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Home My WebLink AboutMeeting PresentationUrban Renewal Plan for the Yellowstone Corridor Urban Renewal Project Chubbuck City Council October 15, 2025 Table 1 Summary of Recommendations Resolve the assessed value issue to facilitate creation of the Chubuck Village Center URA Identify and start mapping the wayfinding route Create public engagement strategy to hone vision and plan Review exislting zoning codes for Northgate interchange area to ensure desired development type Create redevelopment area (Village, West Village, and Yellowstone Ave. Identify development partners for the construction of a convention hotel in the village west area Begin the community branding process Create a wayfinding strategy Implementation of redevelopment Plan, design and Implement expanded community event space Implement community branding and wayfinding Hire staff to implement program and maintain improvements Yellowstone Boulevard improvements Complete revised grid and street improvements in the Village and Test Village Bur} Power Lines Ell I 01 -mm MEMO m I low, me -in MMEMMI MR I M in - L�� rl4+RT ASSML �LkFL4M 01.4lQJi� � RmCSfR� � ROS — s }MiTLry sTR� � awllx . .' 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Plan Approval Process —to date • May 20, 2025— Agency Board adopted Resolution No. 2025-1 accepting the Eligibility Report, prepared by Perspective Planning & Consulting • June 4, 2025— City Council adopts Resolution No. 2025-05, adopting the Report and directing the Agency to commence preparation of a plan • Several City Council/Agency Joint Meetings to Confirm Project List and RAA Boundary • August 19, 2025— Agency Board adopts Resolution approving the Urban Renewal Plan for the Yellowstone Corridor Urban Renewal Project recommending approval of the Plan and directing transmittal of the Plan to Mayor and City Clerk to take the necessary action to process the Plan • Map and Legal Description — submitted to STC GIS for pre -check • September 9, 2025— Land Use & Development Commission finds the proposed Plan conforms to the City's Comprehensive Plan • September 12, 2025— Notice of public hearing published in Idaho State Journal and the Plan is submitted to the affected taxing districts • September 26, 2025— Second notice of public hearing published in Idaho State Journal • October 151 2025— City Council public hearing, ordinance readings, ordinance approval Taxing Districts Bannock County Bannock County Abatement District Bannock County Ambulance Bannock County Road & Bridge City of Chubbuck Pocatello School District #25 Portneuf Free Library Plan Elements Idaho Code § 50-2905 identifies what information the Plan must include with specificity as follows: (1) A statement describing the total assessed valuation of the base assessment roll of the revenue allocation area and the total assessed valuation of all taxable property within the municipality; • Section 502.3 (2) A statement listing the kind, number, and location of all proposed public works or improvements within the revenue allocation area; • Section 301 and Attachment 5 (3) An economic feasibility study; • Attachment 5 (4) A detailed list of estimated project costs; • Attachment 5 (5) A fiscal impact statement showing the impact of the revenue allocation area, both until and after the bonds are repaid, upon all taxing districts levying taxes upon property on the revenue allocation area; • Section 502.8 and Attachment 5 (6) A description of the methods of financing all estimated project costs and the time when related costs or monetary obligations are to be incurred; • Sections 303, 304, 309, 501, 502, 504 and Attachment 5 (7) A termination date for the plan and the revenue allocation area as provided for in section 50-2903(20), Idaho Code. In determining the termination date, the plan shall recognize that the agency shall receive allocation of revenues in the calendar year following the last year of the revenue allocation provision described in the urban renewal plan; and • Section 800 (8) A description of the disposition or retention of any assets of the agency upon the termination date. Provided however, nothing herein shall prevent the agency from retaining assets or revenues generated from such assets as long as the agency shall have resources other than revenue allocation funds to operate and manage such assets. • Section 800 10% Valuation Analysis — 2025 Certified Values • Total taxable value of the City as of January 1, 2025: $1,596,.4141274 • 10% Limit: • Pine Ridge Mall • Northside Crossing • Harvest Springs $159,641,427 $27,112,636 $316,520 $421,674 • Proposed Yellowstone Corridor $126,911,543 • Total $154,162,373 (9.6%) Corrected 10% Valuation Analysis — 2025 Certified Values • Total taxable value of the City as of January 1, 2025: $1,596,.4141274 • 10% Limit: • Pine Ridge Mall • Northside Crossing • Harvest Springs $159,641,427 $27,112,636 $316,520 $421,674 • Proposed Yellowstone Corridor $126,662,141 • Total $153,912,971(9.6%) Economic Feasibility Study To determine if planned development will generate sufficient revenues to finance proposed prioritized public infrastructure improvements Total Projects Table 4: Public Projects aad Estimate€1 Costs Utili - Eafrasumctore Projects i U size Hydrants Legacy Park $202,000 Replace and Upgrade Lift Station Valeiity $2 100 000 Additional Utilities to Support Future Development Throughout District $2,000,000 Street Infrastructure Projects Traffic Signal Chubbuck-Burley $650,000 Traffic Si al Z ella%stone+Park Lawn $650 0O0 Add Turn Lane Z ellowstone.+Park La%m $250,000 Widen and Realiga Intersection Chubbuclt'Yellowstone $10.0OO,OOC. Iamrsection ImprovementsiAdd Turu Lane Z ellowstoaefKnudsen+Evans $10-000,000 Curb, Gutroet, Si&,%mlk- Pacing Valeo !Ward $450,000 Curb Guttrr_ Sideu-alk- Pa-Lmg Briscoe $1 500 000 Curb, Gutter Sidewall5 Pa -mg West Linden Attain Road $1,000,000 Additional Roads to Support Future Development Throughout District $2,000,000 Siphon Road'Widenmg Siphon from Yetowstone to Stuart $10,000,000 Streetseape and Active Transportation Projects Center Landscape Islands Yellowstone $1,500,000 Widen Sidewalks Yellowstone W-000 000 Widen Sidewalks Chubbuck Road $10,000,000 StEmage and Wayfinding Through= District $1,000,000 Lighting vements Throe out District $2,000,000 Craleway Treatments and Enhancements New Da IYellowstoue $1 000 000 Site Preparation and Development Studies R.elate6 to Parkmg and Land Use Throughout District $250,000 Ewiroumental Clemup Assistance Throughout District $100,000 Public -Private Partnership and Developumnt Opporhmities Throughout District $1,000,000 Building Demolition Throughout District $300 0O0 Site R.emediatioa Projects Throe out District $1,000,000 Pnblic Spaces and Amenities Infrastructure Around Cit- Hall to Support Food Truck Court City Hall Area $500,000 Comnn=ry Event Space City Hall Area $1040,00a Parking h&wtructure Throe out District $5,000,000 Public Spaces: Plazas_ Parks., Etc. Throughout District $2 500 000 Building Fa ade Improvement Program Throughout District $1,000,000 Acquisition and Financing Throughout District Lev era e Other Funduig Soirees Throughout District $1,000,000 Acquisition Throughout District $3 000 000 Crass -Access Agreement and Easement Acquisition. Throughout District $250,0Oa Total $83,742,040 Projected Revenues Assumptions - Levies • I.C. 50-2908 (Voter approved levies/bonds) • Legislative Impact (HB 436) (EMS/Fire Districts): Due to House Bill 436, EMS and fire districts have to consent to be included in a new RAA. To be conservative, the EMS and fire district levy rates are not included in the net levy rate used in the economic feasibility study. Levies assumed to decrease 1% per year. Revenue Models • Two Revenue Models: • Conservative Model —valuation assumed to increase 2%/year • Levy Rate — assumed to decrease 1%/year • Total Revenues $51,586,376 • 10% Estimated for Agency Operations • High Projection Model —valuation assumed to increase 5%/year • Levy Rate — assumed to decrease 1%/year • Total Revenues $71,759,624 • 10% Estimated for Agency Operations Projects— Conservative Model 4 W-1 prig it 1 Ti miche 1 $12476X795 ello stone�"Pk- Lawn Ti'a t~tic L l _.r1=t $87 1 a06 e11ows e;'Pa'k Lawn Tiwn L,,uie $3357024 Legacy Park Hydrants $270a 99 2034 Tranche $3,02)'5_090 ellows e Medians $2)326�99'2- Valenty.-Ward Street et Im o e111ents $698)098 2035 Tranche 3 $'-21,606:231 Lmiden-Afton Improvements 1fi8 895 Food Truck Court $814447 Event Space $16"-))88 203 8 Tranche 4 7,07 1� 184 Valenty Lift Station $37959:03 Cly-abbuck-S rl e', Temic Light 1 2 5 7 2 Ad&tiona 1 Ro a d s Legacy Park 94� 8 2 5 Additional Utilities Ly Park $942)825 2040 Tache 5 61548 N A t1OThq1 Roads Knudsen Area $2)182:875 Additiotiva1 Utilities Knudsen a $2)182:875 Additional Roads Village Area $1709 1 43 7 Addifioml Utilities Village ATea $1)091:437 2041 Tranche 6 $311.274:312 Briscoe Pa-vm'g and StreetConnect-ion 37274�31 2046 Tranche 7 $24:321,610 SThen Widening $25�858)281 Projects — Higher Projection Model Year Tranche m r icost 2031 Tranche 1 2.0 7 9,3 28 Yellowstone. -'Park Lawn Traffic Light $871062 Yellow. stone: Park Lawn Tuam Lane $335)024 Legacy Park Hydrants $270a699 algin y W{LL d Street Improvements 603 7043 2033 Tranche '21,:17 6, 5.2 9 Yellow. stone Medians $3J76:529 ubb k'Burleyr Traffic L i Wit $960)346 2035 Trmiche 3 4398.01 Valente Lift Station $37420679 Event Space $1612)889 Food Tmck Court $8141)447 2037 Tr.mche 4 5 �3 7, 5 69 A itiothal Roams L Earle 89 7 a9 .9- 8 Additional Utihties Legacy P{,wk $897) -q --)G Additional Ra Knudsen A1'e{� $17795:856 Additional Ufihties Knudsen Area $1779%856 2039 Tranche 5 $4:,949,829 Bliscoe PaVllYtc-! and Street Connection V-969897 Addiftonil Roads Village Area $939-966 Additional Utilities iL e Area $989-966 2043 Tranche 6 $24 0 66,1 ) i 11 -LI tY NVi , 4.0 66 192 2046 Tranche 7 $252917-295 ellowst hubb ck lutetsec tion Lnprovements 25 _ 9 13 413 Findings The tax increment revenues to be generated by the development within the Revenue Allocation Area will be sufficient to help fund the costs of the prioritized public infrastructure improvements JL FLUM and ZONING Future Land Use Map Zoning Map Post -July 1, 2016, •Limitations on Amendments to the Plan and RAA Plan — I.C. 50-2903A • Base reset • Exceptions Additional Plan Requirements • Agricultural Operation Consents —Obtained • No overlap with a highway district • Ambulance district levy —not contemplated in the analysis • H6436 — ambulance district would have to "opt -in" to the RAA Next Steps • October 15, 2025 —public hearing; ordinance readings; and ordinance approval • Thereafter: publication of the ordinance summary; recordation of ordinance and separately recorded map/legal; transmittal of documents to County officials, STC and affected taxing districts • Deadline to complete tasks 12/31/2025 Requested Action •Suggested Motion: Move to waive the three readings rule including one time in full, and consider Ordinance No. aaprovinE the Urban Renewal Plan fort Urban Renewal Project he Yellowstone Corridor Questions &Discussion?