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Home My WebLink About2016-05-10 Special Meridian Development Corporation MeetingIDIANr--- _MERIDIAN development corp. SPECIAL JOINT CITY COUNCIL D MERIDIAN DEVELOPMENT O ,. AGENDAMEETING City Council Chambers 33 East Broadway Avenue Meridian, Idaho Tuesday, May 10, 2016 at 5:30 PM6:32 PM 1. Roll -Call Attendance Anne Little Roberts Joe Borton _ ® Ty Palmer ®_ Keith Bird _ Genesis Milam Luke Cavener _ Mayor Tammy de Weerd® Jim Escobar — Chairman _® Dan Basalone — Vice -Chairman X Dave Winder— Secretary/Treasurer ® Tammy de Weerd — Member Eric Jensen — Member ® Calvin Barrett — Member Todd Lakey — Counsel ® Ashley Squyres — Administrator 2. Adoption of the Agenda Adopted _ Keith Bird - Member _ Kit Fitzgerald — Member ® Callie Zamzow — Member 3. Presentation and Discussion of Hilltop's Survey Results 4. Amended onto the agenda: Ten Mile Urban Renewal District Plan Update Motion approved to accept the updated Ten Mile Urban Renewal District Plan as adopted by Meridian DevelopmentCorporationResolutionNo. • # to • •the Kennedy Lateral to the plan and to provide the updated information to all of the taxing districts and the Planning and Zoning Commission. Meridian City Council and MDC JOINT Meeting Agenda — Tuesday, May 10, 2016 Page 1 of 1 All materials presented at public meetings shall become property of the City of Meridian. Anyone desiring accommodation for disabilities related to documents and/or hearing, please contact the City Clerk's Office at 888-4433 at least 48 hours prior to the public meeting. MERIDIAN DEVELOPMENT CORPORATION THE URBAN RENEWAL AGENCY OF THE CITY OF MERIDIAN RESOLUTION NO. 16-019 BY THE BOARD OF COMMISSIONERS OF THE URBAN RENEWAL AGENCY OF MERIDIAN, IDAHO, A/K/A THE MERIDIAN DEVELOPMENT CORPORATION: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE URBAN RENEWAL AGENCY OF MERIDIAN, IDAHO, ADOPTING AND APPROVING THE PROPOSED MODIFICATIONS TO ITS PREVIOUSLY APPROVED URBAN RENEWAL PLAN FOR THE TEN MILE ROAD URBAN RENEWAL PROJECT (PLAN) AND RECOMMENDING THAT THE CITY OF MERIDIAN APPROVE SAID PLAN INCLUDING THE ATTACHED MODIFICATIONS; AUTHORIZING THE CHAIRMAN OR ADMINISTRATOR TO TRANSMIT THE PLAN MODIFCIATIONS AND THIS RESOLUTION TO THE CITY COUNCIL OF THE CITY OF MERIDIAN REQUESTING ITS APPROVAL OF THE PROPOSED PLAN MODIFICATIONS; AND PROVIDING AN EFFECTIVE DATE. RECETV'P-. _- r �� CITY= C411,P CITY CLERKSH THIS RESOLUTION, made on the date hereinafter set forth by the Urban Renewal MDC of the City of Meridian, Idaho, an independent public body corporate and politic, authorized under the authority of the Idaho Urban Renewal Law of 1965, as amended, Chapter 20, Title 50, Idaho Code, a duly created and functioning urban renewal MDC of the City of Meridian, Idaho, hereinafter referred to as the "MDC." WHEREAS, the MDC, an independent public body, corporate and politic, is an urban renewal MDC created by and existing under the authority of and pursuant to the 'Idaho Urban Renewal Law of 1965, being Idaho Code title 50, chapter 20, as amended and supplemented, and the Local Economic Development Act of 1988, being Idaho Code, Title 50, Chapter 29; as amended and supplemented (collectively the "Act"); WHEREAS, the MDC was established by Resolution No. 01-367 of the City Council of the City of Meridian, Idaho (hereinafter the "City Council"), adopted July 24, 2001; WHEREAS, the City Council of the City of Meridian, Idaho (the "City"), on October 8, 2002, after notice duly published, conducted a public hearing on the Meridian Revitalization Plan (the "Revitalization Plan"); WHEREAS, following said public hearing the City adopted its Ordinance No. 02- 987 on December 3, 2002, approving the Revitalization Plan and making certain RESOLUTION NO. 16-019 (Modifications to Ten Mile Urban Renewal Plan) - 1 Z - (ugId ItINnauoN Mgafl OPW uaZ of suoiltIO ipoW) 6I0 -9I 'ON Nolifillosa I 'lenopdda pue uo!}dopa sl! uodn Alalaipauaupl loalla pue eopol llnl ui aq hays uo!lnlosay sm leuI, uo!}oaS 'suo!}eolllpoua veld pasodoad ay} anopdde pue pap!suoo I!ounoO ay} ley} 6u!}sanbaa i!ounoO Allo uelp!JGVI ay} o} uaid ayl o} suOPOillpoup ay} }!Wsuepl o} paztaoylne Agapay sl Jo}ep}slulwpy Jo saauo!ssiwwoO to paao8 ay} to p!ego ay} }eyl uo!}oaS 'suo!leollipow pies yl!M uaid ay} anopdde Al!O ay} leyl spuaupWOOap pua veld ayl o} suo!leoll!pow pasodoad ayl s}dopa pua sanoadde ppe08 ay} leyl 'Z uoi}oaS }oappoo pue anal ape s}uaupa}els Gnoge ay} leyl l uo!}oaS :SM011oj S`d `OH`dal `MdlalAb3VV JO OaW IVM3N32} Nd8?jfl 3Hl JO S213NOISSIWWOO JO a WOU 3Hl JO S2138VUN 3Hl AB a3nlOS3b ll 38 `3:10J32J3H1 `MON Id l!q!gx3 se olapay payoe}le ape veld ay} o} suo!leoll!pow pasodoad ay} `S`d3213HM `Ienopdde pol 6u!aap!suOO si }! ley} veld lennaua�l uegpn aim ual ay} to ped se suolleoll!poua payoe}le ay} apnlou! Al !o ayl legl saa!sap 00H `Sd3:13HM :ueld pasodoad ay} o} payoal}e s}peyO pue sdeua ay} ul slsoo 6u!puodsappoo pue leaalel ApauuG}l ay} to uolloas a apnloui o} sailsap ppe08 ay} 0(]n Aq s}uaupanopdup! Al!i!Oel G6eu!eap pue uoile6ipai to }uawasanqualaa aol lellua}od Gy} spanOO ueld pasodoad }uappno ay} gbnoglle }eyl sleal OaW `S`d3�J3HM `OQW Aq papunl aq Aew }eqm to }ped 6u!aq se s}uaupanopdwi pue aan}ona}seplui oygnd aay}o e sal!! d l 96eulepp pue uo!le6!apl o} seouapalap sapnlou! Apeaple MZ-`LZduo _I! d p veld ay} to uo!saan luaiino ay} ley} sa6palm0uA0e OQIN ayl `SH32l3HM :ueld pasodoad ay} of pagoelle sluaupanopdua! pals!l Alleo!lpads ay} ui papnloui aq of papeau lepalel Apauua}l ay} of sluauaanopdwi paylaynn }noge pap!nbu! }o!plsla lemaua�l uegan al!W ual pasodoad ay} ui papnloui aq pinom ley} spaumo A}padopd ay} to Guo 6uPOW ley} JG}le pue 9�OZ `LZ I!pdy uo 6u!}Gaup s}! le veld pasodoad ay} panoadde OaW `S`d32:13HM `sbulpull PASSED AND ADOPTED by the Urban Renewal Agency of the City of Meridian, Idaho, a/k/a, the Meridian Development Corporation, on May 10th, 2016. Signed by the Chairman of the Board of Commissioners, and attested by the Secretary to the Board of Commissioners, on this 10th day of May, 2016. By _ 062 Jim Esco ar, Chairman ATTEST: By Da finder, Secretary RESOLUTION NO. 16-019 (Modifications to Ten Mile Urban Renewal Plan) - 3 ti - (T Id Wnnauag uegzn altW uaI 01 suot��ot�!POW) 6I0 -9I 'ON NOILIl'IOSHN l33M' ld -IVM3N:R:1 Nvmm GVO2l 311W N31 3Hl �:10-A NV -Id IVM3N3�1 NVMm Ol SNOUVO1314OIN V I!q!gx3 RECEIVE Developer Projects: Ten Mile A Urban Renewal District Secure Funding (TIF City of Meridian Loan) Potent! al Funding egment 1 $462,308 $690,685 $1,160,586 $1,967,642 $1,094,947 $1,645,222 $4,284,734 $3,442,813 $2,223,384 $959,575 $905,984 $3,000,000 $251,570 $1,100,000 $223,850 $23,413,300 Segment 2 Segment 3 Segment 4 Segment 5 Segment 6 Segment 7 Segment 8 Segment 9 Segment 10 Segment 11 Segment 12 Kennedy Lateral Segment 13 (Street Lights on Ten Mile & Franklin Rd) Segment 14 (Traffic signals at 4 intersections) Segment 15 (Ten Mile and Franklin Street Frontage Improvements) Total Project Costs (un -inflated dollars) Cost of Operations and Improvements by Year (2017-2037) Year Secure Funding (TIF City of Meridian Loan) Potent! al Funding District Operating Expenses OPA Debt Service City Loan Debt Service Add'I Principal Payment Total Project Liabilities 2017 $50,000 $0 $25,000 $0 $0 $0 $25,000 2018 $3,535 $0 $25,000 $0 $0 $0 $25,000 2019 $358,006 $0 $35,901 $287,205 $11,000 $0 $334,105 2020 $429,474 $0 $42,947 $343,579 $11,000 $0 $397,527 2021 $685,569 $0 $50,000 $548,455 $11,000 $0 $609,455 2022 $764,912 $0 $50,000 $611,930 $11,000 $0 $672,930 2023 $1,037,504 $0 $50,000 $830,003 $11,000 $0 $891,003 2024 $1,061,572 $0 $50,000 $849,258 $0 $0 $899,258 2025 $1,924,457 $0 $50,000 $1,539,566 $0 $500,000 $2,089,566 2026 $1,690,202 $0 $50,000 $1,352,162 $0 $500,000 $1,902,162 2027 $1,967,722 $0 $50,000 $1,574,178 $0 $100,000 $1,724,178 2028 $2,797,673 $0 $50,000 $2,234,138 $0 $900,000 $3,184,138 2029 $2,577,728 $0 $50,000 $2,062,182 $0 $250,000 $2,362,182 2030 $2,887,603 $0 $50,000 $2,310,082 $0 $500,000 $2,860,082 2031 $3,592,793 $0 $50,000 $2,874,234 $0 $500,000 $3,424,234 2032 $3,623,529 $0 $50,000 $2,898,823 $0 $750,000 $3,698,823 2033 $3,737,660 $0 $50,000 $2,990,128 $0 $1,000,000 $4,040,128 SZ8`61L`9£$ 000`000`S$ 000`SS$ LL6`SB9`0£$ BVR'RL6$ 0$ 696`TVT'gt$ Iel0l 0$ 0 0 0 0$ 0$ 8£OZ 000`OS$ 0$ 0$ 0$ 000`OS$ 0$ E-WLO8`V$ LEOZ 000`OS$ 0$ 0$ 0$ 000`OS$ 0$ L;V9`EZ6`V$ 9EOZ 000`OS$ 0$ 0 S00`IZ9`E$ 000`OS$ 0$ 9SZ`9zs$$ SEOZ 6-b0`608`E$ 0$ 0$ 6;V0`6SL`E$ 000`OS$ 0$ ZZ8`689`f,$ ibEOZ T-7 III IN Cn Cn Cn fD fD fD CA fD CA fD CA N C� fD C� fD Cn Cn C� C� fD fD fD fD � 'v N � ,�„�„ � a CL lD tD (D (D (D (D (D (D fD (D (D (D N Cat —' O -S-TEN 1-- -MILE- ---- l a r� 12 -7 m. M_P�l £f r ® I 1? > -�,, 7 T-7 III IN Ten Mile Urban Renewal District Cash Flow Analysis -- April 2016 R . -,CET-" 1" CITY OFCITYCLERKS `r � W F 2017 i 2018 2019 2020 2021 2022 2023 2024 Beginning Balance $ - $ 25,000 $ 3,535 $ 28,436 $ 60,383 $ 136,497 $ 228,479 $ 374,980 Source of Funds Revenue Allocation $ - $ 3,535 $ 359,006 $ 429,474 $ 685,569 $ 764,912 $1,037,504 $1,061,572 City of Meridian Loan * $ 50,000 $ - $ - $ $ - $ - $ - $ Revenue Bond - Infrastructure $ - $ - $ - $ - $ - $ $ Total Funds Available $ 50,000 $ 28,535 $ 362,541 $ 457,910 $ 745,952 $ 901,409 $1,265,983$1,436,552 Use of Funds District Operating Expenses $ 25,000 $ 25,000 $ 35,901 $ 42,947 1 $ 50,000 $ 50,000 $ 50,000 $ 50,000 Total OPA Debt Service Obligation Additional Principal Total Debt Service $ - $ - $ 287,205 $ 287,205 $ 343,579 $ 343,579 $ 548,455 $ 548,455 $ 611,930 $ 611,930 $ 830,003 $ 830,003 $ 849,258 $ 849,258 pay City of Meridian Loan @ 3.5% $ - $ - $ 11,000 $ 11,000 $ 11,000 $ 11,000 $ 11,000 $ - Total Use of Funds $ 25,000 $ 25,000 $ 334,105 $ 397,527 $ 609,455 $ 672,930 $ 891,003 $ 899,258 Ending Balance $ 25,000 $ 3,535 $ 28,436 $ 60,383 $ 136,497 $ 228,479 $ 374,980 $ 537,294 2028 2029 2030 2031 2032 2033 2034 2035 Beginning Balance $ 403,771 $ 12,305 $ 227,851 $ 255,371 $ 423,930 $ 348,636 $ 46,168 $ 935,930 Source of Funds Revenue Allocation $2,792,673 $ 2,577,728 $2,887,603 $3,592,793 $3,623,529 $3,737,660 $4,698,811 $4,526,256 City of Meridian Loan $ - $ - $ $ $ $ $ $ - Revenue Bond $ $ - $ $ $ $ $ - $ - TotaiFundsAvailable $3,196,444 $ 2,590,033 $3,115,454 $3,848,164 $4,047,459 $4,086,296 $4,744,979 $5,462,186 Minus cumulative cash carryover Use of Funds District Operating Expenses $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 Total OPA Debt Service Obligation Additional Principal Total Debt Service $2,234,138 $ 900,000 $ 3,134,138 $ 2,062,182 $ 250,000 $ 2,312,182 $2,310,082 $ 500,000 $ 2,810,082 $2,874,234 $ 500,000 $ 3,374,234 $2,898,823 $ 750,000 $ 3,648,823 $2,990,128 $1,000,000 $ 3,990,128 $3,759,049 $ 3,759,049 $3,621,005 $ 3,621,005 pay City of Meridian Loan @ 3.5% $ Total Use of Funds $ 3,184,138 $ 2,362,182 $ 2,860,082 $ 3,424,234 $ 3,698,823 $ 4,040,128 $ 3,809,049 $ 3,671,005 Ending Balance $ 12,305 $ 227,851 $ 255,371 $ 423,930 $ 348,636 $ 46,168 $ 935,930 $1,791,181 Assumptions It is anticipated that the City of Meridian will loan the new District $50,000 to fund operations until Tax receipts are available. The Loan'acc, Provides for 10% of annual revenue allocation for administration and professional support. Capped at $50,000 annually. Adminstrative'.exp Initial 2 years administativecost @ $25,000 for costs to establish District, then formula above thereafter Assumes Developer installs ;improvements in 2016. $21,829,432 cost repaid with 80% of annual Revenue Allocation until paid in full @ S.& Additional principal paid if surplus funds accrue at the discrstion of the Agency. Model assumes pay -out in 16 years Obligation satisfied earlier if pace of taxable investment exceeds; conservative estimate (75% of Developer estimate) R . -,CET-" 1" CITY OFCITYCLERKS `r � W F 9TOZ 1!jdV -- s!sAleuV molj yse:) pp4s!a lemauaU ueq in aiiw ual •o) nuanar jo ryoz.fajeuidojdde slenba sasua w-10; .JeaA -9 4J!M 01.5'E ae 4-041ki —W, TL8'TZb'TT $ 8Z8'b99'9 $ SZ8'6TL'9£ $ 000'OS $ 000'OS $ 000'SS $ - $ $ LL6'S89'S£ $ - $ $ 000'000'5 $ //6'S89'0£ $ 8t,8'8L6 $ 000'0S $ 000'05 $ OT8'9S8'SZ $ (£L8'TZ£'S£) $ £89'8LT'T9 $ TL8'TLt,'TT $ 8Z8'bTL'9 $ 000'05 $ $ $ 969'T60'8t, $ £t O'L08'b $ Lt,9'£Z6't7 $ L86'9£0'£T $ 8Z8't,99'9 $ TST'T6L'T $ e;ol LEOZ 9EOZ TLL'£Ot, $ 9ZZ'09T $ 98T'ZL£ $ 8LT'bZL'T $ Z9T'ZO6'T $ 995'680'Z $ 8LT'bL9'T $ Z9T'ZS8'1 $ 99S'6£0'Z $ 000'OOT $ 000'00S $ 000'005 $ 8LT't,LS`T $- Z9T'ZS£'T $ 99S'6£S'T $ 000'05 $ 000'05 $ 000'0S $ 8t76'LZT'Z $ 88£'Z90'Z $ ISL'T9t"Z $ ZZL'L96'T $ ZOZ'069'T $ LSt,'bZ6'T $ 9ZZ'09T $ 98T'ZL£ $ t76Z'L£S $ GZOZ 9ZOZ sZOZ 9TOZ 1!jdV -- s!sAleuV molj yse:) pp4s!a lemauaU ueq in aiiw ual