Legal Notice of Public Hearing
Urban Renewal Agency of the City of Chubbuck, Idaho
a/k/a Chubbuck Development Authority
Proposed Supplemental Termination Budget for Chubbuck Downtown Improvement Plan District Only for Fiscal Year 2023
A public hearing for consideration of the proposed Supplemental Urban Renewal Agency Project budget for the fiscal year that begins October 1, 2022, and ends September 30, 2023 will be held in Council Chambers, located at 290 E. Linden Ave, Chubbuck, Idaho, on September 19, 2023, at 5:30 p.m., pursuant to Idaho Code §§ 50-2903(5). Written or oral comments about the proposed budget are welcome. Written comments may be submitted prior to the meeting to: Chubbuck Development Authority, c/o Devin Hillam, 290 E Linden Ave., Chubbuck, ID 83202.
The Agency budget funds the programs, services, and capital projects that the Agency Board and the City Council have determined to be important to meet the Agency’s strategic goals as described in the adopted urban renewal plans. Agency does not levy property taxes but rather, collects increment revenues generated in accordance with the urban renewal plans.
Prior year revenues and expenditures are available on the full Agency published supplemental budget proposal for FY 2023. City Hall is accessible to persons with disabilities.
| Fund Name | FY 2023 Projected Supplemental Revenues | ||
| Property Tax Revenue (Increment) | |||
| Chubbuck Improvement Revenue Allocation Fund | $ 2,450,000 | ||
| Revenue Sources Other Than District Property Taxes | 32,100 | ||
| Fund Balance Carryover | 201,113 | ||
| Total Revenues- All Sources | $ 2,683,213 | ||
| Fund Name | FY 2023 Proposed Supplemental Expenditures | ||
| Chubbuck Improvement Revenue Allocation Fund | |||
| Professional Services, Insurances, & Publications | $ 55,000 | ||
| Owner Participation Agreements or other Agreements (Knudsen & Arbor Court) | 448,213 | ||
| Property Insurance |
– |
||
| Capital Improvements (New Day Parkway, Hawthorne Rd., & others) | 2,100,000 | ||
| Administrative Expenses | 80,000 | ||
| Preliminary Estimate of Cash to be remitted to County | – | ||
| Fund Total Expenditures | $ 2,683,213 |
Budget Note:
The Agency expects that all financial obligations related to the Project Area will have been provided for, and any outstanding obligations will be paid in full on or before September 30, 2023, with the exception of: any reimbursement agreements or notes that have expired, terminated or cancelled on their own terms; project cost overruns from current projects; project costs for unexpected construction delays; and costs related to monitoring compliance of development occurring pursuant to the terms of a DDA. The Agency will have sufficient funds on deposit for payment of the final project costs, Agency operations and administrative fees and costs.
The Agency owns certain real property in the Project Area as identified by address below. The Agency intends to dispose of three (3) parcels to developers selected pursuant to a competitive selection process as outlined in Idaho Code § 50-2011. For each parcel, the Agency and developer have entered into an agreement to negotiate exclusively and are currently negotiating the terms of a DDA. Should the property transfers fail to close pursuant to the DDAs, the Agency will convey the parcels to the City for disposal. The properties’ approximate addresses are 152 Evans Ln., 206 E. Linden Ave., and 339 E. Chubbuck Road, Chubbuck, ID 83202.
Publish: September 5th and 12th, 2023.