HomeMy WebLinkAbout2023-01RESOLUTION NO. 2023-1
BY THE BOARD OF COMMISSIONERS OF THE URBAN RENEWAL AGENCY OF THE
CITY OF CHUBBUCK, IDAHO A/K/A CHUBBUCK DEVELOPMENT AUTHORITY:
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE
URBAN RENEWAL AGENCY OF THE CITY OF CHUBBUCK, IDAHO
A/K/A CHUBBUCK DEVELOPMENT AUTHORITY, MAKING
CERTAIN FINDINGS THAT REVENUES ARE SUFFICIENT TO
COVER ALL ESTIMATED AGENCY EXPENSES FOR FUTURE
YEARS FOR THE URBAN RENEWAL AREA AND REVENUE
ALLOCATION AREA KNOWN AS THE 1992 PROJECT AREA (ALSO
KNOWN AS CHUBBUCK #5); ESTIMATING THE REMAINING
PROJECT OBLIGATIONS AND COSTS; RECOMMENDING TO THE
CITY COUNCIL THAT THE REVENUE ALLOCATION PROVISION
FOR THE 1992 PROJECT AREA, AS AMENDED, BE TERMINATED;
RECOMMENDING FURTHER THAT THE CITY COUNCIL PASS AN
ORDINANCE TERMINATING THE REVENUE ALLOCATION
PROVISION FOR THE URBAN RENEWAL PLAN CHUBBUCK
DOWNTOWN IMPROVEMENT PROJECT, AS AMENDED BY THE
FIRST AMENDMENT TO THE URBAN RENEWAL PLAN
CHUBBUCK DOWNTOWN IMPROVEMENT PROJECT, AND
RETURNING THE REVENUE ALLOCATION AREA TO THE
REGULAR TAX ROLL EFFECTIVE TAX YEAR 2023; PROVIDING
FOR THE PAYMENT OF DELINQUENT PROPERTY TAXES
FOLLOWING TERMINATION; PROVIDING FOR PAYMENT OF
CERTAIN EXPENSES FOR FUTURE FISCAL YEARS; AND
PROVIDING AN EFFECTIVE DATE.
THIS RESOLUTION, made on the date hereinafter set forth by The Urban Renewal
Agency of the City of Chubbuck, Idaho a/k/a Chubbuck Development Authority, an independent
public body, corporate and politic, authorized under the authority of 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"), a duly created and
functioning urban renewal agency for Chubbuck, Idaho, hereinafter referred to as the "Agency."
WHEREAS, by Resolution No. 4-92, dated April 11, 1992, the City Council (the "City
Council") of the City of Chubbuck, Idaho (the "City") created an urban renewal agency,
pursuant to the Law;
WHEREAS, the City Council, after notice duly published, conducted a public hearing
on the Urban Renewal Plan Chubbuck Downtown Improvement Project (the "1992 Plan") to
redevelop a portion of the City, pursuant to the Law and the Act;
RESOLUTION NO. 2023-1 -1
(Intent to Terminate 1992 RAA)
WHEREAS, the City Council, in response to the public hearing on October 27, 1992,
by Resolution No. 11-92, amended City Council Resolution No. 4-92 and 7-92, to reduce the
geographic boundaries of the revenue allocation area, which resulted in removal of the northern
parcels from the proposed revenue allocation area;
WHEREAS, following said public hearing, the City Council adopted its Ordinance
No. 385 on October 27, 1992, approving the 1992 Plan, and making certain findings;
WHEREAS, the revenue allocation area boundaries were further administratively
adjusted at the request of the Bannock County Assessor's Office by City Council Resolution
No. 1-93, dated January 19, 1993, to avoid splitting parcels;
WHEREAS, on or about November 23, 1998, the Agency, City, and the Bannock
County Board of County Commissioners ("BOCC") and the Bannock County Assessor
("Assessor") (collectively, the BOCC and Assessor may be referred to as "Bannock County")
entered into the Intergovernmental Agreement With Respect to the Chubbuck Development
Authority and its Urban Renewal Plan (the "IGA"), to address concerns generally related to
the geographic size and value of the 1992 Plan revenue allocation area;
WHEREAS, the parties to the IGA agreed to an informal partial deannexation from the
1992 Plan revenue allocation area by specifically listing the parcel numbers of the properties
to remain within the revenue allocation area; all other parcels not listed were to be disregarded
for purposes of calculating tax increment (revenue allocation). The Assessor continues to track
the parcels included in the 1992 Plan revenue allocation area consistent with the terms of the
IGA;
WHEREAS, the City Council, after notice duly published, conducted a public hearing
on the First Amendment to the Urban Renewal Plan Chubbuck Downtown Improvement
Project (the "First Amendment"), which sought to deannex parcels from the 1992 Project Area
commonly referred to as the "Old CarMike" parcels;
WHEREAS, following said public hearing, the City Council adopted its Ordinance No.
758 on August 3, 2016, approving the First Amendment and making certain findings;
WHEREAS, the 1992 Plan, as amended, collectively will be referred to as the "1992 Plan"
and the corresponding 1992 Plan revenue allocation area, as amended, will be referred to as the
"Project Area;"
WHEREAS, the 1992 Plan contained a revenue allocation financing provision pursuant to
the Act;
WHEREAS, the termination date for the Project Area, as set forth in the 1992 Plan, is
October 27, 2022, except for revenues to be received in 2023, as authorized pursuant to Idaho
Code § 50-2905(7);
RESOLUTION NO. 2023-1 - 2
(Intent to Terminate 1992 RAA)
WHEREAS, a substantial portion of identified improvements and/or projects have been
completed in the Project Area, and the Agency intends to terminate the Project Area;
WHEREAS, the Agency expects all obligations and all of the expenses from any remaining
projects and/or improvements to be completed under the 1992 Plan, and as identified in the 1992
Plan Supplemental Termination Budget (FY2023) attached hereto as Exhibit B, to be incurred and
satisfied by the Agency's current fiscal year ending September 30, 2023, with the exception of (1)
possible carryover costs from current projects; and/or (2) unexpected construction delays. An
updated estimate of the remaining obligations, project costs, and other Agency operations and
administrative fees and costs are set forth in the FY2023 Supplemental Termination Budget
attached hereto as Exhibit B, and as further described in Termination Plan attached hereto as
Exhibit A;
WHEREAS, the Agency will request the Bannock County Treasurer to not distribute to the
Agency any Project Area revenue allocation funds from delinquency tax payments in fiscal year
2024, or subsequent years, generated from the 2022 assessed values, or earlier. To the extent any
Project Area revenue allocation funds are received by the Agency in fiscal year 2024, or later, the
Agency will return those funds to the Bannock County Treasurer for distribution to the taxing
districts;
WHEREAS, the Agency will have sufficient funds on deposit for payment of all final
obligations, project costs, and other Agency operations and administrative fees and costs;
WHEREAS, the Agency has reviewed the remaining obligations, project costs,
improvements and other Agency operations and administrative fees and costs, and based on
projected revenues and expenses of the 1992 Plan and Project Area, has determined there are
sufficient funds for payment of all final project costs and Agency expenses and has further
determined the revenue allocation area can be terminated on or before December 31, 2023;
WHEREAS, pursuant to Exhibit A and Exhibit B, the Agency estimates a surplus in the
estimated amount of $1,300,000 to $1,500,000 may be available for remittance to the County
Treasurer for distribution to the taxing districts on or before September 30, 2023;
WHEREAS, pursuant to Exhibit A, and as shown on Exhibit C, the Agency intends to
dispose of certain Agency owned parcels located within the Project Area to developers selected
pursuant to a competitive selection process or to the City; .
WHEREAS, as further described in Exhibit A, and as shown on Exhibit C, the Agency
intends to convey the following parcel to the City on or before September 30, 2023: 0.31 -acre of
real property owned by the Agency in the Project Area, generally located along Burley Drive and
E. Linden Avenue, and more specifically described as Lot 3, Block 3, Chubbuck City Hall,
according to the official plat thereof recorded in the public real property records of Bannock
County, Idaho, on September 2, 2021, as Instrument No. 22119907;
RESOLUTION NO. 2023-1 - 3
(Intent to Terminate 1992 RAA)
WHEREAS, as further described in Exhibit A, and as shown on Exhibit C, the Agency,
pursuant to a competitive selection process as outlined in Idaho Code § 50-2011, selected proposals
for development on the following parcels:
1) 152 Evans Lane, Chubbuck, ID 83202 — the Agency accepted a proposal for
development from Cornerstone Realty and Development (hereinafter, "Cornerstone"). Thereafter,
the Agency and Cornerstone entered into the Agreement to Negotiate Exclusively, effective June
12, 2023. The Agency anticipates the DDA will be approved and executed on or before September
30, 2023; however, conveyance of the property at closing, pursuant to the terms of the DDA may
not occur until after that date, but is likely to occur on or before September 30, 2024. Should the
DDA be terminated or the property transfer fail to close and conveyance of the property does not
occur by September 30, 2024, then it is anticipated the property will be conveyed to the City.
Assuming conveyance to Cornerstone occurs as contemplated pursuant to the terms of the DDA,
the Agency will continue to monitor implementation of development through construction and
issuance of the Agency's certificate of completion.
2) 260 E. Linden Avenue, Chubbuck, ID 83202 - the Agency accepted a
proposal for development from Southeast Idaho Council of Governments, Inc. (hereinafter,
"SICOG"). Thereafter, the Agency and SICOG entered into the Agreement to Negotiate
Exclusively, effective June 12, 2023. The Agency anticipates the DDA will be approved and
executed on or before September 30, 2023; however, conveyance of the property at closing,
pursuant to the terms of the DDA may not occur until after that date, but is likely to occur on or
before September 30, 2024. Should the DDA be terminated or the property transfer fail to close
and conveyance of the property does not occur by September 30, 2024, then it is anticipated the
property will be conveyed to the City. Assuming conveyance to SICOG occurs as contemplated
pursuant to the terms of the DDA, the Agency will continue to monitor implementation of
development through construction and issuance of the Agency's certificate of completion.
3) 339 E. Chubbuck Road, Chubbuck, ID 83202 - the Agency accepted a
proposal for development from Seasons West, Inc. (hereinafter, "Seasons West"). Thereafter, the
Agency and Seasons West entered into the Agreement to Negotiate Exclusively, effective June 12,
2023. The Agency anticipates the DDA will be approved and executed on or before September 30,
2023; however, conveyance of the property at closing, pursuant to the terms of the DDA may not
occur until after that date, but is likely to occur on or before September 30, 2024. Should the DDA
be terminated or the property transfer fail to close and conveyance of the property does not occur
by September 30, 2024, then it is anticipated the property will be conveyed to the City. Assuming
conveyance to Seasons West occurs as contemplated pursuant to the terms of the DDA, the Agency
will continue to monitor implementation of development through construction and issuance of the
Agency's certificate of completion.
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 the above statements are true and correct.
RESOLUTION NO. 2023-1 - 4
(Intent to Terminate 1992 RAA)
Section 2: That the Termination Plan attached hereto as Exhibit A is hereby approved
and adopted by the Agency Board.
Section 3: That the revenue allocation area contained in the 1992 Plan shall be
terminated on or before December 31, 2023, consistent with the termination provisions set forth
in the Act, allowing certain taxing entities to use the 2023 estimated assessed values above the
adjusted base assessment roll for the Project Area for their budgetary purposes, and further,
pursuant to Idaho law, as amended, those certain taxing entities may, for their budgetary purposes,
take into account a portion of the increment value that exceeds the incremental value as of
December 31, 2006, for the Project Area, which portion of the increment value shall be added to
the 2023 new construction roll, pursuant to Idaho Code § 63-301A(3)(f), as amended.
Section 4: That the Agency does not intend to take revenue allocation funds in fiscal
year 2024, generated from the 2023 assessed values, and the allocation of revenues under section
50-2908, Idaho Code, shall cease effective January 1, 2023.
Section 5: That all financial obligations related to the Project Area have been provided
for, and any outstanding obligations will be paid in full on or before September 30, 2023, with the
exception of. any reimbursement agreements or notes that have expired, terminated or cancelled
on their own terms; project cost overruns from current projects; project costs for unexpected
construction delays; and costs related to monitoring compliance of development occurring
pursuant to the terms of a DDA. The Agency will have sufficient funds on deposit for payment of
the final project costs, Agency operations and administrative fees and costs.
Section 6: That any delinquent property taxes due to the Agency that were levied for
calendar year 2022, or earlier, shall not be paid to the Agency after September 30, 2023, but shall
be distributed by the Bannock County Treasurer to the taxing districts in the same manner and
proportion as the most recent distribution to the taxing districts of the taxes on the taxable property
located within the revenue allocation area.
Section 7: That any non -obligated surplus deemed by the Agency to exist will be
remitted to the Bannock County Treasurer for distribution to the taxing districts prior to the end of
the Agency's 2023 fiscal year on or before September 30, 2023, in the same manner and proportion
as the most recent distribution to the taxing districts of the taxes on the taxable property located
within the revenue allocation area. See I.C. 50-2909(4).
Section 8: That the Agency does hereby request that the City Council, pursuant to 50-
2903(5), Idaho Code, adopt an Ordinance providing for the termination of the Project Area revenue
allocation area in the 1992 Plan, to be effective on or before December 31, 2023, and declaring
that the tax year 2023 revenues' from the increment value as levied upon within the revenue
allocation area are not needed for the payment of any Agency indebtedness or Agency projects to
be completed before September 30, 2023, and should flow to the respective taxing districts
pursuant to Idaho law.
1 The Agency will receive the second half of the 2022 tax payments in July or August 2023, following the June 20,
2023, payment deadline, but will not receive any allocation of revenue from the Project Area after September 30,
2023.
RESOLUTION NO. 2023-1 - 5
(Intent to Terminate 1992 RAA)
Section 9: That the Agency owns certain real property in the Project Area as shown on
Exhibit C that will be conveyed to the City. As further described in Exhibit A, the following parcel
has not yet been conveyed will be transferred to the City on or before September 30, 2023: 0.31 -
acre of real property owned by the Agency in the Project Area, generally located along Burley
Drive and E. Linden Avenue, and more specifically described as Lot 3, Block 3, Chubbuck City
Hall, according to the official plat thereof recorded in the public real property records of Bannock
County, Idaho, on September 2, 2021, as Instrument No. 22119907. The Agency hereby
authorizes the Agency Chair to execute any and al I documents required to effectuate the transfers.
Section 10: That the Agency owns certain real property in the Project Area as shown on
Exhibit C, and as identified by address below. As further described in Exhibit A, the Agency
intends to dispose of three (3) parcels to developers selected pursuant to a competitive selection
process as outlined in Idaho Code § 50-2011. For each parcel, the Agency and developer have
entered into an agreement to negotiate exclusively and are currently negotiating the terms of a
DDA. Should the property transfers fail to close pursuant to the DDAs, the Agency hereby
authorizes the Agency Chair to execute any and all documents required to convey the parcels to
the City:
l) 152 Evans Lane, Chubbuck, ID 83202;
2) 260 E. Linden Avenue, Chubbuck, ID 83202;
3) 339 E. Chubbuck Road, Chubbuck, ID 83202.
Section 11: That a copy of this Resolution be sent to the Bannock County Assessor's
Office, the Bannock County Auditor/Recorder and the Idaho State Tax Commission to provide
notice of termination of the revenue allocation area in the 1992 Plan.
Section 12: That this Resolution shall be in frill force and effect immediately upon its
adoption and approval.
PASSED by The Urban Renewal Agency of the City of Chubbuck, Idaho also known as
the Chubbuck Development Authority, on July 18, 2023. Signed by the Chair of the Board of
Commissioners and attested by the Secretary to the Board of Commissioners, on July 18, 2023.
ATTEST:
By:
Se i ary
RESOLUTION NO. 2023-1 - 6
(Intent to Terminate 1992 RAA)
EXHIBIT A
(Termination Plan)
RESOLUTION NO. 2023-1 - 7
(Intent to Terminate 1992 RAA)
F,XHTBTT A
THE URBAN RENEWAL AGENCY OF THE CITY OF CHUBBUCK, IDAHO A/K/A
CHUBBUCK DEVELOPMENT AUTHORITY
URBAN RENEWAL PLAN CHUBBUCK DOWNTOWN IMPROVEMENT PROJECT, AS
AMENDED
THE "1992 PLAN"
The Urban Renewal Agency of the City of Chubbuck a/k/a Chubbuck Development
Authority (the "Agency") intends to terminate the revenue allocation area adopted at the time of
the original adoption of the Urban Renewal Plan Chubbuck Downtown Improvement Project, by
the Chubbuck City Council on October 27, 1992, by Ordinance No. 385 (the "1992 Plan"'), as
subsequently amended by the First Amendment to the Urban Renewal Plan Chubbuck Downtown
Improvement Project, deannexing certain parcels from the Project Area, adopted by Ordinance
No. 758 on August 3, 2016. Collectively, the 1992 Plan, as amended is referred to as the "Plan"
and the corresponding 1992 revenue allocation area, as amended, is referred to as the "Project
Area."
The termination date for this Project Area as set forth in the Plan is October 27, 2022;
except for revenues to be received in 2023, as authorized pursuant to Idaho Code § 50-2905(7).
The Agency has reviewed the projected revenues and expenses of the Plan and Project Area and
has determined the Project Area can be terminated by December 31, 2023, effective retroactive to
January 1, 2023, as it relates to assessed values within the Project Area. As a result, the Agency
will not receive revenue allocation funds in fiscal year 2024, generated from the 2023 assessed
values, and the allocation of revenues under § 50-2908, Idaho Code, shall cease effective January
1, 20242.
Based on updated budget information, this Termination Plan is prepared, in part, in order
to describe the Agency's plan to pay its financial obligations in the final year and to describe other
actions necessary to wind up the affairs of the Project Area. This plan reviews the Agency's
existing financial obligations; the payment of certain reimbursement obligations on or before
September 30, 2023; the status of certain capital improvement projects and anticipated final
payments on or before September 30, 2023; the status of the disposition of an Agency -owned
parcel to the City of Chubbuck (the "City"); the status of disposition of Agency -owned parcels to
private developers pursuant to a competitive process; and reservation of revenue allocation
proceeds to pay certain obligations after September 30, 2023.
1 Also referred to as Chubbuck #5.
Z The Agency will receive the second half of the 2022 tax payments in July or August 2023, following the June 20,
2023, payment deadline, but will not receive any allocation of revenue from the Project Area after September 30,
2023.
Resolution No. 2023-1 1992 RAA Termination — EXHIBIT A
Intent ReLyardina Delinauencies:
The Agency will request the Bannock County Treasurer to not distribute to the Agency any
Project Area revenue allocation funds from delinquency tax payments after September 30, 2023,
or subsequent years, generated from the 2022 assessed values, or earlier. To the extent the Agency
receives any delinquency tax payments related to the Project Area after September 30, 2023, or
later, then the Agency will return those funds to the Bannock County Treasurer for distribution to
the taxing districts in the same manner and proportion as the most recent distribution to the taxing
districts of the taxes on the taxable property located within the revenue allocation area.
Fiscal Year 2023 Supplemental Termination Budget Summary:
As further set forth below, the Agency expects all the Project Area expenses from any
remaining projects and contractual obligations (reimbursement agreements, project costs, etc.) to
be paid on or before September 30, 2023. Any miscellaneous expenses incurred in Fiscal Year
2024, including final administrative/operations fees/costs (final year audit, legal, and general
administration costs) shall be covered by other available Agency funds.
As shown on the Fiscal Year 2023 Supplemental Termination Budget, the Agency has
identified approximately $1,582,713 in remaining project costs and obligations to be paid on or
before September 30, 2023, which amount includes payment to the City pursuant to that certain
Project Development Agreement, as amended (reimbursement agreement) entered into between
the City and the Agency for certain right-of-way improvements; enhancements to crosswalks and
pedestrian crossings; stormwater improvements; canal relocation; and improved railroad crossings
located within the boundaries of the Project Area. Due to the timing of the railroad crossings
project, the Agency anticipates amending the Project Development Agreement with the City to
adjust the payment terms to a lump -sum grant of funds to be paid to the City on or before
September 30, 2023. Subject to Agency prioritization of payment, and timing of payments, it is
projected the Agency funded projects to be completed under the Plan will be incurred and satisfied
by the Agency's current fiscal year ending September 30, 2023.
As set forth in more detail below, the Agency is in the process of disposing of four (4)
Agency -owned parcels. The Agency intends to convey one (1) parcel to the City on or before
September 30, 2023. The remaining three (3) parcels were awarded to developers pursuant to a
competitive process and are subject to certain Agreements to Negotiate Exclusively entered into
by and between the Agency and the respective developer. Subject to an event of default, the
Agency and developers anticipate entering into a disposition and development agreement for the
conveyance of the parcels; however, closing and conveyance may not occur until after September
30, 2023. In that case, any deposits made under the agreements will be carried over to FY2024.
The Agency is projecting there will be a surplus at the end of the Agency's 2023 fiscal year
on September 30, 2023 in the estimated amount of $1,3000,000 to $1,500,000. The Agency will
remit non -obligated surplus funds on or before September 30, 2023, to the Bannock County
Treasurer to be distributed to the taxing districts in the same manner and proportion as the most
recent distribution to the taxing districts of the taxes on the taxable property located within the
revenue allocation area. Following a final accounting of the Project Area, if there is a final
distribution of non -obligated surplus funds on or before September 30, 2024, any funds will be
remitted to the Bannock County Treasurer pursuant to the process set forth above.
Resolution No. 2023-1 1992 RAA Termination — EXHIBIT A 2
Real Property Disposition:
To the City:
The 0.31 -acre of real property owned by the Agency in the Project Area, generally located
along Burley Drive and E. Linden Avenue, and more specifically described as Lot 3, Block 3,
Chubbuck City Hall, according to the official plat thereof recorded in the public real property
records of Bannock County, Idaho, on September 2, 2021, as Instrument No. 22119907, and as
shown on Exhibit C, will be transferred to the City on or before September 30, 2023.
To Private Developers:
The real property owned by the Agency in the Project Area, more specifically described
below and as shown on Exhibit C, is anticipated to be disposed of to private developers pursuant
to a competitive process as outlined in Idaho Code Section 50-2011 as follow:
1) 152 Evans Lane, Chubbuck, ID 83202 - Pursuant to a competitive process, the
Agency accepted a proposal for development from Cornerstone Realty and Development
(hereinafter, "Cornerstone"). Thereafter, the Agency and Cornerstone entered into the Agreement
to Negotiate Exclusively, effective June 12, 2023. Cornerstone is currently engaging in due
diligence activities and refining other development details with the purpose of ultimately entering
into a disposition and development agreement (generally, the "DDA"). Assuming the parties reach
agreement on a DDA, the agreement will include certain conditions of performance related to
conveyance of the real property. The Agency anticipates the DDA will be approved and executed
on or before September 30, 2023; however, conveyance of the property at closing, pursuant to the
terms of the DDA may not occur until after that date, but is likely to occur on or before September
30, 2024. Should the DDA be terminated or the property transfer fail to close and conveyance of
the property does not occur by September 30, 2024, then it is anticipated the property will be
conveyed to the City. Assuming conveyance to Cornerstone occurs as contemplated pursuant to
the terms of the DDA, the Agency will continue to monitor implementation of development
through construction and issuance of the Agency's certificate of completion. The deposit of $5,000
made by Cornerstone to the Agency will be carried over to FY2024 and will be applied as set forth
in the Agreement to Negotiate Exclusively or the DDA and pursuant to the terms and conditions
set forth therein.
2) 260 E. Linden Avenue, Chubbuck, ID 83202 - Pursuant to a competitive process,
the Agency accepted a proposal for development from Southeast Idaho Council of Governments,
Inc. (hereinafter, "SICOG"). Thereafter, the Agency and SICOG entered into the Agreement to
Negotiate Exclusively, effective June 12, 2023. SICOG is currently engaging in due diligence
activities and refining other development details with the purpose of ultimately entering into a
DDA. Assuming the parties reach agreement on a DDA, the agreement will include certain
conditions of performance related to conveyance of the real property. The Agency anticipates the
DDA will be approved and executed on or before September 30, 2023; however, conveyance of
the property at closing, pursuant to the terms of the DDA may not occur until after that date, but
is likely to occur on or before September 30, 2024. Should the DDA be terminated or the property
transfer fail to close and conveyance of the property does not occur by September 30, 2024, then
it is anticipated the property will be conveyed to the City. Assuming conveyance to SICOG occurs
as contemplated pursuant to the terms of the DDA, the Agency will continue to monitor
Resolution No. 2023-1 1992 RAA Termination — EXHIBIT A
implementation of development through construction and issuance of the Agency's certificate of
completion. The deposit of $5,000 made by SICOG to the Agency will be carried over to FY2024
and will be applied as set forth in the Agreement to Negotiate Exclusively or the DDA and pursuant
to the terms and conditions set forth therein.
3) 339 E. Chubbuck Road, Chubbuck, ID 83202 - Pursuant to a competitive process,
the Agency accepted a proposal for development from Seasons West, Inc. (hereinafter, "Seasons
West"). Thereafter, the Agency and Seasons West entered into the Agreement to Negotiate
Exclusively, effective June 12, 2023. Seasons West is currently engaging in due diligence activities
and refining other development details with the purpose of ultimately entering into a DDA.
Assuming the parties reach agreement on a DDA, the agreement will include certain conditions of
performance related to conveyance of the real property. The Agency anticipates the DDA will be
approved and executed on or before September 30, 2023; however, conveyance of the property at
closing, pursuant to the terms of the DDA may not occur until after that date, but is likely to occur
on or before September 30, 2024. Should the DDA be terminated or the property transfer fail to
close and conveyance of the property does not occur by September 30, 2024, then it is anticipated
the property will be conveyed to the City. Assuming conveyance to Seasons West occurs as
contemplated pursuant to the terms of the DDA, the Agency will continue to monitor
implementation of development through construction and issuance of the Agency's certificate of
completion.
Agency Project Development Agreements with the City (Committed Contracts):
This category of committed contracts includes contracts awarded and in progress for
specific capital improvements work to be completed within the boundaries of the Project Area. It
is anticipated these expenses will be incurred and fully paid with current revenue allocation area
proceeds on or before September 30, 2023:
Capital Project Name
Amount
New Day Right -of -Way Improvements
$420,830
Pedestrian Crossing Facilities
$450,000
Railroad Crossings
$366,300
Canal Relocation
$200,213
Stormwater System Projects
$145,370
To the extent the above projects encounter delays, the Agency specifically retains the right
to carryover the amount of the committed funds to FY2024 and will make payments to the City
pursuant to the terms of the Project Development Agreements, as may be amended.
Agency Licenses and Maintenance Agreements:
Any license and maintenance agreements will expire or be terminated and/or assigned to
the appropriate assignee prior to September 30, 2023.
Administrative/Operations Fees and Costs
Resolution No. 2023-1 1992 RAA Termination — EXHIBIT A 4
The FY23 Supplemental Termination Budget, identifies, projects and updates through
September 30, 2023, the most up-to-date administrative and operations fees and costs for the fiscal
year.
FY2024 — Post -Termination Final Administrative Costs
The Agency anticipates there will be FY2024 post -termination final administrative costs,
including an allocable share of the audit, legal reporting requirements, and legal and administrative
costs incurred in closing out the Project Area. Any miscellaneous expenses incurred in Fiscal Year
2024 shall be covered by other available Agency funds. Any non -obligated surplus funds
remaining in the Project Area's account as of September 30, 2024, will be remitted to the Bannock
County Treasurer as a final termination distribution of surplus funds and shall be distributed to the
taxing districts in the same manner and proportion as the most recent distribution to the taxing
districts of the taxes on the taxable property located within the revenue allocation area. This
transmittal will occur on or before September 30, 2024, following payment of all final Agency
expenses and financial obligations and upon a final accounting of the Plan and Project Area.
4871-5719-1964, v. 7
Resolution No. 2023-1 1992 RAA Termination — EXHIBIT A
EXHIBIT B
(FY23 Supplemental Termination Budget As Will Be Amended)
FY 2023 Projected
Fund Name Revenues
Property Tax Revenue (Increment)
Chubbuck Improvement Revenue Allocation Fund $ 2,575,000
Revenue Sources Other Than Property Taxes 50,000
Fund Balance Carryover 511,366
Total Revenues- All Sources $ 3,086,366
***Budget Note: To the extent public capital improvement projects under any Project
Development Agreement by and between the City and the Agency encounter any construction
delays resulting in the project not being fully completed pursuant to the terms of the agreements
by September 30, 2023, the balance of the amount due and owing under the agreements will be
reserved and carried into FY2024 to pay the committed project costs.
RESOLUTION NO. 2023-1 - 8
(Intent to Terminate 1992 RAA)
FY 2023 Proposed
Fund Name
Expenditures
Chubbuck Improvement Revenue Allocation Fund
Professional Services, Insurances, & Publications
$ 11,037
Owner Participation Agreements or other Agreements
(Knudsen & Arbor Court)
448,213
Property Insurance
3,200
Legal Publications
2,000
Debt Service
420,000
Capital Improvements (New Day Parkway, Hawthorne
Rd., & others)
2,121,915.87
Administrative Expenses
80,000
Preliminary Estimate of Cash to be remitted to County
-
Fund Total Expenditures
$ 3,086,366
***Budget Note: To the extent public capital improvement projects under any Project
Development Agreement by and between the City and the Agency encounter any construction
delays resulting in the project not being fully completed pursuant to the terms of the agreements
by September 30, 2023, the balance of the amount due and owing under the agreements will be
reserved and carried into FY2024 to pay the committed project costs.
RESOLUTION NO. 2023-1 - 8
(Intent to Terminate 1992 RAA)
EXHIBIT C
(Real Property Owned by the Agency)
1. 0.31 -acres of real property to be conveyed to the City
Irk
r r
# r► , �-
+ girt. ti rIL
'� �•. ��� _
(property outlined in green)
2. 152 Evans Lane, Chubbuck, ID 83202
RESOLUTION NO. 2023-1 - 9
(Intent to Terminate 1992 RAA)
S
jr jL
OL
- J--4
(Property outlined in green)
3. 260 E. Linden Avenue, Chubbuck, ID 83202
RESOLUTION NO. 2023-1 - 10
(Intent to Terminate 1992 RAA)
i
.r
T;CiIV IL
Hall -West '�
f' a Property
L�
'i �' . I "'L
7w ryl •5- C
(Property outlined in pink)
4. 339 E. Chubbuck Road, Chubbuck, ID 83202
RESOLUTION NO. 2023-1 - 11
(Intent to Terminate 1992 RAA)
(Property outlined in yellow)
RESOLUTION NO. 2023-1 - 12
(Intent to Terminate 1992 RAA)