The URL can be used to link to this page

Home My WebLink About2015-01-14 URA MINUTES r P SPECIAL MEETING WORKSHOP CALDWELL URBAN RENEWAL AGENCY JANUARY 14,2015—6:00 P.M. CALDWELL POLICE DEPARTMENT COMMUNITY ROOM The special meeting of the Caldwell Urban Renewal Agency convened at 6:00 p.m. with Chairman Hopper presiding. Roll was called by the URA Secretary. Commissioners Present: Hopper, Callsen, Pollard, Biggers, Dzuna (arrived at 6:50 p.m.). Staff Members Present: Robb MacDonald and Brian Billingsley Mr. Hopper introduced Greg Urrutia of New Beginnings Housing. Mr. Urrutia provided a packet of information concerning the proposed mixed use development in Downtown Caldwell describing more details about the proposal which was initially introduced to the Urban Renewal Board on December 2, 2014. (NEW BEGINNINGS PRESENTATION) #1:_Need for the Downtown Housing Development: Bringing a residential population to the urban core for the continued success of downtown Caldwell. He noted that small businesses in urban cores often lack the marketing power and brand identity of big-box retailers and therefore a dedicated, local customer-base is essential to the economic prosperity of a downtown economy. #2: Urban Renewal Aizency Financial Involvement: Urban Renewal—purchase of commercial space: $325,000 Urban Renewal— loan: $3251000 • Urban Renewal would purchase properties from City of Caldwell and private party and provide long term ground lease(55+year)at $1 per year. Cost of land to be determined. • Urban Renewal reimburses cost 2,600 sq. ft, transferred as condo or long term subleased commercial space, at$125/square foot, to URA ownership. • Urban Renewal provides a long term loan of $325,000 at 1% interest rate repayable from 50% of property net cash flow. Urban Renewal Agency Funding-Timing: Year 1: Acquisition of property from lease and private party for project site. Cost to be determined. Fund portion of costs of commercial space during construction. Cost of$325,000 Year 2: Fund costs for construction of commercial space during construction. Balance of above. Fund loan proceeds of$100,000 at completion of project. Year 3: Fund loan proceeds of$100,000 Year 4: Fund loan proceeds of$100,000 Year 5: Fund loan proceeds of$25,000 #3 Pro'ect Bene its: Community Redevelopment/Investment Benefits J-? ,< G F" 12 • First significant new construction in downtown core in five years. • Project is a logical next step of downtown redevelopment efforts and can promote further development efforts. • Addition of flexible commercial space and new residential to downtown core. • Projected investment of over$6,000,000 in downtown Caldwell. • Expanded property tax base with Caldwell. • URA funds leveraged approximately 10:1 by outside public/private investment. • Redevelopment of vacant and underuti 1 ized downtown property. • Project addresses a significant need for affordable housing in Caldwell. • Caldwell downtown plans have consistently included mixed use development. • The community has indicated the desire for additional affordable housing in downtown. • New commercial space opens opportunity for direct job creation in downtown. • Inject 28 new permanent households to downtown Caldwell with annual anticipated income of over $750,040. • Increased number of permanent residents downtown will result in expanded retail business and opportunities in the downtown core. • Project is fully consistent with the goals of the Caldwell East Urban Renewal Agency. • The Project provides a mechanism for CEURA to construct new commercial space in the downtown core along Kimball Avenue. • The Project includes a repayment mechanism from property cash flow to repay the CEURA loan. • Management of the property is by qualified third party professionals with long term oversight by Idaho Housing and Finance Association. ■ At the end of the lease term the property will revert to CEURA or its assignee. 3 Obstacles Rggardiqg the Plan: • A letter of opposition from the Downtown Caldwell Organization was referenced by Chairman Hopper. Discussion: In response to questions from Commissioner Biggers, Mr. Urrutia stated New Beginnings Housing would request the current building at the site be demolished by the Urban Renewal Agency. The owner of the hair salon fronting Arthur Street has not expressed interest in selling the property at this time. Mr. Urrutia noted that other similar housing developments under the ownership of New Beginnings Housing are managed through specialized property management firms. Discussion followed concerning the qualification process for tenants within affordable housing units owned by New Beginnings Housing. Commissioner Callsen expressed his concern about the proposed location of the project and parking issues. In response to questions from Councilman Biggers, Mr. Urrutia noted that the building site and construction costs do not lend to a senior housing development. 5) Recommendations: It was suggested by Chairman Hopper that Mr. Urrutia provide the Urban Renewal Agency with the following items: 1)A schedule of events indicating where the Urban Renewal Agency fits into the planning sequence, and 2) A report concerning the outcome of the roundtable session scheduled next week with New Beginnings management and City staff. Questions from citizens in attendance were addressed by Mr. Urrutia. 1 I ne � r action tit- C .r f' r r" If !w w,w �s.."�� .�Si .. ... .�� ..� �.. amw I eo ..e.... ....� .......�. ... ....� ._.�,........_�,....�..�. �,�.....mme,e.... 0,001 ............................��. ff u ` d °gym eN m I low 40 �......� q so 7 00 �µ Ilm on IN IiWmm II, W �W�m I . �� ,f� � � S� �nn I �Y 5 n �� f �� .� �� . � "� Ri �� i r n r�, '3•S�� - 1 I