Legal Notice of Public Hearing
Urban Renewal Agency of the City of Chubbuck, Idaho
a/k/a Chubbuck Development Authority
Proposed Termination Budget for Chubbuck Downtown Improvement Plan District Only for Fiscal Year 2023
A public hearing for consideration of the proposed 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 August 16, 2022, 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.
This public hearing on the proposed budget is required for formal adoption of the FY 2023 budget. Prior year revenues and expenditures are available on the full Agency published budget proposal for FY 2023. The proposed expenditures and revenues for FY 2023 have been tentatively approved by the Chubbuck Urban Renewal Agency Board of Commissioners on July 19, 2022.
City Hall is accessible to persons with disabilities.
| Fund Name | FY 2023 Projected Revenues | ||
| Property Tax Revenue (Increment) | |||
| Chubbuck Improvement Revenue Allocation Fund | $ 2,575,000 | ||
| Revenue Sources Other Than Property Taxes | 50,000 | ||
| Fund Balance Carryover | – | ||
| Total Revenues- All Sources | $ 2,625,000 | ||
| Fund Name | FY 2023 Proposed Expenditures | ||
| Chubbuck Improvement Revenue Allocation Fund | |||
| Professional Services, Insurances, & Publications | $ 60,000 | ||
| Owner Participation Agreements or other Agreements (Knudsen & Arbor Court) | 376,879 | ||
| Property Insurance | 3,200 | ||
| Legal Publications | 2,000 | ||
| Debt Service | 420,000 | ||
| Capital Improvements (New Day Parkway, Hawthorne Rd., & others) | 1,727,921 | ||
| Administrative Expenses | 35,000 | ||
| Preliminary Estimate of Cash to be remitted to County | – | ||
| Fund Total Expenditures | $ 2,625,000 | ||
Budget Note:
The Agency expects to pay its contraction obligations, as may be amended, on or before September 30, 2023 and the Agency expects all expenses from any remaining projects and/or improvements to be incurred and satisfied by the Agency’s FY2023 budget. The Agency expects to dispose of its properties in the district prior to the district’s termination and if revenues are received, to reopen the budget in accordance with Idaho Code. At this time, the Agency does not anticipate there will be any surplus available for remittance to the County Treasurer for distribution to the taxing districts before or after September 30, 2023.
Publish: August 5th and 12th, 2022.