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Agency agrees to use River Commons funds to reimburse Ball Ventures for site remediation, directs grant agreement
Summary
The agency agreed in principle to use available River Commons revenues to reimburse Ball Ventures for site remediation work—estimated in a submitted bid at roughly $2.5 million—and directed legal counsel to draft a grant/participation agreement setting reimbursement details and timing.
The Idaho Falls Redevelopment Agency on March 20 agreed in principle to use available revenues in the River Commons urban renewal district to reimburse Ball Ventures for site remediation work and directed legal counsel to prepare a grant participation agreement to memorialize reimbursement terms.
Megan Conrad (agency staff) summarized staff discussions and told the board that, after evaluating potential public projects in the district, staff and city departments concluded there were no other viable capital projects that could be completed in the district’s remaining life that would best use the funds. Brad Kramer (city staff) said the city’s planning and public-works review estimated roughly $3.5 million to $3.8 million in available revenues in River Commons between now and…
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