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Agency approves $356,562.76 reimbursement under owner participation agreement for East Bank site
Summary
Following review of submitted costs, the Idaho Falls Redevelopment Agency approved a confirmation of reimbursement of $356,562.76 for eligible remediation costs in the East Bank district; agency staff excluded specific cost items and noted the confirmed amount is below the amended owner participation agreement cap of $445,133.
The Urban Renewal Agency of Idaho Falls voted to approve a confirmation of reimbursement for eligible costs under an amended owner participation agreement related to the East Bank project area.
Agency staff presented the cost documentation and said the developer initially requested $363,539.10 in reimbursement. Following agency review and requests for additional information, staff excluded several items—including soil-review costs attributed to Atlas and certain engineering charges from Harper Lehi—and confirmed $356,562.76 as the reimbursable amount.
Megan told the board the scope of the owner participation agreement had been amended earlier when demolition and remediation bids came in higher than anticipated; the amended total eligible amount in the OPA is $445,133, and the confirmed reimbursement falls under that cap.
The board approved the confirmation by roll call vote.
Why it matters: the confirmation memorializes the agency's review of actual eligible costs and establishes the agency's reimbursement obligation for the site remediation work under the OPA. Staff said the confirmation form is used to capture final eligible costs contemporaneously rather than trying to reconstruct details years later.
What happens next: once the confirmation is executed, the developer may receive reimbursement in accordance with the terms of the owner participation agreement and the agency's payment priorities.
