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Home My WebLink About2023-02RESOLUTION NO. 2023-2 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, 2023, AND ENDING SEPTEMBER 30, 2024; 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, 2023, and ending September 30, 2024, which was submitted to the Agency for comment on May 16, 2023; WHEREAS, the Agency published notice in accordance with requirements of Idaho Code, of a public hearing to be held July 18, 2023, 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 July 18, 2023, 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 2024; 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: Section 1: That, to the knowledge of the Board of Commissioners of the Agency, the above statements are true and correct. RESOLUTION 2023-/2- 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, 2023, and ending September 30, 2024. 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 15, 2023. A eiftrTlaumeister, Chair C bbuck Development Authority Attest: Devin Hillam, Executive Director Chubbuck Development Authority RESOLUTION 2023-2 ADN 391224AD# Notice of Public Hearing Urban Renewal Agency of the City of Chubbuck, Idaho alWa Chubbuck Development Authority Proposed Budget for Fiscal Year 2024 A Project budget for be held in Council at 5:30 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 2024 bud- get. The proposed expenditures and revenues for FY 2024 have been tentatively approved by the Chubbuck Urban Renewal Agency Board of Commissioners on May 16, 2023. City Hell is accessible to persons with disabilities. FY 2022 FY 2023 FY 2024 Budgeted Budgeted Budgeted Fund Name Revenues Revenue Revenues Property Tax Revenue (Increment) Chubbuck Improvement Revenue Allocation Fund $ 2,960,000 $ 2,575,000 - Pine Ridge Revenue Allocation Fund 175,000 297,000 $ 315,000 Northside Crossing Revenue Allocation Fund 90,000 170,000 170,000 Harvest Springs Revenue Allocation Fund - 20.000 40000 Total Property Tax Revenue $3.245.000 $3.062.000 $525,000 Revenue Sources Other Than Property Taxes Chubbuck Improvement Revenue Allocation Fund 55,000 50,000 - Pine Ridge Revenue Allocation Fund - 5000 5000 Northside Crossing Revenue Allocation Fund - - - Harvest Springs Revenue Allocation Fund Fund Balance Carryover from FY23 44,800 Total Revenues -All Sources $3,300,000 $3,117,000 $574,800 FY 2022 FY 2023 FY 2024 Budgeted Proposed Proposed Fund Name Expenditures Expenditures Expenditures Former Categories (Unused in FY23 and FY24) Admin & Prof Services $ 95,500 - - Dues & Subscriptions $ 4,600 - - Other $ 3,000 - - Capital Outlays $ 3,196,900 - - Chubbuck Improvement Revenue Allocation Fund Professional Service, Insurance, & Publications $ 65,200 - Owner Participation Agreements or other Agreements - 376,879 - Debt Service - 420,000 Capital Improvements - 1,727,921 - ToAdminislrativeFund - 35,000 Fund Total - $2,625,000 - Pine Ridge Revenue Allocation Fund Administrative Expenses - 15,000 $ 15,000 Bond Obligation - 287,000 300,000 Fund Total 302,000 315,000 Northside Crossing Revenue Allocation Fund Administrative Expenses & Capital Improvements - 34,000 34,000 Owner Participation Agreements or other Agreements - 136,000 136,000 Fund Total - 170,000 170,000 Harvest Springs Revenue Allocation Fund Administrative Expenses & Capital Improvements - 5,000 8,000 Owner Participation Agreements or other Agreements - 15,000 32,000 Capital Improvements - - FundTotal - 20,000 40,000 Administrative Fund Office & Financial Administration - 14,000 City Administrative Reimbursement - 15,000 Legal - 18,000 Publications - 1000 Dues & Subscriptions - 1,800 Fund Total 49,200 Total All Expenditures $ 3.300.000 $ 3.117000 $574,800 Published: June 7, 14, 2023 (ISJ848-391224)