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AGENCY CHARTER AND STATUTORY COMPLIANCE
The Chubbuck Development Authority (CDA) was officially created on April 14, 1992, by
Resolution No. 4-92 of the Chubbuck City Council. Its purpose is to eliminate slum and blight
and deteriorated or deteriorating conditions within the City of Chubbuck. This report is in
accordance with Idaho Code Section 50-2006(c) which states that:
An agency authorized to transact business and exercise powers under this chapter
shall file, with the local governing body, on or before March 31 of each year a report
of its activities for the preceding calendaryear, which reportshall include a complete
financial statement setting forth its assets, liabilities, income and operating expense
as of the end of such calendar year. The agency shall be required to hold a public
meeting to report these findings and take comments from the public. At the time of
filing the report, the agency shall publish in a newspaper of general circulation in
the community a notice to the effect that such report has been filed with the
municipality and that the report is available for inspection during business hours in
the office of the city clerk or county recorder and in the office of the agency.
By virtue of certain amendments to the Idaho Urban Renewal Law adopted in 2002, the fiscal
year of an urban renewal agency has been established as October 01 through September 30.
Consequently, any formal financial statement is limited to a report through the end of the
CDA's fiscal year.
Under the Idaho Urban Renewal Law, Chapter 20, Title 50, Idaho Code, an urban renewal
agency is required to file with the local governing body and the Idaho State Controller, on or
before March 31 of each year, a report of its activities for the preceding calendar year, which
shall include certain financial data and audit reports as set forth in Idaho Code Sections 67-
1075 and 67-1076.
ACKNOWLEGEMENTS
To fulfill its purpose the CDA works with many other agencies, state and local elected
officials, real estate developers, jurisdictions including the County, City of Chubbuck, and the
state and private and nonprofit organizations and is grateful for the support and efforts of
each. The CDA is grateful for the support from the taxing districts affected by the CDA's urban
renewal areas as all seek to preserve the tax base in these areas in attempt to minimize
property tax rates for the community as a whole. Finally, and most of all, the CDA appreciates
those businesses and property owners who strive to grow their businesses, maintain their
properties, and promote development in the City of Chubbuck since without them, efforts of
the Chubbuck Development Authority would be greatly minimized.
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ORGANIZATION
The Chubbuck Development Authority consists of seven (7) commissioner seats, with seats
being filled with appointments to varying terms by the Chubbuck City Council.
Commissioners and Staff are:
Name Term Expiration Date
Rick Keller October 2026
Jeff Hough October 2026
Krystal Denney October 2027
Dan Heiner October 2028
Amanda James October 2028
Derek Toone October 2029
Brandon DesFosses October 2029
Also serving with the CDA are:
❑ Ashley Squyres, Executive Director
❑ TJ Budge, Racine Olson, Legal Counsel
❑ Jordan & Company, Bookkeeper (Through October 2025)
❑ Clifton Larsen Allen, Accounting Firm (Beginning in October 2025)
❑ Joey Bowers, Clerk & Secretary
CDA Board Leadership:
Dan Heiner: Chairman
Amanda James: Vice -Chairwoman
RESOLUTIONS
The Chubbuck Development Authority passed the following resolutions in Calendar Year
2025:
Resolution 2025-1 passed on May 20, 2025, accepting the eligibility report for the new
proposed revenue allocation area and directing the urban renewal agency to transmit the
report to the City Council.
2
Resolution 2025-2 passed on August 19, 2025, approving the urban renewal plan for the
Yellowstone Corridor district.
Resolution 2025-3 passed on August 19, 2025, approving the Fiscal Year 2026 budget.
Resolution 2025-4 passed on September 16, 2025, approving the amended Fiscal Year 2025
budget.
FINANCIAL INFORMATION PER I.C. 67-1072(2)(B), (C)
In accordance with Idaho Code section 67-1076(2)(b), (c), the following are included as
attachments to this report:
1. FY2025 Amended Budget
2. FY2024 Audit
URBAN RENEWAL DISTRICTS
Pine Ridge Urban Renewal Plan (est. 2016 )
The Pine Ridge Urban Renewal Plan was adopted by the Chubbuck City Council via
Ordinance Number 759 on August 03, 2016. The future revenue and expenditures of
the Pine Ridge Urban Renewal Plan will be administered by CDA under an owner
participation agreement and annual activities are included in this report.
2016 to 2036 Projects - Revenue Allocation Bond (2020)
The approved Pine Ridge plan establishes what improvement projects are eligible for
CDA participation. The Plan also predicts tax increment revenue generated by Plan
improvements. Under the 2016 agreement, CDA and the City of Chubbuck agreed to
reimburse Pine Ridge ownership 100% of increment revenue less administrative cost
which shall not exceed $15,000.
In October 2020, however, the CDA closed on a revenue allocation bond in the amount
of $1,940,000 at a discount of $50,000 at the request of the Pine Ridge Mall developer.
The bond carries an interest rate of 6.750% and a maturity date of November 01,
2037. The bond is being used to provide monies to reimburse the developer for
already completed eligible costs and thereby provides more capital for further
investment in the development in the Pine Ridge Mall urban renewal district.
Whereas prior to the bond sale, 100% of the increment revenues, less administrative
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costs, were owed to the developer for eligible improvements, now 100% of the
increment, excluding the CDA's administrative costs, is dedicated to the bond
commitment until repaid. Due to the additional administrative staff time with the
bond proceeds, the developer agreed to a $15,000 administrative fee in 2024 and the
administrative fee was transferred to the CDA General Fund in 2024.
The Pine Ridge District generated $194,174.31 in tax increment revenues and
interest earnings during calendar year 2025.
Future Needs/Plans
Moving into 2026, the CDA will continue to pay its bond obligations as required. The
CDA is optimistic about continued development in this district and looks forward to
the year to come.
Northside Crossing Urban Renewal Plan (est. 2020)
The Northside Crossing Urban Renewal Plan was adopted by the Chubbuck City
Council via Ordinance Number 819 on November 04, 2020 and was accepted by the
State Tax Commission on December 07, 2020. The future revenue and expenditures
of the Northside Crossing Urban Renewal Plan will be administered by CDA under the
terms of the Plan and through further owner participation agreements. In 2021, the
CDA and developer executed an owner participation agreement establishing qualified
reimbursement terms and processes. Several improvements that were approved as
part of the Plan have already been completed. Development progress in the district is
occurring rapidly, although it was less rapidly in 2024 than in previous years, likely
due to increased interest rates.
In calendar year 2025, the CDA received approximately $242,686.54 in property tax
increment revenue and the CDA reimbursed the Developer in the amount of
$179,218.15 in accordance with the executed Owner Participation Agreement
between the CDA and the Developer.
Future Needs/Plans
Moving into 2026, the CDA will continue to review and approve qualified expense
reimbursement requests in accordance with the Owner Participation Agreement. The
CDA is optimistic about continued development in this district and looks forward to
the year to come.
F
Harvest UrinCas Urban Renewal Plan (est. 2021
The Harvest Springs Urban Renewal Plan was adopted by the Chubbuck City Council
via Ordinance Number 840 on November 03, 2021 and was accepted by the State Tax
Commission on November 18, 2021. The future revenue and expenditures of the
Harvest Springs Urban Renewal Plan will be administered by CDA under the terms of
the Plan and through further owner participation agreements. In 2022, an owner
participation agreement was formalized to agree to qualified reimbursement terms
with the Developer. Several improvements that were approved as part of the Plan
have already been completed and development progress in the district is occurring
rapidly with some certificates of occupancy having been issued.
In calendar year 2025, the CDA received $46,815.31 in property tax increment
revenue and the CDA reimbursed the Developer in the amount of $25,409.50 in
accordance with the executed Owner Participation Agreement between the CDA and
the Developer.
Yellowstone Corridor Urban Renewal Plan (est. 20255
In response to the sunset of the 1992 Urban Renewal District in the early 2020s, the
Chubbuck Development Authority (CDA) and City Council identified a need for continued
investment in the Yellowstone Corridor area.
In 2024, the Urban Land Institute convened a Technical Assistance Panel composed of
experts in real estate, development, and finance to evaluate opportunities within the
corridor. In October 2024, the panel presented its findings and recommendations to the
CDA, City Council, and community stakeholders.
Based on these recommendations, the CDA and the City initiated the process to establish a
new urban renewal district. Throughout the spring and summer of 2025, the CDA worked
in coordination with a consultant and the City Council to complete the statutory
requirements for district formation.
The Yellowstone Urban Renewal Plan was formally adopted by the CDA Board on August
19, 2025, and subsequently approved by the Chubbuck City Council through Ordinance No.
883 on October 15, 2025.
The Project Area encompasses approximately 389 -acres along the Yellowstone Highway
Corridor, extending between New Day Parkway/Siphon Road and I-86. The area includes a
diverse mix of land uses, including commercial, residential, industrial, and agricultural
zoning, and contains a combination of developed properties, underutilized parcels, and
vacant land positioned for redevelopment.
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Despite its strategic location, the Project Area is currently constrained by several
significant infrastructure and site deficiencies. Public infrastructure, including roadways,
sidewalks, and curbs, is deteriorated or incomplete in many locations, and the existing
street network lacks adequate connectivity to support efficient vehicular, pedestrian, and
bicycle movement. In addition, portions of the water and wastewater systems are
undersized or outdated, limiting the area's capacity to support future growth and
development.
These conditions, combined with outdated lot configurations, fragmented ownership
patterns, and the presence of aging or obsolete structures, have resulted in underutilization
of land and constrained the area's ability to achieve its highest and best use. As a result, the
Project Area has not fully contributed to the City's economic vitality and growth objectives.
Planned Improvements and Redevelopment Strategy
The Plan is designed to address these deficiencies through targeted public investment in
infrastructure and publicly owned assets. Planned improvements include roadway
reconstruction, enhanced pedestrian and bicycle connectivity, and upgrades to water and
wastewater systems. These investments are intended to create a development -ready
environment that supports a range of uses, including commercial, office, retail, industrial,
and multi -family residential development, consistent with the City's Comprehensive Plan.
Financing and Implementation
Implementation of the Plan is supported through revenue allocation financing. This
mechanism allows incremental property tax revenues generated by new development
within the Project Area to be reinvested into public infrastructure and related
improvements. This approach provides a critical funding source to address existing
deficiencies and facilitate redevelopment that would not otherwise be feasible due to the
high cost of infrastructure investment.
Anticipated Outcomes
Through the coordinated investment of public resources, the Plan is expected to:
• Stimulate private investment and redevelopment.
• Expand housing opportunities across a range of income levels.
• Support job creation and economic activity.
• Enhance connectivity, safety, and overall livability within the area.
• Increase the City's tax base, providing long-term fiscal benefits.
The Project Area represents a significant opportunity for strategic reinvestment and
growth. By addressing longstanding infrastructure deficiencies and enabling new
development, the Plan positions the area to become a more vibrant, connected, and
economically productive part of the community.
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Properties in the District Owned by the CDA
In 2018-2019, the CDA purchased several properties deemed blighted and in need of
redevelopment under the urban renewal plan to redevelop the properties in the newly
identified downtown or city center of the city of Chubbuck. As planned, in Spring 2022 the
City adopted a downtown plan and associated zoning code for the downtown area, named
Chubbuck Village, and the CDA commenced with the disposal process for all properties as
required by Idaho law. No complete responses were received, however, and the CDA decided
to wait until calendar year 2023 to attempt again to dispose of the properties with adjusted
response standards in hopes of gaining more developer interest.
In 2023, the CDA commenced the statutory disposal process for its properties. Multiple
responses were provided to the request for proposals and the CDA selected preferred
developers with whom to proceed. As part of the disposition process, the CDA deeded two
(2) properties adjacent to City Hall to the City of Chubbuck to be used as parks/open space;
in 2023, the City constructed improvements on the adjacent property west of City Hall with
picnic tables, benches, and cornhole pedestals.
Properties owned by the CDA at the end of 2025 include:
• 339 East Chubbuck Rd: In 2023, an Agreement to Negotiate Exclusively and a
Development Disposition Agreement were signed with the preferred
developer, and a Fair Reuse Appraisal was obtained. Unfortunately, on January
07, 2024, a fire destroyed the property's building and the CDA has determined
that it must commence anew with the disposal process outlined by Idaho Code.
It is anticipated that the CDA will undergo a new process in 2026.
• Chubbuck City Hall Subdivision Lot; In 2023, an Agreement to Negotiate
Exclusively was signed with the preferred developer and the CDA contracted
to have a Fair Reuse Appraisal completed. An appraisal was completed;
however, in 2024, the preferred developer has chosen not to pursue a project
at this time. It is anticipated that the CDA will undergo a new process in 2026.
CDA properties transferred during 2025:
• 211 East Linden, 208 Evans, 206 Evans, 162 Evans, 152 Evans, 140 Evans: In 2023,
an Agreement to Negotiate Exclusively was signed with the preferred developer and
the CDA contracted to have a Fair Reuse Appraisal completed, which was received in
December 2023. The CDA worked continuously with the developer throughout 2024
and early 2025 to meet the negotiated conditions of approval of a property transfer.
The CDA closed on the property transfer in early 2025.
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CONCLUSION
The Chubbuck Development Authority (CDA) continues to fulfill its charter through
projects within its urban renewal districts and has been successful to date in addressing
conditions of slum and blight and promotion of economic development. The CDA remains
confident that this work will continue for decades, enhancing properties throughout the
City of Chubbuck for the benefit of businesses, residents, and visitors.
The CDA is in a fiscally sound position to sustain these efforts and will continue to partner
with developers and public agencies to support ongoing improvement in the area.
Attachments:
Fiscal Year 2025 Budget & Fiscal Year 2024 Audit
Deaton & Company, Chartered
Certified Public Accountants
215 North 9th, Suite A
Pocatello, ID 83201-5278
(208)232-5825
Members cf the Idaho Society of Certified Public Accountants
Members of the American Institute of Certified Public Accountants
March 10, 2025
Board of Commissioners
Chubbuck Development Authority
PO Box 5604
Chubbuck, Idaho 83202
We have audited the financial statements of the governmental activities, each major fund, and the
aggregate remaining fund information of Chubbuck Development Authority for the year ended September
30, 2024. Professional standards require that we provide you with information about our responsibilities
under generally accepted auditing standards (and, if applicable, Government Auditing Standards and the
Uniform Guidance), as well as certain information related to the planned scope and timing of our audit.
We have communicated such information in our letter to you dated October 29, 2024. Professional
standards also require that we communicate to you the following information related to our audit.
Significant Audit Findings
Qualitative Aspects of Accounting Practices
Management is responsible for the selection and use of appropriate accounting policies. The significant
accounting policies used by Chubbuck Development Authority are described in Note 1 to the financial
statements. No new accounting policies were adopted and the application of existing policies was not
changed during 2024. We noted no transactions entered into by Chubbuck Development Authority during
the year for which there is a lack of authoritative guidance or consensus. All significant transactions have
been recognized in the financial statements in the proper period.
Accounting estimates are an integral part of the financial statements prepared by management and are
based on management's knowledge and experience about past and current events and assumptions
about future events. Certain accounting estimates are particularly sensitive because of their significance
to the financial statements and because of the possibility that future events affecting them may differ
significantly from those expected. The authority had no estimates reported during the year.
The financial statement disclosures are neutral, consistent, and clear.
Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in dealing with management in performing and completing our
audit.
Corrected and Uncorrected Misstatement
Professional standards require us to accumulate all known and likely misstatements identified during the
audit, other than those that are clearly trivial, and communicate them to the appropriate level of
management. Management has corrected all such misstatements. In addition, none of the misstatements
detected as a result of audit procedures and corrected by management were material, either individually
or in the aggregate, to each opinion unit's financial statements taken as a whole.
Disagreements with Management
For purposes of this letter, a disagreement with management is a financial accounting, reporting, or
auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial
statements or the auditor's report. We are pleased to report that no such disagreements arose during the
course of our audit.
Management Representations
We have requested certain representations from management that are included in the management
representation letter dated March 10, 2025.
Management Consultations with Other Independent Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting
matters, similar to obtaining a "second opinion" on certain situations. If a consultation involves application
of an accounting principle to Chubbuck Development Authority's financial statements or a determination
of the type of auditor's opinion that may be expressed on those statements, our professional standards
require the consulting accountant to check with us to determine that the consultant has all the relevant
facts. To our knowledge, there were no such consultations with other accountants.
Other Audit Findings or Issues
We generally discuss a variety of matters, including the application of accounting principles and auditing
standards, with management each year prior to retention as Chubbuck Development Authority's auditors.
However, these discussions occurred in the normal course of our professional relationship and our
responses were not a condition to our retention.
Other Matters
We applied certain limited procedures to the schedules of budget and actual, which are required
supplementary information (RSI) that supplements the basic financial statements. Our procedures
consisted of inquiries of management regarding the methods of preparing the information and comparing
the information for consistency with management's responses to our inquiries, the basic financial
statements, and other knowledge we obtained during our audit of the basic financial statements. We did
not audit the RSI and do not express an opinion or provide any assurance on the RSI.
Restriction on Use
This information is intended solely for the information and use of Board of Commissioners and
management of Chubbuck Development Authority and is not intended to be, and should not be, used by
anyone other than these specified parties.
Very truly yours,
Pocatello, ID
CHUBBUCK DEVELOPMENT AUTHORITY
STATEMENT OF NET POSITION
SEPTEMBER 30, 2024
WITH COMPARATIVE TOTALS AT SEPTEMBER 30, 2023
ASSETS
Current assets
Cash and cash equivalents
Prepaid expense
Property tax receivable
Restricted cash
Noncurrent assets
Non -depreciable capital assets
LIABILITIES
Current liabilities
Accounts payable
Current portion of bond payable
Noncurrent liabilities
Bond payable
NET POSITION
Restricted for districts
Unrestricted
Governmental Activities
2024 2023
$ 653,906
$ 2,382,566
4,312
3,593
19,345
16,706
129,028
142,384
806,591
2,545,249
1,260,321 1,260,321
1,260,321 1,260,321
2,066,912 3,805,570
381
2,127
58,781
56,198
59,162
58,325
1,144,102 1,292,891
1,144,102 1,292,891
1,203,264 1,351,216
562,031 2,368,237
301,617 86,117
$ 863,648 $ 2,454,354
The accompanying notes are an integral part of these financial statements
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CHUBBUCK DEVELOPMENT AUTHORITY
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED SEPTEMBER 30, 2024
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2023
EXPENSES
General government
Chubbuck Urban Renewal District
Pine Ridge Mall Urban Renewal District
Northside Urban Renewal District
Harvest Springs Urban Renewal District
NET(EXPENSES)/REVENUE
GENERAL REVENUE
Property taxes
Interest
Service and contract revenue
Other
CHANGE IN NET POSITION
BEGINNING NET POSITION
ENDING NET POSITION
Governmental Activities
2024 2023
$ 44,797
1,679,709
97,709
419,004
$ 44,924
1,620,647
109,347
28,110
2,241,219 1,803,028
(2,241,219)
491,759
40,753
118,000
650,512
(1,590,707)
2,454,354
$ 863,648
(1,803,028)
2,722,800
50,894
5,000
27,074
2,805,768
1,002,740
1,451,614
$ 2,454,354
The accompanying notes are an integral part of these financial statements
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Amounts reported for governmental activities in the statements of net position
are different because:
Capital assets used in governmental activities are not financial resources and therefore, are not reported in the funds, net of
accumulated depreciation of $0.
Certain receivables are not current resources and are reported as deferred revenues in the governmental funds
Long-term liabilities are not due and payable in the current period and therefore, are not reported in the governmental funds:
Bond payable
Net Position of Governmental Activities
The accompanying notes are an integral part of these financial statements
8
1,260,321 1,260, 321
19,345 16,706
(1,202,883) (1,349,089)
$ 863,648 $ 2,454,354
CHUBBUCK DEVELOPMENT AUTHORITY
BALANCE SHEET
GOVERNMENTALFUNDS
SEPTEMBER 30, 2024
WITH COMPARATIVE TOTALS AT SEPTEMBER 30,
2023
Nonmajor
Chubbuck
Pine Ridge Mall Northside
Harvest Springs
General
Urban Renewal
Urban Renewal Urban Renewal
Urban Renewal
Fund
District Fund
District Fund District Fund
District Fund
2024
2023
ASSETS
Cash and cash equivalents
$
220,903
$ 391,101
$ (15) $ 6,424
$ 35,493
$ 653,906
$ 2,382,566
Prepaid expense
4,312
-
- -
-
4,312
3,593
Property tax receivable
-
3,294
- 16,051
19,345
16,706
Restricted cash
25
-
129,003 -
-
129,028
142,384
TOTAL ASSETS
$
225,240
$ 394,395
$ 128,988 $ 22,475
$ 35,493
$ 806,591
$ 2,545,249
LIABILITIES
Accounts payable
$
381
$ -
$ - $ -
$ -
$ 381
$ 2,127
Grant payable
-
-
-
-
-
Deferred tax revenues
-
3,294
16,051
19,345
16,706
381
3,294
- 16,051
-
19,726
18,833
FUND BALANCES
Restricted
25
391,101
128,988 6,424
35,493
562,031
2,368,237
Committed
-
-
- -
-
-
-
Unassigned
224,834
-
- -
-
224,834
158,179
224,859
391,101
128,988 $ 6,424
$ 35,493
$ 786,865
$ 2,526,416
TOTAL LIABILITIES &
FUND BALANCES
$
225,240
$ 394,395
$ 128,988 $ 22,475
$ 35,493
$ 806,591
$ 2,545,249
Amounts reported for governmental activities in the statements of net position
are different because:
Capital assets used in governmental activities are not financial resources and therefore, are not reported in the funds, net of
accumulated depreciation of $0.
Certain receivables are not current resources and are reported as deferred revenues in the governmental funds
Long-term liabilities are not due and payable in the current period and therefore, are not reported in the governmental funds:
Bond payable
Net Position of Governmental Activities
The accompanying notes are an integral part of these financial statements
8
1,260,321 1,260, 321
19,345 16,706
(1,202,883) (1,349,089)
$ 863,648 $ 2,454,354
EXPENDITURES
Administration
Construction
Professional services
Other expenses
Debt services
Principal
Interest and fiscal charges
Return of surplus funds
14,525 - 17,540 60,138 92,203 134,595
- 736,445 - 419,004 1,155,449 1,254,407
24,000 20,850 - 44,850 26,265
6,272 7,500 13,772 35,834
149,000 149,000 191,000
- 92,374 92,374 104,052
- 914,914 - 914,914
44,797 1,679,709 258,914 479,142 2,462,562 1,746,153
EXCESS OF REVENUES OVER
CHUBBUCK DEVELOPMENT AUTHORITY
(UNDER) EXPENDITURES 66,662 (1,561,277) (13,378)
(250,553)
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
1,167,762
NET CHANGE IN FUND BALANCE 66,662 (1,561,277) (13,378)
(250,553)
18,995 (1,739,551)
GOVERNMENTAL FUNDS
BEGINNING FUND BALANCE 158,197 1,952,378 142,366
256,977
16,498 2,526,416
1,358,654
FOR THE YEAR ENDED SEPTEMBER 30, 2024
6,424 $
35,493 $ 786,865 $
2,526,416
WITH COMPARATIVE TOTALS FOR THE YEAR ENDED SEPTEMBER 30, 2023
$ (1,739,551) $
1,167,762
Nonmajor
Chubbuck Pine Ridge Mail Northside Harvest Springs
General
Urban Renewal Urban Renewal Urban Renewal Urban Renewal
Fund
District Fund District Fund District Fund District Fund
2024
2023
REVENUES
Property taxes
$ 7
$ 432 $ 241,097 $ 228,589 $ 18,995 $
489,120 $
2,713,824
Administration
75,138
- - - -
75,138
117,123
Interest revenue
36,314
- 4,439
40,753
50,894
Other revenue
-
118,000 -
118,000
27,074
Service and contract revenue
5,000
111,459
118,432 245,536 228,589 18,995
723,011
2,913,915
EXPENDITURES
Administration
Construction
Professional services
Other expenses
Debt services
Principal
Interest and fiscal charges
Return of surplus funds
14,525 - 17,540 60,138 92,203 134,595
- 736,445 - 419,004 1,155,449 1,254,407
24,000 20,850 - 44,850 26,265
6,272 7,500 13,772 35,834
149,000 149,000 191,000
- 92,374 92,374 104,052
- 914,914 - 914,914
44,797 1,679,709 258,914 479,142 2,462,562 1,746,153
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 66,662 (1,561,277) (13,378)
(250,553)
18,995 (1,739,551)
1,167,762
NET CHANGE IN FUND BALANCE 66,662 (1,561,277) (13,378)
(250,553)
18,995 (1,739,551)
1,167,762
BEGINNING FUND BALANCE 158,197 1,952,378 142,366
256,977
16,498 2,526,416
1,358,654
ENDING FUND BALANCE $ 224,859 $ 391,101 $ 128,988 $
6,424 $
35,493 $ 786,865 $
2,526,416
Net change in fund balances -total governmental funds
$ (1,739,551) $
1,167,762
Amounts reported for governmental activities in the statements of activities are different because:
Governmental funds only report taxes received within 60 days as current fund revenues. All taxes receivable are treated as revenues in
the statement of activities. 2,639 8,976
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities,
the costs of those assets is depreciated over their estimated useful lives:
Capital asset donation (362,203)
Governmental funds report principal repayment on debt as an expenditure and debt issuance as an other financing source. Long-term
notes provide current financial resources to the governmental funds, but issuing debt increases long term liabilities in the Statement of Net
Position. The discount on the long-term debt is an other financial resource in the government fund but decreases the net liability in the
Statement of Net Position:
Principal repayment on debt 149,000 191,000
Long term debt discount (2,795) (2,795)
Change in Net Position of Governmental Activities $ (1,590,707) $ 1,002,740
The accompanying notes are an integral part of these financial statements
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CHUBBUCK DEVELOPMENT AUTHORITY
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - Summary of Sianificant Accountina Policies
A. Reporting entity
The Idaho Urban Renewal Law of 1965 authorized the Mayor, with advice and consent of the City Council, to appoint
a board of commissioners for an urban renewal agency to function within the municipality of Chubbuck, provided that
the Council has first passed a resolution finding that one or more such areas are necessary, and that there is a need
for an urban renewal agency to function in the City.
Chubbuck's urban renewal agency, Chubbuck Development Authority (CDA), was found necessary by a resolution in
1992 and the board members were appointed thereafter. Unlike other advisory boards to the City Council, state law
declares this agency to be "an independent public body corporate and politic" and gives it a wide range of authority to
effectuate urban renewal.
Under generally accepted accounting principles, as adopted by the Governmental Accounting Standards Board, the
CDA is included in the Annual Financial Statements of the City of Chubbuck as a discretely presented component
unit.
B. Government -wide and fund financial statements
The government -wide financial statements (i.e., the Statement of Net Position and the Statement of Activities) report
information on all of the nonfiduciary activities of the government. For the most part, the effect of interfund activity
has been removed from these statements.
The fund financial statements provide information about the Authority's funds. The emphasis of fund financial
statements is on major funds, each displayed in a separate column.
The Authority reports the following major funds:
The General Fund is the Authority's primary operating fund. It accounts for all financial resources, except those
accounted for in another fund.
The Chubbuck Tax Increment Financing (TIF) District Fund (Chubbuck District), a special revenue fund, accounts for
the Authority's operations within the revenue allocation area of that district. The Chubbuck District was established in
1992 and has a termination date in the year 2023 and was closed in 2024.
The Pine Ridge Tax Increment Financing (TIF) District Fund (Pine Ridge District), a special revenue fund, accounts
for the Authority's operations within the revenue allocation area of that district. The Pine Ridge District was
established in 2016 and has a termination date in the year 2036, except for revenues which may be received in 2037.
The Northside Crossing Tax Increment Financing (TIF) District Fund (Northside District), a special revenue fund,
accounts for the Authority's operations within the revenue allocation area of that district. The Northside District was
established in 2022.
The Harvest Spring Tax Increment Financing (TIF) District Fund (Harvest Springs District), a special revenue fund,
accounts for the Authority's operations within the revenue allocation area of that district. The Harvest Springs District
was established in 2023.
The revenue generated in the districts' fund are restricted to be used for the district and within the TIF district
boundaries.
10
CHUBBUCK DEVELOPMENT AUTHORITY
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - Summary of Significant Accounting Policies (Continued)
C. Measurement focus, basis of accounting, and financial statement presentation
The government -wide financial statements are reported using the economic resources measurement focus and the
accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is
incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for
which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements
imposed by the provider have been met.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service
expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded
only when payment is due.
Property taxes and interest associated with the current fiscal period are all considered to be susceptible to accrual
and so have been recognized as revenues of the current fiscal period. All other revenue items are considered to be
measurable and available only when cash is received by the authority.
As a general rule, the effect of interfund activity has been eliminated from the government -wide financial statements
D. Assets, liabilities, and net position or fund balance
1. Deposits and investments
Unrestricted cash balances from all funds are combined and invested in investments authorized under Idaho State
Code. Earnings from these investments are credited to the funds based on the monthly balance of cash in each fund.
Cash includes cash on hand, deposits, and other investments which are immediately convertible to cash or have a
maturity of less than 90 days.
The CDA is authorized under State Code to invest in obligations of the U.S. Treasury, U.S. Government backed
institutions, commercial paper, and repurchase agreements. CDA's policy is to restrict investment to highly liquid
money market accounts.
2. Receivables and payables
Property taxes receivable are recorded when certified by the State Tax Commission in October of each year. Taxes
not received within sixty days of year-end are deferred. The taxing authorities within each tax increment financing
district levy property taxes by the third Monday of September on a market value basis. These taxes are billed to the
taxpayers in November and are due December 20. Real property taxes not paid constitute a lien on the property
when entered on the real property assessment roll as delinquent on the first day of January of the succeeding year.
Property taxes are assessed and collected for the Authority by Bannock County.
3. Restricted assets
It is the Authorities policy to first apply restricted resources when an expense is incurred for purposes for which both
restricted and unrestricted net assets are available. When unrestricted resources are spent, the order of spending is
committed (if applicable), assigned (if applicable) and unassigned.
4. Capital Assets
The Authority has purchased land properties within the Chubbuck TIF District as capital assets. The land is to be
developed by the authority, sold to a third party for further development, or donated. It is the policy of the Authority to
capitalize assets that are expected to last longer than one year and cost exceeds $5,000.
5. Compensated Absences
The Authority has no liability for compensated absences.
11
CHUBBUCK DEVELOPMENT AUTHORITY
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - Summary of Significant Accounting Policies (Continued)
D. Assets, liabilities, and net position or fund balance (continued)
6. Fund Balance
In the fund financial statements, governmental funds report the following classifications of fund balance:
Nonspendable items- This category includes a portion of net resources that cannot be spent because of their form
or because they must be maintained intact. This includes inventories and prepaid items.
Restricted items- This category includes resources where limitations are imposed by external entities, such as
grantors and creditors, or to comply with laws and regulations of governments.
Committed items -This category includes amounts that can only be used for the specific purposes determined by a
formal action of the Authority's highest level of decision-making for the Authority. Commitments may be changed
or lifted only by the Board taking the same formal action that imposed the constraint originally.
Assigned items -Assigned items represent the Authority's intent to use certain resources for specific purposes. The
Board may establish the intended use of these funds for a designated purpose.
Unassigned items- Represents the remainder of the Authority's equity in governmental fund -type balances in
excess of the aforementioned classifications.
NOTE 2 - Reconciliation of Government -wide and Fund Financial Statements
A. Explanation of certain differences between the governmental fund balance sheet and the government -
wide statement of net position.
The governmental fund balance sheet includes the reconciliation between fund balance - total governmental funds
and net position - governmental activities as reported in the government -wide statement of net position. One element
of the reconciliation explains that "Certain receivables are not current resources and are reported as deferred
revenues in the governmental funds". The detail of this difference is as follows:
Deferred Property Taxes
Capital assets are made up of the following non -depreciable assets:
Land
$ 19,345
$ 1,260,321
On October 15, 2020, the Authority approved the issuance of a bond in the amount of $1,940,000
at a discount of $50,000. The bond carries an interest rate at 6.750%.
Long-term Bond Payable $ 1,242,000
Long-term Bond Discount (39,117)
$ 1,202,883
NOTE 3 - Stewardship, Compliance and Accountability
A. Budgetary information
Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual appropriated
budgets are adopted for the general and special revenue funds. All annual appropriations lapse at fiscal year end.
12
CHUBBUCK DEVELOPMENT AUTHORITY
NOTES TO FINANCIAL STATEMENTS
NOTE 3 - Stewardship, Compliance and Accountability (Continued)
A. Budgetary information (continued)
The Board of the Chubbuck Development Authority is required to hold public meetings in conjunction with adoption of
its annual budget. The Authority approved the 2024 budget and will approve future budgets. The new budget is
submitted to the board at its meeting in October as part of the cash report presented by the Treasurer. This is when
the budget is approved. Budgets may be amended by the same procedure used to adopt the budget.
NOTE 4 - Detailed Notes on All Funds
A. Deposits and investments
Cash and cash equivalents at year-end consist of the following:
Deposits
Cash in bank
Escrow
Outstanding checks
The Authority has no investments.
Bank Book
$ 734,923 $ 653,931
129,003 129,003
(80,992) -
$ 782,934 $ 782,934
Deposits - Custodial Credit Risk for deposits is the risk that, in the event of bank (financial institute) failure, the
government's deposits may not be returned to it.
Deposits and investment transactions are subject to risks.
Interest Rate Risk is the risk that changes in interest rates will adversely affect the value of an investment. This risk
in null since the Authority has no investments.
Credit Risk is the risk that an issuer or a counter party to an investment will not fulfill its obligations.
Concentration of Credit Risk is the risk of loss attributed to the magnitude of an investment in a single issuer.
Because the Authority has all trust deposits held within one trust department, a concentration risk exists. Deposits
are held in an institution covered by collateralized accounts or federal depository insurance up to $250,000. The
Authority's concentration credit risk is $0.
B. Changes in Capital Assets
A summary of capital assets at year end is as follows:
Beginning Ending
Balance Additions Deletions Balance
Non -depreciable assets
Land $ 1,260,321 $ - $ - $ 1,260,321
$ 1,260,321 $ - $ - $ 1,260,321
13
CHUBBUCK DEVELOPMENT AUTHORITY
NOTES TO FINANCIAL STATEMENTS
NOTE 4 - Detailed Notes on All Funds (Continued)
C. Receivables
1. Property Taxes
Property tax revenues are recognized and accrued when billed by Bannock County. CDA's property taxes, levied by
the third Monday of September on a market value basis, are billed to the taxpayers in November. Half of the real,
personal and mobile home property taxes are due on December 20 and the remainder is due the following June 20.
Other property taxes are due December 20. Real property taxes not paid constitute a lien on the property when
entered on the real property assessment roll as delinquent on the first day of January of the succeeding year.
Property taxes are assessed and collected for CDA by Bannock County.
2. Property Tax Receivable and Deferred Property Taxes
At yearend, property tax receivable and deferred tax revenues consisted of the following:
General fund
Chubbuck Urban Renewal District Fund
Pine Ridge Mall Urban Renewal District Fund
Northside Crossing TIF District Fund
Harvest Springs TIF District Fund
Receivables Deferred Tax
3,294
16,051
3,294
16,051
$ 19.345 $ 19.345
D. Long-term Debt
On October 15, 2020, the Authority approved the issuance of a bond in the amount of $1,940,000 at a discount of
$50,000. The bond carries an interest rate at 6.750% and a maturity date of November 1, 2037. The bond is being
used to provide monies to reimburse the developer of the Pine Ridge Mall for eligible costs and thereby provide more
capital for further development in the Pine Ridge Mall Project Area. The Pine Ridge Mall Project is within the Pine
Ridge Tax Increment Financing District (TIF) District. The bond will be payable from and secured by the revenues
generated from the TIF District tax increments.
Current portion
Noncurrent portion
Long-term bond payable
Long-term debt interest
Annual Debt Service Requirements
Year Ending
September 30,
2025
2026
2027
2028
2029
2030-2034
2035-2038
Face Value
Discount
Book Value
$ 58,781
$ 2,794
$ 55,987
1,183,219
36,323
1,146,896
$ 1,242,000
$ 39,117
1,202,883
Beginning Ending
Balance Additions Reductions Balance
$ 1,391,000 $ - $ (149,000) $ 1,242,000
(41,911) - 2,794 (39,117)
$ 1,349,089 $ - $ (146,206) $ 1,202,883
14
Principal
Interest
Total
$ 58,781
$ 82,859
$ 141,640
62,815
78,825
141,640
67,127
74,513
141,640
71,735
69,905
141,640
76,658
64,982
141,640
469,824
238,376
708,200
435,060
60,680
495,740
$ 1,242,000 $ 670,140 $ 1,912,140
CHUBBUCK DEVELOPMENT AUTHORITY
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - Other Information
A. Contingent liabilities
The majority of the revenue collected by the CDA is derived from tax increment financing. Tax increment financing is
a method of segregating a portion of the property taxes paid on properties within an urban renewal district to fund
improvements for which the district was formed. This is accomplished by freezing the market value of property within
the district.
A contingent liability exists when the market value increase in the district is not large enough to fund any debt incurred
by the district to finance the improvements within the district.
B. Subsequent events
Subsequent events were evaluated up to March 10, 2025, the date the financial statements were available to be
issued.
During the year the Authority closed out the Chubbuck Urban Renewal District, however, there were outstanding
projects and expenditures that were completed and finalized after the close of the district.
C. Tax abatement
During the year the Authority was not subject to any tax abatements.
15
REQUIRED SUPPLEMENTARY INFORMATION
16
CHUBBUCK DEVELOPMENT AUTHORITY
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
GENERALFUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
REVENUES
Property taxes
Interest revenue
Other revenue
EXPENDITURES
Administration
Professional services
Other expenses
NET CHANGE IN FUND BALANCE
BEGINNING FUND BALANCE
ENDING FUND BALANCE
Original Amended
Budqet Budqet Actual
$ -
$ 7
$ 7
$ -
-
-
36,314
36,314
34,800
58,308
75,138
16,830
34,800
58,315
111,459
53,144
14,000
14,000
14,525
(525)
19,000
19,000
24,000
(5,000)
1,800
25,312
6,272
19,040
34,800
58,312
44,797
13,515
$ -
$ 3
66,662
$ 66,659
158,197
$ 224,859
17
CHUBBUCK DEVELOPMENT AUTHORITY
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
CHUBBUCK URBAN RENEWAL DISTRICT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Amended
Budget Budget Actual
Amounts Amounts Amounts Variance
REVENUES
Property taxes $ - $ 433 $ 432 $ (1)
Miscellaneous revenue - 118,000 118,000 -
- 118,433 118,432 (1)
EXPENDITURES
Construction
- - 736,445
(736,445)
Grants
- 30,000 20,850
9,150
Professional services
- - -
-
Other expenses
- - 7,500
(7,500)
Return of surplus funds
- - 914,914
(914,914)
- 30,000 1,679,709
(1,649,709)
NET CHANGE IN FUND BALANCE $
- $ 88,433 (1,561,277)
$ (1,649,710)
BEGINNING FUND BALANCE
1,952,378
ENDING FUND BALANCE
$ 391,101
18
CHUBBUCK DEVELOPMENT AUTHORITY
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
PINE RIDGE MALL URBAN RENEWAL DISTRICT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original
Amended
Budget
Budget
Actual
Amounts
Amounts
Amounts
Variance
REVENUES
Property taxes $ 315,000
$ 318,000
$ 241,097
$ (76,903)
Interest revenue -
-
4,439
4,439
315,000
318,000
245,536
(72,464)
01»kgIQ1101:7*[
Administration 15,000 18,000 17,540 460
Debt services
Principal 300,000 300,000 149,000 151,000
Interest and fiscal charges - - 92,374 (92,374)
315,000 318,000 258,914 59,086
REVENUES OVER (UNDER) EXPENDITURES - - (13,378) (13,378)
NET CHANGE IN FUND BALANCE $ - $ - (13,378) $ (13,378)
BEGINNING FUND BALANCE 142,366
ENDING FUND BALANCE $ 128,988
19
CHUBBUCK DEVELOPMENT AUTHORITY
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
NORTHSIDE CROSSING URBAN RENEWAL DISTRICT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
REVENUES
Property taxes
EXPENDITURES
Administration
Construction
Grant expense
NET CHANGE IN FUND BALANCE
BEGINNING FUND BALANCE
ENDING FUND BALANCE
Original Amended
Budget Budget Actual
Amounts Amounts Amounts Variance
$ 170,000 $ 228,500 $ 228,589 $
34,000 60,139 60,138
136,000 419,004 419,004
$ - $ (250,643) (250,553) $
256,977
20
:•
1
CHUBBUCK DEVELOPMENT AUTHORITY
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
HARVEST SPRINGS URBAN RENEWAL DISTRICT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Amended
Budget Budget Actual
Amounts Amounts Amounts Variance
REVENUES
Property taxes
EXPENDITURES
Administration
Other expenses
Grant expense
NET CHANGE IN FUND BALANCE
BEGINNING FUND BALANCE
ENDING FUND BALANCE
$ 40,000 $ 40,000 $ 18,995 $ (21,005)
8,000 8,000 - 8,000
32.000 32.000 - 32.000
21
18,995 $ (61,005)
16,498
CHUBBUCK DEVELOPMENT AUTHORITY
NOTES TO REQUIRED SUPPLEMENTAL INFORMATION
FOR THE YEAR ENDED SEPTEMBER 30, 2024
NOTE 1 - BUDGETARY INFORMATION
GENERALFUND
The Authority did not budget sufficient expenditures for administration and professional
services. These additional expenditures were paid with decreased expenditures in other
expenses.
CHUBBUCK URBAN RENEWAL DISTRICT FUND
The Authority did not budget sufficient amounts for the following expenditures:
Construction
Other expense
Return of surplus funds
The under -budgeted expenditures were paid using available fund balances
PINE RIDGE MALL URBAN RENEWAL DISTRICT FUND
The Authority did not budget sufficient amounts for the following expenditures:
Other expenses
Bond interest expense
The under -budgeted expenditures were paid using revenues in excess of budget and
NORTHSIDE CROSSING URBAN RENEWAL DISTRICT FUND
The Authority over-estimated both the administrative and grant expenses.
The Authority over-estimated the level of revenue from the county.
HARVEST SPRINGS URBAN RENEWAL DISTRICT FUND
The Authority over-estimated the level of revenue from the county.
NOTE 2 - LEGAL ADOPTION OF BUDGET
In accordance with Title 50, Chapter 20 of the Idaho State Code, the Agency is required to
prepare, approve and adopt an annual budget for filing with the local governing body, for
informational purposes. A budget means an annual estimate of revenues and expenses for
the following fiscal year of the Agency. The Authority approved the fiscal year end 2024
budget and will approve future budgets.
22
LEGAL NOTICE
Notice of Public Hearing
Urban Renewal Agency of the City of Chubbuck, Idaho
a/k/a Chubbuck Development Authority
Budget Amendment for Fiscal Year 2025
A public hearing for consideration of the Urban Renewal Agency Project amended budget for the fiscal
year that begins October 1, 2024, and ends September 30, 2025 will be held in Council Chambers, located
at 290 E. Linden Ave, Chubbuck, Idaho, on August 19, 2025, at 5:30 p.m., pursuant to Idaho Code §§ 50-
2006(d), 50-2903(5) and 50-1002. Written or oral comments about the proposed budget are welcome.
Written comments may be submitted prior to the meeting to: Chubbuck Development Authority, c/o
Ashley Squyres, 290 E Linden Ave., Chubbuck, ID 83202.
The Agency budget funds the programs, services, and capital projects that the Agency Board and the City
Council have determined to be important to meet the Agency's strategic goals as described in the adopted
urban renewal plans. Agency does not levy property taxes but rather, collects increment revenues
generated in accordance with the urban renewal plans.
This public hearing on the proposed budget is required for formal adoption of an amended FY2025
budget. The proposed expenditures and revenues for FY2025 have been tentatively approved by the
Chubbuck Urban Renewal Agency Board of Commissioners on August 19, 2025.
City Hall is accessible to persons with disabilities.
Revenue Sources Other Than Property
Taxes
Chubbuck Improvement Revenue 55,000 - -
Fund
Pine Ridge Revenue Allocation Fund -
Interest 5,000 5,000 7,000
Pine Ridge Revenue Allocation Fund -
Carryover 55,000
Fund Balance Carryover from FY24
Administrative Fund - Carryover 44,800 76,800
FY 2023
FY 2024
FY 2025
Budgeted
Budgeted
Amended
Fund Name
Revenues
Revenues
Revenues
Property Tax Revenue (Increment)
Chubbuck Improvement Revenue
Allocation Fund
$ 2,575,000
-
-
Pine Ridge Revenue Allocation Fund
$ 297,000
$ 315,000
$300,000
Northside Crossing Revenue
Allocation Fund
170,000
170,000
$228,000
Harvest Springs Revenue Allocation
Fund
20,000
40,000
$46,344
Total Property Tax Revenue
$ 3,062,000
$ 525,000
$ 574,344
Revenue Sources Other Than Property
Taxes
Chubbuck Improvement Revenue 55,000 - -
Fund
Pine Ridge Revenue Allocation Fund -
Interest 5,000 5,000 7,000
Pine Ridge Revenue Allocation Fund -
Carryover 55,000
Fund Balance Carryover from FY24
Administrative Fund - Carryover 44,800 76,800
Total Revenues- All Sources
Fund Name
Pine Ridge Revenue Allocation Fund
Administrative Expenses
Debt Service
Debt Trustee
Fund Total
Northside Crossing Revenue
Allocation Fund
Administrative Expenses & Capital
Improvements
Owner Participation Agreements or
other Agreements
Fund Total
Harvest Springs Revenue Allocation
Fund
Administrative Expenses & Capital
Improvements
Owner Participation Agreements or
other Agreements
Capital Improvements
Fund Total
Administrative Fund
Office & Financial Administration
City Administrative Reimbursement
Legal
Dues & Subscriptions
Professional Services
Other
Publications
Fund Total
Total All Expenditures
$ 3,117,000 $ 574,800 $ 713,144
FY 2023 FY 2024 FY 2025
Budgeted Budgeted Amended
Expenditures Expenditures Expenditures
Publish: & , 2025.
15,000 34,000 18,000
287,000 136,000 180,000
102,000
302,000 170,000 300,000
34,000 8,000 45,600
136,000 32,000 182,400
170,000 40,000 228,000
5,000 9,269
15,000 14,000
37,075
15,000
20,000 18,000
46,344
14,000
80,000
15,000
24,000
18,000
1,800
1,800
20,000
12,000
1,000
1,000
49,800
138,800
$ 3,117,000
$713,144