HomeMy WebLinkAbout2011-08-30 URA Minutes, Public Budget HearingPUBLIC HEARING
Proposed Budget for Fiscal Year 2012
URBAN RENEWAL AGENCY of the City of Caldwell, Idaho
August 30, 2011 - 12:00 p.m.
Caldwell Police Department
Community Room
110 South Fifth Avenue, Caldwell
The meeting was called to order by Chairman ElJay Waite at 12:00 noon. The roll was called:
present were ElJay Waite, Rob Hopper, Theresa Hardin, Kathy Alder and Leona Fouts. All
commissioners were present and a quorum established.
Motion to approve the agenda to consider the fiscal year 2012 Urban Renewal Agency budget:
Hopper/Fouts M/S/P
Chairman Waite welcomed everyone and announced that this public hearing was scheduled to
set forth the budget for the Caldwell Urban Renewal Agency for Fiscal Year 2012. The sign-up
sheets were gathered and Chairman Waite noted that there were no individuals signed up to
speak either in favor or against, and one individual signed up to speak neutrally.
Chairman Waite provided a detailed review of the revenue and expenditures for Fiscal Year
beginning October 1, 2011 and ending September 30, 2012.
Chairman Waite opened the meeting for public comment or question, calling upon the individual
signed up to speak neutrally: Paul Alldredge, 3107 Arlington Ave., Caldwell.
Paul Alldredge posed the question of whether or not there will be any Urban Renewal Agency
bond debt that will carry over past the 2014 sunset year.
Chairman Waite stated that there will be approximately $1.4 million in existing sewer bond debt
that will continue until 2022.
Paul Alldredge asked if the commission anticipated any other bonding projects between now and
the sunset of Urban Renewal that will carry over past 2014.
Chairman Waite stated that there are no plans for projects requiring bonding at this time. He
further explained that the Urban Renewal Agency will continue as a legal entity past 2014 for the
sole purpose of debt retirement, to which approximately 35% of the increment tax revenue will
be applied, with the balance of the increment tax revenue returned to the taxing districts.
In response to a general question regarding the cash carryover, Chairman Waite noted that the
budget ends on September 30, 2011 and there is a payment due of $1.6 million on October 6,
2011, thus the carry over is necessary to meet obligations that arise prior to receipt of the
increment tax revenue for the new budget year.
Chairman Waite heard comments from each of the four commissioners, all of whom spoke in
favor of the 2011-2012 budget, with salient points being:
• the majority of the budget was committed to capital projects already in place and few
projects are left to fund,
• completed projects include incentives to spur development in downtown Caldwell,
• funds have been carefully administered,
• the budget is conservative,
• optimism voiced for revenue in excess of budget to fund projects yet unknown.
Chairman Waite announced that Simply Stylin’ Salon and Greg Poe Airshows have been
approved for incentive grants. He also noted that there will be a new project presentation at the
September 6, 2011 Urban Renewal meeting and welcomed public attendance at the meeting.
Chairman Waite further stated that the Exit 29 project may receive some federal reimbursement
funds which could eliminate reimbursement expenditures to the City of $320,000 and
uncommitted incentive grants of $220,000 may provide $540,000 to stimulate economic
development projects downtown.
Chairman Waite asked for any additional comments. Hearing none, he thanked the attendees and
declared the public hearing closed at 12:20pm.
Motion to approve the fiscal year 2012 Urban Renewal Agency budget as presented:
Hopper/Fouts M/S/P
Motion to adjourn: Hopper/Alder M/S/P
Meeting adjourned at 12:23pm
Respectfully submitted,
Leona Fouts
Secretary