URA approves owner participation agreement for Stockyard Business Park

The Jerome Urban Renewal Agency voted unanimously on May 7 to approve Resolution No. 04‑26, authorizing an Owner Participation Agreement with Stockyard Business Center, LLC for improvements in Area 3 near 921 W. Main Street.

City Administrator Mike Williams described the site and early work, saying, "Site preparation has begun and the pad for two lots is in progress," and explained that any agency reimbursement will be contingent on the developer’s private investment, subsequent taxable value, and the limited life of the revenue allocation area. Legal Counsel Meghan Conrad summarized the payment structure and documentation requirements and said, "Reimbursement will occur bi‑annually at 75% of the revenue received after the last tax payment." Counsel also noted the agreement excludes most soft costs except a $15,000 mobilization allowance and will not reimburse costs paid to the developer from other sources.

Staff presented cost estimates for Agency‑funded public improvements that include road work, storm piping and rock removal (with high‑end estimates where rock extent is unknown); staff cautioned a full payout of the roughly $3.7 million listed on the schedule is unlikely and that actual reimbursements will depend on what private development is built and the resulting taxable value. Members noted a prior owner participation agreement for Activus Nutrition, approximately $600,000, was paid off relatively quickly after the large investment was added to the tax rolls. The board approved the resolution and authorized the Chair or Vice‑Chair and Secretary to execute the Owner Participation Agreement, subject to final technical corrections and confirmation that conditions precedent have been met. The Urban Renewal Plan and Project Area termination date is recorded as December 31, 2034; the agency emphasized there is no obligation to continue reimbursement payments after the district expires.