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Home My WebLink AboutResolution 25-014 - Sep 9 2025 - 4-16 PMMERIDIAN DEVELOPMENT CORPORATION THE URBAN RENEWAL AGENCY OF THE CITY OF MERIDIAN RESOLUTION NO, 25-014 FY 2025 BUDGET AMENDMENT BY THE BOARD OF COMMISSIONERS OF THE URBAN RENEWAL AGENCY OF MERIDIAN, IDAHO, A/KIA THE MERIDIAN DEVELOPMENT CORPORATION: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE URBAN RENEWAL AGENCY OF THE CITY OF MERIDIAN, IDAHO, A.K.A. THE MERIDIAN DEVELOPMENT CORPORATION (MDC) TO BE TERMED THE "2025 BUDGET AMENDMENT RESOLUTION," AMENDING THE APPROVED FISCAL YEAR 2024- 2025 BUDGET TO APPROPRIATE ADDITIONAL UNANTICIPATED SUMS OF MONEY AUTHORIZED BY LAW AND DEEMED NECESSARY TO DEFRAY ALL EXPENSES AND LIABILITIES OF THE URBAN RENEWAL AGENCY, FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2024, AND ENDING SEPTEMBER 30, 2025, FOR ALL GENERAL, SPECIAL, AND CORPORATE PURPOSES; DIRECTING THE ADMINISTRATOR OR THEIR DESIGNEE TO SUBMIT THE RESOLUTION AND BUDGET TO THE CITY OF MERIDIAN AND ANY OTHER ENTITY ENTITLED TO A COPY OF THE RESOLUTION AND BUDGET; AND PROVIDING AN EFFECTIVE DATE. THIS RESOLUTION, made on the date hereinafter set forth by the Urban Renewal Agency 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 agency 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 agency 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"); RESOLUTION NO. 25-015 2025 BUDGT AMENDMENT Page 1 WHEREAS, pursuant to Idaho Code Sections 50-2006, 50-2903(5), and 50-1002, MDC staff has prepared an amendment to the FY 2024-2025 budget pertaining to the MDC's receipt of additional unanticipated revenue increasing the revenue received and estimated expenses in both the Ten Mile District and the Linder District; WHEREAS, The budget for the Meridian Development Corporation is amended such that the estimated revenue will be increased from the estimated amount of $14,037,340.00 to the amount of $14,108,978.00 and the estimated expenses will be increased from the amount of $14,037,340.00 to the amount of $14,108,978.00. WHEREAS, The amended budget items are more specifically described in Exhibit A attached hereto showing the amendments to the Ten Mile District and Linder District; WHEREAS, Agency has previously conducted on Wednesday, September 10, 33 E. Broadway, Meridian, Idaho 83642; published notice of a public hearing to be 2025, at 7:30 a.m. at the Meridian City Hall, WHEREAS, on September 10, 2025, Idaho Code, the Agency held a public hearing at the Meridian City Hall, Meridian, Idaho, on the proposed FY 2024-2025 budget amendments and considered any public comment on services, expenditures, and revenues and proposed amendments for Fiscal Year 2024-2025 and approved the amendments to said budget; WHEREAS, the Board of Commissioners finds it in the best public interest to approve the Budget Amendment, NOW, THEREFORE, BE IT RESOLVED BY THE MEMBERS OF THE BOARD OF COMMISSIONERS OF THE URBAN RENEWAL AGENCY OF MERIDIAN, IDAHO, AIKIA THE MERIDIAN DEVELOPMENT CORPORATION, AS FOLLOWS: Section 1. That the above statements are true and correct. Section 2. That the sums of money, or as much thereof as may be authorized by law, needed, or deemed necessary to defray all expenses and liabilities of the Agency, as set forth in Exhibit A, which is annexed hereto and by reference made a part of this Resolution, reflecting no changes from the proposed amendments to the FY 2024-2025 budget that was published in accordance with Idaho Code, and the same are hereby approved and appropriated for the general, special, and corporate purposes and objectives of the Agency for the fiscal year commencing October 1, 2024, and ending September 30, 2025. RESOLUTION NO. 25-015 2025 sUDGT AMENDMENT Page 2 Section 3. That Administrator or her designee shall submit the Resolution and Budget Amendment to the City of Meridian on or before September 30, 2025, and submit this Resolution and Budget to any other entity entitled to a copy of the Resolution and Budget Amendment. Section 4. That this Resolution shall be in full force and effect immediately upon its adoption and approval. PASSED AND ADOPTED by the Urban Renewal Agency of the City of Meridian, Idaho, alkla the Meridian Development Corporation, on September 10, 2025. Signed by the Chairman of the Board of Commissioners and attested by the Secretary to the Board of Commissioners, on this 10P day of September, 2025. APPROVED: Y At'/ Chairman ATTEST. By RESOLUTION NO. 25-015 2025 BUDGT AMENDMENT Page 3 E-_xtlihit A Operating Revenue FY2025 FY2925 Amr*f" OrigkW arm flrxtrlrt ti I dr. Mevel FUe - Uti W lto+Ml UrstnCt 2 20ti OW 2 c70 0CID Fu ,lrra Carrycwef from FY24 - Domnt Dis+ftct 7 649.819 7,64M19 T64 19 Lf2176i Fund in ci Ca LT yover From FY24 -Ten Mile District 777 119 777.119 PT-Z r;lJ f-acke4e:�sa-L ACHD TIF 87,551 87,551 Property Tax Revenue - Union District ACHD TIF Only 13,082 13.032 Fund" Carryover from FY24 - union District vAiT d ACHD TIF 7,815 7 815 Funding Carryover from FY24 - Union D=strict Arun -or- 1.94¢ 1 94g . i-rCf,&;'j Ta:c F: ertiG- m gay Iatout ACHD TIF 144,849 144,849 Property Tax ReyenUe- Northern Gateway ACHD TIF Onty 21 644 21 644 Futding Carryovef from FY24 - Nam Gateway Distrct vithorrt ACHO TIF 80,980 60,960 Fu Mng Carfyarer from FY24 - Northem Gateway R �{{ /1 11J i,.•—'-r .1n' :e1 r. t.r�►r+'tr: sylr��7H?Lf.�-': M[If�rt�lf"s!ht.t?--- IIr F j 79.324 _ 11,952 kcdvig Carryover rrom FY24 -Linder District th _t ACHD TIF 31,547 31547, F"nd,-ng Carry[rrer fmm FY24 - Lindef District Interest Eam,,nrls 120000 120.000 TOTAL REVENUES and AVAILABLE CASH $ 14,108,978 $ 14,037,340 RESOLUTION NO. 25-015 2025 BUDGT AMENDMENT Page 4 Contractual Obligations: Prof cn cnnl IS-er- A nq AdministrWor'Crvrces - Dowiicr-+n Di ;tiict 78,04 i 78,045 Ad'uin-itratar Services - Ten MIP District 25,176 25 176 U;II M D 1hd 2,516 2,518 Administrator Services - Northem Gateway District AdzninrstmW Services - Linder Distnct 1.259 1.25,9 Pt'Mic Rda'lancdMa&etin - Dmwtmn District 7,500 7,500 Pul..lic Rel t, orr-,[Wrketi - Ten Mite District 7,500 7,500 Le<sal Services - Dovmlmn District 44,701 44,701 Lecal Services -Ten ?vve District 14,420 14.420 t f" -4 Sir~+ir. - Un« fxi t" 1.442 1.4,412 . f iie G !:i y IU fi 1 Lecat Services - Linder District 721 721 Lecis;a`ve Services - Dombm District 15,750 15,75,0 Lecis',ative Services -Ten We District 15,753 15,75O Audit Services- Domtom District 8,700 8,700 Audit Services - Ten % le District 8.700 8,700 ,�,{{� .. �n: ',—, 1' ,^ `sn!i rcs- '"r'L kk:ifl='�i D!sticf. 21 0)2 71 At'c� Account rta Services - Ten Mile Disbriet 6,800 6,00 Account rr Services- Union District 680 68O Accouptnq Services- Nodhem Gatevay District 5,100 5,100 Accounting Services- Linder District 340 340 295,878 295.878 Operational Expenses !r—RtdP-fnsurarce PremiumMalims 4,142 4,142 PartnersNps - Valley Regional TransA 6,619 6,619 ParbnersNps - City of Fti'I cEan. Concerts on 10,000 10,000 Irrigation Taxes - GOMPASSIVRT Pmperty 300 3DO Lecl Notices I PuMcatons. 1 2,000 1 2.000 RESOLUTION NO. 25-015 2025 RUDGT AMFNOMFNT Page 5 FY2025 fY2025 1ltneitded Origuial Pridget Qusklet 6otiiios K4uiwrimice - W iij61,,YVRT Property ONGOING EXPENSES: Accounlina Sofh%nwe Kxntm.-rceAJcen- 3 5Q0 3. 1`1 Parking Lot M#aIntenanoe - COMPASSIVRT & Pntfr^ Lot General Uectr'onics Expense - Websrt&Zoommail Storaw Fees 2—W 2.500 General Office Expenses 1,000 7.000 Meptna Expenses 500 500 Boise Chamber leadership Confetence 3 DO 3,200 Post & Maiiitt s 2D0 200 Mason Parking Lot - Spedal Projects 5,000 5,OOt] Total Contractual Obligations 348,839 Revenues less Contractual Obligation 13,760,139 13,W,501 DiSCRETiONARY EXPENSES: Operational Expenses !,arketin IProrrx bonailPublications 1,000 t .000 Trainino and Meats 5.000 5.000 r1 and. SLO;ii �p 15if rs .-C is AL OPERA f TONAL E PENSE.S 11,606 11,600 PESOLUTION NO. 25-015 2025 BUDGT AMENDMENT Page 6 Prc Sul ecz txpenaitures i`1Wnw Rs;Rvlc ;q,V c4i Reimix r?enignf 10 LfNhtcwl U5,� C - 2.494.W, C�7,j7C 975991 0VAW4 Pal ll wUan Remilm senient to Galena C?RnoMindy Fund for (hiion 93 - Union District 80,000 80000 LW)er Partclpatron Reimbursement to MICA, LLC (Kc'liar Ass.xjates) - DcwItam Dj-tWct 40.000 40.000 Spec' -al Pmiens - Dcivfailom District 7,273,732 7,273.732 SPecial Prroiects - Union District 5,726 5,726 S ec`al Projects - Union District ACHD TIF 15,031 15,531 Special Pro Cts - Nbrthe-m Gatewa District 135,783 135,783 S ec-al Prn�Ws - Norttiem Gatesy ACHD TIF 53,728 53.728 .'JH .2.?.t e' al r ray E;i5 - Liixis D 3ti,ct ACHD TIF I 17,401 Destination Damtown - Downtown District 29,750 29,750 Destination Damtown - Northern Gateway District 5250 5250 Mine -Mile Flood lain - Downtown District 2,000,000 2,000.000 Facade Improvement Program - Downtmn Distort 200,00 �oo,oao Facade Improvement Program - Northern Gateway Fa ade Improvement Pr - Union District 5,000 5,000 Mericl3n Chamber Wsorshlp - Oktoterrest - Dowrrtmm District 10.MD 10,0W 3TOTAL CAPITAL EXPENDITURES 8% Reserve Based on Estimated Revenues 13,572,539 13,a00,901 TOTAL EXPENDITURES 14,108,978 14.037.340 NET RESOLUTION NO. 2"15 2025 l3UDGT AMENDMENT Page 7