16-1127 Committment for Idaho College of Osteopathic Medicine Community MatchCITY OF MERIDIAN RESOLUTION NO. ( (o - 11 a-,
BY THE CITY COUNCIL: BIRD, BORTON, CAVENER,
MILAM, PALMER, LITTLE ROBERTS
A RESOLUTION AFFIRMING CITY OF MERIDIAN'S COMMITMENT TO PROVIDE A
COMMUNITY MATCH UNDER THE IDAHO TAX REIMBURSEMENT INCENTIVE ACT
IN SUPPORT OF THE PROPOSED IDAHO COLLEGE OF OSTEOPATHIC MEDICINE TO
BE LOCATED AT "THE CORE" IN MERIDIAN IDAHO; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, The proposed Idaho College of Osteopathic Medicine (ICOM) has made a
commitment to locate in Meridian Idaho on the Idaho State University Health Care Center Campus;
and,
WHEREAS, ICOM will be a freestanding, privately funded, separately licensed and
independently operated entity with a capital investment of $32.6 million; and,
WHEREAS, ICOM is expected to have an approximate $79.5 million economic impact
during the development period with approximately 350 new construction and planning jobs; and,
WHEREAS, once opened, ICOM is expected to employ 90 full-time employees with an
average wage of more than $88,300 annually; and,
WHEREAS, the new direct state revenue to be generated by ICOM is projected at $18.4
million, and ICOM's facility, equipment, and land will be subject to city and county property taxes;
and,
WHEREAS, ICOM has been able to qualify for Idaho's Tax Reimbursement Incentive (TRI),
a performance-based mechanism that promotes economic expansion, business retention, and job
creation; and,
WHEREAS, ICOM's TRI incentive value is estimated to be $3.85 Million over ten years, and
ICOM plans to invest 100 percent of this reimbursement directly back into student scholarships; and,
WHEREAS, to be considered for participation in the TRI program, the applicant must seek a
Community Match, which is defined as a commitment from the local government that demonstrates
its active support of the applicant creating new jobs in the local community; and,
WHEREAS, the Community Match may include a monetary contribution, fee waivers, in-
kind services, the provision of infrastructure, or a combination thereof; and,
WHEREAS, Meridian's Community Match is a show of support that the City has a
partnership with the State of Idaho and ICOM, and is an effort to incentivize ICOM to utilize the
Idaho TRI program and locate in Meridian.
RESOLUTION FOR COMMUNITY MATCH TO IDAHO COLLEGE OF OSTEOPATHIC MEDICINE PAGE 1 OF 2
NOW THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF
THE CITY OF MERIDIAN CITY, IDAHO:
Section 1. That the City of Meridian actively supports ICOM in creating new jobs as
well as education opportunities in our community.
Section 2. That the City of Meridian is committed to providing an estimated community
match of $200,000 likely over the course of four years, plus potentially waive another $100,000 in
permit fees, the details and timing of which will be worked out in Meridian's budget setting process
and will be set forth in an agreement to be negotiated between Meridian and ICOM.
Section 3. That this Resolution shall be in full force and effect upon its adoption and
approval.
ADOPTED by the City Council of the City of Meridian, Idaho this 5th day of April, 2016.
APPROVED by the Mayor of the City of Meridian, Idaho, this 5th day of April, 2016.
APPROV-�'—
_ -- ATTEST:
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Tammy de rd, Mayor ����{ ' 'f ' �'° ��r�� i' ayc Holman, City Cleric
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RESOLUTION FOR COMMUNITY MATCH TO IDAHO COLLEGE OF OSTEOPATHIC MEDICINE PAGE 2 OF 2