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Home My WebLink About2022-03RESOLUTION NO. 2022-3 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE URBAN RENEWAL AGENCY OF THE CITY OF CHUBBUCK, IDAHO (A/K/A CHUBBUCK DEVELOPMENT AUTHORITY), TO BE TERMED THE "ANNUAL APPROPRIATION RESOLUTION," APPROPRIATING SUMS OF MONEY AUTHORIZED BY LAW AND DEEMED NECESSARY TO DEFRAY ALL EXPENSES AND LIABILITY OF AGENCY FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2022, AND ENDING SEPTEMBER 30,2023; DIRECTING THE CHAIR, VICE -CHAIR, OR EXECUTIVE DIRECTOR TO SUBMIT THE RESOLUTION AND BUDGET TO THE CITY OF CHUBBUCK AND ANY OTHER ENTITY ENTITLED TO A COPY THEREOF; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Urban Renewal Agency of the City of Chubbuck, Idaho, also known as Chubbuck Development Authority (the "Agency") is an independent public body corporate and politic, authorized under the Idaho Urban Renewal Law of 1965, Chapter 20, Title 50, Idaho Code, as amended (the "Law") and the Local Economic Development Act, Chapter 29, Title 50, Idaho Code, as amended (the "Act"); WHEREAS, pursuant to Idaho Code sections 50-2006(5)(d), , the Agency is required to prepare and file with the City Council an annual financial report and an annual budget for informational purposes; WHEREAS, pursuant to Idaho Code section 50-2903(5), the Agency is required to adopt and publish a budget for the next fiscal year in accordance with Idaho Code section 50-1002; WHEREAS, Agency staff prepared an annual financial report and a proposed annual budget for the fiscal year commencing October 1, 2022, and ending September 30, 2023, which was submitted to the Agency for comment on July 19, 2022; WHEREAS, the Agency published notice in accordance with requirements of Idaho Code, of a public hearing on August 16, 2022, at 5:30 p.m., in the City Council chambers, Chubbuck City Hall, 290 East Linden Ave., Chubbuck, Idaho, to invite public comment on the annual financial report and the proposed budget of the Agency, a copy of which is attached hereto as Exhibit A; WHEREAS, a public hearing was held on August 16, 2022, pursuant to Idaho Code Section 50-1002, in the City Council chambers, 290 East Linden Ave., Chubbuck, Idaho, on the Agency's annual financial report and annual budget, and considered public comment on services, expenditures, and revenues planned for Fiscal Year 2023; NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE BOARD OF COMMISSIONERS OF THE URBAN RENEWAL AGENCY OF THE CITY OF CHUBBUCK, IDAHO, AS FOLLOWS: RESOLUTION 2022-3-1 Section 1: That, to the knowledge of the Board of Commissioners of the Agency, the above statements are true and correct. Section 2: That the sums of money, or as much thereof as may be authorized by law, needed, or deemed necessary to defray all expenses and liabilities of the Agency, as set forth in the budget attached hereto as Exhibit A, are hereby appropriated for the general, special and corporate purposes and objectives of the Agency for the fiscal year commencing October 1, 2022, and ending September 30, 2023. Section 3: That this Resolution shall be in full force and effect immediately upon its adoption and approval. PASSED AND ADOPTED by the Urban Renewal Agency of the City of Chubbuck, Idaho, on August 16, 2022. Signed by the Chair of the Board of Commissioners and attested by the Executive Director to the Board of Commissioners, on August 16, 2022. APPROVED: Y C it of the Commission ATTEST: By Autive Director RESOLUTION 2022-3-2 State of Idaho County of Bannock PROOF OF PUBLICATION Idaho State Journal I, Collins Crapo first being duly sworn, depose and say: That I am the M --nab Processing Clerk employed by Adams Publishing Group of the Rockies LLC, publishers of Idaho State Journal, a newspaper of general circulation, published 4 days, Tues -Wed -Friday and Sunday, at Pocatello, Idaho. That the notice, of which a copy is hereto attached and made a part of this affidavit, was pub- lished in said Idaho State Journal for 2, first publication having been made on 08/05/2022 last publica- tion having been made on 08/12/2022, and that the said notice was published in the regular and entire issue of said paper on the respective dates of publication, and that such notice Wi4s published in the newspaper and not in a supplement. J Subscribed and sworn to before me, on this 18th day of August, 2022 BETH CROSSLEY 66167 Notary Public STATE NOTARY PUBLIC My commission expires: MY COMM SS ION ego /28/28 ktachedjurat STATE OF IDAHO ss. COUNTY OF BANNOCK On this I8th day of August, 2022 before me, the undersigned, a Notary public for said state, person- ally appeared $ate-6ir Collins Crapo, known or identified to me to be the person(s) whose name(s) is/are subscribed to the within instrument, and being by me first duly sworn, declared that the statements therein are true, and acknowledged to me that he/she/they executed the same, IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. BETH CROSSLEY� 68167 NOTARY PUBLIC Notary Public for APG of the Rockies STATE OF IDAHO Residing: Idaho Falls, Idaho MY COMMISSION EXPIRES 07/28/28 Commission expires: 262508 AD# 262508AD# LEGAL NOTICE Notice of Public Hearing Urban Renewal Agency of the City of Chubbuck, Idaho alWa Chubbuck Development Authority Proposed Budget for Fiscal Year 2023 A public hearing for consideration of the proposed Urban Renewal Agency Project budget for the fiscal year that begins October nbers, located on Au - 1, 2022st , and ends 2022, at 5 3September t mber 30. 2023 suant to ill be held in Council ouncil Char 50-2903(5) and t50--01 02.�Written onden r oral comments ab ut he proposed budget are welcome. Written comments may be submitted prior to the meeting to: Chubbuck Development Authority, c/o Devin Hillam, 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 deter- mined 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 pians. This public hearing on the proposed budget is required for formal adoption of the FY 2023 budget. The proposed expenditures and revenues for FY 2023 have been tentatively approved by the Chubbuck Urban Renewal Agency Board of Commissioners on July 19, 2022, City Hall is accessible to persons with disabilities. Estimated Revenues FY2021 FY2022 FY2023 Budgeted Budgeted Proposed Revenues Revenues Revenues Fund name Property Tax Revenue (Increment) Chubbuck Improvement Revenue Allocation Fund Pine Ridge Revenue Allocation Fund Northside Crossing Revenue Allocation Fund Harvest Springs Revenue Allocation Fund Total Property Tax Revenue Revenue Sources Other Than Property Taxes Fund Balance Carryover Total Revenues- All Sources Fund Name Former categories (unused in FY23) Admin & Prof Services Dues & Subscriptions Other Capital Outlays Chubbuck Improvement Revenue Allocation Fund Professional Services, Insurances, & Publications Owner Participation Agreements or other Agreements Debt Service Capital Improvements Administrative Expenses Fund Total Pine Ridge Revenue Allocation Fund Administrative Expenses Bond Obligations 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 Fund Total Total All Expenditures Published Aug 5 and 12, 2022 (ISJ848-262508) $2,575,000 $2,980,000 $2,575,000 175,000 175,000 297,000 - 90,000 170,000 20 000 $2 750 000 $3 245 000 $3,052,020 50,000 55,000 5o,uuu 12-800000 $ 3 300000 $3 117000 Proposed Expenditures FY2021 FY2022 FY2023 Budgeted Budgeted Proposed Revenues Revenues Revenues 300,000 95;500 5,000 4,600 k K 000 3,000 2,4 000 3,196,900' - .$661200 - 376.,-879 y - - 00 1,727,921 35.000 $ 2 625 000 15,000 287000 302 000 34,000 136 000 170 000 5,000 15 000 20 000 $2,800 000 $3 300 000 $3 117000 e State of Idaho County of Bannock PROOF OF PUBLICATION Idaho State Journal I, %-Grarrrrirri or Collins Crapo first being duly sworn, depose and say: That I ant the Glamsi . A4*afige*rw Processing Clerk employed by Adams Publishing Group of the Rockies LLC, publishers of Idaho State Journal, a newspaper of general circulation, published 4 days, Tues -Wed -Friday and Sunday, at Pocatello, Idaho. That the notice, of which a copy is hereto attached and made a part of this affidavit, was pub- lished in said Idaho State Journal for 2, first publication having been made on 08/05/2022 last publica- tion having been made on 0811212022, and that the said notice was published in the regular and entire issue of said paper on the respective dates of publication, and that such notice was published in the newspaper and not in a supplement. Subscribed and sworn to before me, on this IBth day of August, 2022 7BETHCROSSLEY 7 Notary Public UBLIC My commission expires: IDAHO MY COPIRES 07/28/28 ttached jurat STATE OF IDAHO ss. COUNTY OF BANNOCK On this 18th day of August, 2022 before me, the undersigned, a Notary public for said state, person- ally appeared � tt i"z Collins Crapo, known or identified to me to be the person(s) whose name(s) is/are subscribed to the within instrument, and being by me first duty sworn, declared that the statements therein are true, and acknowledged to me that he/she/they executed the same, IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this certificate first above written. BETH CROSSLEY 68167 NOTARY PUBLIC STATE OF IDAHO MY COMMISSION EXPIRES 07/28/28 I 262544 Notary Public for APG of the Rockies Residing: Idaho Falls, Idaho Commission expires: ADN 262544AD4 Legal Notice of Public Hearing Urban Renewal Agency of the City of Chubbuck, Idaho a/k/a Chubbuck Development Authority Proposed Termination Budget for Chubbuck Downtown Improvement Plan District Only for Fiscal Year 2023 A public hearing for consideration of the proposed Urban Renewal Agency Project budget for the fiscal year that begins October 1, 2022, and ends September 30, 2023 will be held in Council Chambers, located at 290 E. Linden Ave, Chubbuck, Idaho, on August 16, 2022, at 5:30 p.m., pursuant to Idaho Code §§ 50-2903(5). 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 Devin Hillam, 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 the FY 2023 budget. Prior year revenues and expenditures are available on the full Agency published budget proposal for FY 2023. The proposed expenditures and revenues for FY 2023 have been tenta- tively approved by the Chubbuck Urban Renewal Agency Board of Commissioners on July 19, 2022. City Hall is accessible to persons with disabilities. FY 2023 Projected Revenues Fund name Property Tax Revenue (Increment) Chubbuck Improvement Revenue Allocation Fund $ 2,575,000 Revenue Sources OtherThan Property Taxes 50,000 Fund Balance Carryover Total Revenues -All Sources $ 2, 25A00 FY2023 Proposed Expenditures Fund Name Chubbuck Improvement Revenue Allocation Fund Professional Services, Insurances, & Publications $60,000 Owner Participation Agreements or other Agreements (Knudsen & Arbor Court) 376,879 Property Insurance 3,200 Legal Publications - 2,000 Debt Service 420f1)00- 6- I'D 15.``' Capital Improvements (New Day Parkway, ... Hawthorne Rd., & others) 1,727,921 Administrative Expenses 35;00 Preliminary Estimate of Cash to be remitted to County - Fund Total Expenditures $2,625;600 Budget Note: 3 The Agency expects to pay its contraction obligations, as may be ame tember 30, 2023 and the Agency expects all expenses from any reryrai provements to be incurred and satisfied by the Agency's FY2023 budg to dispose of its properties in the district prior to the district's terminal received, to reopen the budget in accordance with Idaho Code. At this tir anticipate there will be any surplus available for remittance to the Coun tion to the taxing districts before or after September 30, 2023 Published Aug 5 and 12, 2022 (ISJ848-282544) on A is x..,1l,x3 ,R, e.4...A,.F,f Sep ency expects revenues are )ncy does not )r for distribu- f3 ,i:. .ti., 3. 1992 Plan/RAA Termination Timeline Date Task Notes Responsible Party August 2022 Agency adopts FY23 Termination Budget I.C. 50-2903(5): For the fiscal year that (Preliminary) immediately predates the termination date for an urban renewal plan involving a revenue allocation area or will include the termination date, the agency shall adopt and publish a budget specifically for the projected revenues and expenses of the plan and make a determination as to whether the revenue allocation area can be terminated before the January 1 of the termination year pursuant to the terms of section 50-2909(4), Idaho Code. Idaho Code Section 50-2905(7) states: 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 renewalplan; January/February/March Agency works on "termination plan": 2023 identification of how to dispose of real property; identification of outstanding obligations (bonds, contracts, MOUS, leases, etc.); identification of plan to pay -off obligations, assign obligations, etc. March/A ril 2023 Agency sends letter to the taxing entities No statutory requirement; however, as a Target Letter Date: advising of termination on or before best practice informs/advises taxing entities March 31, 2023 September 30, 2023 in preparation for FY24 budgeting Spring/summer 2023 Taxing entities budget for FY2024 1) increment value included in taxable value for each taxing district; 2) increment (difference between 12/31/06 and 12/31/22) to be placed on new construction roll for FY24 budget; under current law taxing districts can increase budget capacity above 3% (see I.C.63- 301A(3) NLT 01 Monday of July Agency adopts a termination resolution I.C. 50-2903(5): In the event that the agency 2023 determines that current tax year revenues are sufficient to cover all estimated Agency Meeting Date: expenses for the current year and all future May 16, 2023 years, by September 1 the agency shall adopt a resolution advising and notifying the local governing body, the county auditor, and the state tax commission and recommending the adoption of an ordinance for termination of the revenue allocation area by December 31 of the current year and declaring a surplus to be distributed as described in section 50-2909, Idaho Code, should a surplus be determined to exist. To avoid levy swings — Agency has to adopt NLT 41 Monday of July for increment (difference between 12/31/22 and 12/31/06) to be placed on new construction roll for FY24 budget NLT 4 Monday of July Agency distributes termination resolution to See I.C. 50-2903(5) 2023 taxing districts, county recorder, local governing body, county auditor and STC 2 Target Date: NLT June 30, 2023 July/August 2023 Letter from City Clerk to taxing districts, Agency completes any/all property county officials and STC that City Council dispositions. will consider termination ordinance and distribution of surplus funds on x date Pays off remaining indebtedness under outstanding participation agreements, etc. August 2023 Agency adopts final year FY24 budget/amends termination budget (if Agency Meeting Date: necessary) August 15, 2023 On or before September Agency disposes of real property; pays off 30, 2023 indebtedness; assigns agreements (e.g. maintenance/licenses On or before September City Council considers termination ordinance. I.C. 50-2903(5); could wait until December 30, 2023 31 under the statute, but creates unnecessary confusion in the budget -levy cycle. Better Target City Council to fully complete by fiscal year-end Meeting Date_ First September 2023 Meeting -Date I.C. 50-2909(4): surplus distributed pro -rata to taxing entities. When the revenue allocation area plan budget described in section 50-2903(5), Idaho Code, estimates that all financial obligations have been provided for, the principal of and interest on such moneys, indebtedness and bonds have been paid in full, or when deposits in the special fund or funds created under this chapter are sufficient to pay such principal and interest as they come due, and to fund reserves, if any, or any other obligations of the agency funded through revenue allocation proceeds shall be satisfied and the agency has determined no additional project costs need be funded through revenue allocation financing, the allocation of revenues under section 50-2908, Idaho Code, shall thereupon cease; any moneys in such fund or funds in excess of the amount necessary to pay such principal and interest shall be distributed to the affected taxing districts in which the revenue allocation area is located in the same manner and proportion as the most recent distribution to the affected taxing districts of the taxes on the taxable property located within the revenue allocation area; and the powers granted to the urban renewal agency under section 50- 2909, Idaho Code, shall thereupon terminate. Typically the surplus funds are paid by the Agency to the County and the County makes the pro -rata distribution to the affected taxing districts. Agency causes the City Council's Ordinance I.C. 50-2903(5) to be filed with the county recorder and STC NLT December 31, Termination Completed no funds allocated to the Agency in 2023 January/July January/July2024 NLT September 31, Final Agency audit; disposition of any 2023 remaining funds in the account