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Home My WebLink AboutURA RES 2019-06 RESOLUTION NO. RESOLUTION ACCEPTING THE ANNUAL ACTIVITIES REPORT FOR CALENDAR YEAR 2018 OF THE CALDWELL URBAN RENEWAL AGENCY. BE IT HEREBY RESOLVED by the Caldwell Urban Renewal Agency of Caldwell, Idaho, has accepted the Annual Activities Report for Calendar Year 2018 of the Caldwell. Urban Renewal Agency made a part. hereof as set forth in full. PASSED BY THE CALDWELL URBAN RENEWAL AGENCY of the City of Caldwell, Idaho this I 1 th day of March, 2019. APPROVED BY THE CHAIRMAN GE THE CALDWELL URBAN RENEWAL AGENCY of the City of Caldwell, Idaho this 10' day of March, `019. Ap .d e B _ Jim PortermmJ airman 1 ATTEST: Sccretary a.. Z 0, « NV ��i'i!i i'Niiiii�'�,w MEMORANDUM UPI TO: Caldwell City Council )A"L I CAL 0.WELL Meeting Date Marche , 20 '9 IDAHO AGENDA ITEM INFORMATION SUBJECT. X r�0 111lrials d)�pr1rt111c1a1 S11rr111�/1d 1Pti mark Urban Renewal Agency Annual Activities Report for Calendar tiuildin x 1)c rtirrtr„ent Year 2018, per Idaho Code 80-2098(c). t:'DBG Clerk X d,q t;it Attorne� I-inancc l)e ant X chm Human Rc SOUrc es t'lai�n .._�' Zoning ITi _,. rc°De K;rtment Policc Department. PUblic Works Street I)epartment Water artrr7ent W W;T1 a_ Engineering ("0,V7'IMPAC"T. N/A Parks and(Recreation __-------- FUNDING N/A Airport SCU(1RC'E: Inii miation Systems TIMELINE: Due March 81st clolfcourse 0111 ER: StIMMARYSTATEMENT. An agency authorized to transact business and exercise powers under this chapter shall file, with the local governing body, on or before March 81 of each year a report of ots activities for the preceding calendar year, which report shall include a complete financial statement setting forth its assets, liabilities, income and operating expense as of the end of such calendar year. The agency shall be required to hold a public meeting to report these findings and take comments from the public. At the time of filing the report, the agency shall publish in a newspaper of general circulation in the community a notice to the effect that such report has been filed with the municipality and that the report is available for inspection during business hours in the office of the city clerk or county recorder and in the office of the agency. Report was presented to City Council on February 19th, 2019 and they called for the Public ,Meeting to be held March 11th, 2019 at 7:00 pm. See Exhibit A for the financial statements setting forth assets„ liabilities, income and operating expense as of the end of Calendar year 2018. See Exhibit E for the activities report for Calendar year 2018, RECOMMENDED ACTION. Approve Calendar Year 2018 Annual Activities report for the Caldwell Urban Renewal Agency. PUBLIC NOTICE Caldwell Urban Renewal Agency NOTICE IS HEREBY GIVEN that pursuant to Idaho Code 50-2006(c), the Caldwell Urban Renewal Agency has fled the Annual Activities Report for Calendar Year 2018 with the Caldwell City Clerk. The report describes the Caldwell Urban Renewal Agency's activities for the preceding year, and includes a complete financial statement. The 2018 Annual report will be presented to the Caldwell Urban Renewal Agency Board of Commissioners on Monday, March 11, 2019 at 7:00 p.m. at the Caldwell Police Department Community Room (110 South 5th Avenue) for the purpose of receiving public comment. The report is available for inspection and public comment during business hours in the office of the Caldwell City Clerk/Caldwell Urban Renewal Secretary, located at 411 Blaine Street, Caldwell, Idaho. For further information, please call (208) 455-4656. PUBLISH: March 4, 2019 Urban Renewal Annual Activities Report-- Calendar Year 2018 Per Idaho code 50-2006(c) the Caldwell Urban Renewal Agency is required to file a report of activities for the preceding calendar year with the local governing body. Included in your packets is Urban Renewal's Statement of Revenues, Expenditures and Changes in Fund Balance for calendar year ending December 31, 2018, which reports the agency's revenues and operating expenditures and the Agency's Balance Sheet as of December 31, 2018 which reports the agency's assets, liabilities: The code also requires that the agency hold a public meeting to take comments and that meeting is scheduled for Monday, March 11th, 2019 at 7:00 pm here in the community room. During 2018 the Agency's activities were: • February 2018 there was a PSA with Price Pump for land sale of 6 acres in Sky Ranch Business Park. Price Pump began construction in the Spring of 2018 and is scheduled to complete construction in 2019. • April 2018 the agency issued Increment Revenue Bonds of$4,400,000 bond for the completion of the Indian Creek Plaza. Bond payments are due March 1 and September 1. • April 2018 Capital Distributing purchased 50 acres in Sky Ranch Business Park; and then began construction. Construction is scheduled to complete in 2019. • May 2018 two RFP's were received for the redevelopment of the property next to Indian Creek and the proposal from Gardner Company was selected for the redevelopment of that property into a hotel with mixed use retail and residential and/or office. _ ___ •_ June 2018 the Movie Theater Luxe_Reel Theater) opened in downtown s_howcas_ing an eleven- _ W screen movie theater with "first run" movies. • July 2018 Indian Creek Plaza opened and hosted a variety of outdoor events such as summer concerts, movie nights, exercise classes. • August 2018 the agency purchased 20.237 acres in Sky Ranch Business Park. • August 2018 the agency entered into a partnership with the City of Caldwell and Building Hope to provide infrastructure improvements for the construction of an alternative charter school, Elevate Academy. • September 2018 Fresca exercised their option to purchase an additional 2.64 acres. • October 2018 the agency entered into a PSA with Gardner company for the purchase of 8.2 acres in Sky Ranch Business Park; closing is still pending • November 2018 was the debut of the Ice Ribbon which is part of the Indian Creek Plaza. • During 2018 the following projects were completed: 400 Horton Lateral, 500 Lateral, Smeed Re- alignment and Skyway extension. • Construction began for Fresca in 2017 and completed in 2018. • The agency participated with the City in a fagade and fire sprinkler incentive program for buildings along the front of Indian Creek Plaza. • Business Incentive Grants for Johnson Thermal completed January 2018 and AMFAC started in January 2018. Four applications for the Business Incentive Grant were received (Capital Distributing, Syringa Network, McCain Foods and Cold Steel Constructors) CALDWELL EAST URBAN RENEWAL AGENCY Statement of Revneues, Expenditures, and Changes in Fund Balances Governemntal Funds For Year Ended. December 31, 2018 Per Audit Deletions Additions Unaudited Fiscal year Oct-Dec Oct-Dec Calendar 2018 2017 2019 Year 2018 EXPENDITURES Current: Urban Renewal 1,221,982 1,022,528 355,482 554,937 Capital Outlay 7,48I,937 - - 7,481,937 Debt Service: Principal 2,791,691 - - 2,791,691 Interest 681,937 - - 681,937 Bond Issue Costs 36,125 - - 36,125 Total expenditures 12,213,672 1,022,528 355,482 11,546,627 REVENUES Property Taxes $ 7,864,839 $ 270,921 $ 467,736 8,061,653 Interest 91,768 9,645 33,387 115,510 Unrealized Loss (31) (31) Gain on Sale of Land - _ Miscellaneous 242,072 60,597 55,664 237,139 Total Revenues 8,198,648 341,163 556,787 8,414,271 Excess(Deficiency)of Revenues Over(Under) Expenditures (4,015,024) (681,364) 201,304 (3,132,355) OTHER FINANCING SOURCES (USES): Poceeds From Sale of Land 4,776,747 1 - 4,776,746 Bond Proceeds 4,400,000 4,400,000 Loan Proceeds - Total Other Financing Sources(Uses) 9,176,747 1 - 9,176,746 Net Change in Fund Balance 5,161,723 (681,363) 201,304 6,044,391 Fund Balance Beginning of Year 9,938,053 9,938,053 8,442,690 8,442,690 Restatement to beginning fund balance (814,000) (814,000) - Fund Balance End of Year $ 14,285,776 $ 8,442,690 $ 8,643,994 $ 14,487,080