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Committee hears explanation of proposed urban renewal district and Bear Creek annex
Summary
Staff explained that an urban renewal district (URD) would capture future property tax growth to fund infrastructure on corridors such as 3rd Street and Highway 99; the Bear Creek PUD was discussed as potential future revenue but those revenues were not included in the FY26 budget.
Staff explained the purpose and mechanics of an urban renewal district (tax increment financing) and how a URD could be used to fund infrastructure projects to attract private development.
The chair and Director Nava emphasized that a URD is not a new tax: "This isn't a new tax. It's part of the property tax that people are already paying," staff said, explaining that the URD captures growth above a capped base to fund infrastructure improvements on identified corridors such as 3rd Street and Highway 99.
The Bear Creek planned unit development (annex and PUD) was discussed as a substantial potential source of new property tax growth, but staff noted that revenue from Bear Creek was not forecast into the FY26 budget. Committee members asked for clarification about how URD proceeds would be pooled and allocated; staff said the city council would serve as the URD board if adopted and that revenues would not be realized until development-generated growth materializes.
Next steps: staff will continue due diligence, coordinate with the county assessor and state agencies, and bring a formal URD proposal to council for final consideration if appropriate.
