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Home My WebLink About2022-04RESOLUTION NO. 2022-4 A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE URBAN RENEWAL AGENCY OF THE CITY OF CHUBBUCK, IDAHO (A/KA CHUBBUCK DEVELOPMENT AUTHORITY), TO BE TERMED THE "TERMINATION BUDGET RESOLUTION" FOR THE 1992 CHUBBUCK DOWNTOWN IMPROVEMENT URBAN RENEWAL PLAN ("1992 PLAN"), AS AMENDED, SETTING FORTH THE PROJECTED REVENUES AND EXPENSES OF THE PLAN AREA AND APPROPRIATING SUMS OF MONEY AUTHORIZED BY LAW AND DEEMED NECESSARY TO DEFRAY ALL EXPENSES AND LIABILITY OF THE URBAN RENEWAL AGENCY FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2022, AND ENDING SEPTEMBER 30, 2023, UNDER THE 1992 PLAN; MAKING A DETERMINATION THAT THE 1992 PLAN CAN BE TERMINATED ON OR BEFORE DECEMBER 31, 2022; 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, the City Council of the City of Chubbuck, Idaho (the "City") adopted Ordinance No. 385 on October 27, 1992, approving the 1992 Plan; WHEREAS, the 1992 Plan was subsequently modified on several occasions by action of the City Council; WHEREAS, the Agency intends to terminate the revenue allocation area under the 1992 Plan in the year 2023 in accordance with the 1992 Plan and requirements of Idaho Code; WHEREAS, pursuant to Idaho Code section 50,-2903(5), the Agency is required to adopt and publish a budget specifically for the projected revenues and expenses of the Agency under the 1992 Plan and make a determination as to whether the revenue allocation area can be terminated prior to January 1, 2023, pursuant to the terms of Idaho Code section 50-2909(4); WHEREAS, the Agency receives allocation of tax revenues in the calendar year following termination of the revenue allocation area because property taxes are collected in arrears; - WHEREAS, Agency staff prepared a proposed termination budget specifically for the projected revenues and expenses of the 1992, 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 posted notice of a public hearing in accordance with Idaho Code on August 16, 2022, at 5:30 p.m., in City Council chambers, Chubbuck City Hall, 290 East Linden Ave., Chubbuck, Idaho, and published notice in the Idaho State Journal on August 5th and 12th, RESOLUTION 2022-4 P. I 2022, to invite public comment on the proposed termination budget for the 1992 Plan, 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, the Agency held a public hearing in City Council, Chubbuck City Hall, 290 East Linden Ave., Chubbuck, Idaho, on the proposed tennination budget for the 1992 Plan; NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE BOARD OF COMMISSIONERS OF THE URBAN RENEWAL AGENCY OF THE CITY OF CHUBBUCK, IDAHO, A/K/A CHUBBUCK DEVELOPMENT AUTHORITY, AS FOLLOWS: 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 projected revenue and expenses of the Agency under the 1992 Plan, as set forth in the termination budget attached hereto as Appendix A, is hereby approved. Section 3: That the Agency preliminarily determines that the revenue allocation area under the 1.992 Plan can be terminated prior to January 1, 2023. Section 4: 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. ATTEST: By Executive Director RESOLUTION 2022-4 p. 2 State of Idaho County of Bannock PROOF OF PUBLICATION Idaho State Journal I, Btrwn-Gr amfirri-crr Collins Crapo first being duty sworn, depose and say: That I am the i 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 08112/2022, 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 was published in the newspaper and not in a supplement. �, 1 VA//. Subscribed and sworn to before me, on this 18th day of August, 202 SETH CROSSLEY 68167 NOTARY PUBLIC STATE OF IDAHO MY COMMISSION EXPIRES 07/28/28 trached jurat STATE OF IDAHO ss. COUNTY OF BANNOCK Notary Public My commission expires: On this 18th day of August, 2022 before me, the undersigned, a Notary public for said state, person- ally appeared 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 STATE OF IDAHO MY COMMISSION EXPIRES 07128/28 262544 Notary Public for APG of the Rockies Residing: Idaho Falls, Idaho Commission expires: AD# 262544AD# Legal Notice of Public Hearing Urban Renewal Agency of the City of Chubbuck, Idaho a/Wa 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 Other Than Property Taxes 50,000 Fund Balance Carryover Total Revenues -All Sources $ 2.625.000 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 2r000 Debt Service 420'00 Capital Improvements (New Day Parkway, a Hawthorne Rd., & others) 1,72'921 Administrative Expenses 35,900 Preliminary Estimate of Cash to be remitted to County Fund Total Expenditures $2,625,'600 Budget Note: The Agency expects to pay its contraction obligations, as may be amended, on or before Sep- tember 30, 2023 and the Agency expects all expenses from any remaioing,plg'jeotMadIdIM Y, provements to be incurred and satisfied by the Agency's FY2023 budget. The Agency expects to dispose of its properties in the district prior to the district's termination and if revenues are received, to reopen the budget in accordance with Idaho Code. At this time, the Agency does not anticipate there will be any surplus available for remittance to the County Treasurer for distribu- tion to the taxing districts before or after September 30, 2023 Published Aug 5 and 12, 2022 (ISJ848-262544)