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Home My WebLink AboutURA RES 2025-02 - 2025 URA Annual ReportRESOLUTION NO. 2025-02 A RESOLUTION OF THE CALDWELL URBAN RENEWAL AGENCY AUTHORIZING THE ACCEPTANCE OF THE CALDWELL URBAN RENEWAL AGENCY 2024 ANNUAL UPDATE REPROT BE IT HEREBY RESOLVED by the Caldwell Urban Renewal Agency authorizes the acceptance of the document made part hereof and set forth in full. PASSED BY THE CALDWELL URBAN RENEWAL AGENCY of the City of Caldwell, Idaho this 10th Day of March 2025. APPROVED BY THE CHAIRMAN OF THE URB, CITY OF CALDWELL this 10th Day of March 20'� ATTEST: Secretary i eV' ORPO Q.e+ . SEAL ' a rim A, , ie The annual report provides an opportunity for the Agency to Update the City Council, the public and its constituencies on activities taken by the Agency during the respective calendar year. The agency holds a public meeting to allow for comment by the public on the contents of the Annual report. CALDWELL URBAN RENEWAL AGENCY The Caldwell Urban Renewal Agency was approved by City Council on December 21, 1998 and is governed by seven commissioners that oversee and coordinate redevelopment efforts in Caldwell, Idaho. They have engaged in strategic planning and have implemented urban renewal projects as they saw the need. At the time of this report, the Commission members are Jim Porter (Chairman), Julie Warwick (Vice Chair), Brad Doty, Chris Allgood, David Moore, Tom Kohl and Zach Brooks. City staff who assist the agency are Debbie Geyer (Secretary), Mark Hilty (Legal Counsel) and Raelynn North (Treasurer). PURPOSE AND GOAL The purpose and goals of the Urban Renewal effort have included: 1. Economic Development Activities 2. Rehabilitation and expansion of streets and providing adequate access 3. The further development of public utilities to increase the viability and readiness of future development opportunities 2024 Annual report 2024 AGENCY HIGHLIGHTS • Tilian Project by deChase Miksis: Opened in December of 2023, this significant mixed use development in downtown Caldwell includes 142 apartments and 7,900 SQFT of retail space. The apartments have a 95% occupancy rate, and the retail spaces are fully leased, featuring tenants such as Kindred Wine Lounge, a space, and The Griddle breakfast eatery. Phase Two will feature retail and office space in a two-story building on .34 acres. • Wayfinding Plan: In 2023, the Agency partnered with Destination Caldwell to implement a wayfinding plan to improve navigation in the downtown core. The plan is set to be finalized and implemented by Quarter 1 2025. • Home Depot Development: Home Depot purchased 17 acres in the Sky Ranch Business Center for 108,000 SQFT store with a 28,000 SGFT garden center. The site also includes five additional retail pads for future development. The project commenced construction in October 2024. • D&B Supply and North Ranch Business Park: On September 12, 2022, Ball Ventures Ahlquist (BVA) and D&B Supply broke ground on a 109,000 SQFT D&B distribution center. This year, construction began on D&B's corporate office building, slated for completion in Quarter 2 2025. • Maverick and North Ranch Business Park: Maverick opened a new location in the 114- Acre North Ranch Business Park alongside a future Baskin Robbins, complementing the park's retail options, including Fat Guys Fresh Deli, which opened in 2023. • Mussell Construction Project: Mussell Construction LLC, completed a redevelopment project by installing a parking lot at 306 S Kimball Ave. Using Brownfields grant from the Department of Environmental Quality, environmental work was conducted on the site before completing the parking lot to support the project. • TS Development at 510 Arthur Street: TS Development was awarded the property at 510 Arthur Street, and the Agency partnered with the City of Caldwell to vacate a section of Arthur Street for the project. Finalized in the summer of 2024, construction on the 23,620 SQFT mixed -use project will begin early next year. • RRC Contractors at 215 S Kimball Ave: RRC Contractors commenced construction on a two-story, 15,000 SQFT restaurant and office building. Site work and utility installation began November of 2024, with construction planned to continue through 2025. • North Caldwell Infrastructure: The district is advancing with significant infrastructure .projects. A waterline was extended by the City of Caldwell from Highway 20/26 to Highway 44, providing water and sewer services to the area. Idaho Power also purchased 2.5 acres for a future substation, supporting the area's growth. 2024 Annual report 2 • Weather Tight Roofing Expansion: Weather Tight Roofing is planning a 12,000 SQFT building on Chicago street in North Caldwell Area, expected to add 15- 20 jobs. Construction is scheduled to begin in Quarter 2 of 2025. • Maverick Expansion in North Caldwell: Maverick is under contract to purchase 7.82 acres for a convenience store in the North Caldwell Area. The property has been annexed into the City of Caldwell, with construction set to begin in spring 2025 following the closing of the property early next year. 2024 AUDIT The Caldwell Urban Renewal Agency is required to provide a complete financial statement setting forth its assets, liabilities, income and operating expenses. The financial statements can be found in the 2024 audit which is included as part of this annual report and is attached as a separate document. Please note that the audit only covers through the end of the fiscal year, September 30, 2024. Eide Bailly presented to the Caldwell Urban Renewal Board on February 10, 2024 and there were no audit findings and the financial statements were issued a clean opinion. BOARD MEMBER CHANGES There were several board member changes from last report. Adam Gacia was removed as a Board Member. Tom Kohl was added as a Board Member. NORTH URBAN RENEWAL AREA As of January 1, 2022, the base year for the North Revenue Allocation Area, assessed values of taxable properties within the urban renewal boundaries totaled $20,340,024. As of September 30, 2024, assessed values within this same area total $34,452,277. Property tax increment revenue estimated for the fiscal year 2025 equals $152,177. 2024 Annual report 3 SITE A URBAN RENEWAL AREA On the 16th of December, 2024 the Caldwell City Council approved Ordinance 3647 for the new Site A Caldwell Urban Renewal Area Plan. This area includes property on the corner of Kimball and Arthur St in downtown Caldwell. FY2025 APPROVED BUDGET Urban Renewal Agency $10.940 $28,000 $16,100 $17,300 $1,200 $5,500 $3,500 - $0 $0 - $2,000 - - $0 $0 - $2,000 - - $0 $0 - $9,224,344 $16,321,767 $3,604,443 $1.550,000 -$2,054,443 .57% $90,000 - - - so - $1,723,509 $216,000 $226,800 $226,800 $0 04 - - - s0 So $8,000 $8,000 $8,400 $8,400 $0 0'+ $78,000 $137,270 $77,220 $81,600 $4.380 6% - $57,064 $9,925 $0 -$9,825 .100% $1,677 $478 $335 s0 -$335 -100% $5,651 $760 - so so - $10,645 $11,177 $12,854 $15,425 $2,571 20% $3,193 $778 $280 s0 4280 -100% $18 - - $0 $0 - $47 - - $0 s0 - - - $0 s0 - $212 $288 $8,941 s0 48,941 -100% $11.165,735 $16,785,083 $3,965,197 S1,899,525 -$2,065,672 -52% s4,120,555 - s0 $0 $0 s0 $0 $0 $0 so s0 $0 $0 $0 11 so so $0 $0 so $0 $o $0 so $0 $4,463, 79. 5'.,"0'000 - $0 $0 - $208,150 $48,600 - $0 $0 - $0 $0 - so $0 - $3,973 - - s0 $0 - - so so - s4,683,480 $1,488,600 - $0 s0 - $19,969,771 $18,273,683 $3,965,197 $1,899,S25 -SZ065,672 -52% Urban Renewal Revenues 2024 Annual report 4 FY2025 - FY2023 FY2024 FY2025 Variance (2025 V. 2024) Variance (711) Rem[am 31100 - Property Taxes - Property Tax Replacement - Property Tax Credit/Circuit ,- Project Revenue Miscellaneous Revenue a - Park Impact Fees ,- Accrued Interest Revenue - Claims Interest `- Ives[Interest Revenue -, Bond Interest Revenue - Building Rental . - Land Lease -i - Intrfund Oper Transfer In Sale of Fixed Asset t'-Bond Proceeds Lcawlease Proceeds .,C - Project Admin biding Revenue REVENUES TOTAL CITY OF CALDWELL WEBSITE TABLE OF CONTENTS