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Council debates urban renewal boundary options and delays final decision to March
Summary
Council reviewed two reduced urban renewal boundary options and financial estimates; members expressed differing preferences (some favor keeping Bear Creek in the district) and agreed to finalize a decision at the March meeting after reviewing a five‑year financial forecast.
City staff presented two refined boundary options for a proposed urban renewal agency intended to fund infrastructure and redevelopment.
Staff said Option 1 reduces the original proposed boundary by about 9%, keeps the higher‑density Bear Creek area inside the district, and shows an estimated total impact to affected taxing districts of about $7.5 million and an estimated Hubbard share of roughly $2.45 million over a 30‑year term; it would allow an approximately $300,000 interfund loan around 2029. Option 2 cuts the boundary by about 26%, removes the Bear Creek development area, and reduces the estimated taxing‑district impact to about $6.06 million and Hubbard’s estimated benefit to about $1.97 million over 30 years.
Councilors debated tradeoffs: some said Option 1 preserves growth potential and revenue opportunities tied to Bear Creek, while others worried about the impact on the city’s taxable base and preferred to wait until a forthcoming five‑year financial forecast is reviewed. Several councilors asked that the item be revisited at the March meeting to allow time for additional fiscal discussion and required noticing to affected taxing districts.
Staff noted that final adoption requires boundary maps, legal descriptions, agency formation documents, interfund loan terms and public notices before ordinances and resolutions for final approval could be brought back to council.
No final vote was taken; council agreed to revisit the matter at the March meeting.
