Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Urban Renewal topic
No spam. Unsubscribe anytime.
Council approves Snake River West urban renewal district after feasibility study finds tax increment can cover improvements
Summary
The council approved the Snake River West Urban Renewal Plan. A consultant’s feasibility analysis found tax‑increment revenues would cover roughly $5.5 million in requested developer reimbursements under conservative assumptions; a hotel or other higher‑value development would accelerate repayment and increase residual funds.
The Idaho Falls City Council approved the Snake River West Urban Renewal Plan and its revenue allocation provisions after reviewing an economic feasibility study presented by the redevelopment consultant.
Consultant Brad Kramer summarized the feasibility work: the study modeled a developer request for approximately $5.5 million in eligible public infrastructure costs (roadwork, utility extensions and site preparation) tied to a proposed multi‑unit apartment project and related improvements along Pioneer Road. Under conservative assumptions (2% annual valuation growth, a 20‑year revenue allocation period, and an 80/20 split of tax increment to developer/agency), the study found tax increment revenues sufficient to reimburse the requested public improvements by 2044. Kramer said adding an on‑site hotel later in the district’s life (modeled at $10 million of value) would accelerate repayment by two years and produce additional funds; a higher‑value hotel (e.g., $25 million) would add roughly $3 million in residual increment under the model.
Agency counsel and staff described the plan’s public process, distribution of materials to overlapping taxing districts, and outreach to adjacent property owners. Staff said one adjacent owner, identified in the packet, asked to be included and staff arranged discussions; property owner correspondence in the packet indicated no objection.
The council adopted the ordinance creating the Snake River West Urban Renewal District under suspension of the rules and directed publication by summary.
