HomeMy WebLinkAbout2012-05-15 URA Minutes, WorkshopWorkshop
CALDWELL URBAN RENEWAL AGENCY
May 15, 2012 - 12:00 noon
Caldwell City Hall, Mayor’s Conference Room
A workshop for the Caldwell Urban Renewal Agency was held May 15, 2012 at 12:00 noon in the
Caldwell City Hall conference room with Chairman ElJay Waite presiding.
Present: ElJay Waite, Rob Hopper, Leona Fouts
Guests: Steve Fultz, Jim Thomssen, Bob Carpenter, Dave Gipson
Chairman Waite stated that the workshop is a joint meeting with the Business Recruitment and
Expansion (BR&E) Committee of the Caldwell Economic Development Council, for the purpose of
reviewing the RFP for the Downtown Project and discussing potential financial support by Caldwell
East Urban Renewal Agency (CEURA) in the developer incentive package.
Chairman Waite thanked the members of the BR&E Committee for their time and efforts in
spearheading a project to develop the downtown core. The project is very important to the future of
downtown Caldwell will provide critical and timely momentum to spur additional development and
expansion.
Chairman Waite noted the following:
• All CEURA projects sunset in 2014 and tax increments will be turned back to the respective
taxing districts.
• Canyon County’s annual increment is approximately 1.3 million.
• The City’s annual increment is approximately 3 million, of which 1.5 million is needed for debt
servicing on existing bonds.
• Caldwell’s property values are expected to drop again this year by approximately 10% which
will take the CEURA annual revenue from 5.5 million down to 5 million. Exact numbers will
be available in August.
• Any projects bonded through CEURA must be completed by December 31, 2014.
• Land acquisition by CEURA is statutorily controlled and cannot be speculative.
Discussion ensued regarding ways to structure financial support from CEURA such as bonding,
reimbursements at project-end, funding project phases other than land acquisition, establishing an
endowment to be utilized beyond 2014, and other ideas. All attendees unanimously agreed that
project completion must be attained or guaranteed before any CEURA funds are expended or
committed.
Agreement was reached to have Chairman Waite and BR&E meet with two potential developers to
ask what incentives they need. Steve Fultz will schedule those meetings within the next two weeks.
Information from those meetings will be presented to the CEURA commissioners at the June
meeting.
Meeting adjourned at 1:05pm
Respectfully submitted,
Leona Fouts
Secretary