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MDC Revitalization Plan RECEIVED :..' . J ; ;~ ?t'(',? . -' ..... "..- :. ....,~''" CITY OF MERIDIAN CITY CLERK OFF!r:F MERIDIAN REVIT ALIZA TION PLAN URBAN RENEWAL PROJECT MERIDIAN URBAN RENEWAL AGENCY (also known as the Meridian Development Corporation) CITY OF MERIDIAN, IDAHO Ordinance No. Adopted Effective .- ..~. Publication O;\IlJDY\WPDATA\Mcridiml URAIURP.wp:.l August 23, 2002 (l2:50PM) 8/2312002 12:07 PM TABLE OF CONTENTS Pal!e SECTION 100 INTRODUCTION ......,......,............................. 1 SECTION 101 GENERAL PROCEDURES OF THE AGENCY. . .. .... .....3 SECTION 102 PROVISIONS NECESSARY TO MEET STATE AND LOCAL REQUIREMENTS ....................,........ 4 SECTION 102.1 CONFORMANCE WITH ST ATE OF IDAHO URBAN RENEWAL LAW OF 1965, AS AMENDED ..4 SECTION 103 mSTORY AD CURRENT CONDmONS .................4 SECTION 104 PURPOSE OF ACTNITIES ............................4 SECTION 200 DESCRIPTION OF PROJECT AREA ..................,........ 5 SECTION 300 PROPOSED REDEVELOPMENT ACTIONS ..... . . . . . . . , . . . . . . . . 5 SECTION 301 GENERAL. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . 5 SECTION 302 URBAN RENEWAL PLAN OBJECTIVES .. . . . . . . . . . . . . . . . 6 SECTION 303 PARTICIPATION OPPORTUNITIES AND AGREEMENT. . . . 8 SECTION 303.1 PARTICIPATION AGREEMENTS................. 8 SECTION 304 COOPERATION WITH PUBUC BODIES................. 9 SECTION 305 PROPERTY ACQUISITION........................... .10 SECTION 305.1 REALPROPERTY .............................10 SECTION 305.2 PERSONAL PROPERTY ........................11 SECTION 306 PROPERTY MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . 12 SECTION 307 RELOCATION OF PERSONS (INCLUDING INDIVIDUALS AND FAMILIES), BUSINESS CONCERNS, AND OTHERS DISPLACED BY THE PROJECT ...................... .12 - i - SECTION 308 DEMOUTION, CLEARANCE, AND BUllDING SITE PREPARATION.................................... .13 SECTION 308.1 DEMOLITION AND CLEARANCE ............... 13 SECTION 308.2 PREPARATION OF BUllDING SITES ............ 13 SECTION 309 PROPERTY DISPOSmON AND DEVELOPMENT . . . . . . . . 13 SECTION 309.1 REAL PROPERTY DISPOSmON AND DEVELOPMENT .............................. 13 SECTION 309.1(A) GENERAL.............................. 13 SECTION 309.1(B) DlSPOSmON AND DEVELOPMENT DOCUMENTS. . . . . . . . . . . . . . . . . . . . . . . . . . . 14 SECTION 309.1(C) DEVELOPMENT BY THE MDC . . . . . . . . . . . . lS SECDON 309.1(0) DEVELOPMENT PLANS .................17 SECTION 310 PERSONAL PROPERTY DlSPOSmON ................. 17 SECTION 311 REHABILITATION AND CONSERVATION............. .17 SECDON 312 PARTICIPATION WITH PRIVATE OR PUBUC DEVELOPMENT .................................... 17 SECDON 313 CONFORMING OWNERS.. ....... . .. . .. ... ....... .... 18 SECTION 400 USES PERMITTED IN THE PROmCf AREA . . . . . . . . . . . . . . . . . . . 18 SECTION 401 REDEVELOPMENT PLAN MAP AND DEVELOPMENT STRATEGy.....,.................................. .18 SECTION 402 DESIGNATED LAND USES .,;........................ 18 SECfION 402.1 COMMERCIAL USES .......................... 18 SECTION 402.2 RESIDENTIAL USES . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 SECTION 403 OTHER LAND USES ................................ .18 - ii - SECTION 403.1 PUBUC RIGHTS-OF- WAY .. . . . . . .. . . . . .. . . . . . . . 18 SECTION 403.2 OTHER PUBUC, SEMI-PUBUC, INSTITUTIONAL, AND NONPROFIT USES. . . . . . . . . . . . . . . . . . . . . . . . 19 SECTION 403.3 INTERIM USES .............................. .19 SECTION 404 GENERAL CONTROLS AND LIMITATIONS. . . . . . . . . . . . . 20 SECTION 404.1 CONSTRUCTION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 SECTION 404.2 REHABILITATION AND RETENTION OF PROPERTIES .........................,....... 20 SECTION 404.3 LIMITATION ON TYPE, SIZE, AND HEIGHT OF BUll.DING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 SECTION 404.4 OPEN SPACES, LANDSCAPING, UGHT, AIR, AND PRIVACY ............................... 20 SECTION 404.5 SIGNS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 SECTION 404.6 UTILITIES. ......... ......... . .. .. . ...........21 SECTION 404.7 INCOMPATffiLE USES......................... 21 SECTION 404.8 NONDISCRIMINATION AND NONSEGREGATION .21 SECTION 404.9 SUBDMSIONOFPARCELS ....................21 SECTION 404.10 MINOR VARIATIONS. . . . . . . . . . . . . . . . . . . . . . . . . . 21 SECTION 404.11 OFF-STREET LOADING. . . . . . . . . . . . . . . . . . . . . . . .22 SECTION 404.12 OFF-STREET PARKING ........................22 SECTION 405 DESIGN FOR DEVELOPMENT ........................ 22 SECTION 405.1 DESIGN GUIDELINES FOR DEVELOPMENT . . . . . . 22 - iii - SECTION 405.2 DESIGN GUIDELINES FOR DEVELOPMENT UNDER A DISPOSmON AND DEVELOPMENT AGREEMENT OR OWNER PARTICIPATION AGREEMENT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 SECTION 500 METHODS OF FINANClNG THE PROJECT. . . . . . . . . . . . . . . . . . . . 23 SECTION 501 GENERAL DESCRIPTION OF THE PROPOSED FINAI'[ClNGMETHOD ..... .... ........... ... ....... .23 SECTIOI'[ 502 REVENUE BOl'ID FUl'IDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 SECTION 503 OTHER LOANS AND GRANTS .. . . . . . . . . . . . . . . . . . . . . . . 24 SECTION 504 REVENUE ALLOCATION FINANClNG PROVISIONS. . . . . 24 SECTIOI'[ 504.1 SECTION 504.2 SECTION 504.3 SECTION 504.4 SECTION 504.5 SECTION 504.6 SECTION 504.7 SECTION 504.8 SECTION 504.9 ECONOMIC FEASffiILITY STUDY . . . . . . . . . . . . . . . 25 ASSUMPTIOI'[S AND COl'IDmONSI ECOI'[OMIC FEASffiILITYSTATEMENT.....................25 TEN PERCENT LIMITATION .. .. .. . . . . .. . .. .. .. . 26 FINANCIALLIMITATIOI'[ ..................... .26 REBATE OF REVENUE ALLOCATIOI'[ FUl'IDS .... 27 PARTICIPATION WITH LOCAL IMPROVEMENT DISTRICTS ...,............................... 27 ISSUANCE OF DEBT AND DEBT LIMITATION. . . .28 IMPACT ON OTHER TAXlNG DISTRICTS AND LEVY RATE ............................. 28 LEASE REVENUE BOl'IDS ." . . .. . . .. . ; .. . . . .. . . 28 SECTION 600 ACTIONS BY THE CITY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , . . . 28 SECTION 700 ENFORCEMENT ....,..................................... 30 SECTIOI'[ 800 DURATION OF THIS PLAN .......,.........................30 -IV - . SECTION 900 SECTION 1000 SECTION 1100 PROCEDVREFORAMENDMENT .....,.....................31 SEVERABILrTY ...... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 ANNUAL REPORT ........................................ 31 - v- Attachment 1 Attachment 2 Attachment 3 Attachment 4 Attachment 5 UST OF A IT ACHMENTS Description of the Project Area and Revenue Allocation Area Boundaries Project Area-Revenue Allocation Area Boundary Map Private Properties Which May Be Acquired by MDC Map Depicting Expected Land Uses and Current Zoning Within Revenue Allocation Area and Project Area Economic Feasibility Study, Meridian Urban Renewal Area - vi - 1 MERIDIAN REVIT ALIZA TlON PLAN MERIDIAN URBAN RENEWAL AGENCY (also known as the Meridian Development Corporation) SECTION 100 INTRODUCTION This is the Meridian Revitalization Plan (the "Plan") for the Meridian Area Project (the "PrDject") in the City of Meridian (the "City"), County of Ada, State of Idaho, and consists of the text contained herein and the following attachments: Description of the Project Area and Revenue Allocation Area Boundaries (Attachment I); Project Area-Revenue Allocation Area Boundary Map (Attachment 2); Private Properties Which May Be Acquired by MDC (Attachment 3); Map Depicting Expected Land Uses and Current Zoning Within Revenue Allocation Area and Project Area (Attachment 4); Economic Feasibility Study for the Meridian Urban Renewal Area (Attachment 5). The tenn "Project" is used herein to describe the overall activities defined in this Plan and confonns with the statutory definition of "urban renewal project." Reference is specifically made to Idaho Code Section 50-2018(j) for the various activities contemplated by the tenn "Project." Such activities include both private and public development of property within the Urban Renewal Area. The tenn "Project" is not meant to refer to a specific activity or development scheme. This Plan was prepared by consultants and staff of the Meridian Urban Renewal Agency, also known as the Meridian Development Corporation (the "MDC"), reviewed and recommended by the MDC Board of Commissioners, pursuant to the State of Idaho Urban Renewal Law, chapter 20, title 50, Idaho Code (the "Law"); the Local Economic Development Act, chapter 20, title 50, Idaho Code (the "Act"); and all applicable local laws and ordinances. The proposed redevelopment of the Project Area as described in this Plan confonns to the Comprehensive Plan of the City of Meridian, as adopted by the City Council on August 6, 2002. The MDC may create several planning documents that generally describe the overall Project and identify certain specific public and private capital improvement projects, Because of the changing nature of the Project, these documents, by necessity, must be dynamic and flexible. The MDC anticipates that these documents will be modified as circumstances warrant. Any modification, however, shall not be deemed as an amendment of this Plan. No modification will I - August 23, 2002 (12:43PM) 2 be deemed effective if it is in conflict with this Plan. The planning documents are purposely flexible and do not constitute specific portions of the Plan. Provided, however, prior to the adoption of any planning document or proposed modification to any planning document, the MDC shaIl notify the City and publish a public notice of such prop08ed modification at least thirty (30) days prior to the consideration of such proposed modification, thus providing the City and any other interested person or entity an opportunity to comment on said proposed modification. The MDC Board shall consider any such comments and determine whether to adopt the modification. The planning documents apply to redevelopment activity within the Project Area as described herein. In the event of any conflict between this Plan and the appended documents, the provi8ions of this Plan shaIl control. The MDC intends to rely heavily on certain design standards to be adopted by the City which will cover most, if not all, of the Project Area. Those design standards, as of the effective date of this Plan, remain under discussion by the City and the City Planning and Zoning Commission. This Plan provides the MDC with powers, duties, and obligations to implement and further the program generally formulated in this Plan for the redevelopment, rehabilitation, and revitalization of the area within the boundaries of the Project (the "Project Area"). The MDC retains all powers aIlowed by the Law and Act. Because of the long-term nature of this Plan and the need to retain in the MDC flexibility to respond to market and economic conditions, property owner and developer interests, and opportunities from time to time presented for redevelopment, thi8 Plan does not pre8ent a precise plan or establish 8pecific projects for the redevelopment, rehabilitation, and revitalization of any area within the Project Area, nor does this Plan present specific proposal8 in an attempt to solve or alleviate the concerns and problems of the community relating to the Project Area. Instead, this Plan presents a process and a basic framework within which specific plans will be presented, specific projects will be established, and specific solutions will be proposed, and by which tools are provided to the MDC to fashion, develop, and proceed with such specific plans, projects, and solutions. Implementation of thi8 Plan will require public co-investment to help stimulate desired private development. Typically, the public will fund enhanced public facilities like streets, sidewalks, parking garages, parks, public building8 such as City Hall, or plazas which, in turn, create an attractive 8etting for adjacent private investment in office, retail, housing or hotels, entertainment and convention-related facilities. The particular projects or redevelopment projects by private entities described herein are not intended to be an exclusive or exhaustive list of potential redevelopment activity. Allowed project8 are those activities which comply with the Law and the Act and meet the overall objecti ves of this Plan. The purposes of the Law and Act that will be attained through and the major goals of this Plan are: (a) the elimination of environmental deficiencies in the Project Area, including, among others, obsolete and aged building type8, and inadequate public improvements and facilities; 2- Augusl23. 2002 (l2:43PM) 3 (b) the assembly of land into parcels suitable for modern, integrated development with appropriate setbacks, parking, pedestrian, and vehicular circulation in the Project Area; . (c) the replanning, redesign, and development of undeveloped and underdeveloped areas which are stagnant or improperly utilized; (d) the strengthening of the economic ba8e of the Project Area and the community by the installation of needed public improvements and facilities to stimulate new commercial expansion, employment, and economic growth; (e) the e8tablishment and implementation of performance criteria to assure high site design 8tandard8 and environmental quality and other design elements which provide unity and integrity to the entire Project Area; (t) the strengthening ofthe tax base by encouraging private development, thus increasing the assessed valuation of properties within the Revenue Allocation Area and the Project Area as a whole, and benefiting the various taxing districts in which the Project Area is located; and (g) the creating of open plazas, civic buildings, gateway entries, and the like. SECTION 101 GENERAL PROCEDURES OF THE AGENCY The MDC i8 a public body, corporate and politic, as defined and described under the Law and the Act. The MDC is also governed by its bylaws as authorized by the Law and adopted by the MDC. Under the Law, the MDC is governed by the Idaho open meeting law, the Public Records Act, the Ethics in Government Act, financial reporting requirements, and the competitive bidding requirements under Idaho Code Section 50-341. Generally, the MDC shall conduct all meeting8 in open session and allow meaningful public input as mandated by the issue considered or by any statutory or regulatory provision. Whenever in this Plan it is stated that the MDC may modify, change, or adopt certain policy statements or contents of this Plan not requiring a formal amendment to the Plan as required by the Law or the Act, it shall be deemed to mean a consideration by the Board of such policy or procedure, duly noticed upon the MDC meeting agenda and con8idered by the MDC at an open public meeting and adopted by a majority of the members present, constituting a quorum, unless any provision herein provides otherwise. 3- August 23~ 2002 (l2:43PM) 4 SECTION 102 PROVISIONS NECESSARY TO MEET STATE AND LOCAL REQUIREMENTS SECTION 102,1 CONFORMANCE WITH STATE OF IDAHO URBAN RENEWAL LAW OF 1965, AS AMENDED The laws of the State of Idaho allow for an urban renewal plan to be submitted by any interested person or entity in an area certified as an Urban Renewal Area by the Meridian City Council. The original Project Area was certified by the Meridian City Council by Re80lution 01-367 on July 24, 2001. The eligible area was modified by the inclusion of an additional and revised area through the adoption of Resolution No. _ on _, In accordance with the Idaho Urban Renewal Law of 1965 this Plan was submitted to the Planning and Zoning Commission of the City of Meridian. After consideration of the Plan, the Commission filed its recommendation with the City Council stating that this Plan is in conformity with the Comprehensive Plan of the City of Meridian. SECTION 103 mSTORY AND CURRENT CONDITIONS Much of the Project Area was the subject of a Treasure Valley Futures Study, entitled "Old Town Meridian Project," encompassing what is referred to as the "Blue Zone" in the Economic Feasibility Study, Attachment 5. Similarly, much of the Blue Zone has been the subject of the Downtown Core Existing Conditions Report. Both the Treasure Valley Futures Study and the Downtown Core Existing Conditions Report are background documents available as an appendix to the Plan. Particularly, 8everal properties in the Blue Zone provide a link to the City's historic culture. SECTION 104 PURPOSE OF ACTIVITIES The description of activities, public improvement8, and the estimated costs of those items are intended to create an outside limit of the MDC's activity, The MDC reserves the right to change amounts from one category to another, as long as the overall total amount estimated is not substantially exceeded. The items and amounts are not intended to relate to anyone particular development, developer, or owner. Rather, the MDC intends to discus8 and negotiate with any owner or developer who seeks MDC assistance. During such negotiation, the MDC will determine, on an individual basis, the eligibility of the activities sought for MDC funding, the amount the MDC may fund by way of percentage or other criteria. The MDC will also take into account the amount of revenue allocation proceeds e8timated to be generated from the developer's activities. The MDC also reserves the right to establish by way of policy, its funding percentage or participation, which would apply to all developers and owners. The activities listed in Attachment 5 are also prioritized by way of importance to the MDC by the amounts funded, and by year of funding, with earlier years reflecting the more important activities. A8 required by the Law and Act, the MDC will adopt more specific budgets annually. 4- August 23. 2002 (l2:43PM) 5 The MDC re8erves the right to prioritize the several projects described in this Plan. The MDC reserves the right to retain its flexibility in funding the various activities. SECTION 200 DESCRIPrION OF PROJECT AREA The boundaries of the Project Area and of the Revenue Allocation Area are described in Attachment I, which is attached hereto and incorporated herein by reference, and are 8hown on the Project Area and Revenue Allocation Area Boundary Map, attached hereto as Attachment 2 and incorporated herein by reference. The Project Area includes several parcels of property which are located outside the geographical boundaries of the City but within the City's impact area. Under the Law and Act, for this Plan to be effective over such properties, an agreement mU8t be entered into with Ada County. SECTION 300 PROPOSED REDEVELOPMENT ~CTIONS SECTION 301 GENERAL The MDC propose8 to eliminate and prevent the spread of blight and deterioration in the Project Area by: 1. The acquisition of certain real property; 2. The demolition or removal of certain buildings and improvements for public rights-of-way for streets, utilities, walkways, and other improvements for public facility building sites, to eliminate unhealthful, insanitary, or unsafe conditions, improve density, eliminate obsolete or other uses detrimental to the public welfare, or otherwise to remove or to prevent the spread of blight or deterioration; 3. The provision for participation by property owners within the Project Area; 4. The management of any property acquired by any under the owner8hip and control of the MDC; S. The provision for relocation as8istance to displaced Project occupants, as required by law; 6. The installation, construction, or reconstruction of streets, utilities including electrical distribution and transmission lines in underground configuration, if needed to encourage new developments of fiber optic systems, parking facilitie8, and other public improvements, including, but not limited to, irrigation and drainage laterals and ditches, storm drain systems, walkwaY8, public civic center, and improvements to railroad tracks and property; 5- Augusl23. 2002 (12:43PM) 6 7. The disposition of property for uses in accordance with this Plan; 8. The redevelopment of land by pri vate enterprise or public agencie8 for uses in accordance with this Plan; 9. The rehabilitation of structures and improvements by present owners, their successors, and the MDe; 10. The preparation and assembly of adequate sites for the development and construction of facilities for commercial, retail, entertainment, lodging, and governmental uses; 11. To the extent allowed by law, lend or invest federal funds to facilitate redevelopment; and 12, The construction of foundations, platforms, and other like structural forms necessary for the provision or utilization of air rights, sites for buildings to be used for residential, commercial, industrial, and other uses contemplated by the Plan, and to provide utilities to the development site. In the accomplishment of these purposes and acti vities and in the implementation and furtherance of this Plan, the MDC is authorized to use all the powers provided in this Plan and all the powers now or hereafter permitted by law. SECTION 302 URBAN RENEWAL PLAN OBJECTIVES Urban renewal action is necessary in the Project Area to combat problems of physical blight and economic underdevelopment. The Project Area consi8ts of 660 acres with boundaries of the 1-84 freeway on the south, Cherry LanelFairview on the north, 4th Street on the we8t, and Five Mile Creek on the east. The area has a history of a slow-growing tax base primarily attributed to inadequate and deteriorating public improvements and facilities, poorly maintained properties, undeveloped and underdeveloped properties, diverse property ownership, and other deteriorating factors. Hence, the Plan for the Project Area is a proposal for public improvement8 and facilities to: provide an improved environment for new commercial and residential developments; eliminate unsafe condition8; assist potential owner participation and other developers to create appropriate development 8ite8 through parcelization of existing larger parcels and, where necessary, through acquisition, demolition, and disposition activities; and otherwise prevent the extension of blight and deterioration and reverse the deteriorating action of the area. The streets or irrigation or drainage ditches or laterals to be vacated or relocated will create additional building area for retail, commercial, office, or public use. Any such vacations 6- Augusl23, 2002 ([2:43PM) 7 or relocations mU8t be reque8ted from the Ada County Highway District (the "ACHD") or other agency having jurisdiction over the particular public right-of-way. Air rights and subterranean rights may be disp08ed of for any permitted use within the Project Area boundaries. Acquisition of any interest in real property may be utilized by the MDC when and if necessary to promote redevelopment in accordance with the objectives of the Plan. Temporary project improvement shall be provided to facilitate adequate vehicular and pedestrian circulation. Improve transit opportunities throughout the Urban Renewal Area. MDC may participate in the cost of removal of extraordinary site conditions. A further objective of the Plan is to provide for the acquisition and clearance of property to be u8ed for other public facilities. Off-street parking facilities will be developed to serve new commercial uses within the Project Area. Over the life of the Plan, land use in the Project Area will be modified to the extent that buildings currently vacant and land underdeveloped will be converted to re8idential, lodging, commercial, retail, office, public and private parking, and publicJsemi- public uses. The provisions of this Plan are applicable to all public and private property in the Project Area. The provi8ions of the Plan 8hall be interpreted and applied as objecti ves and gOal8, recognizing the need for flexibility in interpretation and implementation, while at the same time not in any way abdicating the rights and privileges of the property owners which are vested in the pre8ent and future zoning c1assification8 of the properties. All development under an owner participation agreement shall conform to those standards specified in Section 303.1 of this Plan. It is recognized that the ACHD has exclusive jurisdiction over all public rights-of-way within the Project Area, except for state highways. Nothing in this Plan 8hall be construed to alter the powers of the ACHD pursuant to Title 40, Idabo Code. Thi8 Plan must be practical in order to succeed. Particular attention has been paid to how it can be implemented, gi ven the changing nature of market condition8. Transforming the Project Area into a vital, thriving part of the community requires an assertive strategy. The following list represents the key elements of that effort. 1. Initiate simultaneous projects designed to revitalize the Project Area. From sidewalk improvements to significant new development, the MDC plan8 a key role in creating the necessary momentum to get and keep things going, 2. Secure certain public open space in critical areas, primarily in the Blue Zone or any Yellow Zone. This open space will greatly increase property 7- August 23, 2002 (l2:43PM) 8 values adjacent to it and greatly contribute to a new sense of place ("placemaking"). 3. Develop new office buildings and public civic buildings, while providing a link to the City's historic culture. 4. Pursue development across all land-use sectors simultaneously. Without direct public intervention, much of the Project Area could conceivably remain unchanged for the next several years. Success will come through numerous public-private partnerships-no single developer will save the day. The Plan creates the necessary flexible framework for the Project Area to capture a share of Meridian's growing population and economy. SECTION 303 PARTICIPATION OPPORTUNITIES AND AGREEMENT SECTION 303.1 PARTICIPATION AGREEMENTS The MDC shall enter into an owner participation agreement with any existing or future owner of property, in the event the property owner seeks and/or receives assistance from the MDC in the redevelopment of the property. In that event, the MDC may allow for an existing or future owner of property to remove his property and/or structure from future MDC acquisition subject to entering into an owner participation agreement. Each structure and building in the Project Area to be rehabilitated or new projects to be constructed as a condition of the owner participation agreement between the !'vIDC and the owner pursuant to this Plan will be considered to be satisfactorily rehabilitated and constructed, and the MDC will so certify, if the rehabilitated or new structure meets the following standards: (a) Executed owner participation agreements meet the conditions described below. (b) Any such property within the Project Area shall be required to confonn to all applicable provisions, requirements, and regulations of this Plan. Upon completion of any rehabilitation or new development, each structure must be safe and sound in all physical respects and be refurbished and altered to bring the property to an upgraded marketable condition which will continue throughout an estimated useful life for a minimum of twenty (20) years. (c) All such buildings or portions of buildings which are to remain within the Project Area shall be rehabilitated in confonnity with all applicable codes and ordinances of the City of Meridian. (d) Any new construction shall also confonn to all applicable provisions, requirements, and regulations of this Plan. 8- August 23, 2002 (l2:43PM) 9 (e) Any new construction shaH also conform to aH applicable codes and ordinances of the City of Meridian. In such participation agreements, participants who retain real property shaH be required to join in the recordation of such documents as may be necessary to make the provisions of this Plan applicable to their properties, whether or not a participant enters into a participation agreement with the MDC, the provisions of this Plan are applicable to all public and private property in the Project Area. In the event a participant fails or refuses to rehabilitate, develop, use, and maintain its real property pursuant to this Plan and a participation agreement, the real property or any interest therein may be acquired by the MDC in accordance with Section 307 of this Plan and sold or leased for rehabilitation or development in accordance with this Plan. Owner participation agreements may be used to implement the foHowing objectives: 1. Encouraging established businesses to revitalize deteriorating areas of their parcels and to incorporate elements of the Plan such as street trees and sidewalk treatments to accelerate the enhancement of the street environment in the Plan area. 2. Subject to the limitations of the Law and the Act, providing incentives to existing business owners to encourage continued utilization and expansion of existing permitted uses to prevent properties from falling into disuse, a proliferation of vacant and deteriorated parcels and a reduction in downtown employment, 3. Allowing existing nonconforming uses to continue in accordance with City regulations and to accommodate improvements and expansions aHowed by City regulations. 4. Subject to the limitations of the Act, providing incentives to improve nonconforming properties so they implement the design guidelines contained in this Plan to the extent possible and to encourage an orderly transition from nonconforming to conforming uses over the planning horizon. SECTION 304 COOPERATION WITH PUBLIC BODIES Certain public bodies are authorized by state law to aid and cooperate, with or without consideration, in the planning, undertaking, construction, or operation of this Project. The MDC shall seek the aid and cooperation of such public bodies and shaH attempt to coordinate this Plan with the activities of such public bodies in order to accomplish the purposes of redevelopment and the highest public good. 9- August 23, 2002 (l2:43PM) 10 The MDC may impose on all public bodies the planning and design controls contained in this Plan to insure that present uses and any future development by public bodies will conform to the requirements of this Plan, provided, however, ACHD has exclusive jurisdiction over ACHD streets. The MDC is authorized to financially (and otherwise) assist any public entity in the cost of public land, buildings, facilities, structures, or other improvements within the Project Area. The MDC specifically intends to cooperate to the extent allowable by law with the City of Meridian, the State of Idaho, and the ACHD for the construction and reconstruction of public improvements and facilities, including a public civic center, Specifically, the MDC intends to address traffic issues in the urban renewal area with the ACHD. The MDC seeks to provide input, guidance, and financial assistance, if available, to improve traffic flow, roadway/access improvements, streetscapes, and related traffic issues. The Agency also intends to cooperate with local transit authorities to improve transit and other transportation opportunities in the Urban Renewal Area. The MDC, by law, is not authorized to acquire real property owned by public bodies without the consent of such public bodies. The MDC, however, will seek the cooperation of all public bodies that own or intend to acquire property in the Project Area. Any public body that owns or leases property in the Project Area will be afforded all the privileges of an owner participant if such public body is willing to enter into a participatiDn agreement with the MDC. All plans for development of property in the Project Area by a public body shall comply with the provisions of this Plan. SECTION 305 PROPERTY ACOUlSITION SECTION 305,1 REAL PROPERTY Only as specifically authorized herein, the MDC may acquire, but is not required to acquire, any real property located in the Project Area where it is determined that the property is needed for construction of public improvement should be acquired to eliminate or mitigate the deteriorated or deteriorating conditions, and as otherwise allowed by law. The acquisition shall be by any means authorized by law (including, but not limited to, the Idaho Urban Renewal Law, the Local Economic Development Law, and the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970). The MDC is authorized to acquire either the entire fee or any other interest in real property less than a fee, including structures and fixtures upon the real property, without acquiring the land upon which those structures and fixtures are located. The MDC shall not acquire real property to be retained by an owner pursuant to a participation agreement if the owner fully performed under the agreement. Generally, the MDC intends to acquire any real property through voluntary or consensual gift, devise, exchange, or purchase. Such acquisition of property may be for the development of the public improvements identified in this Plan, or for the assembly of properties for the redevelopment of those properties to achieve the objectives of this Plan. Such properties may include properties owned by private parties or public entities. This Plan does not anticipate the MDC's widespread use of its resources for property acquisition, except for the construction of 10- August 23. 2002 (l2:43PM) 11 public improvements and any ability to engage in certain demonstration projects, such as gateway enhancement opportunities and other major objectives outlined in this Plan, including public civic center and gateway areas, primarily in theYellow Zone and Blue Zone. It is in the public interest and is necessary in order to eliminate the conditions requiring redevelopment and in order to execute this Plan for the power of eminent domain to be employed by the MDC to acquire real property in the Project Area which cannot be acquired by gift, devise, exchange, purchase, or any other lawful method. The MDC shall not acquire real property on which an existing building is to be continued on its present site and in its present form and use without the consent of the owner unless: (a) such building requires structural alteration, improvement, modernization, or rehabilitation; (b) the site or lot on which the building is situated requires modification in size, shape, or use; (c) it is necessary to impose upon such property any of the controls, limitations, restrictions, and requirements of this Plan and the owner fails or refuses to execute a participation agreement in accordance with the provisions of this Plan; or (d) the site or portion thereof is necessary for public improvements. The purpose of this section is to allow the MDC to use its eminent domain authority to acquire properties necessary for the construction of public improvements or for acquisition of those sites that are deteriorated or deteriorating as described above. Under the provisions of the Act, the urban renewal plan "shall be sufficiently complete to indicate such land acquisition, demolition, and removal of structures, redevelopment, improvements, and rehabilitation as may be proposed to be carried out in the urban renewal area." Idaho Code ~ 50-2018(1). The MDC has identified several parcels for acquisition for the construction of public improvements. Those parcels are contained within Attachments 4 and 5. The MDC also intends to acquire property for the purpose of developing public parking structures, public open space, and to enhance the opportunity for other uses. At the present time, the MDC cannot specifically identify which parcels may be necessary for acquisition for the parking structures or for site assembly for private development. The MDC reserves the right to determine which properties, if any, should be acquired. Generally, the MDC will invoke its acquisition authority only for the elimination or mitigation of deteriorated or deteriorating buildings, structures, or properties in order to enhance the gateway areas to the project area. SECTION 305.2 PERSONAL PROPERTY Generally, personal property shall not be acquired. However, where necessary in the execution of this Plan and where allowed by law, the MDC is authorized to acquire personal property in the Project Area by any lawful means, including eminent domain. For purposes of this Plan, acquisition of certain permanent fixtures or improvements upon real property shall be governed by this section. The MDC retains the right to purchase those fixtures or improvements (including buildings) for the purpose of eliminating certain deteriorated or deteriorating structures to facilitate the redevelopment of the real property upon which the buildings and structures are located. Such acquisition shall be based upon appraised value of the structures and negotiation with the owner of the structures. The MDC shall take into account, before 11- August 23. 2002 (l2:43PM) 12 committing to such acquisition, any environmental or other liability present or potentially present in such structures. In the event, the IVIDC deteanines to acquire such property, it shall do so upon the suCcessful negotiation of an owner participation agreement in compliance with the teans of Section 303.1 of this Plan. In addition, such owner shall commit to the redevelopment . of the real property and to maintain the real property in a safe and clean manner. The IVIDC shall acquire such property by way of any acceptable conveyance. SECTION 306 PROPERTY MANAGEMENT During such time such property, if any, in the Project Area is owned by the MDC, such property shall be under the management and control of the MDC. Such property may be rented or leased by the IVIDC pending its disposition for redevelopment, and such rental or lease shall be pursuant to such policies as the IVIDC may adopt. SECTION 307 RELOCA nON OF PERSONS (INCLUDING INDIVIDUALS AND FAMILIES), BUSINESS CONCERNS. AND OTHERS DISPLACED BY THE PROJECT If the IVIDC receives federal funds for real estate acquisition and relocation, the IVIDC shall comply with 24 C.F.R. Part 42, implementing the Uniform RelDcation Assistance and Real Property Acquisition Policies Act of 1970, as amended. The IVIDC may also undertake relocation activities for those not entitled to benefit under federal law as the IVIDC may deem appropriate for which funds are available. The IVIDC's activities should not result in the displacement of families within the area. In the event the IVIDC's activities result in displacement, the IVIDC shall compensate such residents by providing reasonable moving expenses into decent, safe, and sanitary dwelling accommodations within their means and without undue hardship to such families. For any other activity, the IVIDC will comply with the provisions of the Idaho Urban Renewal Law regarding relocation. The IVIDC reserves the right to extend benefits for relocation to those not otherwise entitled to relocation benefits as a matter of state law under the Act or the Law. The IVIDC may determine to use as a reference the relocation benefits and guidelines promulgated by the federal government, the state government, or local government, including the State Department of Transportation. The intent of this section is to allow the IVIDC sufficient flexibility to award relocation benefits on some rational basis, or by payment of some lump sum per case basis. The IVIDC may also consider the analysis of replacement value for the compensation awarded to either owner occupants or businesses displaced by the MDC to achieve the objectives of this Plan. The MDC may adopt relocation guidelines which would define the extent of relocation assistance in non-federally-assisted projects and which relocation assistance to the greatest extent feasible would be uniform. For displacement of families, the IVIDC shall comply with, at a minimum, the standards set forth in the Law. The IVIDC shall also comply with all applicable state laws concerning relocation benefits. 12 - August 23, 2002 (l2:43PM) 13 SECTION 308 DEMOLITION. CLEARANCE. AND BUILDING SITE PREPARATION SECTION 308.1 DEMOLITION AND CLEARANCE The MDC is authorized (but not required) to demolish and clear buildings, structures, and other improvements from any real property in the Project Area as necessary to carry out the purposes of this Plan. SECTION 308.2 PREPARATION OF BUILDING SITES The MDC is authorized (but not required) to prepare or cause to be prepared as building sites any real property in the Project Area owned by the MDC. In connection therewith, the MDC may cause, provide for, or undertake the installation or construction of streets, utilities, parks, pedestrian walkways, traffic signals, drainage facilities, and other public improvements necessary to carry out this Plan. The MDC is also authorized (but not required) to construct foundations, platforms, and other structural forms necessary for the provision or utilization of air rights sites for buildings to be used for industrial, commercial, private, public, and other uses provided in this Plan. SECTION 309 PROPERTY DISPOSITION AND DEVELOPMENT SECTION 309,1 REAL PROPERTY DISPOSITION AND DEVELOPMENT SECTION 309.1(A) GENERAL For the purposes of this Plan, the MDC is authorized to sell, lease, exchange, subdivide, transfer, assign, pledge, encumber by mortgage or deed of trust, or othelWise dispose of any interest in real property under the reuse provisions set forth in Idaho Code Section 50-2011 and as othelWise allowed by law. To the extent permitted by law, the MDC is authorized to dispose of real property by negotiated lease, sale, or transfer without public bidding. All purchasers or lessees of property acquired from the MDC shall be obligated to use the property for the purposes designated in this Plan, to begin and complete development of the property within a period of time which the MDC fixes as reasonable, and to comply with other conditions which the MDC deems necessary to carry out the purposes of this Plan. Real property acquired by the MDC may be conveyed by the MDC and, where beneficial to the Project Area, without charge to any public body as allowed by law. All real property acquired by the MDC in the Project Area shall be sold or leased to public or private persons or entities for development for the uses permitted in this Plan. 13 - August 23. 2002 (l2:43PM) 14 SECTION 309,l(B) DISPOSITION AND DEVELOPMENT DOCUMENTS To provide adequate safeguards to ensure that the provisions of this Plan will be carried out and to prevent the recurrence of blight, all real property sold, leased, or conveyed by the MDC, as well as all property subject to participation agreements, is subject to the provisions of this Plan. The MDC shall reserve such powers and controls in the disposition and development documents as may be necessary to prevent transfer, retention, or use of property for speculative purposes and to ensure that development is carried out pursuant to this Plan. Leases, deeds, contracts, agreements, and declarations of restrictions of the MDC may contain restrictions, covenants, covenants running with the land, rights of reverter, conditions subsequent, equitable servitudes, or any other provisions necessary to carry out this Plan. Where appropriate, as determined by the MDC, such documents, or portions thereof, shall be recorded in the office of the Recorder of Ada County. All property in the Project Area is hereby subject to the restriction that there shall be no discrimination or segregation based upon race, color, creed, religion, sex, age, handicap, national origin, or ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure, or enjoyment of property in the Project Area. All property sold, leased, conveyed, or subject to a participation agreement shall be expressly subject by appropriate documents to the restriction that all deeds, leases, or contracts for the sale, lease, sublease, or other transfer of land in the Project Area shall contain such nondiscrimination and nonsegregation clauses as required by law. The Developers (including owner/participants) will be required by the contractual agreement to observe the Land Use and Building Requirements provision of this Plan and to submit a Redevelopment Schedule satisfactory to the MDC. Schedule revisions will be made only at the option of the Meridian Urban Renewal MDC. As required by law or as determined in the MDC's discretion to be in the best interest of the MDC and the public, the following requirements and obligations may be included in the agreement: The developers and their successors and assigns agree: (a) A plan and time schedule for the proposed development shall be submitted to the MDC. (b) The purchase or lease of the land, subterranean rights, and/or air rights is for the purpose of redevelopment and not for speculation. (c) The building of improvements will be commenced and completed as jointly scheduled and determined by the MDC and the developer(s). 14 - August 23, 2002 (12:43PM) 15 (d) There will be no discrimination against any person or group of persons because of handicap, age, race, sex, creed, color, national origin or . ancestry in the sale, lease, sublease, transfer, use, occupancy, tenure, or enjoyment of the premises or any improvements erected or to be erected thereon or therein conveyed, nor will the developer himself or any person claiming under or through him establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use, or occupancy of tenants, lessees, sublessees, or vendees in the premises or any improvements therein conveyed. The above provision will be perpetual and will be appended to the land disposed of within the Urban Renewal Project Area by the MDC. (e) The site and construction plans will be submitted to the MDC for review as to conformity with the provisions and purposes of this Plan. (f) At the discretion of the MDC a bond or other surety will be provided acceptable to the MDC to ensure performance under the contract of the sale. (g) Rehabilitation of any existing structure must assure that the structure is safe and sound in all physical respects and be refurbished and altered to bring the property to an upgraded marketable condition which will continue throughout an estimated useful life for a minimum of twenty (20) years . (h) All such buildings or portions of the buildings which are to remain within the Project Area shall be reconstructed in conformity with all applicable codes and ordinances of the City of Meridian. (i) All new construction shall have a minimum estimated life of no less than twenty (20) years. (j) All disposition and development documents and owner participation agreements shall be governed by the provisions of Section 405,2 of this Plan. (k) All such buildings or portions of the buildings which are to retain within the Project Area shall be reconstructed in conformity with all applicable codes and ordinances of the City of Meridian. All disposition and development documents shall be governed by the provisions of Section 420 of this Plan. SECTION 309.l(C) DEVELOPMENT BY THE MDC To the extent now or hereafter permitted by law, the MDC is authorized to pay for, develop. or construct any publicly-owned building, facility, structure, or other improvement 15 - August 23. 2002 (12:43PM) 16 within the Project Area for itself or for any public body or entity, which buildings, facilities, structures, or other improvements are or would be of benefit to the Project Area. Specifically, the MDC may pay for, install, or construct the buildings, facilities, structures, and other improvements identified in Attachment S, attached hereto and incorporated herein by reference, and may acquire or pay for the land required therefor. The MDC may also prepare properties for development by renovation or other means as allowed by law. The MDC may also as allowed by law assist in the development of private projects. In addition to the public improvements authorized under Idaho Code Section SO-2007, the MDC is authorized to install and construct, or to cause to be installed and constructed, within the Project Area or outside the Project Area for improvements or facilities that are needed to support new development in the Project Area, for itself or for any public body or entity, public improvements and public facilities, including, but not limited to, the following: (1) utilities; (2) pedestrian paths; (3) traffic signals; (4) landscaped areas; (S) street improvements, including new access roads and streets; (6) sanitary sewers; (7) flood control facilities and storm drains; (8) water mains, pumps, and reservoirs;(9) parks and recreation facilities; (10) improved railroad property use; and (11) civic centers, city hall, or the like. Any public facility ultimately owned by the MDC shall be operated and managed in such a manner to preserve the public purpose nature of the facility. Any lease agreement with a private entity or management contract agreement shall include all necessary provisions sufficient tD protect the public interest and public purpose. The MDC seeks to coordinate special streets, parks, and urban open spaces within the Project Area. A network of well-developed pedestrian environments, landscaped front yards, and proposed new urban open spaces contribute to the public realm. A series of intersections where one enters or leaves the Project area serve as potential nodes for enhanced design treatment. When completed, the framework of civic places and corridors will extend the amenities of the core to the Project Area. Open spaces may include a water feature that would enrich the space in each season, perhaps providing skating in winter, sound, and movement in warmer weather, and light at night. The open space would have a family of furnishings that is compatible with downtown street furnishings. Ample seating would be provided along the promenade. Enhanced lighting would be provided for safety. This open space would be programmed, designed, and promoted to accommodate active day, night, and seasonal uses. Because of the predominantly commercial, governmental, and retail uses, as contrasted to residential, no specific park or park like improvements are anticipated. The MDC may enter into contracts, leases, and agreements with the City, or other public body or private entity, pursuant to this section, and the obligation of the MDC under such contract, lease, or agreement shall constitute an indebtedness of the MDC as described in Idaho Code Section SO-2909 which may be made payable out of the taxes levied in the Project Area and allocated to the MDC under subdivision (2)(b) of Section SO-2908 of the Act and Section S04 to this Plan or out of any other available funds. 16 - August 23, 2002 (12:43PM) 17 SECTION 309,1(0) DEVELOPMENT PLANS All development plans, whether public or private, prepared pursuant to disposition and development or owner participation agreements shall be submitted to the MDC for approval and architectural review through the City Building Department. All development in the Project Area must conform to those standards specified in Section 404, infra. SECTION 310 PERSONAL PROPERTY DISPOSITION For the purposes of this Plan, the MDC is authorized to lease, sell, exchange, transfer, assign, pledge, encumber, or otherwise dispose of personal property which is acquired by the MDC. SECTION 311 REHABILITATION AND CONSERVATION The MDC is authorized to rehabilitate, renovate, and conserve or to cause to be rehabilitated, renovated, and conserved any building or structure in the Project Area owned by the MDC for preparation of redevelopment and disposition. The MDC is also authorized and directed to advise, encourage, and assist in the rehabilitation and conservation of property in the Project Area not owned by the MDC. The Agency is authorized to acquire, restore, rehabilitate, move, and conserve buildings of historic or architectural significance. As necessary in carrying out this Plan, the MDC is authorized to move or to cause to be moved any substandard structure or building or any structure or building which can be rehabilitated to a location within or outside the Project Area. SECTION 312 PARTICIPATION WITH PRIVATE OR PUBLIC DEVELOPMENT Under the Idaho Urban Renewal Law the MDC has the authority to lend or invest funds obtained from the federal government for the purposes of the Law if allowable under federal laws or regulations. The federal funds that may be available to the MDC are governed by regulations promulgated by the Department of Housing and Urban Development for the Community Development Block Grant Program and other applicable federal programs. Under those regulations the MDC may participate with the private sector in the development and financing of those private projects which will attain certain federal objectives. The MDC may, therefore, use the federal funds for the provision of assistance to private for profit business, including, but not limited to, grants, loans, loan guarantees, interest supplements, technical assistance, and other forms of support, or any other activity necessary or appropriate to carry out an economic development project. As allowed by law, the MDC may also use funds from any other sources for any purpose set forth under the Law. 17 - AugUSI23, 2002 (l2:43PM) 18 The MDC may enter into contracts, leases, and agreements with the City or other public body or private entity pursuant to this section, and the obligation of the MDC under such contract, lease, or agreement shall constitute an indebtedness of the MDC as described in Idaho Code Section 50-2909 which may be made payable out of the taxes levied in the Project Area and allocated to the MDC under subdivision (2)(b) of Section 50-2908 of the Act and Section 504 of this Plan or out of any other available funds. SECTION 313 CONFORMING OWNERS The MDC may, at the MDC's sole and absolute discretion, determine that certain real property within the Project Area presently meets the requirements of this Plan, and the owner of such property will be permitted to remain as a conforming owner without a participation agreement with the MDC, provided such owner continues to operate, use, and maintain the real property within the requirements of this Plan. SECTION 400 USES PERMITTED IN THE PROJECT AREA SECTION 401 REDEVELOPMENT PLAN MAP AND DEVELOPMENT STRATEGY The Description of the Project Area and Revenue Allocation Area Boundary and Project Area-Revenue Allocation Area Boundary Map, attached hereto as Attachments 1 and 2 and incorporated by reference, describe the location of the Project Area boundaries. The proposed land uses to be permitted in the Project Area for all land, public and private, are depicted in Attachment 4. SECTION 402 DESIGNATED LAND USES SECTION 402,1 COMMERCIAL USES The areas designated in Attachment 4 for commercial uses shall be for commercial uses as set forth and described in the Meridian City Zoning Ordinance. SECTION 402.2 RESIDENTIAL USES The areas designated in Attachment 4 for residential uses shall be for the residential uses as set forth and described in the Meridian City Zoning Ordinance. SECTION 403 OTHER LAND USES SECTION 403,1 PUBLIC RIGHTS-OF-WAY The major public streets within the Project Area include Meridian Road, Main Street (formerly 1 st Street), Pine, Idaho, Broadway, and Franklin. 18 - August 23. 2002 (l2:43PM) 19 Additional public streets, alleys, and easements may be created in the Project Area as needed for proper development specifically for the Yellow Zone. Existing streets, alleys, and easements may be abandoned, closed, expanded or modified as necessary for proper . development of the Project in conjunction with any applicable policies and standards of the City, ACHD, or Idaho Department of Transportation as may be applicable regarding changes to dedicated rights-of-way. Any changes in the existing interior or exterior street layout shall be in accordance with the objectives of this Plan and the design standards of the City, ACHD, or Idaho Department of Transportation, as may be applicable, shall be effectuated in the manner prescribed by state and local law , and shall be guided by the following criteria: (a) a balancing of the needs of proposed and potential new developments for adequate pedestrian and vehicular access, vehicular parking, and delivery loading docks with the similar needs of any existing developments permitted to remain, such balancing taking into consideration the rights of existing owners and tenants under the rules for owner and tenant participation adopted by the MDC for the Project and any participation agreements executed thereunder; (b) the requirements imposed by such factors as topography, traffic safety, and aesthetics; and (c) the potential need to serve not only the Project Area and new or existing developments but also to serve areas outside the Project Area by providing convenient and efficient vehicular access and movement. The public rights-of-way may be used for vehicular and/or pedestrian traffic, as well as for public improvements, public and private utilities, and activities typically in public rights-of-way. SECTION 403,2 OTHER PUBLIC. SEMI-PUBLIC, INSTITUTIONAL, AND NONPROFIT USES The MDC is also authorized to permit the maintenance, establishment, or enlargement of public, semi-public, institutional, or nonprofit uses. All such uses shall, to the extent possible, conform to the provisions of this Plan applicable to the uses in the specific area involved, The MDC may impose such other reasonable requirements andlor restrictions as may be necessary to protect the development and use of the Project Area. SECTION 403,3 INTERIM USES Pending the ultimate development of land by developers and participants, the MDC is authorized to use or permit the use of any land in the Project Area for interim uses that are not in conformity with the uses permitted in this Plan, However, any interim use must comply with applicable Meridian City Code, 19 - August 23, 2002 (l2:43PM) 20 SECTION 404 GENERAL CONTROLS AND LIMITATIONS All real property in the Project Area under the provisions of either a disposition and development agreement or owner participation agreement is made subject to the controls and requirements of this Plan. No such real property shall be developed, rehabilitated, or otherwise changed after the date of the adoption of this Plan, except in conformance with the provisions of this Plan. SECTION 404,1 CONSTRUCTION All construction in the Project Area shall comply with all applicable state and local laws and codes in effect from time to time. In addition to applicable codes, ordinances, or other requirements governing development in the Project Area, additional specific performance and development standards may be adopted by the MDC to cDntrol and direct redevelopment activities in the Project Area in the event of a disposition and development agreement or owner participation agreement. SECTION 404,2 REHABILITATION AND RETENTION OF PROPERTIES Any existing structure within the Project Area subject to either a disposition and development agreement or owner participation agreement approved by the MDC for retention and rehabilitation shall be repaired, altered, reconstructed, or rehabilitated in such a manner that it will be safe and sound in all physical respects and be attractive in appearance and not detrimental to the surrounding uses. SECTION 404,3 LIMITATION ON TYPE. SIZE, AND HEIGHT OF BUILDING Except as set forth in other sections of this Plan, the type, size, and height of buildings shall be as limited by applicable federal, state, and local statutes, ordinances, and regulations. SECTION 404,4 OPEN SPACES, LANDSCAPING. LIGHT. AIR. AND PRIVACY The approximate amount of open space to be provided in the Project Area is the total of all areas which will be in the public rights-of-way, the public ground. the space around buildings, and all other outdoor areas not permitted to be covered by buildings. Landscaping shall be developed in the Project Area to ensure optimum use of living plant material. Sufficient space shall be maintained between buildings in all areas to provide adequate light, air, and privacy. 20 - August 23. 2002 (1:12PM) 21 SECTION 404,5 SIGNS All signs shall conform to City sign ordinances as they now exist or are hereafter amended. SECTION 404.6 UTILITIES The MDC shall require that all utilities be placed underground whenever physically and economically feasible. SECTION 404.7 INCOMPATIBLE USES No use or structure which by reason of appearance, traffic, smoke, glare, noise, odor, or similar factors which would be incompatible with the surrounding areas or structures shall be permitted in any part of the Project Area. SECTION 404,8 NONDISCRIMINATION AND NONSEGREGA TlON There shall be no discrimination or segregation based upon race, color, creed, religion, sex, marital status, national origin, handicap, or ancestry permitted in the sale, lease, sublease, transfer, use, occupancy, tenure, or enjoyment of property in the Project Area. SECTION 404,9 SUBDIVISION OF PARCELS Any parcel in the Project Area shall be subdivided only in compliance with the City Subdivision Ordinance. SECTION 404,10 MINOR VARIATIONS Under exceptional circumstances, the MDC is authorized to permit a variation from the limits, restrictions, and controls established by this Plan. In order to permit such variation, the MDC must determine that: (a) the application of certain provisions of this Plan would result in practical difficulties or unnecessary hardships inconsistent with the general purpose and intent of this Plan; (b) there are exceptional circumstances or conditions applicable to the property or to the intended development of the property which do not apply generally to other properties having the same standards, restrictions, and controls; (c) permitting a variation will not be materially detrimental to the public welfare or injurious to property or improvements in the area; and (d) permitting a variation will not be contrary to the objectives of this Plan. 21 - August 23. 2002 (12:S0PM) 22 No variation shall be granted which changes a basic land use or which permits other than a minor departure from the provisions of this Plan, without amendment of this Plan. In permitting any such variation, the MDC shall impose such conditions as are necessary to protect this public peace, health, safety, or welfare and to assure compliance with the purposes of this Plan. Any variation permitted by the MDC hereunder shall not supersede any other approval required under City codes and ordinances. SECTION 404,11 OFF.STREET LOADING Any development and improvements shall provide for off-street loading as required by the City ordinances as they now exist or are hereafter amended. SECTION 404.12 OFF-STREET PARKING AU new construction in the area shall provide off-street parking as required by the City ordinances as they now exist or are hereafter amended. SECTION 405 DESIGN FOR DEVELOPMENT SECTION 405,1 DESIGN GUIDELINES FOR DEVELOPMENT Within the limits, restrictions, and controls established in this Plan and to the extent allowed by law, the MDC is authorized to establish heights of buildings, land coverage, setback requirements, design criteria, traffic circulation, traffic access, and other development and design controls necessary for proper development of both private and public areas within the Project Area. Any development must also comply with the City of Meridian Zoning Ordinance regarding heights, setbacks, and other like standards. As of the date of the adoption of this Plan, design standards for part or all of the Urban Renewal Area were pending before the City. Such standards, if adopted, would be required of all development, public or private, within the Urban Renewal Area. In the case of property which is the subject of a disposition and development or owner participation agreement with the MDC, no new improvement shall be constructed and no existing improvement shall be substantially modified, altered, repaired, or rehabilitated except in accordance with this Plan. Under those agreements the architectural, landscape, and site plans shall be submitted to the MDC and approved in writing by the MDC. One of the objectives of this Plan is to create an attractive and pleasant environment in the Project Area. Therefore, such plans shaU give consideration to good design and other amenities to enhance the aesthetic quality of the Project Area. The MDC shall not approve any plans that do not comply with this Plan. In the event the MDC adopts design standards or controls, those provisions will thereafter apply to each site or portion thereof in the Project Area, Those controls and standards will be implemented through the provisions of any disposition and development agreement or owner participation agreement or by appropriate covenants appended to the land and instruments of conveyance executed pursuant thereto. These controls are in addition to any standards and provisions of any applicable City building or zoning ordinances; provided, however, each and 22 - August 23, 2002 02:52PM) 23 every development shall comply with all applicable City zoning and building ordinances. Absent the MDC developing and promulgating specific design standards or controls, the MDC shall review all projects by applying and/or deferring to the usual approval process imposed by the City. SECTION 405,2 DESIGN GUIDELINES FOR DEVELOPMENT UNDER A DISPOSITION AND DEVELOPMENT AGREEMENT OR OWNER PARTICIPATION AGREEMENT Under an owner participation agreement or a disposition and development agreement the design guidelines and land use elements as imposed shall be achieved to the greatest extent feasible, though the MDC retains the authority to grant minor variations under Section 404.10 of . this Plan and subject to a negotiated agreement between the MDC and the developer or property owner. Under those agreements, the architectural, landscape, and site plans shall be submitted to the MDC and approved in writing by the MDC. In such agreements, the MDC may impose additional design controls. One of the objectives of this Plan is to create an attractive pedestrian environment in the Project Area. Therefore, such plans shall give consideration to good design and amenities to enhance the aesthetic quality of the Project Area. These additional design standards or controls will be implemented through the provisions of any disposition and development agreement or owner participation agreement or by appropriate covenants appended to the land and instruments of conveyance executed pursuant thereto. These controls are in addition to any standard and provision of any applicable City building or zoning ordinance; provided, however, each and every development shall comply with all applicable City zoning and building ordinances, including any adopted City design standards. SECTION 500 METHODS OF FINANCING THE PROJECT SECTION 501 GENERAL DESCRIPI10N OF THE PROPOSED F1NANCING METHOD The MDC is authorized to finance this Project with financial assistance from the City, State of Idaho, federal government, interest income, MDC bonds, donations, loans from private financial institutions, the lease or sale of MDC-owned property, or any other available source, public or private, including assistance from any taxing district or any public entity. The MDC is also authorized to obtain advances, borrow funds, and create indebtedness in carrying out this Plan. The principal and interest on such advances, funds, and indebtedness may be paid from any funds available to the MDC. The City, as it is able, may also supply additional assistance through City loans and grants for various public facilities. The City or any other public agency may expend money to assist the MDC in carrying out this Project. 23 - August 23, 2002 (l2:53PM) 24 SECTION 502 RJ:VENUE BOND FUNDS As allowed by law and subject to such restrictions as are imposed by law, the MDC is authorized to issue bonds from time to time, if it deems appropriate to do so, in order to finance all or any part of the Project. Neither the members of the MDC, nor any persons executing the bonds shall be liable on the bonds by reason of their issuance. SECTION 503 OTHER LOANS AND GRANTS Any other loans, grants, guarantees, or financial assistance from the United States, the State of Idaho, or any other public or private source will be utilized if available. Neither the members of the MDC nor any persons executing such loans or grants shall be liable on the loans or grants by reason of their issuance. SECTION 504 REVENUE ALLOCATION FINANCING PROVISIONS The MDC hereby adopts revenue allocation financing provisions as authorized by the Act, chapter 29, title 50, Idaho Code, effective retroactively to January 1,2002. These revenue allocation provisions shall apply to all taxing districts in which the Revenue Allocation Area is located and described on Attachments 1 and 2 to this Plan. The MDC shall take all actions necessary or convenient to implement these revenue allocation financing provisions. The MDC specifically finds that the equalized assessed valuation of property within the Revenue Allocation Area is likely to increase as a result ofthe initiation of the Urban Renewal Project. The MDC, acting by one or more resolutions adopted by its board of directors, is hereby authorized to apply all or any portion of the revenues allocated to the MDC pursuant to the Act to pay such costs as are incurred or to pledge all or any portion of such revenues to the repayment of any moneys borrowed, indebtedness incurred, or bonds issued by the MDC to finance or to refinance the project costs (as defined in Idaho Code Section 50-2903(12)) of one or more urban renewal projects. Upon enactment of an ordinance by the governing body of the City finally adopting these revenue allocation financing provisions and defining the Revenue Allocation Area described herein as part of the Plan, there shall hereby be created a special fund Df the MDC into which the County Treasurer shall deposit allocated revenues as provided in Idaho Code Section 50-2908. The MDC shall use such funds solely in accordance with Idaho Code Section 50-2909 and solely for the purpose of providing funds to pay the project costs, including any incidental costs, of such urban renewal projects as the MDC may determine by resolution or resolutions of its Board of Directors. A statement listing proposed public improvements and facilities, an economic feasibility study, estimated project costs, fiscal impact upon other taxing districts, and methods of financing project costs required by Idaho Code Section 50-2905 is included in Attachment 5 to this Plan. This statement necessarily incorporates estimates and projections based on the MDC's present knowledge and expectations. The MDC is hereby authorized to modify the presently anticipated urban renewal projects and use of revenue allocation financing of the related project costs if the 24- August 23, 2002 (l2:54PM) 25 board of directors of the MDC deems such modification necessary or convenient to effectuate the general objectives of the Plan. The MDC has also provided for expenditure of revenue allocation proceeds on an annual basis without the issuance of bonds. The MDC has also provided for obtaining advances or loans from the City or private entities in order to immediately commence construction of certain of the public improvements. Revenues will continue to be allocated to the MDC until the improvements identified in Attachment 5 are completely constructed or until any obligation to the City or other public entity or private entity are fulfilled. Attachment 5 incorporates estimates and projections based on the MDC's present knowledge and expectations concerning the length of time to complete the improvements. The activity may take longer depending on the significance and timeliness of development. Alternatively the activity may be completed earlier if revenue allocation proceeds are greater or the MDC obtains additional funds. The revenue allocation proceeds are hereby irrevocably pledged for the payment of the principal and interest on the advance of monies or making of loans or the incurring of any indebtedness such as bonds, notes, and other obligations (whether funded, refunded, assumed, or otherwise) by the MDC to finance or refinance the Project in whole or in part, as well as payment for costs incurred for activities of the Project. The MDC is authorized to make such pledges as to specific advances, loans, and indebtedness as appropriate in carrying out the Project. SECTION 504,1 ECONOMIC FEASmILITY STUDY Attachment 5 consists of the Economic Feasibility Study ("Study") for the Urban Renewal Area prepared by W. David Eberle Consulting, Inc. The Study constitutes the financial analysis required by the Act. SECTION 504.2 ASSUMPTIONS AND CONDITlONSIECONOMIC FEASmILITY STATEMENT The information contained in Attachment 5 assumes certain completed and projected actions. Under the provisions of the Act, the revenue allocation shall continue until the bond debt is satisfied. All debt is projected to be repaid no later than the duration period of the Plan. The total amount of bonded indebtedness and the amount of revenue generated by revenue allocation is dependent upon the extent and timing of private development. Should all of the development take place as projected, bonded indebtedness could be extinguished earlier, dependent upon the bond sale documents or other legal obligations. Should private development take longer to materialize, or should the private development be substantially less than projected, then the amount of revenue generated will be substantially reduced and bonds may continue for their full term, The Plan and attachments incorporate estimates and projections based on the MDC's present knowledge and expectations. The MDC may modify the project if the Board of Commissioners deems such modifications necessary to effectuate the Plan. The Plan proposes 25 - AuguSI 23, 2002 (l2:56PM) 26 certain public improvements, including utility improvements, streetscapes, street improvements, property acquisition, and relocation costs, which will facilitate development in the Revenue Allocation Area. SECTION 504,3 TEN PERCENT LIMITATION Under the Act the base assessed valuation for all revenue allocation areas cannot exceed gross/net ten percent (10%) of the current assessed valuation for the entire City. The base assessment roll, not including utilities and less any homeowner's exemption, for the revenue allocation area is $146,334,050.00. The total assessed value for the City of Meridian as of January 1,2002, less homeowner's exemptions, is $2,065,940,795. The combined base assessment roll for the Revenue Allocation Area does not exceed ten percent (10%) of the assessed value for the City of Meridian. SECTION 504.4 FINANCIAL LIMITATION The Study identifies several capital improvement projects. Use of any particular financing source for any particular purpose is not assured or identified. Use of the funding source shall be conditioned on any limiting authority. For example, the MDC may consider participation with owners or developers for facade improvements, partial contribution by the MDC, or encouraging certain demonstration projects such as affordable housing projects. Use of revenue allocation funds for that purpose will be limited by the authority of the Act. If revenue allocation funds are unavailable, then the MDC will need to use a different funding source for that improvement, including grant funds. The Study has examined the potential of grant funding. The amount of funds available to the MDC from revenue allocation financing is directly related to the assessed value of new improvements within the revenue allocation area. Under the Act, the MDC is allowed the revenue allocation generated from inflationary increases and New Development Value. The Study has assumed a four and three-tenths percent (4.3%) inflationary increase through year 2026. The Study, with the various estimates and projections, constitutes an economic feasibility study. Costs and revenues are analyzed, and the analysis shows the need for public capital funds during the project. Multiple financing sources including proposed revenue allocation notes and bonds, annual revenue allocations, developer contributions, and other funds are shown. This Study identifies the kind, number, and location of all proposed public works or improvements, a detailed list of estimated project costs, a description of the methods of financing illustrating project costs, and the time when relate costs or monetary obligations are to be incurred. See Idaho Code ~ 50-2905. Based on these funding sources, the conclusion is that the project is feasible. The information contained in the Study assumes certain projected actions. First, the MDC has projected several bond terms and note issues. The bond term will be finally determined by the marketability of the notes. Under the provisions of the Act, the revenue allocation may continue until the end of the Plan term. Second, the total amount of indebtedness and the amount of revenue generated by revenue allocation is dependent upon the extent and 26 - August 23. 2002 (l2:56PM) 27 timing of private development. Should all of the development take place as projected, indebtedness would be extinguished earlier, dependent upon the bond sale documents and legal obligations therein. Should private development take longer to materialize or should the private development be substantially less than projected, then the amount of revenue generated will be substantially reduced and bonds may continue for their full term. The proposed timing for the public improvements may very well have to be modified depending upon the availability of some of the funds and the MDC's ability to sell an initial issue of notes or bonds. The Plan has shown that the equalized valuation of the Revenue Allocation Area as defined in the Plan is likely to increase as a result of the initiation and completion of urban renewal projects pursuant to the Plan. SECTION 504,5 REBATE OF REVENUE ALLOCATION FUNDS In any year during which the MDC receives revenue allocation proceeds, the MDC, as allowed by law, is authorized (but not required) to return or rebate to the other taxing entities identified in Attachment 5 of this Plan any revenue allocation funds not previously pledged or committed for the purposes identified in the Plan. Under the Act, the MDC must first apply all such revenues for the payment of the projected costs of the urban renewal project identified and repayment of principal and interest on any moneys borrowed, indebtedness incurred, or bonds issued by the MDC and maintain any required reserve for payments of such obligation or indebtedness. Only to the extent revenues of the MDC exceed these obligations shall the MDC consider any rebate or return of revenue allocation funds to the other taxing entities. The MDC shall rebate such funds in a manner that corresponds to each taxing entity's relative share of the revenue allocation proceeds or on the basis of extraordinary service requirements generated by the Project. All other taxing entities shall first receive any such rebate before such rebate shall be disbursed to the City. Attachment 5 describes the MDC's financing plan for the Project. The Project will be financed, in part, through tax increment financing, using revenue allocation funds as allowed by the Act. The MDC anticipates that on an annual basis, tax increment, and other funds may be sufficient to satisfy the obligations incurred by the MDC, even though the entire amount of revenue allocation funds must be pledged for the term of any bonds or other debts incurred by the MDC. Therefore, on an annual basis, the MDC will consider the rebate of funds, which funds, may not be revenue allocation funds, but other funds available to the MDC. SECTION 504.6 PARTICIPATION WITH LOCAL IMPROVEMENT DISTRICTS Under the Idaho Local Improvement District Code, Chapter 17, Title 50, Idaho Code, the City has the authority to establish local improvement districts for various public facilities, including, but not limited to, streets, curbs, gutters, sidewalks, storm drains, landscaping, and other like facilities. To the extent allowed by the Law and the Act, the MDC reserves the authority to participate in the funding of local improvement district facilities. This participation 27 - AugUS123, 2002 (l2:56PM) 28 may include either direct funding to reduce the overall cost of the LID or to participate as an assessed entity to finance the LID project. SECTION 504,7 ISSUANCE OF DEBT AND DEBT LIMITATION Any debt incurred by the MDC as allowed by the Law and Act shall be secured by revenues identified in the debt resolution or revenue allocation funds as allowed by the Act. All such debt shall be repaid within the duration of this Plan. SECTION 504,8 IMPACT ON OTHER TAXING DISTRICTS AND LEVY RATE A specific delineation of tax dollars generated by revenue allocation upon each taxing district has not been prepared. The overall impact of the revenue allocation project is shown in the Study. Since the passage of House Bill 156 in 1995, taxing entities are constrained in establishing levy rates by a function of the amount each budget of each taxing district can increase on an annual basis. The amounts set forth in the Study would constitute the amDunts distributed to other taxing entities from the Revenue Allocation Area if there were no urban renewal project. Each individual district's share of that amount would be determined by its particular levy rate as compared to the other districts in any given year. Therefore, the impact of revenue allocation is more of a product of the imposition of House Bill 156. In addition, without the revenue allocation district and its ability to pay for public improvements and public facilities, fewer substantial improvements within the revenue allocation area would be expected in the next five to ten years, hence there would be lower increases in assessed valuation to be used by the other taxing entities. Additionally, the Study has taken the existing 2001 net levy rate of .010261953 (i.e., deducting the .004 school credit) and imposed a .001 annual reduction levy throughout the term of the Plan. One result of House Bill 156 is the likely reduction of the levy rate as assessed values increase for property within each taxing entity's jurisdiction. If the overall levy rate is less than as assured, the MDC shall receive fewer funds from revenue allocation. SECTION 504,9 LEASE REVENUE BONDS One other potential use of financing is lease revenue bonds from the user of a public facility. For example, a lease base revenue bond may be a way to finance a civic center or City Hall without the use or obligation of revenue allocation proceeds. SECTION 600 ACTIONS BY THE CITY The City shall aid and cooperate with the MDC in carrying out this Plan and shall take all actions necessary to ensure the continued fulfillment of the purposes of this Plan and to prevent the recurrence or spread in the area of conditions causing blight. Actions by the City shall include, but not be limited to, the following: 28 - August 23, 2002 02:56PM) 29 (a) institution and completion of proceedings necessary for changes and improvements in private and publicly-owned property, rights-of-way, or public utilities within or affecting the Project Area; (b) revision of zoning, if necessary, within the Project Area to permit the land uses and development authorized by this Plan; (c) imposition, wherever necessary, by conditional use permits or other means of appropriate controls within the limits of this Plan upon parcels in the Project Area to ensure their proper development and use; (d) provision for administrative enforcement of this Plan by the City after development, wherein the City and the MDC may develop and provide for enforcement of a program for continued maintenance by owners of all real property, both public and private, within the Project Area throughout the duration of this Plan; (e) building code enforcement; (f) performance of the above actions and of all other functions and services relating to public peace, health, safety, and physical development normally rendered in accordance with a schedule which will permit the redevelopment of the Project Area to be commenced and carned to completion without unnecessary delays; (g) institutional and completion of proceedings necessary for the establishment of a LID under chapter 17, title 50, Idaho Code; (h) the undertaking and completing of any other proceedings necessary to carry out the Project; (i) administration of Community Development Block Grant and other state and federal grant funds that may be made available for the Project; G) appropriate agreements with the MDC for administration, supporting services, funding sources, and the like; (k) the waiver of any hookup or installation fee for sewer, water, or other utility services for any facility owned by any public agency, including the MDC; and (f) the imposition, whenever necessary (by conditional use permits or other means as appropriate) of controls within the limits of this Plan upon parcels in the Project Area to ensure their proper development and use. The foregoing actions to be taken by the City do not constitute any commitment for financial outlays by the City. 29 - August 23, 2002 (\2:56PM) 30 SECTION 700 ENFORCEMENT The administration and enforcement of this Plan, including the preparation and execution of any documents implementing this Plan, shall be performed by the MDC and/or the City. The provisions of this Plan or other documents entered into pursuant to this Plan may also be enforced by court litigation instituted by either the MDC or the City. Such remedies may include, but are not limited to, specific performance, damages, reentry, injunctions, or any other remedies appropriate to the purposes of this Plan. In addition, any recorded provisions which are expressly for the benefit of owners of property in the Project Area may be enforced by such owners. SECTION 800 DURATION OF THIS PLAN Except for the nondiscrimination and non segregation provisions which shall run in perpetuity, the provisions of this Plan shall be effective, and the provisions of other documents formulated pursuant to this Plan shall be effective for twenty-four (24) years from the date of adoption of the original Plan by the City Council in 2002, which period shall expire on December 31, 2026, except for any revenue allocation proceeds received in calendar year 2027. This plan shall terminate no later than December 31,2026, except for revenues which may be received in 2027. Either on January 1, 2026, or if the MDC determines an earlier terminate date: (a) When the revenue allocation area plan budget estimates that all financial obligations have been provided for, the principal of and interest on such moneys, indebtedness, and bonds have been paid in full or when deposits in the special fund or funds created under this chapter are sufficient to pay such principal and interest as they come due, and to fund reserves, if any, or any other obligations of the MDC funded through revenue allocation proceeds shall be satisfied and the MDC has determined no additional project costs need be funded through revenue allocation financing, the allocation of revenues under Section 50-2908, Idaho Code, shall thereupon cease; any moneys in such fund or funds in excess of the amount necessary to pay such principal and interest shall be distributed to the affected taxing districts in which the revenue allocation area is located in the same manner and proportion as the most recent distribution to the affected taxing districts of the taxes on the taxable property located within the revenue allocation area; and the powers granted to the urban renewal agency under Section 50-2909, Idaho Code, shall thereupon terminate. (b) In determining the termination date, the Plan shall recognize that the MDC shall recei ve allocation of revenues in the calendar year following the last year of the revenue allocation provision described in the urban renewal plan. (c) For the fiscal year that immediately predates the terminate date, the MDC shall adopt and publish a budget specifically for the projected revenues and expenses of 30 - August 23, 2002 02:56PM) 31 the Plan and make a determination as to whether the revenue allocation area can be terminated before January 1 of the termination year pursuant to the terms of Section 50-2909(4), Idaho Code. In the event that the MDC determines that current tax year revenues are sufficient to cover all estimated expenses for the current year and all future years, by September 1, the MDC shall adopt a resolution advising and notifying the local governing body, the county auditor, and the State Tax Commission, recommending the adoption of an ordinance for termination of the revenue allocation area by December 31 of the current year, and declaring a surplus to be distributed as described in Section 50-2909, Idaho Code, should a surplus be determined to exist. The MDC shall cause the ordinance to be filed with the office of the county recorder and the Idaho State Tax Commission as provided in Section 63-215, Idaho Code. Upon termination of the revenue allocation authority of the urban renewal plan to the extent the MDC owns or possesses any assets, the MDC shall dispose of any remaining assets by granting or conveying or dedicating such assets to the City of Meridian. SECTION 900 PROCEDURE FOR AMENDMENT The Plan may be further modified at any time by the MDC, provided that, if modified after disposition of real property in the Project Area or after execution of an owner participation agreement, the modifications must be consented to by the developer or developers or their successor or successors of such real property whose interest is substantially affected by the proposed modification. Where the proposed modification will substantially change the Plan, the modifications must be approved by the Meridian City Council in the same manner as the original Plan. Substantial changes for Meridian City Council approval purposes shall be regarded as revisions in project boundaries, land uses permitted, land acquisition, and other changes which will violate the objectives of this Plan. SECTION 1000 SEVERABILITY If anyone or more of the provisions contained in this Plan to be performed on the part of the !'vIDC shall be declared by any court of competent jurisdiction to be contrary to law, then such provision or provisions shall be null and void and shall be deemed separable from the remaining provisions in this Plan and shall in no way affect the validity of the other provisions of this Plan. SECTION 1100 ANNUAL REPORT Under the Law, the MDC is required to file with the City, on or before March 31 of each year, a report of the MDC's activities for the preceding calendar year, which report shall include a complete financial statement setting forth its assets, liabilities, income, and operating expenses as of the end of such calendar year. 31 - August 23, 2002 (12:56PM) 32 Attachment I Description of the Project Area and Revenue Allocation Area Boundaries Approximately 660 acres with boundaries of the 1-84 freeway on the south, Cherry Lane/Fairview Avenue on the north, W. 4th Street on the west and Five Mile Creek on the east. [Note: Legal Description of Project Area will be forthcoming. See Attachment 2 for a map of the Project Area] 32 - August 23. 2002 (l2:58PM) 33 Attachment 2 Project Area-Revenue Allocation Area Boundary Map 33 - August 23, 2002 (l2:59PM) ~~~~\ r J ""V.. 1== :L- rl ~TT . - ~ IJ~ '/ 1:::1 -ll L~ v 11-' T ~=Il=;; :: 1=~ - 1.. 1U,' I~LL ::Y ~ ~ ~:: c... E1Eii1 Ill:! I I r-1 S<A f- f:: f- gjj ~ ~ rrr J::: 1111 '"" .. wr II"~~ t: ImE ~ n~:~ g~ ~~ ~! EfEEEEEB3 ~ E _ ~8I rrHJ ffiirrmc ffij N "Fi ill II11 ~J1 r.:;l . Eli OIl fffiEl [ffi@ ~ .:. .:, ~I Ilr ~~m~@:~~~li~Hj]M~ c...dv =~~II mmmlm Ei~8tm_ I/Inlf~ ~ y I ~Ei~83 b:H=n~ _ I .- r-)CDOJJOJ]~ Tf hJ '\ ~~~m~:: IJ I ~~ rnm~ffim~ =r- I ~ f- ~ ~ ~tttmg =n= = e- f- j~~ gm CIJ~ -H- - l \UII t'- ~ ~~r"" ~\\ ~L I ~f- - \, ~ E::] c... y "",,- L:r ~ I- I I 1\ I~ '5:::1 \ \ \ I I W:~l I 7 ~ / f-- ~~~. '{\, .~.~ .E -/ f-- f- 1 f.:= l ~-~ IE ~~ I; 7!f/l!!. -nr=I1- It!f!!j; oJ~ J: ~ ~ '''" h, ~ I II I \ ~ "'-- ~ J Il -4,- - II III1 '\ Ii .\~ ~" ~ \ 34 Attachment 3 Private Properties Which May Be Acquired by MDC 1. No particular properties have been identified for acquisition by MDC, except as may be required for the objectives of the Plan. MDC does intend to acquire certain properties, if necessary, to achieve the civic center location and parking structures within the Old Town or Blue Zone area. 2. The MDC also reserves the right to acquire any additional right-of-way or access routes near or around existing or planned rights-of-way. 3. The MDC reserves the right to acquire property needed to provide adequately sized sites for high priority projects such as public buildings, infrastructure, public parking facilities, transit and transportation facilities, etc. (the exact location of which has not been determined). 34 - August 23,2002 (1:00PM) 35 Attachment 4 Map Depicting Expected Land Uses and Current Zoning Within Revenue Allocation Area and Project Area 35 - Augusl 23. 2002 (1:00PM) 'iN'" c:s ...... ......... .... ........... 36 Attachment 5 Statement of Proposed Public Improvements, Costs, Revenues, Tax Impacts, Financing Methods, and Implementation Plan 36 - August 23, 2002 (1 :ooPM) ECONOMIC FEASIBILITY MERIDIAN URBAN RENEWAL AREA Prepared For THE MERIDIAN DEVELOPMENT CORPORATION Meridian, Idaho ~r~ Prepared By W. David Eberle Consulting, Inc. 760 Harcourt Road Boise, Idaho 83702 August 20, 2002 W. David Eberle Consulting, Inc. Boise ID 2 Authority Idaho State Code 50-2905 guides the urban renewal area to prepare and adopt a plan for the revenue allocation area and submit the plan and recommendations to the local governing body for approval. Included in this plan is an economic feasibility study. The following is the economic feasibility study for the Meridian Urban Renewal Area (URA) proposed by the Meridian Development Corporation (MDC). Economic Feasibility Study Summary This economic feasibility study is preliminary to the extent that not all the elements of the plan have been formalized. And, as such, this study will need to be updated to include the enhancements, additions and modifications to the plan. The elements not formalized are the expenditure plan for the MDC. The expenditure decisions that sti\1 need to be made include the size of the parking garage, targeted land acquisitions, and business stimulus programs. This analysis has made a series of assumptions to begin the process of determining the economic development plan for the MDC. There is 146 million dollars in real property within the urban renewal area from a city wide real property base of 2 billion dollars, accounting for approximately 7.5 percent of Meridian's total real property value. The projected income to Meridian Development Corporation will be dependent upon the rate that this assessed property value base increases. In the 1990s the population of the City of Meridian grew at the astounding rate of thirty percent annually. COMPASS projects that this growth will dramatically slow to three percent annually over the next decade. Coupling the slower population growth with a sluggish economy suggests that the inflationary pressures on real property will also slow. County wide assessed value for 2002 increased a little over four percent while areas within the City of Meridian grew about three percent. The revenue forecast uses two base growth rates of3.4 and 4.4 percent. In addition to the increased value of existing properties, all of the tax revenues from new construction within the urban renewal area accrue to the MDC. The diverse composition ofthe urban renewal area necessitated that the area be broken into six sub-areas (Blue Zone, Green Zone, Pink Zone, Orange Zone, Red Zone, Yellow Zone) for purposes of estimating new construction for the renewal area. U8ing interviews with city officials, real estate experts, and members of the Meridian Development Corporation board, a list and valuation was prepared of sites that were likely to be developed. The value of new construction was translated to a percent of total property value within the respective sub- area, which became the growth rate for new construction within the urban renewal area. The final determinate in the revenue forecast is the mill levy rate for the Meridian taxing district. This rate has been declining as a result of statutory restrictions on tax revenues. The mill levy was adjusted downward by the ten-year average to just over one half of one percent. As part of this study the MDC requested that the revenue projections be developed for two urban renewal area (URA) property boundaries. The first boundary includes what is being called the Red Zone, which incorporates the "corporate park" that is roughly W. David Eberle Consulting, Inc. Boise ID 3 bounded by Meridian Road, 1-84, Stratford and Watertower Lane. The second boundary excludes the corporate park and instead includes the property west of Meridian Road and north ofI-84 that has been designated as the Yellow Zone. Appendix A provides detailed maps to outline the respective areas. Using the assumptions outlined above and using the URA that includes the Red Zone (excludes Yellow Zone) the MDC can expect to earn over the life ofthe urban renewal area between 32 to 42 million dollars. In the first five years the Meridian Development Corporation can expect to earn between 1.5 to 1.8 million dollars. Using the assumptions outlined above and using the URA that includes the Yellow Zone (excludes Red Zone) the MDC can expect to earn over the life of the urban renewal area between 26 to 34 million dollars. In the first five years the Meridian Development Corporation can expect to earn between L 0 to 1.4 million do liars. There are substantial differences between the Yellow and Red Zones. The model suggests that the Red Zone will generate a larger amount of tax increment financing (TIF). This outcome is based on several factors that may not hold up over time. The first is that currently without road access to the Yellow Zone, there is no assumption included for new construction beyond the base growth rate. Second, once road access is developed to this area, the land value in the Yellow Zone should increase at a faster. rate than in the Red Zone providing additional TIF not included in the model These "upside" assumptions are predicated on the reconstruction of Executive Way and Meridian Road and the acceptance of the diverted access to the Yellow Zone through Waltman Lane. The expenses of the Meridian Development Corporation include starting an office with one full time director and one part-time employee in late 2003. The following year the part-time employee will be moved to full time. From this point forward the administrative and general costs are increased ten percent annually until 20 12 when and annual inflation rate of 2.6 percent is used for the remaining life of the urban renewal area. There are three community development programs contemplated in this budget. The first is a facade grant program. The second is a streetscape reimbursement program. And the third is a public facilities upgrade program. It is assumed that there will be a new city hall built within the Blue Zone within the next three years. Based on preliminary construction estimates provided by the city it will cost approximately $13 million in today's dollars. In this budget it is assumed that a contractual relationship will be made between the city and MDC for MDC to issue bonds for the permanent financing of the city hall backed by a one year renewal lease equal to the debt payment. And in 2006 it is assumed that the Meridian Development Corporation will build a 250-stall parking garage at $12,000 per stall. Finally, it is assumed that in 2011 plans for gateway improvements have been made and that a $5,000,000 bond is issued to cover the cost of improvements. At this time these improvements may include street upgrades in the Green Zone and or public art. These enhancements to announce the entrance to Meridian W. David Eberle Consulting, Inc. Boise ID 4 may be built in the Green, Orange or Blue Zones. Finally, any available cash flow up to $200,000 is allocated to the facade and streetscape programs. The issue for the Meridian Development Corporation is that the expenses are front-end loaded while the majority of funds are back-end loaded. This requires careful planning of expenditures in the early years. The proposed budget is designed to maintain a positive cash balance but it is based on real property values increasing on average at 4.37 percent. If the assessed valuation growth rate falls to 3.5 percent there will be a shortfall from 2007 through 2014 that can be avoided by reducing the streetscape and far,;ade enhance programs. In summary, the Meridian Development Corporation actions will stimulate new investment growth in the urban renewal area. Investing in the area will stabilize and improve the value of downtown real estate. The tax increment financing will provide sufficient revenue to retire the 5.4 million dollars in revenue bonds. Additionally, there will be sufficient funds to embark on other public investments to enhance the economic competitiveness of the urban renewal area creating a vibrant central business core for Meridian. Finally, the new levels of investment within the urban renewal area stimulated by the Meridian Development Corporation's actions will help offset the impact of revenue allocation financing through increased income, sales and excise taxes. Description of Urban Renewal Area The urban renewal area can be generally described as the area bounded by Fairview Avenue on the north, bounded by West 4th Street on the west, bounded by East 4th Street to Franklin Road then Stottard Drive to 1-84 on the east and bounded by 1-84 on the south. This area includes a diversity of structure types, economic uses, and public infrastructure. An economic activity center bonds this diverse area that can be defined as downtown Meridian Each area is incomplete on its own and depends upon the economic uses of the adjacent areas to create the downtown zone. This report separates this area into six-sub areas for purposes of economic analysis. There are two purposes for breaking the urban renewal area (URA) into six zones. The first purpose is to compare the impact of having the Yellow Zone included instead ofbaving the Red Zone included. The second reason is to better estimate the growth potential of the tax increment financing. See Appendix A for the accompanying map. The six sub- areas can be generally described as: 1. Blue Zone - The Blue Zone can be characterized as "old town". Currently it is a mixture of older brick and wood structures and smal1 commercial buildings such as drive through banks. In this area it is anticipated that the economic redevelopment will be mostly remodels and infill of vacant lots. 2. Green Zone - The Green Zone is characterized as an area where many of the residential structures have been converted to commercial uses and retail structures have made inroads into the area. This is particularly true in the south Green Zone between Meridian and East I Sl Streets. The southern section is currently experiencing rapid growth. It is possible that the northern border of the Green Zone could also experience a rapid redevelopment at some point in the future. W. David Eberle Consulting, Inc. Boise ID 5 3. Pink Zone - The Pink Zone is characterized by primary residential structures. It is a mix of single family mobile homes and higher density structures. It is anticipated that the use will primarily stay residential for the foreseeable future. 4. Orange Zone - The Orange Zone is predominately low-rise commercial and retail structures with some industrial uses. This zone includes the old creamery and the railroad property and is expected to experience significant new growth. 5. Red Zone - The Red Zone is predominately office/commercial with retail along the edge. It is anticipated that this will continue to develop as a commercial area with a retail component. 6. Yellow Zone - The Yellow Zone is predominately open space with mixed residential and retail along the edge of the zone. Currently this is underdeveloped because of poor road access into the area. If the Meridian, Main, Executive, and Waltman intersection is rebuilt it is anticipated that this area will experience rapid commercial growth. Growth Projections for the Meridian City Urban Renewal Area The urban renewal areas (URA) are comprised of several distinct areas. The characteristics that identify the different areas include building structures, road design and economic activity. These unique attributes mean that redevelopment activity will occur at different growth rates. An effort has been made to identify these characteristics and incorporate them into the model. Base Growth The Treasure Valley has experienced unprecedented growth for over ten years. It is difficult not to be optimistic about future growth as many of the elements that have led to the growth in the valley still remain. However, the valley and the City of Meridian are not immune to the national economy. Since early 2001 the U.S. economy has experienced a shallow recession and an act ofterrorism ending the longest economic expansion in U.S. history. The Treasure Valley is largely insulated from these economic shocks because people are moving to the valley and moving to Meridian because of the quality of life. In light of this uncertainty the population forecast prepared by COMPASS in February of this year may be more reasonable than the experience of the last ten years. 2000 -2025 Forecast Approved bv COMPASS Februarv 2002 2000 2010 2015 2020 2025 Census COMPASS COMPASS COMPASS COMPASS Population Population Population Population Population Meridian 34,915 44,010 50,622 51,889 54,495 Ada County 300,904 402,949 455,493 466,745 491,520 Meridian Growth 26.05% 15.0ZOA. 2.50% 5.02% Ada Grnwth 33.91% 13.64% 2.47% 5.31% During the next ten years COMPASS expects that Meridian's population will increase by 26 percent. This contrasts with the 314 percent increase in population that Meridian has experienced over the last ten years. The forecast suggests that Meridian will return to W. David Eberle Consulting, Inc. Boise ID 6 growing at rates similar to the rest of the valley. There are structural as well as economic reasons why it is reasonable to expect Meridian to grow at a more conservative rate than the last decade. The primary factors that will contribute to this slowing of growth include that large tracts of relatively inexpensive land have already been developed. Congestion on the local roads no longer gives the area the rural "feel", and the market for lower . middle income homes is migrating west to Canyon County as it migrated from Boise for the same reasons. This migration should not be taken to mean that economic growth needs to slow along with population growth. The typical transition for an economy is that with a threshold population base it is now possible to develop the retail and commercial infrastructure to support the base. The creation of the MDC will help create the economic infrastructure for the population to support the rapid residential growth of the last decade. Property Value Appreciation Wells Fargo Bank has estimated the annual increase in the cost of housing for the Boise area using a 1988 base. Over the last fourteen years the property values in the area have increased from a high of 11 percent to a low of -5 percent. During the last ten years the Boise market has increased at a little over 4 percent on average. The following table provides the historical annual increase in housing costs fur the area. The table illustrates that the increase in housing costs can vary dramatically from year to year. It is important to remember that changing market costs lead the assessed value of property. Additionally, by the nature of the way that property value is assessed, there tends to be a smoothing effect on any trends in changing costs. Boise Area Cost-of Living Housing Costs (non-seasonally adjusted) Year Annual Percent Increase 1988 2.7% 1989 7.7% 1990 10.7% 1991 7.7% 1992 9.9% 1993 11.1% 1994 8.0% 1995 1.0% 1996 4.9% 1997 3.1% 1998 5.2% 1999 2.1% 2000 8.2% 2001 -0.0% Ten Year Averaae 4.4% The Ada County Assessors Office has just released their estimated increase in assessed values for one fifth of Ada County. The Meridian area increased on average 6.3 percent for commercial real property and 5.5 percent for residential housing. This is above the county average of3.4 percent. There is considerable variance in changes in assessed W. David Eberle Consulting, Inc. Boise ID 7 value by neighborhood North Meridian increased 2.6 percent while homes in Boise's North End rose 15 percent. This suggests that there is a general so ftening in the residential housing market with hot spots in desirable locations and desirable housing stock. However, the average property value increases remain above the Wells Fargo ten- year average. COMPASS's population estimates suggests that, in the latter part of the forecast, without a return to a general inflationary period, housing costs will continue to moderate. The property value is assumed to increase at two rates, 4.4 percent and 3.4 percent per year during the forecast period. Revenue Forecast Real Property Tax Increment Assessment All of the urn falls within Tax Code Area 03. The MDC is allowed to collect substantially all real and personal property tax on increases in assessed value of the real and personal property taxes within the urban renewal area. There are nine taxing areas. Only the Meridian School Area is permitted to keep $.004 per assessed dollar on the incremental assessed value increase within the area. The remaining taxing areas will not realize additional revenues from the urn. However, the economic development within the URn will accelerate economic growth outside the zone helping to offset this impact on the taxing areas. The calculation for the tax incremental finance income is the (current total assessed value less the base total assessed value) x (current mill levy - .004) = tax increment revenue. The only exception to this is the residential homes in the area that have the homeowner's exemption. For these properties the current assessed value and base value are reduced by the homeowner's exemption. The homeowners' exemption is calculated as $50,000 or 50% whichever is less. The table below shows the current mill levy charged on real and personal property. 2001 Tax Levy for Meridian Urban Renewal Area Tax Code Area 03 Entity Area Levy Ada County 1 $0.002772336 Ada County Highway Area 6 $0.001014584 Emergency Medical Services 3 $0.000117687 Joint School Area NO.2 8 $0.006573151 Meridian Cemetery 24 $0.000057679 Meridian City 18 $0.003040177 Meridian Library 12 $0.000585497 Mosquito Abatement 43 $0.000023179 Western Ada Recreation 46 $0.000077663 TOTAL $0.014261953 Percent Change from Prior Year -4.2686% Estimated 2002 Tax Increment Levy $0.010261953 Because of the rapid growth of the Meridian property tax base, the mill levy has fallen over the last ten years. Last year the mill levy fell over four percent from the previous W. David Eberle Consulting, Inc. Boise ID 8 year. On average for the last ten years the mill levy for code 03 has fallen slightly more that one half of one percent annually. The mill levy is assumed to decrease six tenths of a percent per year for the forecast period. New Construction The DRD six sub-areas are currently experiencing different rates of new construction. The following table is based on assumptions that can be found in Appendix B Significant New Structures. Based on interviews with the Meridian Building Department, MDC board, and local real estate professionals a list of properties within the URD that are already under construction or expected to be redeveloped are included. The following table summarizes the new construction in the area by sub-areas. The table includes two cumulative summaries. The first summary includes the Red Zone ( excludes Yellow Zone) in the five sub-areas. This grouping has a base property value of $180 million. It can be anticipated that an additional $32 million in new construction will occur in the next five years. At this rate of growth there will be approximately 100 million dollars of new investment in the URA over the life of the MDC. This translates to, on average, approximately 4 million dollars of new investment occurring in the area annually. The second snmmary includes the Yellow Zone (excludes Red Zone) in the five sub- areas. This grouping has a base property value of $146 million. It can be anticipated that an additional $25 million in new construction will occur in the next five years. In substituting the Yellow Zone for the Red Zone the growth in anticipated new construction remains approximately at 3.5 percent. The property value base is lower with the inclusion of the Yellow Zone and construction is not anticipated in the Yellow Zone within the next five years. However, there should be greater appreciation in the Yellow Zone property value as the Red Zone has already experienced substantial increases in property value within the last several years. At this rate of growth there will be approximately 82 million dollars of new investment in the URA over the life of the MDC. This translates to, on average, approximately 3.5 million dollars of new investment occurring in the area annually. There are two areas where growth is expected to be. the strongest. The Blue Zone may be considered the core of downtown with Idaho and Main Street as the center. There are two reasons for the high percentage of growth in this sub-area. The first is that it is assumed a major commercial office building will be built on the Nazarene Church site. The second is that the assessed base is relatively small. The second sub-area, the Orange Zone is adjacent to the Blue Zone just to the south. There are a number of planned projects in this area. It is reasonable that this will grow because of its location to the downtown and because it is relatively under built. W. David Eberle Consulting, Inc. Boise ID 9 ESTIMATED NEW CONSTRUCTION Sub Area Base 2002 2003 2004 2005 2006 Average Percent Chanae Blue $12,901,670 $0 $473,838 $6,122,692 $727,325 $707,125 15.66% Green . $55,371,750 $894,081 $715,758 $331,200 $0 $5,866,383 2.94% Oranoe $28,527,417 $133,336 $1,298,098 $7,320,944 $1,397,560 $0 5.16% Pink $33,525,238 $0 $0 $0 $0 $0 0.00% Red $47,880,200 $0 $2,255,000 $550,000, $3,350,000 $0 2.57% Yellow $16,007,975 $0 $0 $0 $0 $0 0.00% TOTAL With $180,350,436 $1,024,417 $4,765,244 $14,324,836 $5,474,885 $6,573,508 3.57% Red CUM. With $180,350,438 $181,392,888 $186,158,132 $200,482,968 $205,957,853 $212,531,361 Red TOT AL W~h $148,478,211 $1,024,417 $2,487,694 $13,774,836 $2,124,885 $6,573,508 3.55% Yellow CUM. With $148,478,211 $149,502,628 $151,990,322 $165,765,158 $167,890,043 $174,463,551 Yellow The percentage increases are used to forecast new construction for the remaining nineteen years. Base Case Model With Red Zone The base case model assumes that there is no new construction in the URD. The current assessed value will on average increase 3.4 to 4.4 per year for the twenty.four year forecast period. It is expected that this will provide the conservative (low-end) estimate of the expected revenue stream to the URD. Under this base forecast the MDC can expect to collect between 21 to 30 million dollars over the twenty-four year period. If this income stream is discounted at the current 30 year government bond rate of 4.5 percent it would result in a cash value of between 10 to 14 million dollars. This value approximates the loan value if the total cash stream is dedicated to debt financing. Present Value of Tax Increment Financing On Real Property Over the Twenty-Four Year Life 4.5 Percent Interest Rate Growth Rate Total Blue Green Orange Pink Red 3.4% $10,536,44,0 $599,279 $3,100,233 $2,303.136 $1,736,543 $2.797,259 4.4% $14,583,079 $829.439 $4.290,912 $3,187,681 $2,403,469 $3,871,578 Most Likely Case Model With Red Zone The most likely case model uses the base case model with the addition of new construction. Under this set of assumptions the MDC can expect to collect 42 million dollars over the twenty-four year period. If this income stream is discounted at the current thirty year government bond rate of 4.5 percent it would result in a cash value range of16 million to 21 million dollars depending upon the growth rate oD.4 or 4.4 percent. W. David Eberle Consulting, Inc. Boise ID 10 Present Value of Tax Increment Financing On Real Properly OVer the Twenty-Four Year Life 4.5 Percent Interest Rate Growth Rate Total Blue Green Orange Pink Red 3.4% $16,682.644 $2,282,397 $4,496,503 $4,322,835 $1,736,534 $3,982,611 4.4% $21,415,807 $2,702,982 $5,711,555 $5,435,892 $2,403,469 $5,190,358 When comparing the base case with the most likely case the two sub-areas that increase proportionately more than the others are the Blue and Orange Zones. This is a reflection of the assumption that the downtown area will grow proportionately more in real estate value than the other Zones. Base Case Model With Yellow Zone The base case model assumes that there is no new construction in the URD. The current assessed value will on average increase 3.4 to 4.4 per year for the twenty-four year forecast period. It is expected that this will provide the conservative (low-end) estimate of the expected revenue stream to the URD. Under this base forecast the MDC can expect to collect between 17 to 23 million dollars over the twenty-four year period. If this income stream is discounted at the current thirty year government bond rate of 4.5 percent it would result in a cash value of between 8 toll million dollars. This value approximates the loan value if the total cash stream is dedicated to debt financing. Present Value of Tax Increment Financing On Real Properly Over the Twenty-Four Year Life 4.5 Percent Interest Rate Growth Rate Total Blue Green Orange Pink Yellow 3.4% $8,549,134 $753,742 $3,234,931 $1,666,630 $1,958,613 $1,294,400 4.4% $11,832,525 $1,043,225 $4,477,342 $2,306,718 $2,710,840 $1,294,400 Most Likely Case Model With Yellow Zone The most likely case model uses the base case model with the. addition of new construction. Under this set of assumptions the MDC can expect to collect 34 million dollars over the twenty-four year period. If this income stream is discounted at the current thirty year government bond rate of 4.5 percent it would result in a cash value range of 13 million to 17 million dollars depending upon the growth rate of 3.4 or 4.4 percent. Present Value of Tax Increment Financing On Real Properly Over the Twenty-Four Year Life 4.5 Percent Interest Rate Growth Rate Total Blue Green Orange Pink Yellow 3.4% $13,497,078 $2,042,132 $4,692,958 . $3,709,110 $1,958,613 $935,219 4.4% $17,332,005 $2,887,798 $6,023,386 $4,580,569 $2,710,840 $1,294,400 When comparing the base case with the most likely case the two sub-areas that increase proportionately more than the others are the Blue and Orange Zones. This is a reflection of the assumption that the downtown area will grow proportionately more in real estate value than the other areas. W. David Eberle Consulting, Inc. Boise ID ]] Five Year Forecast The forecast picture changes substantially if there is continued weakness in the economy. At the writing of this report there is significant uncertainty over the performance of the national and local economy. Both the threats of terrorism and weak capital investment have economic growth essentially stagnant. The national forecasters are evenly divided on whether the economy will expand or contract. The Treasure Valley should outperform both the state and national economies for the next several years. However, ifthere is not a significant increase in either business spending or an increase in consumer confidence, the economy could enter a period of economic performance similar to the early 1980s where little economic growth occurred. What this means for TIF is that the experience of the last ten years may not be representative of the next ten years. Five Year Forecast - With Red Zone This forecast reflects the less optimistic picture of the future. A one percentage point drop in the assessed value growth rate will lower the TIF income to the MDC by approximately $440,000 over the first five years. It is also possible that the 4.4 percent growth rate will be exceeded. There should be a contingency plan for up to a fifteen percent variance in the revenue estimate. Growth Rate 3.4% 4.4% Difference Nominal Value of Tax Increment Financing Over the First Five Years Under Most Likel ScenaMo 2003 2004 2005 $191,492 $411,391 $541,453 $229,781 $472,227 $626,656 -$38,289 -$60,836 -$85,203 2006 $674,,678 $786,001 -$111,323 2007 $854,336 $998,725 -$144,389 Total $2,673,350 $3,113,390 $440,040 Five Year Forecast - With Yellow Zone This forecast reflects the less optimistic picture of the future. A one percentage point drop in the assessed value growth rate will lower the TIF income to the MDC by approximately $350,000 over the first five years. It is also possible that the 4.4 percent growth rate will be exceeded. There should be a contingency plan for up to a fifteen percent variance in the revenue estimate. Growth Rate 3.4% 4.4% Difference Nominal Value of Tax Increment Financing Over the First Five Years Under Most Like ScenaMo 2003 2004 2005 2006 $142,688 $343,670 $425,045 $545,775 $173,637 $393,000 $494,013 $635,919 -$30,949 -$49,330 -$68,968 -$90,144 2007 $691 ; 086 $808,007 -$116,921 Total $2,148,264 $2,504,576 -$356,312 Revenue Forecast Personal Property There is additional revenue that will be collected by the MDC from personal property tax on commercial businesses. At the writing of this report the data set that computes an accurate value of the personal property tax is not available. The Assessors Office suggests that personal property tax is approximately three percent of the real property tax. The incremental personal property tax will contribute approximately three thousand W. David Eberle Consulting, Inc. Boise ID 12 dollars the first year and approximately fifty thousand dollars over the first five years. This dollar amount is not included in the cash flow budget but can be seen in the revenue forecast appendix. Capital and Operating Budget A preliminary capital and operating budget has been prepared. There are several assumptions made for purposes of this report. The revenues have been increased based on the ten-year average real property inflation rate for the Treasure Valley, thus increasing the assessed values by that amount. All expenses have been adjusted by the ten-year average CPI rate of2.6 percent. Revenue Assumptions In this budget there are three basic sources of revenue. The first is the TIF based on the most likely forecast. The second source is parking revenues on an assumed 250 stall parking structure. Based on Capital City Development Corporation ("CCDC"), records it is assumed that the MDC will be able to earn $400 per stall annually. The revenue estimate is approximately $60 per stall less than what Boise is able to get from their facilities. It is assumed that Meridian will have to charge less over the next several years in order for people to gain acceptance of the facility. And, finally, the third source is debt financing. There are three sources of debt financing used in this analysis. The first is a construction loan interest only, the second is a long term financing bond and the third is a line of credit with the bank. The three types of revenue sources are required because the capital expenditures occur in the early years while the majority of the TIF occurs in the later years of the life of the MDC. It is assumed that the MDC borrows the requisite funds at a 7.5 percent interest rate on all short term debt financing. The long-term bond carries an interest rate of 4.5 percent on a twenty-year term. Operating Expense Assumptions Starting in late FY 2003 it is assumed that a full-time director is hired with a salary and benefits package of ninety thousand dollars per year. This is a very competitive salary. In FY 2004 the current part-time employee is made full-time with a salary package of fifty thousand dollars per year. Additionally, office expenses are also added in FY2003. The salary and office expenses are increased ten percent per year through the project life. For the first three years there is an outside expertise to aid the MDC to reach a fully functioning development agency. Finally, it will cost $280 per stall for operations and maintenance of the facility once it is constructed. At this point in time there are no other operating expenses contemplated. These assumptions are relevant for the first five years. Beyond this time, actual experience and decisions will supersede this forecast. Capital Expense Assumptions It is contemplated at the writing of this plan that there will be a number of significant capital projects. The first is a joint project with the City of Meridian in the construction of a new city hall within the urban renewal district. The second is the construction of a parking structure to serve the downtown core. These are complex decisions that will W. David Eberle Consulting, Inc. Boise ID 13 involve a number of public and private institutions. The assumptions used in this economic analysis are but one method that these capital structures may be built. At the writing of this report the MDC and the City of Meridian are in the preliminary stage of discussion and the questions oflocation, ownership and financing are still open. It is anticipated that once decisions on these matters have been made that the MDC budget will be adjusted to reflect the contractual relationship between the MDC and the City of Meridian. Meridian City Hall It is assumed that there will be a new city hall buih within the Blue Zone within the next three years. Based on preliminary construction estimates provided by the city it will cost approximately $13 million in today's dollars. In this budget it is assumed that a contractual relationship will be made between the city and MDC for MDC to issue bonds for the permanent financing of the city hall backed by a one year renewal lease equal to the debt payment. As depicted., the MDC would facilitate a conduit fInancing transaction. No direct TIF support for the City Hall is shown. IfTIF funds were available, MDC could contribute to the facility. This budget does not include the purchase of the land, construction loan, or other cash outlays that may be necessary to complete the city hall. The budget reflects that the bond would be issued in early fIscal year 2005. Operation and maintenance expenses would be the responsibility of the City. Parking Structure It is assumed that the MDC will fund the construction of a 250 stall parking structure at $12,000 per stall in 2006. This value is consistent with the costs experienced by the CCDC. Purchase of Land and Structures There is the possibility of a need for the MDC to purchase land and or structures to stimulate economic growth within the Blue Zone. It is too early in the process to be able to identify the specific parcels and therefore there currently is no expenditure in the budget for such purchases. Gateway and Irifrastructure Improvements It is assumed that in 2011 plans fur gateway and infrastructure improvements have been made and that a $5,000,000 bond is issued to cover the cost of improvements. At this time these improvements may include street upgrades in the Green Zone and or public art. These enhancements will announce the entrance to Meridian. There is still considerable discussion as to the nature of a signature gateway and its location. The possible infrastructure improvements may include sewer upgrade, fITe hydrant upgrade, improved road access and or historical lighting. These gateway and infrastructure improvements may be built in the Green, Orange or Blue Zones. Programs Expense Assumptions There are three programs contemplated in this budget. The first is a facade grant program. The second is a streetscape reimbursement program. And the third is a public facilities upgrade program. W. David Eberle Consulting, Inc. Boise ID 14 When a new development or redevelopment is proposed a calculation is determined as to the amount ofTIF that will be generated from the program. This creates an available pool from which to reimburse the developer for costs unique to the redevelopment area This would include special design standards for the building and streetscape. Additionally, depending upon the location of the project, there may be a need to improve the public infrastructure. To the extent that improvements are beyond the city responsibility, the !\!IDC will work with the city to coordinate the upgrade of public infrastructure to promote growth in the URA. Streetscape and Facade Improvement Program It is contemplated that the !\!IDC will create a grant program to help local landowners upgrade their streetscape and building facades within the Blue Zone to the new design standards. lbis program may also extend into other zones as redevelopment patterns emerge over time. The program, when fully funded, will provide $200,000 in current dollars annually for the life of the !\!IDC. However, not until 2008 will the !\!IDC be able to fully fund this program under the assumptions made in this report. Direct involvement with building facades remains subject to applicable urban renewal law and other regulations. Net Cash Flow Analysis - With Yellow Zone The following table provides a pre1iminary operating budget for the!\!IDC with the Yellow Zone. lbis cash flow projection is an aggressive plan. It is important to understand that if the regional economy remains strong this budget is possible without grants from HUD or other sources. It would be possible to accelerate some of the capital programs with the award of grants. For a complete budget projection the appendix carries the projections out to 2026. If the !\!IDC determines that a sinking fund is appropriate to prepay the remaining balance on the bonds by 2026 there will be sufficient income to pay off the existing bonds and construct a second parking garage. W. David Eberle Consulting, Inc. Boise ID 15 CASH FLOW PROJECTION With 4.37 % Growth Rate 2003 2004 2005 2006 2007 2008 INCOME TIF $10,759 $122,019 $275,067 $430,589 $552,646 $705,071 CITY OF MERIDIAN $40,000 $40,000 $840,298 $840,298 $840,298 $840,298 PARKING $113,222 INTEREST . OTHER $10,000 DEBT $13,687,527 $3,317,320 TOTAL $60,759 $162,019 $14,802,892 $1,270,887 $4,710,265 $1,658,591 EXPENDITURES OPERA TfNG STAFF $10,000 $100,000 $150,000 $165,000 $181,500 $199,650 OUTSIDE EXPERTISE $45,000 $20,000 $15,000 $15,000 $135,000 $15,000 OFFICE EXPENSES $25,000 $27,500 $30,250 $33,275 $36,603 MANTENANCE EXPENSE $77,404 $79,571 TOTAL OPERATING EXP. $55,000 $145,000 $192,500 $210,250 $427, 179 $330,824 CAPITAL FACADE & ST.-SCAPE $5,000 $15,000 $20,000 $25,000 $30,000 $200,000 LAND STRUCTURES $13,687,527 $3,317,320 TOTAL CAPITAL EXP. $0 $0 $13,687,527 $0 $3,317,320 $0 DEBT REPAYMENT S.T. LOAN $300,000 L.T. LOAN $840,298 $840,298 $840,298 $1,043,954 TOTAL DEBT PAYMENTS $0 $0 $840,298 $840,298 $1,140,298 $1,043,954 TOTAL $60,000 $160,000 $14,740,325 $1,075,548 $4,914,798 $1,574,778 . NET INCOME $759 $2,019 $62,567 $195,339 -$204,533 $83,813 LINE OF CREDIT BAL. $759 $2,800 $65,450 $277,403 $58,363 $148,637 Potential Funding Sources There a number of funding sources available to the MDC and urban renewal area. Each source has unique advantages and costs. In this list there are a variety of subsidized funding sources for private businesses. One of the staff functions of the MDC should be to work with businesses within the URD in applying for these funds. 1. Local Improvement Areas (LID) A LID is a compulsory funding through a special assessment that is then typically used to secure bonded indebtedness to fund capital improvements. W. David Eberle Consulting, Inc. Boise ID 16 2. Business Improvement Area (BID) A BID is a compulsory funding mechanism through a special taxing district. Most often these organizations are used to pay for services that the local government is unable to fund and to organize promotional events for the area. For example, the Boise BID contracts with ACHD to have the streets cleaned more often. 3. Historic Tax Credits Historic Tax Credits are available to developers who retain the character of a historically designated structure. The MDC can be instrumental in creating historic areas or identifying historic properties that could be eligible for the credit. It is incumbent upon the developer to apply for this income tax credit. 4. Industrial Revenue Bonds The State ofIdaho allows communities to issue industrial revenue bonds. 5. SBA504 Program Capital Matrix administers this Small Business Administration (SBA) program that can subsidize interest on loans to qualifying businesses for building costs, equipment and lease hold improvements through the sale of reduced interest debentures. 6. Municipal Bond Bank The State of Idaho Treasurer's Office will be offering its credit rating to local municipalities as defined in IC 67-8702 where the state will "roll up" local bonding requirements into a state offering twice a year. This will substantially reduce the underwriting and finance costs. 7. Certificates of Participation (COP) Public facilities can be built and financed by a private developer and have the property leased back to the public entity. This funding alternative works for structures that produce sufficient cash flow to cover the debt. 8. Home Program This HUD program is a city administered program that subsidies new construction or other special housing needs. Currently the program does not exist in Meridian. 7. City Housing Rehabilitation Fund This is a city-administered program to subsidize interest rates for remodeling and rehabilitation. This program uses a revolving fund ofHUD money. Currently, the program does not exist in Meridian. 8. Community Development Block Grant (CDBG) Currently, the state administers 9.8 million dollars annually through this program. These funds can be used for job creation, community development or low-income housing. For FY 2002 there is only about $100,000 dollars left in the fund. These grants are limited to $500,000. 9. Economic Development Authority (EDA) Grants These grants are for communities that have unemployment rates above the national average and per capita income below the national average. Currently, Ada County does not qualifY for this program. 10. Surface Transportation Program Authorized through the lntermodal Surface Transportation Efficiency Act (ISTEA), this program provides grants for demonstration projects or alternative modal transportation routes to enhance air quality and ease traffic congestion. These grants are applied for through COMPASS. 11. Developer Contributions W. David Eberle Consulting, Inc. Boise ID 17 The city may require exactions from developers to contribute towards public infrastructure that will be required as a result of the development. 12. Developer Advances Currently, ACHD allows developers to contribute funds to bring forward in time a road project that a developer believes needs to be built today for the success of their project. 13. Long Term Ground Lease If the MDC gains title to land with strong development potential the MDC can ground lease the property to accelerate development on the site by reducing the up front costs to the developer. 14. Private Foundations There are private foundations that will lend for historic preservation. One such foundation is the Johanna Favot Fund through the National Trust for Historic Preservations, which awards grants up to $25,000. Next Steps There are a number of next steps in completing the economic feasibility study. The first question of revenue impact has been answered. The second question of how the funds will be used to revitalize the urban renewal area needs further refinement. Plans need to be developed that will: I. Help existing business find better ways to meet their customers needs 2. Recruit new businesses into the area 3. Determine highest and best uses for empty or vacant lots within the area 4. Develop incentive programs to help existing landowners improve their properties 5. Build on local market opportunities Essentially the task of the MDC, in addition to encouraging new investment in the area, is to reposition downtown in the market place. To help identifY how downtown should be repositioned several additional analyses can be conducted. The first is a market study that: I. Identifies the sales leakage :from the area 2. Identifies the trade area 3. Identifies the consumers who shop in the area 4. Identifies downtown's weaknesses The second study is a socio economic analysis that evaluates the demographic profile of the people who shop downtown and compares them to the larger population. This is a study that the Meridian Chamber of Commerce and the local BID should participate in and update annually. A third study relates to the implementation plans, prepares a downtown inventory of existing structures and evaluates the displacement of business and people resuhing from the new investment. This is a study that the local BID should actively participate in. W. David Eberle Consulting, Inc. Boise ID 18 Definitions ACHD - Ada County Highway District BID - Business Improvement Area CCDC - Capital City Development Corporation CDBG - Community Development Block Grants COMPASS - Community Planning Association EDA - Economic Development Authority ISTEA - Intermodal Surface Transportation Efficiency Act LID - Local Improvement District MDC - Meridian Development Corporation SBA - Small Business Administration URD - Urban Renewal Area TIF - Tax Increment Financing. This is the same as revenue allocation fInancing as stated in Idaho Code. References I. Mainstreet National Trust, 2002, "Revitalizing Downtown, The Professionals Guide to the Main Street Approach ", Washington DC 2. Partners for Livable Communities, 2000, "The Liveable City, Revitalizing Urban Communities", McGraw Hil~ Washington DC 3. COMPASS 2025 population forecast. www.olanniIuz.or2.idus 4. Wells Fargo Bank. inflation indices for Boise area, www.drsohn.com/#. 5. Keyser Marston Associates, Inc., October 2001, "Economic Feasibility Westside Downtown Urban Renewal Area" 6. CCDC Parking Costs provided by Max Black 7. Ada County Assessors Office, 2002 Property Tax Base for Meridian provided by Robert McQuade 8. Preliminary Downtown Moscow Revitalization Plan Chapter 6, "Implementation and Actions Strategy", Dufrense-Henery, presented January II, 2002 9. Tax Allocation Financing Feasibility Study for the Research and Technology Park Business Planning Consultants Inc., May 1996 10. Urban Renewal Agency of the City ofNampa ORD 2449 December 20,1994 II. City ofTwin Falls ORD 2684 Urban Renewal Area #4 ORD 2579 Urban Renewal Plan fur Urban Renewal Area #4 and Creating Revenue Allocation Area #4-1 prepared by Urban Renewal Agency ofthe City of Twin Falls, April 1998 12. Midtown Northwest Boulevard Downtown Proposal Presented: December 16, 1997 City Hall Coeur cj'Alene, ID Westside Downtown Master Plan Boise City Council. ORD 6108 Ex 3 Adopted December 8, 2001 13. Lindsay Boulevard Urban Renewal Plan, City ofIdaho Falls ORD 1926 Adopted December 23,1988 Amended 1992 14. Second Amended and Restated Urban Renewal Plan South Lincoln Urban Renewal Project Jerome Urban Renewal Agency, City of Jerome, ID ORD 870 Adopted December 22,1998 Amendment 1 November 2, 1999 Amendment 2 December 19, 2000 15. Urban Renewal Plan, Fourth Street Urban Renewal Project Post Falls Urban Renewal Commission, City of Post Falls, no effective date W. David Eberle Consulting, Inc. Boise ID 19 16. River Front Urban Renewal Plan Garden City, ID October 1996 17. Eligibility Report for the Rigby Urban Renewal Agency Prepared by EIam Burke March 2002 18. Urban Renewal Plan McCollum Addition and Adjacent Areas, Urban Renewal Project BOOl Urban Renewal Agency, City ofBuhl ID November 2000 W. David Eberle Consulting, Inc. Boise ID Appendix A Map of Urban Renewal Area With Sub-Areas ~~~~;\ r hI ~ rl~ ~lT .. ~ ~:-\, l=l:: I h L,\f- H ~ gE I! /1"( ::L l- ) L--l I- ~ >=1- -; L- I---L i=l= [::1= mmd ffo~I/I~1- ffim3;'I~ d~; - ~~ 9EEE ttHif{\~ -/ II t Illb- -r Ie'~ JSlI Mile It E _~8ittHJ~ h ~ ~ -nIl III : ~u ~ . ~ tilHffi~ rnrta iiillI I~ n:::i III l~hilT ~ ~1I~~~~~~weBJHjIBlI~1 JIr I-j ~' r [tffi~ I J Fj: Jjj m ~HmHt~ ~ !ltfIi1 ffi[E ~ v ~:' ~cry I TIJ9m~~~agl~ -=jRR] I \-- c::r:=Jrn [CD I I I I -J "'\ ~ I rffiH~fttffi r- II ~~ I ~ ~ - -/ r- ~ J JiB ~ffim J..1f- := -t [~ l = ~rrrm~ 1'1 - w- t} ~ 1l I I ~~ C c OJ \ ~ ~l J[ ill ~~ ~f-f- ~ ~ >--.,.L \ 1m ~'-;: ~ ~rJ- f-- ~ ~ ~ F= 11 \ " ?ff!J!1 11- .L I III \ r I I I ~ I _ ~~ .~.\ I -I l_ . ~ ~~ l Ilf1 ~ / . ~ =' ~ --~~ t::: = - 1111111\ - \ ~ rI1Tl 1 H \ \ 1 \ \ I \I \ \ \ f\ \ ,r I I I I " -------- ~ - ~~ ~ ~ ~ [[[[D ~~~ -~rriI. Q _~5W_1I j~@_~EI.1I !Bj ~~ I rn bOB ElII III II :::::jEJ P=1B !lTl J \ \ \ \ ''"i3J L----FaH \ \ I J-U I \ \ J~ -~ ~ Appendix B Significant New Structures Within the Next Five Years Twenty-three sites have been identified as having a good probability of redeveloping within the next five years. Several of these properties are currently under construction. The developments are listed by sub- areas. Assumption Summary I. It is assumed that the growth rate that this construction represents is indicative of the growth pattern for the next twenty-four years. The expected new development has been allocated to the sub-areas within the URD. This will generate a different growth rate for each sub-area. 2. It is assumed that the current land value ranges from $3.25 per square foot to $8 per square foot in the urban core. 3. It is assumed that construction in the URD ranges from $50 per square foot to $150 per square foot. Expected Developments Orange Zone I. City Hall- NE comer ofRR and East 1" Street. The development of this block has no impact on the tax roles because it is currently owned by Union Pacific Railroad. The New City Hall Existimz New Address Parcel Number Broadwav Street Total Assessed Value $0 Allocation to Land Allocation to Buildin2 Total Land Square Foota2e Building Square Foo1:alIe . Increase or Decrease in Value $0 2. Parking Structure . The proposed parking structure will also be built on the City Hall site. It is assumed that this will be built concurrently with the City Hall. Since this structure is assumed to be publicly owned and built on railroad land there is no impact on the property tax base. 3. Creamery.. The old creamery site located between Meridian Road and 1" Street has a developer actively considering redeveloping this site. It is anticipated that this would become mixed use retail! commercial. The proposed development has a number of issues to overcome for the developer to proceed with this project. For purposes of this report it is assumed that the creamery will be redeveloped within the next three years. The land is assessed at $8 per square foot. It is assumed that there will be 60,000 square feet ofuseable space valued at $110 per square foot. Creamery - Kline Line 450 and 451 Existing New 3fd Year Address 273 Broadwav Parcel Number R5672000006 R5672000006 Total Assessed Value $357,400 $357,400 Allocation to Land $1,435,744 Allocation to Building $6,600,000 Total $8,035,744 Land Square Footage 89,734 89,734 BuiJdin2 Square Footage 60,000 Increase or Decrease in Value $7,320,944 4. The project site south of Rail Road Tracks (Double D) - Currently this site has Bower and Meridian Farm Sales and Feed located on the site. It is prime location just outside the core area. The land is valued at $6 per square foot and it is assumed that there will be at least a 13,600 square foot building on this site. The building is valued at $110 per square fuot. . Double D Line 334 Existing New 4"' Year Address 502 E 1" Street Parcel Number R1039000360 Total Assessed Value $205,600 Allocation to Land $107,160 Allocation to Buildin2 $62,723 $1,496,000 Total $1,603,160 Land Souare Foota2e . 17,860 Building Square Footage 13,600 Increase or Decrease in Value $1,397,560 5.' Fourplex (Thornton Complex) - This complex is actively being developed. There will be 4,320 square feet of residential space in the URD zone. The land is valued at $3 per square foot and the building is valued at $80 per square foot. Thornton Complex Line 481 ExistinQ: New 2"" Year Address 121 KinQ: Street Parcel Number R9426000105 Total Assessed Value $ 51,100 Allocation to Land $ 19,602 Allocation to Buildin2 $345,600 Total $365,202 Sauare Footage 6,534 BuildinQ: Square Footage, 4,320 Increase or Decrease in Value $314,102 6. Auto Repair Shop -Blessin's Auto Repair Service is currently under remodel and is expected to be on the tax roles before December 31 of this year. The land is assumed at $3 per square foot. It is assumed that the building will be 2,400 square feet and valued at $70 per square foot. Blessin's Repair Service . Line 401 Existing New 1st Year Address 343 E Bower Street Parcel Number RI042150835 Total Assessed Value $ 60,800 Allocation to Land $ 26,136 Allocation to Building $168,000 Total $194,136 Land Square Footage 8,712 Building Square Footage 2,400 Increase or Decrease in Value $133,336 7. Franklin and Meridian - 2 lots to develop with commercial linear parcels There are two prime industrial zoned lots that have a high probability of developing. It is assumed that the lots will be combined and a 20,000 square foot facility will be placed on this site. The land is valued at $3 per square foot and the building at $50 per square fuot. Lot I Line 469 Existing New 2"" Year Address 403 N Meridian Road Parcel Number R8342000325 Total Assessed Value $76,800 exempt $18,250 Allocation to Land $66,648 Allocation to Building 1/2 of building $500,000 Total $566,648 Land Square Foota2e 22,216 Building Square Foota2e . 10,000 Increase or Decrease in Value $489,848 8. Lot 2 Line 467 Existing New 2na Year Address 337 N Meridian Road Parcel Number R8342000315 Total Assessed Value $72,500 Allocation to Land $66,648 Allocation to Building $500,000 Total $566,648 Land Square Footage 22,216 Building Square Footage 10,000 Increase or Decrease in Value $494,148 Blue Zone 9. Nazarene Church site - This site is a prime downtown location. Currently this property is not on the tax roles. If it were to be redeveloped as a "for profit" organization the value would be $8 per square foot and the building $110 per square foot. It is possible that a three story commercial structure could be built on this lot with a 16,600 square fuotprint. Nazarene Church Line 29 Existing New 3' Year 831 East I Street R5672000545 $220700 $289,232 $5,478,000 $5767,232 36,154 49,800 $5,546,532 10. Idaho Street east of East 1st Street. There are four structures that are expected to be redeveloped within the next five years. It is assumed that the base ground is $8 per square foot and the buildings will cover over eighty percent of the ground and have two stories. The buildings are valued at $110 per square foot. There are no permit applications at this time. However, the creation ofthe MDC and the redevelopment of Generations Plaza make this block a prime location fur redevelopment. Idaho Street Line 41 Existing 139 East Idaho R5672000635 $167,400 New 2 Year $27,878 $613,360 $641,238 3,485 5,576 $473,838 II. 12. 13. Idaho Street Line 50 Existing New 3ra Year Address 118 East Idaho Parcel Number R5672000735 Total Assessed Value $65,200 Allocation to Land $27,878 Allocation to Building $613,360 Total $641,238 Land Square Foota2e 3,485 Building Square Foota2e 5,576 Increase or Decrease in Value $576,160 Idaho Street Line 53 Existing New 4'" Year Address 130 East Idaho Parcel Number R5672000750 Total Assessed Value $154,400 Allocation to Land $38,333 Allocation to Buildimz $843,392 Total $881,725 Land Square Footal!;e 4,792 Buildimz Square Foota2e 7,667 Increase or Decrease in Value $727,325 Idaho Street Line 54 Existimz New 5u, Year Address 136 East Idaho Parcel Number R5672000760 . Total Assessed Value $174,600 Allocation to Land $38,333 Allocation to Buildinl!; $843,392 Total $881,725 Land Square Foota2e 4,792 Building Square Foota2e 7,667 Increase or Decrease in Value $707,125 Red Zone 14. Capital Educators Federal Credit Union - This project is currently under construction and will be assessed by year-end. The building will be approximately 20,500 square feet and has been estimated at $110 per square foot. Capital Educators Federal Credit Union Lines 678, 679,682, 683 Existiru!: New 1st Year Address 549 E Scenery Lane Parcel Number R3720690060 R3 720690090 R3720690100 R3720690050 Total Assessed Value $116,800 $119,000 $117,600 $120,200 Allocation to Land $473,600 $473,600 Allocation to Building $2,255,000 Total $473,600 $2,728,600 Square F oo1:alIe 172,192 Building Square Footage 20,500 Increase or Decrease in Value $2,255,000 15. New Strip Mall A - It is expected that a similar structure to the one that COMPASS currently leases will be built to the north of the current structure. The lot that has the strip mall on it has a total assessed value of$2,420,200 with 1.561 acres. Assuming that the lot to the north is only assessed at bare ground this would give an assessed value of$3.25 per square fuot. On this basis the strip mall site would have a land value of$719,310 and a building value of$I,700,890. This lot is smaller than the comparable lot and a portion has an existing building on it. It is assumed that the strip mall built on this site will be about half the size of the building adjacent to it. Building Site Adjacent to COMPASS, Expansion of Existing Commercial Strip Line 629 Existiru!: New 4"' Year Address 740 East Coroorate Drive Parcel Number R1343500253 Total Assessed Value $429,000 Allocation to Land $429,000 Allocation to Building $800,000 Total Land Sauare Footage 131,986 Building Square Footage 15,462 Increase or Decrease in Value $800,000 16. Strip Mall B. This site is across the street from the strip mall occupied by COMPASS. It is a comparable site and it is likely that similar use will be built on this location. Thus the same values as the assessed value for the COMPASS site was used with land value at $3.5 per square foot. New Strip Mall Lines 645 & 646 Existing New 4111 Year Address 929 & 1047 S IndUStrY Wav Parcel Number R1343550250 RI3435500200 Total Assessed Value $ 588,800 Allocation to Land $ 588,800 Allocation to Building $2,000,000 Total $2,588,800 Land Sauare Footal!:e . 168,228 Buildinl!: Sauare Footage 18,181 Increase or Decrease in Value $2,000,000 17. Building Pads Adjacent to Lee Reed - The land value along the freeway is higher than property on the interior of the corporate park. This land is currently assessed at $4.20 to $5.94 per square foot. These values are used for this calculation. It is assumed that two 5,000 square foot structures will locate on these two parcels valued at $110 per square fuot. Address Parcel Number Total Assessed Value Allocation to Land Allocation to Building Total Land S uare Foota e Buildin S uare Footage Increase or Decrease in Value Site One Line 649 Exist . 1136 Industry Way R1343550500 $393,600 New 3 Year $393,600 $550,000 $943,600 66,254 5,000 $550,000 18. Site Two Line 648 Exist. New 5 Year 1120 S Indu R1343550450 $331,300 $331,300 $550,000 $881300 78,712 5,000 $550,000 Green Zone 19. Wendy's and the Coffee Kiosk site - This site is currently unde, construction. There will be two commercial enterprises on this site, Wendy's and the Coffee Kiosk. This site has a land value of $6.25 per square foot. It is assumed that a 3,400 square foot structure will be built on the Wendy's pad at $150 per square fuot. It is assumed that a 1,350 square foot structure will be built on the Coffee Kiosk pad at $150 per square foot. This is a totalof4,750 square feet of structures. . Wendy's & Coffee Kiosk Lines 287 & 288 Existinll New 1st Year Address 536 S Meridian Road Parcel Number S1118233669 S 1118233811 . Total Assessed Value $408,400 . $174,700 Allocation to Land $583,100 Allocation to Buildin!!: $712,500 Total $1,295,600 Square footage 51,052 12,066 Building Square Footage 3,400 1,350 Increase or Decrease in Value $712,500 20. The Kentucky Fried Chicken / A& W site - This site is currently under construction. The land is valued at $6.25 per square foot. It is assumed that a 3,675 square foot structure will be built on this site for $120 per square foot. It is also assumed that a second structure will be built on the old Kentucky site that would be 2,750 square feet at $120 per square foot. Kentucky Fried Chicken / A&W Line 290 Existinll New 1st Year New 3'd Year Address 677 E 1st Street Parcel Number S1118233862 Total Assessed Value $580,400 Allocation to Land . $320,981 Allocation to Buildin!!: $441,000 $331,200 Total $761,981 Land Sauare Footal!:e 51,357 Building Square Footage 3,675 2,750 Increase or Decrease in Value $181,581 $331,200 21. Building Site Adjacent to Home Federal- This property is assumed to be valued at $8 per square foot. This is a prime location that can easily handle two structures. It is assumed that there will be a total of 50,000 square feet buih on this site at $110 per square foot. Building Site Adjacent to Home Federal Line 278 Existing New 5"' Year Address 97 East 2nd Street Parcel Number SI118223264 Total Assessed Value $662,200 Exemot $47,700 Allocation to Land $980,883 Allocation to Building $5,500,000 Total $6,480,883 Land Sauare Footage 108,987 Building Sauare Footage 50,000 Increase or Decrease in Value $5,866,383 22. School site - A new school is proposed on the site of the old high school. It will be a private religious affiliated school taking the property off the tax rolls. Cole Valley Christian School Lines 233 & 234 Existing New 2"" Year Address 1175 E 2112 &1225 E 21/2 Street Parcel Number R774S460030 R7745460040 Total Assessed Value $234,900 $48,700 Allocation to Land Allocation to Building Total $0 Land Square Footage 68,128 Building Sauare Footage Increase or Decrease in Value <$283,600> 23. Two Story Office Building - The two-story office building has land valued at $8 per square foot and the building at $110 per square foot. This project has not been issued a building permit; however, the developers have talked with the building department. 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Before the data sets have been imported into the spreadsheet they should have a color field added and be sorted by parcel number. Care should be taken to select all columns before the sort function. The yellow and green data sets should be combined before sorting on parcel number. Sorting each data set by parcel (be sure to include all fields on select) will allow easier selection of specific parcels that may be of interest. After the sorting insert a column in column B and add a field COLOR. Duplicate the color in all the rows with a record. This will provide an additional sorting and verification field in the master spreadsheet. 3. Once each color data set has been sorted then the page can be "blocked", copied and then pasted into the master spreadsheet. After the copy function check the modified urbpo ly sheet to see that the co lor lines match the actual number ofrows in each color sheet. It is possible that a parcel has been deleted or added. In the event that the number of records have changed it will be necessary to delete or insert the appropriate number of rows so that the modified urbpoly sheet matches the number of rows on the color sheets. 4. On the historic data sheet there is a growth factor field that will drive the model. By changing the growth factor it will change all subsequent spreadsheets. 5. The modified urbpoly sheet has columns for known construction for the first five years. Entering new construction in these columns will automatically update the new construction growth factors and the revenue forecast. 6. Changes can be made directly to the cash flow statement and the line of credit will automatically recalculate. Care should be taken to make sure you are not entering in a cell that is linked to other pages.