IT CAN DISPOSE OF IT THROUGH A DISPOSITION AND DEVELOPMENT AGREEMENT. BUT PRIMARILY, WE HAVE RELIED ON THE REIMBURSEMENT AGREEMENTS, JUMPING INTO OUR CONTINUING THE DISCUSSION ON FUNDING AND JUMPING TO SECTION 500 OF THE PLAN. THIS PROVIDES, ADDITIONALLY A NARRATIVE DESCRIPTION OF HOW DOLLARS WILL BE USED AND ALIGNS WELL WITH WHAT IS INCLUDED IN THE ECONOMIC FEASIBILITY STUDY ITSELF. I WOULD SAY THE TWO SIGNIFICANT CHANGES THAT FROM PLAN TO PLAN ARE THE 10% STUDY, WHERE WE HAVE TO SHOW THAT THE. AND THE VALUE OF THE PROPOSED WILLOW CREEK DISTRICT IN CONJUNCTION AND ADDED TO THE VALUE OF ALL OF THE EXISTING BASE VALUES, DOES NOT EXCEED 10% OF THE TOTAL TAXABLE VALUE OF THE CITY OF IDAHO FALLS. AND SO, BECAUSE WE DON'T HAVE GOOD NUMBERS QUITE YET FOR 2026, WE HAVE USED THE 2025 NUMBERS IN THAT ANALYSIS. AND I'M SPEAKING SPECIFICALLY TO SECTION 502.3. IT BASED ON THAT INFORMATION, EVEN IF VALUES WERE TO INCREASE SIGNIFICANTLY IN 2026, WE ARE STILL WELL WITHIN THAT 10% LIMITATION. WE'RE HOVERING ABOUT 1.8%. AND LOOKING AT THE REVENUE GENERATION ANALYSIS. IN SECTION 502.8. THIS IS WHERE WE TALK ABOUT THE IMPACT ON THE OTHER TAXING DISTRICTS IN THE LEVY RATE, STARTING WITH THE LEVY RATE. THE 2026 LEVIES DON'T COME OUT UNTIL THIS FALL.SO FOR PURPOSES OF PROJECTIONS, THE 2025 CERTIFIED LEVY RATES HAVE BEEN USED. YOU'LL NOTICE THAT THERE IS A ZERO FOR THE BONNEVILLE COUNTY AMBULANCE DISTRICT. THAT IS DUE TO THE LEGISLATION THAT PASSED LAST YEAR, THAT FOR NEW PLANS MOVING FORWARD, THERE IS NEEDS TO BE AN AGREEMENT WITH THE AMBULANCE DISTRICT TO BE INCLUDED IN THE DISTRICT. AT THIS JUNCTURE, WE HAVE CONTEMPLATED THAT THEY WOULD NOT BE INCLUDED IN THE DISTRICT. AND SO, FOR PURPOSES OF A CONSERVATIVE ANALYSIS, THOSE LEVEES ARE NOT ANTICIPATED TO DRIVE REVENUE.
SAME FOR THE SCHOOL DISTRICT. BECAUSE OF THE NUMEROUS STATUTORY CHANGES, MOST OF THE SCHOOL DISTRICT LEVIES ARE NOW OUT OF THE FORMULA AS WELL. SO THAT'S WHY THERE'S A ZERO THERE.
WHEN WE DO TALK ABOUT IMPACT ON THE OVERLAPPING TAXING DISTRICT, REALLY WHAT WE'RE TALKING ABOUT IS THE LIMITATION ON TAPPING INTO THE NEW CONSTRUCTION VALUE THAT'S OCCURRING WITHIN THE BOUNDARIES OF THE DISTRICT. SO FOR PURPOSES OF BUDGET AND LEVY SETTING, THE OVERLAPPING TAXING DISTRICTS CAN'T INCREASE THEIR BUDGET CAPACITY BY NEW CONSTRUCTION THAT'S OCCURRING WITHIN THE DISTRICT. AND SO WHAT IT DOES IS IT REPRESENTS A DELAY IN RECEIPT OF THAT BUDGET CAPACITY UNTIL TERMINATION OF THE DISTRICT IN TERMS OF AN ACTUAL IMPACT TO THE BUDGET ITSELF, THE TAXING DISTRICTS BUDGET, AND THEY LOVE YOU TO THAT BUDGET. AND SO THERE IS NO LOSS OF REVENUE THAT'S COMING TO THE CITY AND OR OTHER TAXING DISTRICTS. AS YOU HAVE DISCUSSED WITH MR. KRAMER BEFORE, THERE WERE SEVERAL MODELS THAT WERE RUN USING BOTH A CONSERVATIVE AND A MODERATE ANALYSIS FRAMEWORK, AND THE CONSERVATIVE AND MODERATE, I THINK, ARE BOTH ON THE CONSERVATIVE SIDE IN TERMS OF TOTAL VALUATION INCREASE IN WHAT HAPPENS WITH THE THE LEVY RATE. BUT IT DOES REFLECT THAT THERE WILL BE SOME GROWTH THAT'S OCCURRING IN THIS DISTRICT, AND ALSO THAT THE GROWTH IN THE COMMUNITY IS ALSO GOING TO HELP DRIVE THE LEVY RATE DOWN. TYPICALLY ANNUALLY. IT IS ANTICIPATED THAT THAT NEW DEVELOPMENT DOES HIT THE TAX ROLLS IN 2030, 2032 AND 2034 TO DRIVE THAT REVENUE. FINALLY, THESE ARE 20 YEAR PLANS. SO IF THIS CONTINUES TO MOVE THROUGH THE PROCESS AND TO BE CONSIDERED BY THE CITY COUNCIL, THE TERMINATION OF THE REVENUE ALLOCATION AUTHORITY WOULD BE DECEMBER 31ST OF 2046, WITH ANTICIPATED REVENUE IN 2047. SO WITH THAT, I'M HAPPY TO STAND FOR ANY QUESTIONS ABOUT THE PLAN. ALL RIGHT. ANY QUESTIONS FROM THE AGENCY ABOUT ABOUT THE
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WILLOW CREEK WILLOW CREEK URBAN RENEWAL PROJECT PLAN? MR. CHAIRMAN, JUST ADD A LITTLE BIT ON THE AG CONSENTS, JUST SO YOU KNOW WHAT'S HAPPENING. I DID GET AN UPDATE FROM THE COUNTY EARLIER THIS WEEK FROM THE COUNTY ASSESSOR'S OFFICE, ABOUT WHICH OF THE PARCELS CURRENTLY HAVE AG EXEMPTIONS, AND THERE ARE TWO THAT WILL NEED THOSE CONSENTS SIGNED. BUT ONE OF THEM, FORTUNATELY, IS THE MAIN SITE OWNED BY THE DEVELOPER. SO I DON'T ANTICIPATE ANY ISSUES WITH THAT. THE SECOND SITE IS THE NORTHERNMOST PROPERTY, WHICH IS OWNED BY TNT HOLDINGS, AND SO WE'LL NEED TO PRETTY QUICKLY JUST REACH OUT TO THEM AND SEE IF THEY'RE WILLING TO SIGN THAT CONSENT. IF THEY DO NOT. MEGAN, CORRECT ME IF I'M WRONG, THEN WE'LL JUST NEED TO ADJUST THAT BOUNDARY TO EXCLUDE THEIR PROPERTY FROM THE FINAL MAP THAT GOES TO CITY COUNCIL.SO. WELL, NOW THAT WE HAVE THAT INFORMATION, WE'LL JUMP RIGHT ON IT AND SEE IF WE CAN GET THE CONSENTS SIGNED OR NOT. ALL RIGHT. VERY GOOD. BRAD, DO YOU HAVE ANY IDEA OF WHAT THE TIMING MIGHT BE ON THIS ASPENS DEVELOPMENT? YEAH, THEY THEY'VE TOLD ME THEY WOULD LIKE TO BREAK GROUND THIS FALL. IN FACT HE HE MAY BE ON HE WAS PLANNING ON JOINING THE ZOOM CALL. IS THERE TYSON THE DEVELOPER IS ON IF YOU'D LIKE TO ASK, LET'S HAVE THE DEVELOPER MAKE A PRESENTATION. IF HE'S AVAILABLE. YEAH. THANK YOU. MY NAME IS TYSON FITZGERALD. AND JUST IN ANSWERING THAT QUESTION, WE DO ANTICIPATE BREAKING GROUND BEFORE THE END OF THE YEAR, PRIMARILY THE ROAD. I DON'T KNOW IF YOU GUYS HAVE AVAILABLE IN THAT PACKET TO SEE THE ROAD CALLED ASPEN VIEW ROAD, CONNECTING ESSENTIALLY VOGUE OVER TO HOMES. THAT ROAD IS WE'VE GOT BIDS READY AND WE'RE READY TO GO. LIKE I SAID HERE, BY FALL, WE'RE ANTICIPATING THAT THAT THE CANALS OBVIOUSLY STOPPED FLOWING, I THINK MID-OCTOBER, AND WE'RE ANTICIPATING HAVING A BRIDGE BUILT ACROSS THERE TO WHERE THAT TRAFFIC WILL FLOW. AND YET WE'LL BE ABLE TO OBVIOUSLY DEVELOP AND IMPLEMENT ALL THE INFRASTRUCTURE PRIOR TO THAT, AND THEN BE ABLE TO KIND OF HIT THAT TIMELINE TO WHERE WE WOULD, YOU KNOW, BE ABLE TO BUILD THAT BRIDGE IN TIME. SO NOW THIS IS, YEAH, THIS IS SOMETHING THAT WE'RE READY TO MOVE ON, YOU KNOW, AS SOON AS POSSIBLE. AND THEN COME SPRING WILL BE, YOU KNOW, BUILDING UNITS AND HAVING THEM GO VERTICAL. SO. VERY GOOD. DO YOU HAVE YOU WANT TO MAKE ANY OTHER PRESENTATION TO THE BOARD ABOUT THE ABOUT THE PROPOSED PLAN? MR. FITZGERALD? LET'S SEE. I WOULD BE HAPPY TO ANSWER ANY QUESTIONS. I'LL SEE IF I CAN SHARE MY SCREEN HERE. WE DO HAVE THE SITE MASTER PLAN HERE IN THE IN THE URBAN RENEWAL PLAN. OKAY. IN THAT CASE, YEAH. I WOULD JUST MENTION THAT. YEAH. THAT THERE IS BASALT IN SOME OF THE, IN SOME OF THE, IT'S PRIMARILY IN THE WESTERN PORTION AND THE SOUTHWESTERN PORTION OF THE SITE. ONE OF THE ITEMS THAT WAS PETITIONED IN THE INFRA URBAN RENEWAL PLAN FOR THIS WOULD POTENTIALLY BE TO HAVE MITIGATION FOR NOT JUST THE THE RIGHT OF WAYS, THE PUBLIC RIGHT OF WAYS, BUT POTENTIALLY FOR THE THE SITES ALONG WHERE THERE'S. ON THE WESTERN SIDE THERE, THERE'S, LIKE I SAID, SOME BASALT THERE THAT WOULD BE NEEDING TO BE REMEDIATED AS WELL. BUT YEAH, PRIMARILY WE, WE ARE, LIKE I SAID, ANTICIPATING THIS ASPEN VIEW ROAD GOING IN BEFORE THE END OF THE YEAR. AND WE'LL POTENTIALLY START IN THE NORTH IS THE PLAN RIGHT NOW AT FIRST AND THEN MOVE OUR WAY ON TO THE SOUTH. AND THEN AS A THREE PHASE PLAN, I SEE PHASE ONE INCLUDES A 24 UNIT BUILDING, A 36 UNIT BUILDING A 51 UNIT BUILDING. ARE THOSE YOU HAD TALKED EARLIER ABOUT SOME CONDOMINIUM DEVELOPMENT SO THAT THERE COULD BE SINGLE OWNER OWNERSHIP OF.
OF SOME OF THOSE. IS THAT STILL IN THE PLAN? THERE'S THERE'S STILL A OPTION. BUT AT THE
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MOMENT, WHAT WE'RE FINDING LIKE AT THE MOMENT, I WOULD SAY NO, ACTUALLY, WE'RE LOOKING MORE FOR A MULTIFAMILY DEVELOPMENT IN THE SOUTH PORTION HERE. SO THE INDIVIDUALLY OWNED UNITS WOULD BE IN THE SOUTH. IS THAT WHAT YOU'RE SAYING? THE NEXT PHASE TWO? YEAH. THE INDIVIDUALLY OWNED UNITS WOULD ACTUALLY BE IN THE NORTH IS WHAT WE'RE LOOKING AT. AND THEN IN THE SOUTH WOULD BE MULTIFAMILY APARTMENT STYLE UNITS. BUT YEAH, THE ANTICIPATION IS THAT THESE WOULD BE INDIVIDUALLY OWNED UNITS IN THE NORTH. AND THAT'S WHAT YOU'RE BUILDING FIRST IS NORTH. LIKE, YOU KNOW, DEPENDING ON THE MARKET STUDY, WHAT WE'RE FINDING IS THAT IT MIGHT BE POSSIBLE FOR US TO DO BOTH SIMULTANEOUSLY. RIGHT NOW, WE'RE JUST FINALIZING THE PLANS FOR THE NORTH WITH ALL THE ENGINEERING THERE, BUT NOT FAR BEHIND IT. WE'RE CURRENTLY DOING THE SOUTH AS WELL, AND WE'RE FINDING THAT THEY'RE ACTUALLY NON-COMPETING PRODUCTS THAT WE'D BE ABLE TO BRING TO MARKET POTENTIALLY SIMULTANEOUSLY. SO THE UNITS ON THE NORTH ARE TOWNHOME STYLE OWNERSHIP. YEAH. OWNERSHIP STRUCTURE. YES. CORRECT. JUST TELL ME AGAIN I'VE MISSED THIS. SO WHICH ONES WE'VE GOT IN.WE'VE GOT TABLE ONE IN THE PLAN. PHASE ONE. PHASE TWO PHASE THREE. WHICH PARTS OF HOW ARE THOSE. WHICH IS PHASE ONE. WHICH IS PHASE TWO. WHICH IS PHASE THREE. OKAY. I BELIEVE WHEN THIS WAS INITIALLY SUBMITTED YOU HAVE THIS LISTED AS PHASE ONE IS IN THE SOUTH.
AND THEN IT MOVES TO TWO AND THEN THREE. I APOLOGIZE. I DON'T HAVE THE. LET'S SEE. I APOLOGIZE GUYS. LET'S SEE PHASE. WHICH ONE IS THE CLUBHOUSE IN THAT WILL HELP. YEAH. I MEAN, ESSENTIALLY, I'LL JUST BREAK IT DOWN A BIT. AS FAR AS IN THE SOUTH, WE HAVE TWO DIFFERENT PHASES, RIGHT? THESE ARE APARTMENT BUILDINGS IN THE SOUTH. AND THERE'S A CLUBHOUSE THERE. WE'RE ESSENTIALLY GOING TO SPLIT THE PLAN IN THE SOUTH TO WHERE HALF OF THE BUILDINGS WILL BE BUILT FIRST, INCLUDING THE CLUBHOUSE. AND THEN THE BALANCE OF THOSE BUILDINGS WILL BE WILL BE DONE AFTER THE FIRST ONES ARE RENTED OUT AND STABILIZED. SO THE SOUTH IS A BUILD TO HOLD. IT'S A APARTMENT BUILDINGS. AND AFTER THOSE ARE LEASED OUT AND STABILIZED IN THE FIRST PHASE OF THAT DEVELOPMENT, THE SECOND PHASE OF THOSE APARTMENTS WILL FOLLOW THEREAFTER. AS FAR AS THE NORTH, THOSE ARE MORE OF A BUILD TO SELL PRODUCT. AND THAT'S WHERE I'M SAYING THAT THOSE TOWNHOME POTENTIALLY CONDO. YOU HAD MENTIONED THAT PRESIDENT THAT WE'RE LOOKING AT THOSE AS TWO POTENTIAL PRODUCT TYPES OUT THERE, SOME TOWNHOMES, SOME FOUR PLEX STYLES THAT WOULD BE SOLD AS INDIVIDUAL UNITS WITHIN THAT FOURPLEX. SO RATHER THAN JUST ONE FOUR PLEX BUILDING, THERE'S THE OPPORTUNITY FOR A CONDO THERE WHERE EACH INDIVIDUAL FAMILY COULD OWN THEIR OWN PARTICULAR UNIT. AND THEN OTHERS OF THOSE PRODUCTS IN THE NORTH WOULD BE TOWNHOMES. SO KIND OF A FLEX USE UP THERE IN THE NORTH, BUT THEY WOULD PRIMARILY BE A BUILD TO SELL TO THE END USER, WHEREAS THE SOUTH WOULD PRIMARILY BE A BILL TO HOLD FOR FOR RENTALS AS THE LONG TERM HOLD. AND THEN AS FAR AS TIMELINE GOES, THIS ASPEN VIEW ROAD IS THE ARTERIAL. THAT'S THE COLLECTIVE. IT'S PRIMARY TO ALL OF THIS. IT'S PIVOTAL TO ALL OF THIS. AND THAT'S WHY THERE'S AN URGENCY FOR US TO BUILD THAT HERE BEFORE THE END OF THE YEAR. MARKET STUDIES ARE INDICATING THAT THESE ARE NON COMPETING PRODUCTS. AND SO WE WOULD BE ABLE TO MOVE FORWARD IN THE NORTH WITH THE BILL TO SELL PRODUCT AS WELL AS IN THE SOUTH FOR THE BUILD TO HOLD APARTMENT PRODUCT. SO OUR GOAL IS TO, YOU KNOW, GET THE PROCESS GOING AS SOON AS POSSIBLE ON BOTH SIDES OF THE ROAD, NOT JUST ONE. ALL RIGHT. VERY GOOD. I HAVE ONE QUESTION FOR THE WITH REGARD TO THE BILL TO SELL UNITS IN THE NORTH, IF YOU HAVEN'T DECIDED THE OWNERSHIP STRUCTURE OF TOWNHOME VERSUS CONDO. IF YOU DO GO CONDO, HAVE YOU LOOKED INTO ENSURING THAT THEY ARE FHA COMPLIANT AS FAR AS FINANCING THAT A BUYER COULD GET? BECAUSE IF THEY'RE NOT, THEN THEY'RE GOING TO HAVE TO PUT 20% DOWN.
YEAH, YEAH, WE HAVE LOOKED INTO THAT AND THAT'S A GREAT QUESTION. AND WE'RE STILL SORTING THROUGH THAT ISSUE. BUT WE'VE IN TERMS OF MARKET STUDIES ON WHAT THAT WHAT THE CONSTRAINTS WOULD BE FOR THE BUYER THERE. AND SO WE'RE EVALUATING WHAT PERCENTAGE OF THE PRODUCT IN THE NORTH, IT WOULD BE CONDO STYLE AND WHAT WOULD BE TOWNHOME. AND THAT IS
[00:30:03]
PART OF THAT. THAT VARIABLE IS PART OF THAT DECISION MAKING PROCESS. SO THAT'S A GREAT QUESTION. THANK YOU. ALL RIGHT. VERY GOOD. ANYTHING ELSE ON THIS ACTION ITEM ON THE URBAN RENEWAL PLAN FOR THE WILLOW CREEK CREEK URBAN RENEWAL PROJECT? YES, MR. CHAIR COMMISSIONERS, JUST A COMMENT. AGAIN, THE PLAN ITSELF IS NOT A CONTRACT THAT IT SHOULD THIS PLAN MOVE ALL THE WAY THROUGH THE PROCESS AND BE ADOPTED BY CITY COUNCIL ORDINANCE. THEN THE NEXT STEP WOULD BE NEGOTIATING THE OWNER PARTICIPATION AGREEMENT WITH THE DEVELOPER. RIGHT. VERY GOOD. OKAY, I THINK WE'RE READY. CAN YOU READ THE RESOLUTION BY TITLE, MEGAN? SURE. RESOLUTION NUMBER 2026-04 BY THE BOARD OF COMMISSIONERS OF THE URBAN RENEWAL AGENCY OF IDAHO FALLS, IDAHO. A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE URBAN RENEWAL AGENCY OF IDAHO FALLS, IDAHO, ALSO KNOWN AS THE IDAHO FALLS REDEVELOPMENT AGENCY. RECOMMENDING AND ADOPTING THE URBAN RENEWAL PLAN FOR THE WILLOW CREEK URBAN RENEWAL PROJECT, WHICH PLAN INCLUDES REVENUE ALLOCATION FINANCING PROVISIONS SUBJECT TO CERTAIN CONDITIONS, AUTHORIZING AND DIRECTING. THE CHAIR, VICE CHAIR, ADMINISTRATOR AND THE SECRETARY OF THE AGENCY TO MAKE CERTAIN TECHNICAL CHANGES. AUTHORIZING AND DIRECTING THE CHAIR VICE CHAIR ADMINISTRATOR TO TAKE APPROPRIATE ACTION PROVIDING FOR THIS RESOLUTION TO BE EFFECTIVE UPON ITS PASSAGE AND APPROVAL, AND PROVIDING AN EFFECTIVE DATE.VERY GOOD. IS THERE A MOTION TO APPROVE RESOLUTION 2026-04? SO MOVED. IS THERE A SECOND? SECOND. ANY FURTHER DISCUSSION? ALL IN FAVOR, SAY AYE. AYE AYE. ANY OPPOSED? SAY NAY. ALRIGHT.
THE MOTION PASSES UNANIMOUSLY. THANK YOU. THANK YOU, MR. FITZGERALD. AND KEEPING COMMUNICATION WITH US. AND WE APPRECIATE YOUR EFFORTS IN IN HELPING US IN OUR CITY. THANK
[6. ACTION ITEM: Approve Task Order 16 for Perspective Planning and Consulting to Prepare the Skyline-Broadway Economic Feasibility Study]
YOU. THE NEXT ITEM IS THE PROOF TASK ORDER 16 FOR PROSPECTIVE PLANNING AND CONSULTING TO PREPARE THE SKYLINE BROADWAY ECONOMIC FEASIBILITY STUDY. BRAD, COULD YOU COVER THAT FOR US? YEAH. AGAIN, THIS MIGHT BE A LITTLE BIT OF A TAG TEAM. SO THIS IS NOW THAT THE CITY COUNCIL HAS APPROVED THE ELIGIBILITY STUDY FOR THE SKYLINE BROADWAY REPORT, WE'RE MOVING FORWARD WITH THE PLAN AND ECONOMIC FEASIBILITY STUDY. THIS IS ONE THAT WAS IN THE WORKS BEFORE. WELL, THE DISTRICT WAS IN THE WORKS BEFORE YOU HAD ME COME ON AS THE EXECUTIVE DIRECTOR. AND SO TRYING TO BE TRYING TO BE SENSITIVE ABOUT HAVING BOTH ROLES. WE'VE TALKED THROUGH IT WITH MEGAN, AND WE FEEL LIKE LEGALLY WE'RE FINE TO PROCEED WITH THIS ONE. ONE OF THE JUST NOTES I'LL MAKE IS AS WE'VE TALKED WITH THE THE DEVELOPER, IF YOU'LL RECALL, THEIR PORTION OF THIS BOUNDARY THAT THEY ORIGINALLY PROPOSED IS QUITE SMALL IN COMPARISON TO WHERE THE BOUNDARY IS NOW. AND SO ONE THING I WILL TRY TO DO IS A KEEP TRACK OF THE COSTS AS BEST. IT'S KIND OF TOUGH TO TELL WHEN I'M WORKING IN ONE AREA WHERE I'M NOT, BUT THEY HAVE ASKED THE QUESTION IF IT GOES OVER, IF THEY'RE GOING TO HAVE TO PAY MORE THAN IT WAS ORIGINALLY ANTICIPATED. MY, MY GOAL IS TO JUST KEEP IT, KEEP IT AT THE PRICE THAT I WOULD NORMALLY DO FOR ONE OF THESE, AND THEY'LL BE REIMBURSED AT THE END ANYWAYS. BUT I AM JUST MENTIONING THAT SENSITIVITY THAT IF FOR SOME REASON SOMETHING GOES AWRY AND THEIR COSTS INCREASE, THEY MAY ASK FOR SUPPORT AND PARTICIPATION IN THE FUNDING OF THAT STUDY. I DON'T ANTICIPATE THAT HAPPENING, BUT JUST WANTED TO AT LEAST MAKE YOU AWARE. BUT THE GOAL IS TO HAVE THE REPORT AND THE PLAN DONE BEFORE THE END OF THE YEAR.SO. ALL RIGHT. VERY GOOD. MEGAN, DO YOU HAVE ANY COMMENTS? I DON'T THINK YOU. MR. COMMISSIONER, WE HAVE TALKED ABOUT THE ROLE OF THE EXECUTIVE DIRECTOR IN TAKING ON THESE ADDITIONAL SCOPES. THERE IS NOT A LEGAL PROHIBITION ON DOING SO. WE HAVE TAKEN THE POSITION OF HAVING A THIRD PARTY INDEPENDENT CONSULTANT TYPICALLY DO THIS SCOPE OF WORK, BUT BECAUSE OF THE WORK THAT BRAD DOES, YOU KNOW, FROM A LEGAL PERSPECTIVE, I'M COMFORTABLE WITH HIM TAKING ON THIS TASK. YEAH. AND I THINK WE DON'T HAVE A LOT OF OPTIONS WHO WE DEVELOPED, ANYBODY ELSE IN OUR AREA THAT IS GOING TO BE CAPABLE OF DOING THIS KIND OF STUDY. SO I GUESS IT MIGHT DEPEND ON HOW YOU DEFINE THE AREA. AS FAR AS THE PROBABLY THE NEXT CLOSEST ONE THAT I'M AWARE OF IS BASED OUT OF BURLEY. AND THEN THERE'S SEVERAL THAT
[00:35:06]
ARE OUT OF STATE. BUT I THINK IN STATE, IT'S THE ONLY ONES LEFT THAT I KNOW OF OR MYSELF.AND SO THE ONE THAT'S LOCATED IN BURLEY. OKAY. ALL RIGHT, BRAD, I KNOW THIS IS PRELIMINARY, BUT HAVE YOU DONE AN IDEA AGAIN OF WHAT MIGHT BE THE ELIGIBLE CONSTRUCTION COST ITEMS AS FAR AS REIMBURSEMENT FROM THE FROM THE AGENCY IN THIS PROJECT? I THOUGHT THEY WERE PRETTY LIMITED ORIGINALLY. YEAH. FOR THE FOR THE ORIGINAL SITE, IT MAY END UP BEING FAIRLY LIMITED. SOME OF THAT IS HINGING ON WHETHER OR NOT THEY DECIDE TO BUILD A PUBLIC STREET CURRENT. THEIR CURRENT CONCEPTUAL SHOWS A PRIVATE STREET. THEY ARE DEBATING WHETHER OR NOT TO CHANGE THAT TO A PUBLIC STREET. THE SECOND ONE IS THEY STILL ARE CONCERNED THAT THEIR GEOTECH STUDY MIGHT NOT SHOW EVERYTHING THAT'S HAPPENING UNDER THE GROUND.
THIS IS AN AREA WHERE WE KNOW THE ROCK, IT EBBS AND FLOWS. THEY'RE STILL CONCERNED THEY MAY HIT IT TO THE EXTENT THAT DEVELOPMENT HAPPENS FURTHER EAST, THERE'S A THERE'S A LOT OF ROCK BLASTING THAT COULD &E REQUIRED AS DEVELOPMENT HAPPENS, ESPECIALLY ALONG I-15. BUT YEAH, ON THAT ON THE PORTION THAT YOU HAVE IN FRONT OF YOU ON THE SITE, IF THEY DON'T BUILD A PUBLIC STREET, IT'S FAIRLY LIMITED TO WHAT HAPPENS ON SKYLINE AND BROADWAY. OKAY.
THANK YOU. ALL RIGHT. MEGAN, IS THERE ANY OTHER DISCUSSION OF THIS TASK ORDER? MEGAN. COULD MEGAN, COULD YOU READ THE RESOLUTION BY TITLE? THANK YOU, MR. CHAIR. THERE IS NOT A RESOLUTION FOR THIS ONE. OH, RIGHT. OKAY, I MOVE. WE APPROVE TASK ORDER 16 FOR PERSPECTIVE PLANNING AND CONSULTING TO PREPARE THE SKYLINE BROADWAY ECONOMIC FEASIBILITY STUDY.
VERY GOOD. IS THERE A SECOND? ALL IN FAVOR, SAY AYE. AYE. ANY OPPOSED? SAY NAY. ALL RIGHT.
[7. ACTION ITEM: Resolution 2026-05 Approving the Owner Participation Agreement with Stillwater Apartments Project in the Anderson/Bush Urban Renewal District]
THAT MOTION PASSES UNANIMOUSLY. THANK YOU. THE NEXT ITEM IS RESOLUTION 2020 605, APPROVING THE OWNER PARTICIPATION AGREEMENT WITH STILLWATER APARTMENTS PROJECT FOR THE ANDERSON BUSH URBAN RENEWAL AREA. LET'S SEE WHO'S BEEN TALKING TO THE DEVELOPER ABOUT THIS. AND DO WE HAVE THE DEVELOPER HERE? YES. VERY GOOD. YES. THIS MIGHT BE A THREE PERSON TAG TEAM, BUT I'M HAPPY TO START IT. BRAD, WHY DON'T YOU GIVE AN INTRODUCTION. LET'S HEAR FROM THE DEVELOPER. OKAY, SO THIS IS OWNER PARTICIPATION AGREEMENT FOR YOU FOR A PHASE THREE OF THE DEVELOPMENT THAT'S HAPPENING IN THE ANDERSON BUSH DISTRICT. TWO OF THOSE PROJECTS ARE ARE COMPLETE. AND THIS WOULD AGAIN BE A THIRD ONE ON THE EASTERN SIDE OF THAT SITE.ONE OF THE REASONS I WANTED TO JUMP IN AND START IS THAT THE LAST MEETING, YOU HAD RAISED, THE QUESTION ABOUT HOW THE AGENCY HAS HANDLED FILL MATERIAL, BECAUSE WE KNOW THERE'S A LOT OF BLASTING. AND ACTUALLY. WELL, I'M KIND OF EXPLAINING THAT. WOULD YOU MIND PULLING UP THE AGREEMENT THAT HAS THE PHOTOS AT THE END OF IT? I'M SURE THE DEVELOPER WILL TALK MORE ABOUT THIS, BUT I DID GO BACK AND LOOK AT SEVERAL OF THE AGREEMENTS THAT INVOLVE ROCK BLASTING TO TRY AND ANSWER THAT QUESTION ABOUT HOW THE AGENCY TYPICALLY HANDLES FILL.
AND THE TWO THINGS I WAS ABLE TO CONCLUDE IS, NUMBER ONE, IT'S NOT ALWAYS CLEAR. AND NUMBER TWO, IT'S NOT TERRIBLY CONSISTENT. SO JUST AS SOME EXAMPLES WITHIN THE ANDERSON BUSH DISTRICT, THE THE EXISTING OPAS WITH THE TAILWATER PROJECTS, THEIR INITIAL ESTIMATES DID INCLUDE STRUCTURAL FILL. AND THAT IS HOW THE OPA IS STRUCTURED IS INCLUDING THOSE ESTIMATES. I LOOKED AT THE THE DOCTOR LEE DENTAL OFFICE, WHICH WAS AT THE TAIL END OF RIVER. SNAKE RIVER DISTRICT. IT WAS A GRANT AGREEMENT. IT WAS VERY CLEAR THAT THAT ONE INCLUDED STRUCTURAL FILL FOR THE THE BUILDING SITE. AFTER THAT HOLE WAS BLASTED FOR THE FOR THE FOUNDATION, SPRINGHILL SUITES IS ONE THAT WAS NOT NOT TALKED ABOUT IN THE OPA IN TERMS OF STRUCTURAL FILL, BUT IN THE REIMBURSEMENT. IT WAS INCLUDED IN A LINE ITEM FOR REIMBURSEMENT, AGAIN ON THE PAD SITES. AND THEN JACKSONVILLE JUNCTION IS MAYBE AN EXAMPLE OF WHAT I SAY WHEN IT'S NOT ALWAYS CLEAR. IT JUST SAYS ROCK REMEDIATION IN THAT AGREEMENT. SO I DON'T KNOW THAT I'M PROVIDING YOU MUCH CLARITY OTHER THAN THERE ARE EXAMPLES WHERE IT HAS BEEN CLEAR THAT THE BOARD HAS DEALT WITH STRUCTURAL FILL ON THE PAD SITE. THERE ARE TIMES WHEN IT HAS NOT. WHAT HAS BEEN CONSISTENT, AS I JUST TRIED TO THINK ABOUT HOW THE BOARD HAS TALKED ABOUT THESE THINGS, IS THAT CONVERSATION ABOUT USING THE URBAN RENEWAL PROGRAM TO TRY TO LEVEL THE PLAYING FIELD BETWEEN DIFFICULT INFILL SITES AND YOUR SORT OF PROVERBIAL AGRICULTURAL SITE THAT DOESN'T HAVE THOSE
[00:40:04]
SAME ISSUES. AND SO WHEN YOU SEE THE PHOTOS, OH, HERE WE GO. THIS IS A SITE WHEN YOU GO VISIT WHERE THIS PARTICULAR PROJECT WILL BE BUILT THERE. THERE'S IN THESE PHOTOS, DON'T DO IT JUSTICE. THERE'S SOME SIGNIFICANT TOPOGRAPHY ISSUES. THERE'S GOING TO BE AN ENORMOUS AMOUNT OF ROCK BLASTED AND BROUGHT OUT OF THIS SITE. AND SO KIND OF LOOKING AT SOME PRIOR PROJECTS, AT LEAST FROM MY STANDPOINT, I FELT VERY COMFORTABLE RECOMMENDING THAT THE STRUCTURAL FILL FOR THAT PAD SITE BE INCLUDED IN THE OPA. AND SO CURRENTLY, THE NUMBERS DO REFLECT THAT. AND THE DEVELOPER WAS GOOD ENOUGH TO BREAK THOSE OUT IN MORE DETAIL FROM WHAT WAS ORIGINALLY SUBMITTED TO US. SO WITH THAT, I MEAN, I CAN ANSWER ANY MORE QUESTIONS ABOUT THAT. BUT IF THERE'S NOT, CERTAINLY BELIEVE ME. ALL RIGHT. YEAH. THAT'S GOOD. I THINK IN MY EXPERIENCE, WE'VE JUST WE UNDERSTAND THAT, YOU KNOW, WE'RE TRYING TO GET THESE PROPERTIES TO BE ABLE TO BE DEVELOPED SO THAT WE DON'T HAVE TO DEVELOP MORE AGRICULTURAL LAND. BUT WE KNOW THAT SOME OF THEM ARE JUST SO DIFFICULT THAT THAT IT MAY NOT BE WORTH IT. I MEAN, WE HAD THE ONE, THE BOGUE AREA THAT WE WERE ESSENTIALLY ELEVATED THE ENTIRE PIECE OF PROPERTY TO SUCH AN EXTENT THAT WE REALLY MAKING PROPERTY RATHER THAN JUST REHABILITATING PROPERTY. I THINK WE'VE ALWAYS WANTED TO MAKE SURE THAT THERE'S BEEN SOME INVESTIGATION. AND THIS ONE'S AN EXAMPLE. WHEN THEY DID THE FIRST PHASE OF OF BLACKWATER, BLACKWATER, YOU KNOW, WE I THINK WE LOOKED AT HOW MUCH BLASTING VERSUS HOW MUCH FILL. I THINK I REMEMBER, I CAN'T REMEMBER, I THINK THE FIRST STAGE, THERE WAS A LOT MORE BLASTING AND LESS FILL. AND WE KIND OF WENT BACK AND WITH MORE FILL AND A LITTLE LESS BLASTING, WE COULD SAVE MONEY. AND IT'S, YOU KNOW, WE'RE KIND OF TRYING TO GET IT TO BE REASONABLE THAT WE'RE NOT COMPLETELY CHANGING THE FACE OF, YOU KNOW, A PROPERTY TO DEVELOP SOMETHING THAT REALLY JUST IS NOT DEVELOPABLE, ECONOMICALLY DEVELOPABLE, BUT WE'RE TRYING TO MAKE SURE BOTH TOOLS, BOTH THE FILL AND THE AND THE BLASTING ARE USED IN A, IN AN EFFICIENT WAY. THAT'S THE BEST, THE BEST FOR THE OVERALL PROJECT. SO WE HAVE FUNDED BOTH ENDS AND JUST HOPE THERE'S BEEN GOOD GEOTECH DONE TO DETERMINE WHICH IS THE CHEAPEST WAY TO DO THAT, IS THAT REFLECT EVERYBODY ELSE'S UNDERSTANDING OF WHAT WE'VE DONE? AND I PROBABLY SHOULD HAVE POINTED OUT ATTACHMENT FOUR IN THAT OPA SHOWS THE BREAKDOWN. AND SO YOU CAN SEE IT'S JUST SHY OF $1 MILLION FOR THE TOTAL REQUEST. AND THAT IMPORTED STRUCTURAL FILL IS JUST UNDER $200,000. SO, YOU KNOW, ABOUT 20% OF THE REQUEST WOULD BE JUST FOR THAT FILL TO DEAL WITH THOSE. YEAH, IT LOOKS LIKE THERE'S BUT FOOTING ROCK EXCAVATION IS ABOUT IS ABOUT 100,000. AND THEN FILL IS ABOUT 200,000. SO THERE'S BEEN SOME BALANCING OF THAT. IT LOOKS LIKE MAYBE THE DEVELOPER CAN TELL US MORE ABOUT THAT. SO IS THAT SHOULD WE HEAR FROM THE DEVELOPER NOW? BRAD. YEAH, IT'S. RIGHT. RIGHT. OKAY. GO AHEAD. SORRY. GO AHEAD.INTRODUCE YOURSELF. BLAKE. WITH TAILWATER DEVELOPMENT OUT OF VICTOR AND BRAD. CORRECT ME, BUT HAS THIS WAS THE PROJECT PLAN SHOWN TO THE BOARD YET IN PREVIOUS MEETINGS, OR SHOULD I KIND OF START FROM SQUARE ONE? I WOULD START FROM SQUARE ONE. I DON'T THINK I'VE NOT SEEN A SITE PLAN. OKAY. SO I DON'T KNOW IF WE HAVE A COPY OF THIS SITE PLAN TO PUT UP ON THE SCREEN, BUT THIS TWO AND A HALF ACRE PIECE OF PROPERTY WILL ULTIMATELY BE A 55 UNIT SENIOR HOUSING PROJECT. ALL OF THE 55 UNITS WILL BE INCOME RESTRICTED FOR SENIORS, MAKING IN BETWEEN 30 AND 60% AMI. I WAS THE DEVELOPER ON THE BLACK FEATHER PROJECT, WHICH IS A SIMILAR PROJECT, EXCEPT IT WAS DEDICATED TO FAMILIES, NOT SENIOR. SO THE ULTIMATE GOAL OVER TIME IS TO CREATE MORE OF A MIXED USE, NOT MIXED USE, BUT A MIXED DEMOGRAPHIC OF DIFFERENT AGES. AND SO THAT'S KIND OF OUR OUR SECOND PHASE, IF YOU WILL, TO THIS, THE SITE, SPECIFICALLY THOSE PICTURES, AS BRAD SAID, THEY DON'T DO IT JUSTICE. I THINK ONE OF THOSE PHOTOS THAT THE EASIEST WAY TO SEE IT IS THERE'S A TRAILWAY OR A ROADWAY ON THE SOUTH PORTION OF IT FROM THE FROM THE EAST END OF THE PROPERTY AS IT SLOPES TOWARDS THE MIDDLE OF THE PARCEL. THERE USED TO BE AN OLD DRY CREEK BED THAT'S THAT'S STILL EXISTING. THE. YEAH. SO
[00:45:04]
THE VERTICAL, THE ELEVATION CHANGE BETWEEN THAT CREEK BED AND THE EAST SIDE OF THE PROPERTY IS SOMEWHERE AROUND 25 TO 27FT. SO IT'S. MUCH OF THE ENGINEERING AND BALANCING WE'VE BEEN TRYING TO DO IS FIGURE OUT HOW WE ELIMINATE SOME OF THAT BASALT, BRING IN FILL AND BASICALLY BE BALANCING THE SITE AS MUCH AS POSSIBLE. SO IT'S NOT A FULL EXCAVATION AND WE'RE DROPPING THE WHOLE THING. WE'RE TRYING TO ELEVATE IT EVEN FURTHER. AND MOST OF THE REASONING BEHIND THAT IS NOT ONLY FOOTINGS, BUT OUR UTILITIES, WHICH DRIVE A LOT OF THIS. WHEN I FIRST DEVELOPED THE FRONTAGE, SO THE FRONTAGE OF THE PROPERTY WAS SEVEN ACRES.WE ONLY HAD WATER AND ELECTRIC OUT IN THE STREET, SO WE HAD TO BRING THOSE IN UP BOTH THE WEST AND EAST SIDE OF THE PROPERTY. WE ALSO HAD TO BRING SEWER FROM ALL THE WAY DOWN AT. THE ELEMENTARY SCHOOL UP THE STREET. BRING THAT INTO THE PROPERTY. SO NOW I MIGHT BE GETTING A LITTLE LONG WINDED, BUT WITH THIS NEXT PHASE, WE HAVE TO LOOP THE WATER SERVICE ACROSS THE PROPERTY TO PROVIDE TO PROVIDE THAT SERVICE TO THIS VACANT. VACANT LAND BEHIND IT.
THAT'S ANOTHER ANOTHER PORTION OF THIS IS WE'RE HAVING TO CHISEL THROUGH A LOT OF ROCK TO BRING THAT WATER LINE. YOU KNOW, IT CAN'T SIT THREE FEET BELOW GRADE. IT'S GOT TO BE 7 OR 8FT DEEP AT A MINIMUM. SO WE GOT TO BRING THAT ACROSS THE PROPERTY AS WELL TOO. SO THERE'S IT'S A SIGNIFICANT AMOUNT OF WORK. THE ALMOST MILLION DOLLAR NUMBER THAT WE'RE SHOWING IN THIS. I THINK BY THE DAY WE'RE DONE WITH IT, I THINK IT'S GOING TO BE HIGHER THAN THAT. JUST KIDDING. MY EXPERIENCE ON ONCE YOU REALLY GET INTO THE DIRT, THERE'S A LOT OF CHALLENGES THAT COME ALONG WITH THAT. BUT THOSE ARE MY COMMENTS. THIS WAS A. THIS IS A SITE PLAN HERE OF KIND OF HOW THE BUILDING WILL SIT IN THAT CORNER. ANYWAYS, THAT WAS MAYBE TOO MUCH INFORMATION, BUT ANY QUESTIONS? THAT'S GOOD. THANK YOU. THANK YOU. BLAKE. I THINK THAT'S IS THERE ANY OTHER QUESTIONS, TERRY, YOU MENTIONED NOT HAVING TO BRING IT ALL UP TO ONE LEVEL OR DOWN ONE LEVEL. SO WHAT AREAS ARE YOU LEAVING ELEVATED TO ACCOUNT FOR THE CHANGE? ARE YOU DOING PARKS? ARE YOU DOING WHAT IS IT THAT YOU'RE DOING THAT YOU'RE NOT LEVELING THE WHOLE PARCEL? WELL, SO I GUESS WHAT I WAS GETTING AT IS GIVEN THE, YOU KNOW, THE ELEVATION CHANGE THERE, OUR ULTIMATE GOAL WASN'T TO ELIMINATE THAT ELEVATION AND, YOU KNOW, LOWER THE THE SITE PER SE TO BE ON GRADE WITH THE REST OF THE PROPERTY. SO IT WAS MORE HOW MUCH OF THAT ROCK DO WE NEED TO REMOVE TO GET UTILITIES TO GET FOOTINGS IN? AND THEN HOW DO WE ALSO BALANCE THAT WITH THE AMOUNT OF STRUCTURAL FILL WE BRING INTO TO BACKFILL THOSE AREAS? BECAUSE THE THE BASALT, WHEN IT'S EXCAVATED, DOESN'T COME OUT AS A, AN AGGREGATE THAT CAN BE REUSED. IT'S ALL GOT TO BE REMOVED AND TRUCKED OUT. AND SO WHAT YOU BRING IN HAS TO, YOU KNOW, HAS TO STRUCTURALLY SUPPORT THE REST OF THAT. SO WHEN I BACK TO YOUR QUESTION ABOUT BALANCE FROM A STORMWATER MANAGEMENT PERSPECTIVE, GRADING RUNOFF, THOSE KIND OF THINGS, WE HAD TO BALANCE, YOU KNOW, WHERE, WHERE THAT BUILDING SITS IN RELATION TO THE EXISTING SUBJECT PROPERTY AND THE REST OF THE PARCEL. SO YOU'RE ENDING UP HAVING THE LEVEL OF THE WHOLE SITE TO, OR IS THERE STILL AN ELEVATION? THERE WILL BE AN ELEVATION TO IT SLIGHTLY. THERE WILL BE JUST LIKE ON THE BLACK FEATHER PROJECT. IF YOU DRIVE THROUGH IT, THERE IS A GENTLE SLOPE. AS YOU MOVE THROUGH THE BUILDINGS TO THE EAST END OF THE SITE. SAME THING. WE HAD TO LEVEL OFF THE WHOLE THING, BUT WE HAD TO CREATE SOME KIND OF BALANCE AS BEFORE, IT WAS, YOU KNOW, IT WAS A HUGE ELEVATION CHANGE. OKAY, THANKS. OKAY.
VERY GOOD. ALL RIGHT. ANY OTHER QUESTIONS? LIKE, AM I MISSING ANY HERE? DOES IT SAY WHAT THE END VALUE OF THE PROJECT OF THIS PORTION OF THE PROJECT IS GOING TO BE IN RETURN FOR THE MILLION DOLLAR INVESTMENT? IT DOES. I DON'T HAVE THE AGREEMENT IN FRONT OF ME. I BELIEVE IT WAS 7 MILLION AND CHANGE. MEGAN, DO YOU DO YOU HAVE THAT SUBSECTION? I DO 7.2 MILLION. I'LL GET THIS SITE. OH, IT SAYS IT'S PAGE NINE OF THE OWNER PARTICIPATION AGREEMENT IN SECTION FOUR UNDER REIMBURSEMENT, 7.25 MILLION IS THE PROJECTED VALUE. THANK YOU.
[00:50:15]
ALL RIGHT. YEAH VERY GOOD. THAT'S THAT IS AN IMPORTANT QUESTION. LOOKING AT HOW MUCH WE'RE INVESTING THIS ONE. WE DO THAT WITH THE PLANS. WE LOOK AT THE REVENUE COMING IN. IS THERE JUST THE OPA. WE DON'T ALWAYS DO THAT. BUT SO YOU'RE SAYING 7.2 MILLION. AND WE'RE PUTTING THEN WE GOT THIS MILLION. HOW MUCH HOW LONG WILL THAT TAKE TO PAY FOR ITSELF? EXACTLY. CAN YOU GIVE USING TAX CREDITS? HOW ARE YOU FINANCING YOUR CASH COINS. YEAH. THE PROJECT WAS AWARDED TAX CREDITS IN DECEMBER OF LAST YEAR. AND SO OUR ULTIMATE GOAL IS TO TRY TO CLOSE AND START CONSTRUCTION IN AUGUST. OKAY. AND WHAT'S THE 30 TO 60% OF THE MEAT OF THE POVERTY LEVEL? IS THAT WHAT IT IS? OR IT'S AN AREA MEDIAN INCOME? SO TRANSLATE THAT INTO NUMBERS. IT'D BE HELPFUL TO HAVE I USUALLY HAVE A SCALE. AND I HATE TO GIVE NUMBERS, BUT OFF THE TOP OF MY HEAD I'LL USE A FAMILY OF FOUR. THIS IS A SENIOR PROJECT, SO IT DOESN'T NECESSARILY RELATE. BUT IN IDAHO FALLS, I BELIEVE THIS PAST YEAR A FAMILY OF FOUR, IF YOU HAD ONE HEAD OF HOUSEHOLD WORKING IN, LET'S SAY THEY HAD TWO KIDS, 60% AMI, WHICH IS THE HIGHER END OF THESE TAX CREDIT DEALS, WOULD BE SOMEONE MAKING SOMEWHERE AROUND LIKE 56 TO 58,000 A YEAR. THAT WOULD BE THE MAXIMUM. SO THEY COULDN'T MAKE THEY CAN MAKE LESS THAN THAT WITHIN A CERTAIN BRACKET, BUT EACH AMI 60%, 50%, IT'S A SLIDING SCALE OF THOSE INCOMES.AND SO ONE OF THOSE QUESTIONS, WHEN I USUALLY SAY AFFORDABLE HOUSING, THEY GO, OH, IS THIS SECTION EIGHT? AND IT'S NOT IN THAT IT'S INCOME BASED. SO THEY HAVE TO BE EMPLOYED. THEY HAVE TO SHOW PROOF OF INCOME AND GO THROUGH THAT PROCESS. SO THAT'S WHAT THAT'S WHAT THIS WOULD BE.
SO THEY'RE OVER AGE 55 AND THEY HAVE TO BE EMPLOYED. WELL THEY HAVE TO. SO AND THAT'S WHERE IT'S NUANCED. SO FOR SENIORS, THEY WOULD HAVE TO HAVE SOME FORM OF INCOME. YES. AND MOST OF THE TIME WE SEE THAT IN FORM OF SOCIAL SECURITY OR SO YEAH. MORE NUANCED FOR THE SENIOR SIDE. OKAY. YEAH. THANK YOU. YEAH. RIGHT. I MEAN, I THINK I DON'T KNOW IF WE LOOKED AT THAT, BUT 8.50 POINT. OUR TAX RATE IS 0.85% PER YEAR AT 7.2 MILLION. THAT'D BE ABOUT $60,000 A YEAR.
SO WE'RE TALKING LIKE A 15 YEAR PAYBACK. YEAH. OR SO MORE. AND I THINK THIS ONE WHAT TERM DO WE HAVE ON THIS MEGAN. WE HAVE UNTIL 2043. SO IT IS A LITTLE CLOSE. YEAH. SO I WAS JUST DOING SOME VERY, VERY ROUGH NUMBERS WITH A, WITH AN EXISTING MODEL. AND YOU WOULD IF ALL THE ALL THE ASSUMPTIONS HOLD TRUE, YOU WOULD PAY THIS OFF ROUGHLY 2041 OR 2042, RIGHT.
OKAY. MR. CHAIRMAN, YOU UNDERSTAND THAT THAT THIS IS THE NOTES WE GIVE YOU BACK OR I SHOULDN'T SAY THE NOTE. THE AGREEMENT IS CONTINGENT ON THE PROPERTY TAX COMING IN. IF IT DOESN'T ALL COME IN, THEN YOU DON'T GET FULLY REPAID. THIS ONE IS PUSHING UP AGAINST THAT.
SO EVEN THOUGH IF WE AGREED TO AGREE TO THIS, IT DOESN'T PAY YOU BACK THE PROPERTY TAX. IF THE PROPERTY TAX DOES NOT PAY YOU BACK OVER TIME, THEN THAT'S ON. YOU'RE RESPONSIBLE FOR THAT.
I UNDERSTAND IN MY INTERNAL NUMBERS I DON'T SHOW IT FULLY REPAID. THERE'S A SLIGHT DEVIATION. THAT'S JUST ME BEING CONSERVATIVE. IF IT'S NOT ASSESSED AT THE VALUE THAT IT MAY BE. SO WE TRY TO LOOK AT THAT FROM THE BACKSIDE AS DON'T EXPECT TOO MUCH AND THEN BE DISAPPOINTED THAT OKAY, AND I FOUND AN ERROR IN MY MODEL. AND HE'S RIGHT, IT PROBABLY DOESN'T PAY OFF, RIGHT? YEAH, YEAH. BECAUSE WE'RE ALSO I WAS DOING 100% SHOULD BE 75%. YEAH. OKAY.
VERY GOOD. ANY OTHER QUESTIONS FOR BLAKE? ALL RIGHT, ALL RIGHT. I THINK LET'S GO TO THE RESOLUTION. MEGAN, CAN YOU READ 22 RESOLUTION 2226. THAT'S ZERO FIVE BY TITLE. YEAH. MR. CHAIR COMMISSIONERS, IF I MIGHT, I DID WANT TO POINT OUT SOME NEW LANGUAGE IN THE OWNER PARTICIPATION AGREEMENT. IS SECTION TWO A, AND IT'S PAYMENT OF COST BY THE CITY AND REMEDY.
AND THIS ADDRESSES THE ISSUE THAT IF THE PARTICIPANT AREN'T SUCCESSORS AND ASSIGNS HAVE OR
[00:55:01]
WILL CONTRACT, AND THEN IN THE FUTURE WITH THE CITY FOR PAYMENT OR REIMBURSEMENT, THEN THAT'S GOING TO BE A DOLLAR FOR DOLLAR REDUCTION IN THE AMOUNT OF OUR AGENCY REIMBURSEMENT.AND I DID REACH OUT TO BRIAN CUNNINGHAM. HE DIDN'T THINK THAT THIS WAS GOING TO BE A DEVELOPMENT AGREEMENT, THAT THERE WOULDN'T BE A DEVELOPMENT AGREEMENT ON THIS ONE. SO I DID JUST WANT TO BRING THAT TO THE E IN THE IN THE OPIATE. THANK YOU. VERY GOOD. THAT'S FROM LESSONS LEARNED. WE'RE GROWING. THAT'S GOOD. ALL RIGHT, ALL RIGHT. COULD YOU READ RESOLUTION 2020 605 BY TITLE ONLY. RESOLUTION NUMBER 2026-05 BY THE BOARD OF COUNTY. BY THE BOARD OF COMMISSIONERS OF THE URBAN RENEWAL AGENCY OF IDAHO FALLS, IDAHO. A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE URBAN RENEWAL AGENCY OF IDAHO FALLS, IDAHO, ALSO KNOWN AS THE IDAHO FALLS REDEVELOPMENT AGENCY. AUTHORIZING AGENCY TO ENTER INTO AN OWNER PARTICIPATION AGREEMENT WITH S W APARTMENTS LP AUTHORIZING THE CHAIR, VICE CHAIR AND THE SECRETARY OF AGENCY TO EXECUTE AND ATTEST THAT AGREEMENT AND ANY NECESSARY DOCUMENTS SUBJECT TO CERTAIN CONDITIONS AUTHORIZING THE CHAIR, VICE CHAIR OR ADMINISTRATOR TO TAKE APPROPRIATE ACTION TO IMPLEMENT THE AGREEMENT AND MAKE ANY NECESSARY TECHNICAL CORRECTIONS TO THE AGREEMENT, SUBJECT TO CERTAIN CONDITIONS. AUTHORIZING THE APPROPRIATION OF FUNDS PURSUANT TO THE AGREEMENT AND PROVIDING FOR THIS RESOLUTION TO BE EFFECTIVE UPON ITS PASSAGE AND APPROVAL. VERY GOOD. IS THERE A MOTION TO APPROVE THAT RESOLUTION? I MOVE WE APPROVE RESOLUTION 2020 605 APPROVING THE OPA WITH STILLWATER APARTMENTS PROJECT IN ANDERSON BUSH URA. VERY GOOD. IS THERE A SECOND? SECOND. ANY FURTHER DISCUSSION? ALL IN FAVOR? SAY AYE. ANY OPPOSED? SAY NAY. MOTION PASSES UNANIMOUSLY. THANK YOU. THANK YOU. BLAKE. I MAKE ONE COMMENT. SURE. I WOULD HAVE FELT BAD IF I LEFT. I WANT TO THANK BRAD AND MEGAN, TOO, FOR ALL YOUR TIME THROUGH THIS PROCESS. I KNOW WE'VE DONE IT BEFORE, BUT IT TAKES A LOT OF WORK, TIME AND EFFORT. AND SO YOU BOTH SHOULD KNOW. I APPRECIATE ALL YOUR WORK ON THAT. THANKS. AND WE WE APPRECIATE YOU TOO, BLAKE. WE KNOW IT TAKES A LOT OF EXPERTISE TO DO THESE DEALS, ESPECIALLY THESE TAX CREDITS AWARDED. AND IT'S A UNIQUE SKILL SET. AND WE'RE GLAD THAT YOU HAVE APPLIED IT TO OUR COMMUNITY. SO THANK YOU. THANKS.
[8. DISCUSSION ITEM: Audit Discussion]
NEXT ITEM ON THE AGENDA IS AUDIT DISCUSSION. KASEY, WAS IT SOMETHING YOU WANTED TO DISCUSS ABOUT THAT? YES. THANK YOU, MISTER CHAIR AND COMMISSIONERS. I JUST WANTED TO MAKE NOTE, AS YOU RECALL, OVER THE LAST SEVERAL MONTHS, WE HAVE DISCUSSED THE IDEA OF GOING OUT IN SEARCH OF A NEW AUDITOR. AS YOU'RE AWARE, THE IDAHO FALLS REDEVELOPMENT AGENCY HAS HAD RUN A COMPANY FOR QUITE SOME TIME, AND WE HAD WANTED TO REVISIT THAT TOPIC. SINCE THAT TIME, WE HAVE GONE OUT TO LOOK FOR DIFFERENT LOCAL FIRMS. WE'VE KIND OF NARROWED IT DOWN TO ABOUT 4 OR 5. ONE OF THOSE BEING IF THE BOARD DECIDED TO GO WITH RUNNING COMPANY AGAIN, AND THEY ARE WITHIN THOSE THAT SELECT FIVE. SO THE, THE ONES THAT I WANTED TO POINT OUT TO YOU THAT WE HAD KIND OF SEARCHED LOCALLY, WANTED TO OPEN THAT UP TO DISCUSSION TO THE BOARD TO SEE WHAT THEIR THOUGHTS ARE ON THAT AND KIND OF DISCUSS THAT SO THAT WE CAN MAKE A PLAN MOVING FORWARD. WE HAD DISCUSSED POTENTIALLY DOING JOHN, JOHN AND HILL HART AND KILLPACK SMITH, KOONS AND ASSOCIATES, AND THEN OBVIOUSLY BRET AND COMPANY IS A PART OF THAT OPTION AS WELL. SO I WANTED TO ASK THE BOARD IF THERE WERE CERTAIN RECOMMENDATIONS ON WHICH ONES YOU WOULD LIKE TO PURSUE. THE PLAN WOULD BE THAT WE WOULD REACH OUT TO THESE FIRMS. WE WOULD PROVIDE A MOST RECENT COPY OF OUR AUDIT AND GET A QUOTE ON THAT, AND THEN WE WOULD COME BACK TO THE BOARD AND PRESENT, BASED ON DISCUSSION HERE ON WHICH ROUTE THE BOARD WOULD LIKE TO GO. SO I WANTED TO JUST OPEN THAT UP AND SEE IF THERE ARE ANY RECOMMENDATIONS FOR FROM THE BOARD ON THAT. ALL RIGHT.THAT'S A GOOD THAT'S A GOOD QUESTION. AND SO THOSE ARE ONES THAT DO AUDITING, DO MUNICIPAL AUDIT. YEAH. WE KNOW THAT THEY DO. OKAY. ANY ANY COMMENTS OR QUESTIONS ON THAT. I ONLY HAVE PERSONAL EXPERIENCE WITH HART. IN ADDITION TO RUN. I DON'T HAVE EXPERIENCE WITH THE OTHER THREE. SO I CAN'T GIVE ANY OPINION ON THAT. BUT I'VE BEEN VERY PLEASED WITH HER WORK THAT THEY HAVE THAT I'VE BEEN WORKING WITH. YES. AND THAT WAS ACTUALLY THE FIRM THAT WE WERE LEANING MORE TOWARDS, BUT I WANTED TO BRING THAT TO THE TABLE, THAT THERE ARE QUITE A
[01:00:06]
FEW LOCAL FIRMS. THESE ARE JUST KIND OF THE TOP FIVE THAT WE HAD KIND OF LOOKED INTO AND WANTED TO BRING TO YOU TO DECIDE. I'M HAPPY TO GO TO ALL FIVE OF THOSE. RUDD DID AS I HAD MENTIONED. I DON'T KNOW IF IT WAS LAST MONTH OR THE PRIOR MONTH. RUDD DID PROVIDE US WITH ANOTHER ENGAGEMENT LETTER. IF WE DECIDED WE WANTED TO GO WITH THEM ANOTHER YEAR. THAT ENGAGEMENT LETTER CONSISTED OF AN AUDIT NOT TO EXCEED $16,000. SO I DON'T KNOW IF THAT'S SOMETHING THAT YOU WOULD BE INTERESTED IN PURSUING AGAIN, BUT I HAVE COLLECTED THESE OTHER FOUR THAT I'M HAPPY TO GO TO THEM, PROVIDE CONTACTS, AND THEN PROVIDE AN AUDIT TO SEE WHAT THEY SUGGEST AND GATHER NUMBERS. THERE IS ALSO THE OPTION THAT WE CAN REVISIT, POTENTIALLY COMBINING WITH THE CITY'S AUDIT WITH MOSS ADAMS. I KNOW LAST YEAR IT WAS SIGNIFICANTLY HIGHER TO INCLUDE THE AGENCY'S AUDIT AS A PART OF THE CITY'S AUDIT, WHICH IS WHY AT THAT TIME, IT WAS NOT AN OPTION TO PURSUE. THAT PURSUE THAT MATTER FURTHER. HOWEVER, I AM HAPPY TO GET A QUOTE ON THAT AS WELL IF THE BOARD IS INTERESTED IN THAT AS WELL. DID YOU EVER THINK, CHRIS? YEAH, I THINK LAST TIME WHEN WE TALKED ABOUT THIS, WE MENTIONED THAT THERE WAS A NEED FOR AN RFA OR LIKE SOME KIND OF PROCESS TO GO OUT. IS THAT WHAT WE'RE TALKING ABOUT HERE? OR LIKE AN. OTHERWISE, IT SEEMS LIKE WE SHOULD GIVE EACH OF THESE FIRMS THE OPPORTUNITY TO. YEAH, I DON'T KNOW ENOUGH ABOUT THEIR WORK INDIVIDUALLY TO KNOW ONE FROM ANOTHER, BUT. RIGHT. I'M GLAD YOU BROUGHT THIS UP. AND MEGAN CAN CHIME IN ON THIS IF I'M MISUNDERSTANDING THAT BASED ON THE COST THAT WE ARE LOOKING AT, I DON'T KNOW THAT WE WOULD NEED TO GO OUT TO BID OR ANY OF THAT FOR THIS ITEM. HOWEVER, MEGAN, DO YOU HAVE ANY OTHER THOUGHTS ON THAT? I THANK YOU, MISTER CHAIR COMMISSIONERS. KASEY, THERE'S NOT A LEGAL REQUIREMENT TO GO THROUGH A FORMAL PROCUREMENT PROCESS. THAT DOESN'T MEAN WE CAN'T DO IT TO OPEN IT UP MORE BROADLY, BUT THERE IS AN OPTION TO DO THE SOLICITATIONS THAT THAT KASEY HAS IDENTIFIED. ALL RIGHT. VERY GOOD. ANY OTHER COMMENTS? KASEY, JUST A QUICK QUESTION.THE FIVE THAT YOU HAVE WAS THE CRITERIA THAT GOT THEM ON THE LIST, SIMPLY THAT THEY DID JUST WHAT IT IS, THAT KIND OF HOW THAT HAPPENED? YEAH. SO BECAUSE I WAS FAIRLY NEW TO THIS PROCESS, THIS ISN'T SOMETHING THAT I HAD REALLY GONE THROUGH WITH THE AGENCY UP UNTIL THIS POINT. I HAVE OVER THE LAST FOUR YEARS OR SO THAT I HAVE WORKED WITH THE REDEVELOPMENT AGENCY. IT'S ALWAYS BEEN RED. I WAS FAIRLY NEW TO THIS CONCEPT. I WAS NOT AWARE OF THE PROCESS OR THE AMOUNT OF TIME THAT IT WOULD TAKE. AND SO I DID CONSULT WITH MARK ON THIS. AND THOSE WERE SOME OF THE FIRMS THAT HE HAD LOOKED INTO AND RECOMMENDED SAYING, HERE'S KIND OF A ROUTE THAT WE COULD GO, BUT AGAIN, WANTED TO OPEN THAT UP TO THE BOARD FOR DISCUSSION ON THAT. SO I THINK THE SECOND CRITERIA, THOUGH, IS AS WE AS I TALKED WITH MARK AND KASEY AS WELL, IS THAT THEY WERE LOCAL, SO LOCAL AND DO AND HAD EXPERIENCE WITH MUNICIPAL AUDITS. ALL RIGHT. TERRY, FROM THE AGENCY STANDPOINT, I AGREE WITH CHRIS WHY WE SHOULD GIVE ALL OF THESE FIRMS. THEY'VE INDICATED THAT THEY HAVE AN EXPERTISE IN THIS AREA. WE SHOULD GIVE THEM ALL THE OPPORTUNITY TO PROVIDE A RESPONSE IF THEY WANT TO. THAT WOULD BE MY RECOMMENDATION. I WOULD ALSO ASK MEGAN TO HAVE THEM PROVIDE A LIST OF THE AUDITS THAT THEY CURRENTLY DO, BECAUSE IT IS PUBLIC INFORMATION. I WANT TO KNOW IF IT'S PRIMARILY A TAX FIRM AND THEY DO ONE GOVERNMENT AUDIT, THEN I'M NOT GOING TO LEAN TOWARDS SELECTING THEM. I'D RATHER GO WITH SOMEBODY THAT HAS A WHOLE SECTION OF THEIR PRACTICE THAT THEY DEVOTE TO GOVERNMENT AUDITS. ABSOLUTELY. I AGREE WITH THAT. IT SHOULD BE PUBLIC. THAT'S A GOOD POINT. ONE OF THE THINGS I DID WANT TO MENTION IS I AM HAPPY TO DO THAT. AND IF THE THE BOARD WOULD LIKE TO MOVE FORWARD WITH THESE FIVE FIRMS, I AM HAPPY TO DO THAT SOONER RATHER THAN LATER. SO THAT IN PREPARATION FOR THE UPCOMING YEAR'S BUDGET, WE CAN HAVE OUR NUMBERS KIND OF FINALIZED AND READY TO MOVE FORWARD WITH THAT, THAT WE'RE NOT GOING INTO BUDGET SEASON WONDERING WHAT OUR NUMBERS WILL LOOK LIKE FOR AUDIT. SO IT
[01:05:06]
SOUNDS LIKE WE HAVE A CONSENSUS TO GO AHEAD AND DO WHAT YOU'RE PLANNING WITH ALL THE ONES YOU LISTED. PLUS ALSO WITH MOSS ADAMS. AND GO FORWARD AND SEE WHAT YOU CAN LEARN. OKAY. I'M HAPPY TO DO THAT. INCLUDING WITH TERRY'S COMMENT ON GETTING THEIR EXPERIENCE. OKAY, I WILL DO THAT AND I WILL PROVIDE FEEDBACK. THANK YOU. OKAY. ALL RIGHT. THE DIRECTOR'S REPORT.WE HAVE A BRIEF DIRECTORY BACK FROM THOSE. IF THERE ARE ALSO SHOPPING. YEAH, YEAH. CASSIE, YOU UNDERSTAND YOU'RE AUTHORIZED TO COME BACK WITH SOME RECOMMENDATIONS AFTER YOU GET THAT INFORMATION. YES. SIFT THROUGH IT, ANALYZE IT. GIVE US GIVE US WHAT YOU THINK. YES,
[9. DISCUSSION ITEM: Directors Report]
YES. YEP. I CAN DO THAT. OKAY. YEAH. THE DIRECTOR'S REPORT THIS MONTH IS VERY BRIEF BECAUSE I'M NOT INCLUDING THINGS THAT ARE ALREADY ON YOUR AGENDA. SO THE MAIN ONE IS JUST THAT THE THE BONEYARD IS NO LONGER THE BONEYARD. IT IS CLEAN. I'M GOING TO GO CHECK IT OUT AND SEE WHAT IT LOOKS LIKE NOW. SO WE SHOULD START TO SEE THOSE INVOICES COMING IN FOR, FOR A CHECK AND REIMBURSEMENT. THE OTHER THING THAT IS NOT IN THIS REPORT, I DID WANT TO MENTION AFTER I WAS REVIEWING SOME OTHER ITEMS TODAY, JUST TO MAKE YOU AWARE, AND IT'S SORT OF RELATED TO THIS AUDIT QUESTION IS WHEN, WHEN I STEPPED INTO THIS ROLE, I HAD A LOT OF COMMENTS ABOUT THINGS THAT THE BOARD SHOULD DO OR SHOULD LOOK INTO DOING. I'D LIKE TO SORT OF ASSEMBLE THOSE IN THIS NEXT REPORT AND GET THE BOARD'S FEEDBACK ON WHAT YOUR PRIORITIES ARE, BECAUSE I COULD SPEND A LOT OF TIME AND AND FUNDS ON A LOT OF THINGS, BUT IF IT'S NOT YOUR PRIORITY, I'D RATHER NOT UNTIL SOME OF THE OTHER PRIORITIES PRIORITIZED ITEMS ARE TAKEN CARE OF. SO I, I'LL JUST I'LL HAVE THAT IN THE NEXT REPORT. I'LL TRY TO GET IT OUT EARLY SO YOU HAVE SOME TIME TO THINK ABOUT IT BEFORE THE NEXT MEETING. OKAY. YEAH. YOU MIGHT WANT TO GO TAKE A LOOK AT THE BONEYARD. I THINK IT IS PRETTY IMPRESSIVE THAT THE WORK THAT'S BEEN DONE IS KIND OF HARD TO UNDERSTAND ORIGINALLY WHAT WAS HAPPENING THERE, BUT[10. DISCUSSION ITEM: RAI and Legislative Update]
IT IS IT IS PRETTY IMPRESSIVE. AND IT WILL BE USEFUL. ALL RIGHT, WITH THAT, WE'VE REACHED THE END OF OUR AGENDA. OH, I LEGISLATIVE UPDATE. MEGAN, IS THERE ANYTHING NEW YOU SURVIVED ANOTHER LEGISLATIVE SESSION. WE'RE ALL YES. NOTHING NEW TO REPORT. ALL RIGHT. VERY GOOD.[11. Next Meeting: June 18, 2026]
OUR NEXT MEETING WILL BE IS PLANNED FOR JUNE 18TH, 2026. IF THAT IS A MOTION TO ADJOURN. SO MOVED. SECOND. ALL IN FAVOR? ANY DISCUSSION? ALL IN FAVOR, SAY AYE. AYE. ANY OPPOSED? SAY NAY.* This transcript was compiled from uncorrected Closed Captioning.