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02-987 Urban Renewal MDC Urban Renewal
11 ADA COUNTY RECORDER J. DAVID NAVARRO 'AP7' BOISE IDAHO 12113102 09:39 AM !3C DEPUTY Kris Vaughn RECORDED—REQUEST OF III IIIIIIIIIIIflII�Illlliillllll Ii Ill City of Meridian 102149597 I AMOUNT .00 ORDINANCE NO. 02-157 BY THE MERIDIAN CITY COUNCIL: De WEERD McCANDLESS BIRD NARY AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF MERIDIAN, IDAHO, APPROVING THE MERIDIAN REVITALIZATION PLAN, WHICH PLAN INCLUDES REVENUE ALLOCATION FINANCING PROVISIONS; AUTHORIZING THE CITY CLERK TO TRANSMIT A COPY OF THIS ORDINANCE AND OTHER REQUIRED INFORMATION TO COUNTY AND STATE OFFICIALS; APPROVING THE SUMMARY OF THE ORDINANCE; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, on or about July 24, 2001, by Resolution No. 01-367, the City Council of the City of Meridian approved an area as appropriate for an urban renewal project, and therefore, for the purposes of the Law, created an urban renewal agency (known as the Meridian Development Corporation), pursuant to Chapter 20, Title 50, Idaho Code (hereinafter the "Law"), authorizing it to transact business and exercise the powers granted by the Law and Act upon making the findings of necessity required for creating said agency; WHEREAS, upon adoption of Resolution No. 01-367, the Meridian Development Corporation ("MDC"), began the planning process as allowed by law; WHEREAS, as a result of the activities within the Meridian Urban Renewal Project Area, and the planning process, the MDC's Board of Commissioners identified a number of issues that are affecting certain geographical areas adjacent or in close proximity to the originally identified Meridian Urban Renewal Project Area; ORDINANCE - 1 MDC REVIT PLAN ORDINANCE 21 WHEREAS, the MDC Board of Commissioners authorized a study or report to consider incorporating certain property in proximity to the Meridian Urban Renewal Project Area and to analyze and determine whether the area is eligible for urban renewal planning and to determine whether the area should be modified or revised, and provide the full MDC Board with a report and recommendation as soon as reasonably possible; WHEREAS, the MDC, through the City, retained Sherry McKibben of McKibben & Cooper Architects ("McKibben"), to study the area in question and to prepare an eligibility report (the "Eligibility Report"), which would examine the designated urban renewal area for the purpose of determining whether such area is a deteriorating or deteriorated area as defined by Idaho Code, Sections 50-2018(i) and 50-2903(6)(b); WHEREAS, the MDC, on June 19, 2002, adopted MDC Resolution No. MDC -02-004 accepting the Eligibility Report for an expanded and modified urban renewal project area; WHEREAS, the Meridian City Council considered the Eligibility Report for the Meridian Revitalization area at the City Council meeting scheduled for August 27, 2002; WHEREAS, the Mayor and Council considered the steps set forth by the Act and Law, accepting the Eligibility Report finding the area set forth therein to be "deteriorated" or "deteriorating" areas as defined by Idaho Code Sections 50-2018(h), (i) and 50-2903(b) declaring such area as an urban renewal area, making additional findings regarding the characteristics of the area, making the necessary findings as required by Idaho Code Section SO - 2008(a) and authorizing the MDC to prepare an urban renewal plan; WHEREAS, under Idaho Code Section 50-2008, an urban renewal project for an urban renewal area shall not be planned until such area has been found to be deteriorated or deteriorating by the adoption of a resolution by the City Council; WHEREAS, the Legislature of the State of Idaho has enacted the Local Economic Development Act, Chapter 29, Title 50, Idaho Code, referred to herein as the "Act," authorizing certain urban renewal agencies, including the Meridian Development Corporation, referred to herein as the "MDC," to adopt revenue allocation financing provisions as part of their urban renewal plans; WHEREAS, in order to implement the provisions of the Act and the Law, either the MDC may prepare a plan or any person, public or private, may submit such plan to the MDC; WHEREAS, the Meridian City Council, by way of Council resolution on August 27, 2002, accepted the Eligibility Report for the area by adoption of Resolution No. 02-385; ORDINANCE -2 MDC REVIT PLAN ORDINANCE 31 WHEREAS, MDC staff and consultants have undertaken the planning process during 2002; WHEREAS, all action by the MDC was conditioned upon the City Council findings of August 27, 2002; WHEREAS, the MDC has prepared a proposed Meridian Revitalization Plan (the "Plan' for the areas designated as eligible for urban renewal planning; WHEREAS, such proposed Plan also contains provisions of revenue allocation financing as allowed by the Act; WHEREAS, the Board considered all comment, testimony, and information submitted to the MDC during the August 21, 2002, meeting; WHEREAS, on August 21, 2002, the MDC Board passed Resolution No. MDC -02-006 proposing the Meridian Revitalization Plan; WHEREAS, the MDC has, by letter of transmittal dated August 26, 2002, submitted the Plan to the Mayor and City Council of Meridian; WHEREAS, the Mayor and City Clerk have taken the necessary action to process the Plan; WHEREAS, at a meeting held August 29, 2002, the Meridian Planning and Zoning Commission considered the Plan and found by Resolution that the Plan is in all respects in conformity with the Comprehensive Plan; a copy of the Finding is attached hereto as Exhibit 1; WHEREAS, notice of the public hearing of the Plan was caused to be published by the Meridian City Clerk of Meridian, Idaho, in The Valley Times on September 2 and 16, 2002, a copy of said notice being attached hereto as Exhibit 2; WHEREAS, as of September 4, 2002, the Plan was submitted to the affected taxing entities, available to the public, and under consideration by the City Council; WHEREAS, the City Council convened a work session with interested parties and property owners on September 17, 2002; WHEREAS, the City Council during its regular meeting of October 8, 2002, held such public hearing; ORDINANCE -3 MDC REVrF PLAN ORDINANCE 4 WHEREAS, as required by Idaho Code Sections 50-2905 and 50-2906, the Plan contains the following information which was made available to the general public and all taxing districts at least thirty (30) days prior to the October 8, 2002, regular meeting of the City Council: (1) the kind, number, and location of all proposed public works or improvements within the revenue allocation area; (2) an economic feasibility study; (3) a detailed list of estimated project costs; (4) a fiscal impact statement showing the impact of the revenue allocation area, both until and after the bonds are repaid, upon all taxing districts levying taxes upon property in the revenue allocation area; and (5) a description of the methods of financing all estimated project costs and the time when related costs or monetary obligations are to be incurred; WHEREAS, the Plan authorizes certain projects to be financed by revenue allocation bonds and proceeds from revenue allocation; WHEREAS, appropriate notice of the Plan and revenue allocation provision contained therein has been given to the taxing districts and to the public as required by Idaho Code Section 50-2906; WHEREAS, the City at its regular meeting held on October 8, 2002, did consider the Plan as proposed and made certain findings; WHEREAS, pursuant to Chapter 14, Title 40, Idaho Code, the Ada County Highway District ("ACHD") is granted certain authority and jurisdiction over public rights-of-way within the Project Area, as that term is defined in the Plan; WHEREAS, it is necessary and in the best interest of the citizens of Meridian, Idaho, to adopt the Plan, including revenue allocation financing provisions since revenue allocation will help finance urban renewal projects to be completed in accordance with the Plan (as now or hereafter amended), in order to: encourage private development in the urban renewal area; prevent and arrest decay of Meridian, Idaho, due to the inability of existing financing methods to provide needed public improvements and public parking; encourage taxing districts to cooperate in the allocation of future tax revenues arising in the urban renewal area in order to facilitate the long-term growth of their common tax base; encourage private investment within Meridian, Idaho; and to further the public purposes of the MDC; WHEREAS, the City Council finds that the equalized assessed valuation of the taxable property in the revenue allocation area described in Attachments 1 and 2 of the Plan is likely to increase as a result of initiation of urban renewal projects in accordance with the Plan; ORDINANCE -4 MDC REVIT PLAN ORDINANCE 51 WHEREAS, under the Law and Act any such Plan should provide for (1) a feasible method for the location of families who will be displaced form the urban renewal area in decent, safe, and sanitary dwelling accommodations within their means and without undue hardship to such families; (2) the urban renewal plan should conform to the general plan of the municipality as a whole; (3) the urban renewal plan should give due consideration to the provision of adequate park and recreational areas and facilities that may be desirable for neighborhood improvement, with special consideration for the health, safety, and welfare of the children residing in the general vicinity of the site covered by the plan; and (4) the urban renewal plan should afford maximum opportunity, consistent with the sound needs of the municipality as a whole, for the rehabilitation or redevelopment of the urban renewal area by private enterprise; WHEREAS, if the urban renewal area consists of an area of open land to be acquired by the urban renewal agency, such area shall not be so acquired unless (1) if it is to be developed for residential uses, the local governing body shall determine that a shortage of housing of sound standards and design which is decent, safe, and sanitary exists in the municipality; that the need for housing accommodations has been or will be increased as a result of the clearance of slums in other areas; that the conditions of blight in the area and the shortage of decent, safe, and sanitary housing cause or contribute to an increase in and spread of disease and crime and constitute a menace to the public health, safety, morals, or welfare; and that the acquisition of the area for residential uses is an integral part of and essential to the program of the municipality; or (2) if it is to be developed for nonresidential uses, the local governing body shall determine that such nonresidential uses are necessary and appropriate to facilitate the proper growth and development of the community in accordance with sound planning standards and local community objectives, which acquisition may require the exercise of governmental action, as provided in the Law, because of defective or unusual conditions of title, diversity of ownership tax delinquency, improper subdivisions, outmoded street patterns, deterioration of site, economic disuse, unsuitable topography or faulty lot layouts, the need for the correlation of the area with other areas of a municipality by streets and modern traffic requirements, or any combination of such factors or other conditions which retard development of the area; WHEREAS, the overall base assessment rolls for the various revenue allocation area cannot exceed ten percent (10%) of the Base Assessment Value of the City of Meridian; WHEREAS, the City at its regular meeting held on October 8, 2002, considered the Plan as proposed and made certain comprehensive findings; WHEREAS, any area outside the city limits of the City of Meridian can be included within an urban renewal area only if such area is annexed, or the County consents to such inclusion. ORDINANCE -5 MDC REVrr PLAN ORDINANCE 9I NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF MERIDIAN: SECTION 1: It is hereby found and determined that: (a) The Project Area as defined in the Meridian Revitalization Plan is a deteriorated or a deteriorating area as defined in the Law and the Act and qualifies as an eligible urban renewal area under the Law and Act. (b) The rehabilitation, conservation, and redevelopment of the urban renewal area pursuant to the Meridian Revitalization Plan is necessary in the interests of public health, safety, and welfare of the residents of the City of Meridian. (c) There continues to be a need for the MDC to function in the City of Meridian. (d) The Meridian Revitalization Plan conforms to the Comprehensive Plan of the City of Meridian. (e) The Meridian Revitalization Plan gives due consideration to the provision of adequate park and recreation areas, and facilities, that may be desirable for neighborhood improvement (recognizing the primary commercial component of the Meridian Revitalization Plan, the need for overall public improvements, the proposed public open space), and shows consideration for the health, safety, and welfare of any residents or businesses in the general vicinity of the urban renewal area covered by the Meridian Revitalization Plan. (f) The Meridian Revitalization Plan affords maximum opportunity consistent with the sound needs of the City as a whole for the rehabilitation and redevelopment of the urban renewal area by private enterprises. (g) The Meridian Revitalization Plan provides a feasible method for relocation of any displaced families residing within the urban renewal area. (h) The base assessment roll of the project does not exceed ten percent (10%) of the assessed value of the City of Meridian. SECTION 2: The City Council finds that the Project Area and Revenue Allocation Area do not consist of predominantly open land, that the MDC does not intend to acquire any open land on any widespread basis, and that the Project Area is planned to be redeveloped in a manner ORDINANCE -6 MDC REVIT PLAN ORDINANCE 71 that will include both residential and nonresidential uses. Provided, however, the City Council finds that if portions of the Project Area and Revenue Allocation Area are deemed "open land," the criteria set forth in the Law and Act have been met. SECTION 3: The City Council finds that one of the Meridian Revitalization Plan objectives to increase the residential opportunity to include affordable housing does meet the sound needs of the City and will provide housing opportunity in an area that does not now contain such opportunity, and the portion of the Project Area which is identified for nonresidential uses is necessary and appropriate to facilitate the proper growth and development standards in accordance with the objectives of the Meridian Comprehensive Plan to overcome economic disuse, the need for improved traffic patterns, and the need for the correlation of this area with other areas of the City. SECTION 4: The Meridian Revitalization Plan is attached hereto as Exhibit 3 and is made a part hereof, and the same is hereby approved. The City Clerk and/or the MDC may make certain technical corrections or revisions in keeping with the information and testimony presented at the October 8, 2002, hearing. SECTION 5: The City Council declares that nothing within the Meridian Revitalization Plan is intended or shall be interpreted to usurp the jurisdiction and authority of ACHD as defined in Chapter 14, Title 40, Idaho Code. Further, pursuant to Section 40-1415, Idaho Code, ACHD has authority over the planning, location, design, construction, reconstruction, and maintenance of the City rights-of-way and accompanying curbs, gutters, culverts, sidewalks, paved medians, bulkheads, and retaining walls. In the planning process, ACHD shall take into consideration the planning principles contained in the Meridian Revitalization Plan. SECTION 6: No direct or collateral action challenging the Meridian Revitalization Plan shall be brought prior to the effective date of this Ordinance or after the elapse of thirty (30) days from and after the effective date of this Ordinance adopting the Meridian Revitalization Plan. SECTION 7: Upon the effective date of this Ordinance, the City Clerk is authorized and directed to transmit to the County Auditor and Tax Assessor of Ada County and to the appropriate officials of Ada County Highway District (ACHD), Joint Meridian School District No. 2, Ada County, Emergency Medical Services, and the State Tax Commission a copy of this Ordinance, a copy of the legal description of the boundaries of the Revenue Allocation Area, and a map or plat indicating the boundaries of the Revenue Allocation Area. SECTION 8: The City Council hereby finds and declares that the Revenue Allocation Area as defined in the Meridian Revitalization includes that portion of the urban renewal area (defined as the Project Area in the Meridian Revitalization Plan), the equalized assessed valuation of which the Council hereby determines is in and is part of the Meridian Revitalization ORDINANCE -7 MDC REVIT PLAN ORDINANCE 8 Plan is likely to continue to increase as a result of the initiation and completion of urban renewal projects pursuant to the Meridian Revitalization Plan. SECTION 9: The City Council hereby approves and adopts the following statement policy relating to the appointment of City Council members as members of the MDC's Board of Commissioners: If any City Council members are appointed to the Board, they are not acting in an ex officio capacity but, rather, as private citizens who, although they are also members of the City Council, are exercising their independent judgment as private citizens when they sit on the Board. Except for the powers to appoint and terminate Board members and to adopt the Meridian Revitalization Plan, the City Council recognizes that it has no power to control the powers or operations of the -MDC. SECTION 10: That for any property outside the municipal boundaries of the City of Meridian, an agreement on the administration of the revenue allocation financing provision shall be negotiated with Ada County and formalized by a transfer of power ordinance for this Ordinance to be effective against that property. SECTION 11: This Ordinance shall be in full force and effect immediately upon its passage, approval, and publication and shall be retroactive to January 1, 2002, to the extent permitted by the Act. SECTION 12: The provisions of this Ordinance are severable, and if any provision of this Ordinance or the application of such provision to any person or circumstance is declared invalid for any reason, such declaration shall not affect the validity of remaining portions of this Ordinance. SECTION 13: One-half, plus one of the City Council members finding good cause, the City Council hereby dispenses with the rule that this Ordinance be read on three different days; two readings of which shall be in full, and have hereby adopted this Ordinance, having considered it at one reading., SECTION 14: The Summary of this Ordinance, a copy of which is attached hereto as Exhibit 4, is hereby approved. SECTION 15: All ordinances, resolutions, orders or parts thereof in conflict herewith are hereby repealed, rescinded and annulled. SECTION 16: SAVINGS CLAUSE: This ordinance does not affect an action or proceeding commenced or right accrued before this ordinance takes effect. PASSED by the City Council of the City of Meridian, Idaho, on this 3`d- day of -Geteber, 2002. ORDINANCE -8 MDC REVIT PLAN ORDINANCE kd Ponce APPROVED by the Mayor of the City of Meridian, Idaho, on this day of Getaber, 2002. Mgpx Rohgrt D. Corrie Attest: ,�`��\��y OF M���•9,�,�'% a f - SEAL Crty Clerk First Reading: �2 ' _ :�.1b UST �` O Adopted after first reading by sus�ga a� lowed pursuant to Idaho Code 50-902 Yes:''%f,,'Qtn'� .' Second Reading: Third Reading: "r STATE OF IDAHO) ss. County of Ada. ) On this day of , 2002, before me, the undersigned, a Notary Public in and for said State, personally appeared ROBERT D. CORRIE and WILLIAM G. BERG, JR., known to me to be the Mayor and City Clerk, respectively, of the CITY of Meridian, Idaho, and who executed the within instrument, and acknowledged to me that the City of Meridian executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year first above written. (SEAL) ORDINANCE -9 MDC REVIT PLAN ORDINANCE haA., SM -U.. NOTARY PUBLIC FOR IDAHO RESIDING AT:— k& UaYLo MY COMMISSION EXPIRES: -OS z I I I I _ I FRANKUN SOUARE SUBOINSION la RIE `d l LANDING N0.8 La nIE LANDING N0.9 palwIDJ.r LArrt I SECIIQV 1 9S'Ae'e9t .n *� la 1-1— WOW AECMW s TEea i SUBDIN90N v MILSON N _ A00.� E 4wNBER R A 1I1 W fW Al N We3/EAIA, I E "w W E eAacr AK Ly AMILE AK SUB w MAIZE AKI . . wrµnN. AK SUB I I W MOIRYME I N Lb • an FROST SECOND I I "moi Yf E W wASNINOm ST I E 1[A91A1 IIMF AK E WOMM AK.... _ ADD -�' y 7e W CAAi.MN AK NIDAIS I C CMLiDN AK g 3 14 r g ADD F I I E STAR AK IS W PSIE AK E PLME AK E FML AK . IOUAWSON S RI W UANO AK R ?: .. i G IDAHO AK W eR Ml AK I E eeoAOAWY AK . I esus UNION PACIFIC RAe.ROM eee�o BOWN'S RABROAD AOMRON R E eDM[e Lf BOWS I 7j E AOA Sf MERIOIAN a � i SECOND � Y5 W TAxdP AK BUSINESS ADDITION _�N RM � r xFo n PARx I E IMLUW8 91 ROAD— — —.. _. _... unfwv I]OR r jrtIIR]N 1.— R MJ PARK i G ii a E O[Y AK �- I i� 9 9 eoen Lor • Naxa PAAw sls. No. : g1: EAST ]DDIWA LAME !Ne Mn— lMe. Na ODIIRAL VAUEY 4 g EI CO MIT PMO N ew, Na 1 A3 I . I, I� I i Ia I to Mvlsh m 11 CERTIFICATION OF THE CITY CLERK OF THE CITY OF MERIDIAN To: The Recorder, Auditor, Treasurer and Assessor of Ada County, and The State Tax Commission of the State of Idaho I, WILLIAM G. BERG, JR., City Clerk, of the City of Meridian, Ada County, State of Idaho, do hereby certify that the attached copy of Ordinance No. 024'sed by the City Council of the City of Meridian, on theday of Pn►bw, 2002, is a true and correct copy of the original of said document which is in the care, custody and control of the City Clerk of the City of Meridian. `,,', of: NN _ SEAL WILLIAM G. BERG, JR. w 7 STATE OF IDA�9 County of Ada, ) On this Yd day of� , in the year 2002, before me, a Notary Public, appeared WILLIAM G. BERG, JR., known or identified to me to be the City Clerk of the City of Meridian, Idaho that executed the said instrument, and acknowledged to me that he executed the same on behalf of the City of Meridian. (SEAL) .•' N Ste!. WVA Notary Public for Idaho S ;• �1G,.1±' Commission Expires: Z ZAWaddM\Meridian\Meridian15360M\OrdinancesCity Hall\2002 ORD\CertOiCkRevitPlanOrdinancedoc CERTIFICATION OF THE CITY CLERK OF THE CITY OF MERIDIAN 12 Exhibit 1 RECOMMENDATION FINDING THE MERIDIAN REVITALIZATION PLAN IN CONFORMITY WITH COMPREHENSIVE PLAN ORDINANCE -10 MDC REVIT PLAN ORDINANCE 13 RECOMMENDATION OF THE MERIDIAN PLANNING AND ZONING COMMISSION RELATING TO THE MERIDIAN REVITALIZATION PLAN FOR THE CITY OF MERIDIAN WHEREAS, the Meridian Development Corporation, the duly constituted and authorized urban renewal agency of the City of Meridian, Idaho (hereinafter "MDC"), has submitted a proposed Urban Renewal Plan entitled "Meridian Revitalization Plan" (the "Plan") to the City of Meridian and the City Council, and the Mayor has referred the Plan to the Meridian Planning and Zoning Commission for review and recommendations concerning the conformity of said Plan with the general plan for the development of the community known as the Comprehensive Plan of the City of Meridian; WHEREAS, the staff of the Meridian Planning and Zoning Department has reviewed said Plan and has determined that it is in all respects in conformity with the Comprehensive Plan adopted August 6, 2002; WHEREAS, the Meridian Planning and Zoning Commission met on the *day Of ./l aw , 2002, to consider the Plan; WHEREAS, the Meridian Planning and Zoning Commission has reviewed said Plan in view of the Comprehensive Plan. NOW, THEREFORE, BE IT RESOLVED BY THE PLANNING AND ZONING COMMISSION OF THE CITY OF MERIDIAN, IDAHO: Section 1. That the Plan, submitted by the MDC and referred to this Commission by the City Council for review, is in all respects in conformity with the Comprehensive Plan. Section 2. That the City Clerk be and hereby is authorized and directed to provide the Meridian City Council with a certified copy of this Recommendation relating to said Plan. Section 3. That this Recommendation shall be in full force and effect immediately upon its adoption and approval. PASSED by the Planning and Zoning Commission of the City of Meridian, Idaho, this 21 tk day of Aup St , 2002. . Kei 0poQ*rman ,: P1giuld`ffr Commission �onk4, Attest: / Ufz - SEAL Sharon Smith — Deputy City Clerk r Resolution of the Maidian Planning and Zoning C'Amtnission _ Uttian Renewal Plan 14 Exhibit 2 NOTICE PUBLISHED IN THE VALLEY TIMES ORDINANCE -11 MDC REVIT PLAN ORDINANCE 1 NOTICE OF PUBLIC HEARING Notice is hereby given that the Meridian City Council, will hold, during its regular meeting of October 8, 2002, at 7:00 o'clock p.m., a public hearing in the City Council Chambers, City Hall, 33 East Idaho Avenue, Meridian, Idaho, to consider an ordinance approving the Meridian Revitalization Plan (the "Plan"), of the Meridian Development Corporation (the `:IMDC"). The boundaries of the Plan area and Project area are generally described below. The Plan proposes that the MDC undertake urban renewal activities pursuant to the Idaho Urban Renewal Law of 1965, as amended, Chapter 20, Title 50, Idaho Code (the "Law"). The Plan being considered for adoption contains a revenue allocation financing provision pursuant to the Local Economic Development Act of 1988, as amended, Chapter 29, Title 50, Idaho Code (the "Act"), that will cause property taxes resulting from any increases in equalized assessed valuation in excess of the equalized assessed valuation as shown on the base assessment roll as of January 1, 2002, to be allocated to the MDC for urban renewal purposes. The general scope and objectives of the Plan are: (a) the elimination of environmental deficiencies in the Project Area, including, among others, obsolete and aged building types, and inadequate public improvements and facilities; (b) the assembly of land into parcels suitable for modem, integrated development with appropriate setbacks, parking, pedestrian, and vehicular circulation in the Project Area; (c) the re -planning, redesign, and development of undeveloped and underdeveloped areas which are stagnant or improperly utilized; (d) the strengthening of the economic base 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 establishment and implementation of performance criteria to assure high site design standards and envir6nmental quality and other design elements which provide unity and integrity to the entire Project Area; (f) the strengthening of the 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. Any such land uses as described in the Plan will be in conformance with the Comprehensive Plan of the City of Meridian. Land made available will be developed by private enterprises or public agencies as authorized by law. The Plan defines various public and private improvements which may be made within the Meridian Revitalization area. The Plan Area and Project Area herein referred to are located as follows: An area consisting of 660 acres with boundaries of the I-84 freeway on the south, Cherry Lane/Fairview on the north, 4th Street on the west, and Five :Mile Creek on the east. The Revenue Allocation Area will consist of all of the Project Area (see trap below). -- 1 -- (MeridiaMearing Notice/Plan/City Council) The Project Area contains certain property beyond the municipal boundary of the City of Meridian, but within the area of impact of the City. The Plan will be effective against such property only if an agreement on the administration of the revenue allocation funding provision is reached with Ada County. Copies of the proposed Plan are on file for review and public inspection at offices of the City Clerk, City Hall, 33 East Idaho Street, Meridian, Idaho, between the hours of 8:00 a.m. and 5:00 p.m , Monday through Friday. At the time and place noted above. all persons interested in the above matter may appear and be heard. Written comments will also be accepted until 5:00 p.m., October 3, 2002. Comments should be directed to the City Clerk. Individuals desiring accommodation for disabilities related to documents and/or hearings, please contact the City at (208) 8884433, at least 48 hours prior to the public meeting. 'Jillttltttt�f,� DATED This 30`s day of August, 2002. Publish: September 2, and I6, 2002. BY: � '--R/� William G. Berg, Jr., City --3-- (Meridian\Hearing Notice/Plan/City Council) Of 0/ - o SEAL Gs7' lb -I • QUO 17 18 Exhibit 3 MERIDIAN REVITALIZATION PLAN ORDINANCE -12 MDC REVIT PLAN ORDINANCE MERIDIAN REVITALIZATION PLAN URBAN RENEWAL PROJECT MERIDIAN URBAN RENEWAL AGENCY (also known as the Meridian Development Corporation) CITY OF MERIDIAN, IDAHO Ordinance No. 02-987 Adopted December 3, 2002 Effective December 3, 2002 O:VU=WMATA%f.i&oU LA1MP.gd 19 a1 Em 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 STATE OF IDAHO URBAN RENEWAL LAW OF 1965, AS AMENDED .. 4 SECTION 103 HISTORY AD CURRENT CONDITIONS ................. 4 SECTION 104 PURPOSE OF AC'T'IVITIES ............................ 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 PUBLIC BODIES ................. 9 SECTION 305 PROPERTY ACQUISITION ............................10 SECTION 305.1 REAL PROPERTY ............................. 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- 211 SECTION 308 DEMOLITION, CLEARANCE, AND BUILDING SITE PREPARATION ..................................... 13 SECTION 308.1 DEMOLITION AND CLEARANCE ............... 13 SECTION 308.2 PREPARATION OF BUILDING SITES ............ 13 SECTION 309 PROPERTY DISPOSITION AND DEVELOPMENT ........ 13 SECTION 309.1 REAL PROPERTY DISPOSITION AND DEVELOPMENT..............................13 SECTION 309.1(A) GENERAL .............................. 13 SECTION 309.1(B) DISPOSITION AND DEVELOPMENT DOCUMENTS ........................... 14 SECTION 309.1(C) DEVELOPMENT BY THE MDC ............ 15 SECTION 309.1(D) DEVELOPMENT PLANS ................. 17 SECTION 310 PERSONAL PROPERTY DISPOSITION ................. 17 SECTION 311 REHABILITATION AND CONSERVATION .............. 17 SECTION 312 PARTICIPATION WITH PRIVATE OR PUBLIC DEVELOPMENT .................................... 17 SECTION 313 CONFORMING OWNERS ............................. 18 SECTION 400 USES PERMnTED IN THE PROJECT AREA ................... 18 SECTION 401 REDEVELOPMENT PLAN MAP AND DEVELOPMENT STRATEGY......................................... 18 SECTION 402 DESIGNATED LAND USES ........................... 18 SECTION 402.1 COMMERCIAL USES .......................... 18 SECTION 402.2 RESIDENTIAL USES ........................... 18 SECTION 403 OTHER LAND USES ................................. 18 22 SECTION 403.1 PUBLIC RIGHTS-OF-WAY ...................... 18 SECTION 403.2 OTHER PUBLIC, SEMI-PUBLIC, 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 Lnv ITATION ON TYPE, SIZE, AND HEIGHT OF BUILDING....................................20 SECTION 404.4 OPEN SPACES, LANDSCAPING, LIGHT, AIR, AND PRIVACY ............................... 20 SECTION 404.5 SIGNS ....................................... 21 SECTION 404.6 LrIM ITIFS.................................... 21 SECTION 404.7 INCOMPATIBLE USES ......................... 21 SECTION 404.8 NONDISCRIMINATION AND NONSEGREGATION . 21 SECTION 404.9 SUBDMSION OF PARCELS .................... 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 23 SECTION 405.2 DESIGN GUIDELINES FOR DEVELOPMENT UNDER A DISPOSITION AND DEVELOPMENT AGREEMENT OR OWNER PARTICIPATION AGREEMENT ................................. 23 SECTION 500 METHODS OF FINANCING THE PROJECT .................... 23 SECTION 501 GENERAL DESCRIPTION OF THE PROPOSED FINANCING METHOD ............................... 23 SECTION 502 REVENUE BOND FUNDS ............................. 24 SECTION 503 OTHER LOANS AND GRANTS ........................ 24 SECTION 504 REVENUE ALLOCATION FINANCING PROVISIONS ..... 24 SECTION 504.1 ECONOMIC FEASIBILITY STUDY ............... 25 SECTION 504.2 ASSUMPTIONS AND CONDITIONS/ ECONOMIC FEASIBILITY STATEMENT ..................... 25 SECTION 504.3 TEN PERCENT lZffrATION .................... 26 SECTION 504.4 FINANCIAL L UTATION ...................... 26 SECTION 504.5 REBATE OF REVENUE ALLOCATION FUNDS .... 27 SECTION 504.6 PARTICIPATION WITH LOCAL IMPROVEMENT DISTRICTS...................................27 SECTION 504.7 ISSUANCE OF DEBT AND DEBT LLWrATION .... 28 SECTION 504.8 IMPACT ON OTHER TAXING DISTRICTS AND LEVY RATE ............................. 28 SECTION 504.9 LEASE REVENUE BONDS ...................... 28 SECTION 600 ACTIONS BY THE CITY .................................... 28 SECTION 700 ENFORCEMENT .......................................... 30 SECTION 800 DURATION OF THIS PLAN ................................. 30 -iv- 24 SECTION 900 PROCEDURE FOR AMENDMENT ........................... 31 SECTION 1000 SEVERABILITY ........................................... 31 SECTION 1100 ANNUAL REPORT ........................................ 31 -v- 25 LIST OF ATTACHMENTS Attachment 1 Description of the Project Area and Revenue Allocation Area Boundaries Attachment 2 Project Area -Revenue Allocation Area Boundary Map Attachment 3 Private Properties Which May Be Acquired by MDC Attachment 4 Map Depicting Expected Land Uses and Current Zoning Within Revenue Allocation Area and Project Area Attachment 5 Economic Feasibility Study, Meridian Urban Renewal Area - vi MERIDIAN REVITALIZATION 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 "Project") 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 1); 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 term "Project" is used herein to describe the overall activities defined in this Plan and conforms with the statutory definition of "urban renewal project." Reference is specifically made to Idaho Code Section 50-20180) for the various activities contemplated by the term "Project." Such activities include both private and public development of property within the Urban Renewal Area. The term "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 conforms 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 - 1- - August 23, 2002 (12:43PM) W 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 shall notify the City and publish a public notice of such proposed 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 provisions of this Plan shall 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 allowed 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, this Plan does not present a precise plan or establish specific projects for the redevelopment, rehabilitation, and revitalization of any area within the Project Area, nor does this Plan present specific proposals 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 this 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 buildings such as City Hall, or plazas which, in turn, create an attractive setting 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 projects are those activities which comply with the Law and the Act and meet the overall objectives 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 types, and inadequate public improvements and facilities; - 2- - August 23, 2002 (12:43PM) 2 (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 base 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 establishment and implementation of performance criteria to assure high site design standards and environmental quality and other design elements which provide unity and integrity to the entire Project Area; (f) the strengthening of the 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 is 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 meetings 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 considered 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 (12:43PM) 2 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 Resolution 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 HISTORY 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, several properties in the Blue Zone provide a link to the City's historic culture. SECTION 104 PURPOSE OF ACTIVITIES The description of activities, public improvements, 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 any one particular development, developer, or owner. Rather, the MDC intends to discuss 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 estimated 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. As required by the Law and Act, the MDC will adopt more specific budgets annually. l:E - August 23, 2002 (12:43PM) 4 iwt The MDC reserves 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 DESCRIPTION OF PROJECT AREA The boundaries of the Project Area and of the Revenue Allocation Area are described in Attachment 1, which is attached hereto and incorporated herein by reference, and are shown 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 must be entered into with Ada County. SECTION 300 PROPOSED REDEVELOPMENT ACTIONS SECTION 301 GENERAL The MDC proposes 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 ownership and control of the MDC; 5. The provision for relocation assistance 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 facilities, and other public improvements, including, but not limited to, irrigation and drainage laterals and ditches, storm drain systems, walkways, public civic center, and improvements to railroad tracks and property; - 5- August 23, 2002 (12:43PM) 301 7. The disposition of property for uses in accordance with this Plan; 8. The redevelopment of land by private enterprise or public agencies for uses in accordance with this Plan; 9. The rehabilitation of structures and improvements by present owners, their successors, and the MDC; 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 activities 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 consists of 660 acres with boundaries of the I-84 freeway on the south, Cherry Lane/Fairview on the north, 4s' Street on the west, 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 improvements and facilities to: provide an improved environment for new commercial and residential developments; eliminate unsafe conditions; assist potential owner participation and other developers to create appropriate development sites 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- August 23, 2002 (12:43PM) 31 or relocations must be requested from the Ada County Highway District (the "ACRD") or other agency having jurisdiction over the particular public right-of-way. Air rights and subterranean rights may be disposed 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 used 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 residential, lodging, commercial, retail, office, public and private parking, and public/semi- public uses. The provisions of this Plan are applicable to all public and private property in the Project Area. The provisions of the Plan shall be interpreted and applied as objectives and goals, 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 present and future zoning classifications 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 ACRID has exclusive jurisdiction over all public rights-of-way within the Project Area, except for state highways. Nothing in this Plan shall be construed to alter the powers of the ACRD pursuant to Title 40, Idaho Code. This Plan must be practical in order to succeed. Particular attention has been paid to how it can be implemented, given the changing nature of market conditions. 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 plans 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 (12:43PM) 32 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 MDC 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 conform 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 conformity with all applicable codes and ordinances of the City of Meridian. (d) Any new construction shall also conform to all applicable provisions, requirements, and regulations of this Plan. - 8- - August 23, 2002 (12:43PM) 33 9' (e) Any new construction shall also conform to all applicable codes and ordinances of the City of Meridian. In such participation agreements, participants who retain real property shall 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 following 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 allowed 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 shall 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. August 23, 2002 (12:43PM) 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, ACRD has exclusive jurisdiction over ACRD 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 ACRD. 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 participation 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 ACQUISITION 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 (12:43PM) 10 351 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 the Yellow 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 (12:43PM) 11 36 committing to such acquisition, any environmental or other liability present or potentially present in such structures. In the event, the MDC determines to acquire such property, it shall do so upon the successful negotiation of an owner participation agreement in compliance with the terms 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 MDC 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 MDC pending its disposition for redevelopment, and such rental or lease shall be pursuant to such policies as the MDC may adopt. SECTION 307 RELOCATION OF PERSONS (INCLUDING INDIVIDUALS AND FAMILIES), BUSINESS CONCERNS, AND OTHERS DISPLACED BY THE PROTECT If the MDC receives federal funds for real estate acquisition and relocation, the MDC shall comply with 24 C.F.R. Part 42, implementing the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, as amended. The MDC may also undertake relocation activities for those not entitled to benefit under federal law as the MDC may deem appropriate for which funds are available. The MDC's activities should not result in the displacement of families within the area. In the event the MDC's activities result in displacement, the MDC 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 MDC will comply with the provisions of the Idaho Urban Renewal Law regarding relocation. The MDC 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 MDC 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 MDC sufficient flexibility to award relocation benefits on some rational basis, or by payment of some lump sum per case basis. The MDC 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 MDC shall comply with, at a minimum, the standards set forth in the Law. The MDC shall also comply with all applicable state laws concerning relocation benefits. - 12- - August 23, 2002 (12:43PM) 12 37 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 ECTION 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 otherwise dispose of any interest in real property under the reuse provisions set forth in Idaho Code Section 50-2011 and as otherwise 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 (12:43PM) 13 381 SECTION 309.1(B) DISPOSITION AND DEVELOPMENT 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) 14 Ml (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 309.1(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) 15 401 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 5, 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 50-2007, 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; (5) 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 to 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 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 to this Plan or out of any other available funds. - 16- - August 23, 2002 (12:43PM) 16 411 SECTION 309.1(D) 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- - August 23, 2002 (12:43PM) 17 42 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" Street), Pine, Idaho, Broadway, and Franklin. - 18- - August 23, 2002 (12:43PM) 18 431 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, ACRD, 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 and/or 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 (12:43PM) 19 44 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 control 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 404A 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) 20 45 SECTION 404.8 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 NONDISCRUMNATION AND NONSEGREGATION 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 NHNOR 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 (12:50PM) 21 46 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 All 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 shall 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 (12:52PM) 22 47 every development shall comply with all applicable City zoning and building ordinances. Absent the MIC 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 DESCRIPTION OF THE PROPOSED FINANCING 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 (12:53PM) 23 ►M. SECTION 502 REVENUE 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 of the 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 of 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 UDC'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 (12:54PM) 24 4 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 FEASIBILITY 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. 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- - August 23.2002 (12:56PM) 25 50 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 (12:56PM) 26 51 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 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- August 23, 2002 (I2:56PM) 27 52 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 amounts 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 Ievy 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 (12.56PM) 28 53 (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 carried 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; 0) 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 (1) 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 (12:56PM) 29 54 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 nonsegregation 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 receive 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 (12:56PM) 30 55 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 any one or more of the provisions contained in this Plan to be performed on the part of the MDC 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) 31 56 _ 57 32 Attachment 1 Description of the Project Area and Revenue Allocation Area Boundaries Approximately 660 acres with boundaries of the I-84 freeway on the south, Cherry Lane/Fairview Avenue on the north, W. 4t' 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 (12:58PM) November 22, 2002 PROJECT AREA AND REVENUE ALLOCATION BOUNDARY OF THE MERIDIAN URBAN RENEWAL PROJECT MERIDIAN, IDAHO A tract of land consisting of approximately 665 acres being portions of Sections 7 and 18 of Township 3 North, Range 1 East and portions of Sections 12 and 13 of Township 3 North, Range 1 West, Boise Meridian, City of Meridian, Ada County, Idaho. Said tract being more particularly described as follows: Commencing at the Section Comer common to Sections 12 and 13 of Township 3 North, Range 1 West and Sections 7 and 18 of Township 3 North, Range 1 East of the Boise Meridian, thence along the section line common to said Sections 12 and 13, being the centerline of Franklin Road North 89032'43" West 1328.12 feet to the East 1/16` Corner on said section line, said comer being the POINT OF BEGINNING; thence leaving said section line North 00041'03" East 1622.42 feet along the west boundary and its northerly extension of Taylor Subdivision, Book 11 at Page 637, Ada County records to the north right-of-way line of the Union Pacific Railroad; thence South 88°43'21" East 55.72 feet along said north right-of-way; thence leaving said right-of-way North 00045'49" East 74.97 feet along the southerly extension of the centerline of West 0 Street; thence North 88043'54" West 67.77 feet; thence continuing on a line tracing the westerly property lines of the parcels which are adjacent to the west right-of-way line of said West 4d' Street the following courses: North 00°35' 1 T' East 267.95 feet to the south right-of-way line of West Broadway Avenue; thence North 21017'16" West 64.73 feet to the north right-of-way line of West Broadway Avenue; thence North 00°31' 10" East 137.88 feet; thence North 89028' 10" West 13.50 feet; thence North 00043'43" East 137.64 feet to the south right-of-way line of West Idaho Avenue; thence North 0505612T' West 60.39 feet to the north right-of-way line of West Idaho Avenue; thence North 00042'58" East 120.01 feet; thence North 89012'15" West 4.50 feet; thence North 00041'42" East 144.26 feet to the south right-of-way line of West Pine Avenue; thence North 09012'40" West 60.91 feet to the north right-of-way line of West Pine Avenue; thence North 01011'23" East 301.00 feet; thence North 89009'24" West 25.41 feet; thence North 00014'20" East 228.60 feet; thence North 89029'47" East 16.70 feet; thence North 01 ° 15' 34" East 89.92 feet to the south right-of-way line of West Carlton Avenue; thence North 11 003'17" West 42.90 feet to the north right-of-way line of West Carlton Avenue; thence North 00026'51" East 64.39 feet; thence North 88012'50" West 1.00 feet; thence 59 November 22, 2002 Page 2 of 5 North 31007'55" West 65.88 feet; thence South 89P33'1 I" East 35.50 feet; thence North 00°26'51" East 135.47 feet to the south right-of-way line of West Washington Street; thence North 00014'19" East 60.00 feet to the north right-of-way line of West Washington Street; thence North 00035'49" East 72.00 feet to the northwest corner of Lot 4 of the City of Meridian Park View Addition, Book 12 of Plats at Page 663, Ada County records; thence along the north line of said Lot 4 and its easterly extension South 89°25'55" East 149.85 feet to the centerline of said West 4" Street; thence North 00°25'30" East 1571.65 feet to the north line of said Section 12, said north line being the centerline of Cherry Lane; thence along said north line South 89°26'30" East 1263.31 feet to Northeast corner of said Section 12 at the intersection of said Cherry lane with Fairview Avenue (US Highway 30) and Meridian Road; thence North 88034134" East 1773.74 feet along the north line of said Section 7 said north line being within the right-of-way of said Fairview Avenue (US Highway 30); thence leaving said north line of Section 7 South 00030'10" West 959.19 feet along the east boundary of a parcel of land designated by Ada County Tax Parcel #S 1107212705 to the north right-of-way line of East Badley Avenue; thence along said north right-of-way line North 89046'56" West 101.40 feet; thence leaving said north right-of-way line of East Badley Avenue South 00033'20" West 761.53 feet along the centerline of East 4" Street (unopened right-of-way) to the intersection with the centerline of East Washington Avenue; thence North 89036'10" East 580.24 feet along said centerline of East Washington Avenue to the west boundary of Sterling Creek Subdivision, Book 77 of Plats at Pages 8100-8101, Ada. County records; thence tracing said Sterling Creek Subdivision boundary the four (4) courses South 00035'53" West 276.09 feet; thence South 89020'48" East 150.00 feet; thence North 00035'53" East 272.64 feet returning to said centerline of East Washington Avenue; thence along said centerline North 89°34'56" East 226.36 feet to the west boundary of Danbury Fair Subdivision No. 5, Book 70 of Plats at Pages 7224-7225, Ada County records; thence along said west boundary of Danbury Fair Subdivision No. 5 the following four courses: South 33°13'49" West 183.42 feet; thence South 04006'26" West 354.61 feet; thence South 37055'28" East 145.72 feet; thence South 38043'05" East 457.95 feet along the southwest boundary line of said Danbury Fair Subdivision No.5 and it southeasterly extension to the south right-of-way line of East Pine Avenue; thence along said south right-of-way line South 89034'38" West 152.89 feet to the northwest comer of Oliason Park Subdivision, Book 80 of Plats at Pages 8659 and 8660, Ada County records; thence along the east boundary line of said Oliason Park Subdivision South 00034'41" West 373.46 feet to the centerline of East Idaho Avenue; thence along said centerline of East Idaho Avenue C�i] November 22, 2002 Page 3 of 5 North 89025'46" West 333.50 feet to the north -south centerline of said Section 7; thence leaving said centerline of East Idaho Avenue South 00035'48" West 329.50 feet along said north -south centerline of Section 7 to the north line of a parcel of land designated by Ada County Tax Parcel #01107325600 (being a railroad right-of-way parcel); thence tracing said parcel clockwise South 88°46'23" East 235.20 feet; thence South 00°35' 18" West 4 10. 00 feet; thence North 88032'20" West 235.20 feet; thence leaving the south line of said railroad parcel South 00041'03" West 407.79 feet crossing the Union Pacific Railroad right-of-way and Bown's Railroad Addition, Book 4 at Page 165, Ada County records to the south right-of-way line of East Bower Street; thence along said south right-of-way line of East Bower Street North 89032'46" West 9.27 feet; thence continuing along said south right-of-way line Along a curve to the right 77.72 feet, said curve having a radius of 55.00 feet, a delta angle of 80°57'36" and a chord bearing and distance North 89°32'46" West 71.41 feet; thence continuing along said south right-of-way line North 89032'46" West 597.38 feet; thence leaving said right-of-way South 00018'5T' West 85.25 feet along the line common to Bown's Second Addition, Book 5 at Page 216 and Meridian Business Park, Book 70 at Pages 7158-7159, Ada County records; thence continuing along said common line South 00°31' 11" West 1031.39 feet to the section line common to said Sections 7 and 18, said section line also being the centerline of Franklin Road; thence South 89019'06" West 630.69 feet along said section line; thence leaving said section line South 00°31' l6" West 282.35 feet along the west boundary of Honor Park Subdivision No. 3, Book 78 of Plats at Pages 8191-8192, Ada County Records; thence continuing along the boundary of said Honor Park Subdivision No. 3 North 89030'36" East 622.00 feet; thence South 00043'59" West 1048.33 feet to the north boundary line of Honor Park Subdivision No. 2, Book 68 at Pages 6959-6960, Ada County records; thence along said north boundary line of Honor Park No. 2 and the north boundary of Lots 4 and 2, Block 2 of Honor Park Subdivision No. 1, Book 65 of Plats at pages 6652-6653, Ada County records South 89°31'26" West 858.88 feet to the northwest corner of said Lot 2; thence along the west line of said Lot 2 South 00041'30" West 164.14 feet to the north right-of-way line of East Waterhouse Lane; thence along said north right-of-way line South 89032'37" West 105.09 feet; thence leaving said north right-of-way line South 00027'16" East 243.03 feet crossing said East Waterhouse Lane and following the line common to Lot 1 and Lot 2, Block 1 of said Honor Park No. l to the north line of Central Valley Corporate Park No. 1, Book 57 at Pages 5332-5333, Ada County Records; thence South 89032'40" West 70.76 feet along said north line of Central Valley Corporate Park No. 1 to the northeast corner of Lot 1, Block 1 of said subdivision; thence along the east line of said Lot 1 and its southerly extension 61 November 22, 2002 Page 4 of 5 South 00029'44" East 320.73 feet to the centerline of East Corporate Drive; thence along said centerline of East Corporate Drive South 70011'43" East 116.89 feet to the centerline intersection with East Progress Avenue; thence following the centerline of East Progress Avenue the following courses: South 20002'10" West 162.62 feet; thence Along a curve to the right 15.07 feet, said curve having a radius of 100.00 feet, a delta of 8°38'05" and a chord bearing and distance of South 24°21' 12" West 15.06 feet; thence South 28027'06" West 722.57 feet; thence Along a curve to the left 92.39 feet, said curve having a radius of 200.00 feet, a delta of 26°28'04" and a chord bearing and distance of South 15013'04" West 91.57 feet; thence South 01052'39" West 171.22 feet; thence Along a curve to the left 132.89 feet, said curve having a radius of 270.00 feet, a delta of 28° 12'01" and a chord bearing and distance of South 12007'10" East 131.55 feet; thence South 26013'11" East 48.68 feet; thence Along a curve to the right 57.26 feet, said curve having a radius of 330.00 feet, a delta of 9°56'32" and a chord bearing and distance of South 21014'55" East 57.19 feet; thence leaving said centerline of South Progress Avenue South 29007'22" West 86.63 feet along the northwesterly line and its northeasterly extension of Lot 10, Block 4 of Central Valley Corporate Park No. 6, Book 76 of Plats at Pages 7960-7964, Ada County records; thence continuing along the westerly boundary of said Lot South 30006'40" West 179.76 feet; thence continuing long said westerly boundary of said Lot 10 and its southerly extension through Lot 11 of said Block 4 South 06040'11" West 150.09 feet to the northerly right-of-way of Interstate Highway 84; thence along said northerly right-of-way North 63045'1 T' West 107.10 feet; thence North 68059'20" West 80.00 feet; thence leaving said northerly right-of-way North 87048'00" West 146.72 feet to a point on the section line common to said Sections 18 and 13; thence continuing North 87048'00" West 70.21 feet to a point on said northerly right-of-way line of Interstate Highway 84; thence along said northerly right-of-way the following courses: South 71000'08" West 402.38 feet; thence South 74°38'59" West 471.23 feet; thence South 83021'56" West 332.84 feet; thence North 89029'55" West 1400.79 feet; thence leaving said northerly right-of-way North 00030'34" East 1050.00 feet along the north -south centerline of said Section 13; thence leaving said north -south centerline and following the east boundary of The Landing Subdivisions No. 9, Book 74 of Plats at Pages 7658-7659 and The Landing Subdivision No. 8, Book 70 of Plats at Pages 7230-7231 the following courses: North 8919'42" West 200.00 feet; thence North 00026'52" East 275.00 feet; thence South 89029'22" East 200.00 feet; thence 672 November 22, 2002 Page 5 of 5 North 00°35'24" East 837.18 feet; thence leaving said east boundary of The Landing Subdivision No. 8 and following the southerly boundary of Franklin Square Subdivision, Book 44 of Plats at Pages 3587-3588, Ada County records South 61°20'43" East 373.07 feet; thence South 89028'20" East 332.51 feet; thence North 00027'35" East 107.48 feet along the east line of said Franklin Square Subdivision to the southwest comer of Troutner Park Subdivision, Book 75 of Plats at Pages 7762-7764; thence along the southerly and easterly boundary of said Troutner Park Subdivision the following courses: South 85013'34" East 147.44 feet; thence North 80022'14" East 523.38 feet; thence North 00042'41" East 142.03 feet; thence South 89040'42" East 790.29 feet; thence North 00050'22" East 329.04 feet; thence North 89026'21" West 128.88 feet; thence North 00°38'21" East 663.30 feet; thence North 89°31'58" West 663.22 feet; thence North 00042'23" East 349.90 feet; thence leaving said east boundary of Troutner Park Subdivision North 00042'23" East 313.66 feet to the POINT OF BEGINNING. — [KERRY UNE { FARNEW AN:. 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W rL R70U7NER wtst IW PARK � I I -I E �sn3Es Ori AK K■ .. iSUBDINSION a I i LOT 4 NOW PM SNB. Na E • FRANKLIN SQUARE : I EASE Lamm &W 1 �: I SUBDINSIOM N^ I' + ��RTr L IA gyp '.. ry Y a �jn O e •! e n asaa ,O�'1 .�0yS �.�. �0%�AASS .wr0{{001F6 rrAA f�OpIC�iSO T •. ..77251 I-qY cy., g 0a1APPArE PApf 918. Na 1 r 4 ME LANpNO Y I I f NO.8 LIS 1 _w�Lw" i I.:, SSRR883R zRCB 8288 S IHE sg LAND. N0.9L . I : _le I^ u rim cwnlu YNIET 41yI - t �,. COWMIC PARK el we. Na E ri^i r . I y� +9 aLvisaaLNl 3 ' Attachment 2 Project Area -Revenue Allocation Area Boundary Map - 33- August 23, 2002 (12:59PM) 33 64 �T� Attachment 3 Private Properties Which May Be Acquired by MDC 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:OOPM) 34 Attachment 4 Map Depicting Expected Land Uses and Current Zoning Within Revenue Allocation Area and Project Area 35- August 23, 2002 (1:OOPM) W 67 0 . I 0 � Uruan KeneW81 Area e Attachment 5 Statement of Proposed Public Improvements, Costs, Revenues, Tax Impacts, Financing Methods, and Implementation Plan - 36- - August 23, 2002 (1:00PM) 36 70 ECONOMIC FEASIBILITY MERIDIAN URBAN RENEWAL AREA Prepared For THE MERIDIAN DEVELOPMENT CORPORATION Meridian, Idaho Prepared By W. David Eberle Consulting, Inc. 760 Harcourt Road Boise, Idaho 83702 August 20, 2002 W. David Eberle Consulting, Inc. Boise ID 71 72 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 still 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 of 3.4 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 of the 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. Using 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 Consnlring, Inc. Boise ID 73 bounded by Meridian Road, I-84, Stratford and Watertower Lane. The second boundary excludes the corporate park and instead includes the property west of Meridian Road and north of I-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 of the 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 1.0 to 1.4 million dollars. 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 2012 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 74 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 facade 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 0 Street on the west, bounded by East 4m Street to Franklin Road then Stottard Drive to I-84 on the east and bounded by I-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 of having 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 small 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" 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 7 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 of terrorism 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. 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 2000 -2025 Forecast Approved by COMPASS February 2002 2000 Census 2010 COMPASS 2015 COMPASS 2020 COMPASS 2025 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 1 26.05% 15.02% 2.50% 5.02% Ada Growth 133.91% 1 13.040% 12.47% 15.31% 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 76 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 for 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 Average 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 of 3.4 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 softening 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 enyear 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 URD 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 URD. However, the economic development within the URD 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 $0.002772338 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 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 URD 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 summary 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 79 ESTIMATED NEW CONSTRUCTION Sub Area Base 2002 2003 2004 2005 2006 Average Percent Change 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% Orange $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 Red $180,350,436 $1,024,417 $4,765,244 $14,324,836 $5,474,885 $6,573,508 3.57% CUM. With Red $180,350,436 $181,392,888 $186,158,132 $200,482,968 $205,957,853 $212,531,361 TOTAL With Yellow $148,478,211 $1,024,417 $2,487,694 $13,774,836 $2,124,885 06,573,508 3.55% CUM. With Yellow $148,478,211 $149,502,628 $151,990,322 $165,765,158 $167,890,043 $174,463,551 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 I Orange Pink Red 3.4% $10,536,44,0 $599,279 $3,100,2331 $2,303,1381 $1,736,5431 $2,797,259 4.4% $14,583,079 $829,439 $4,290,9121 $3,187,6811_$2,403,4691 $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 of 16 million to 21 million dollars depending upon the growth rate of 3.4 or 4.4 percent. W. David Eberle Consulting, Inc. Boise ID 10 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% $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 35,190,358 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 to 11 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 Yellow, 3.4% $8,549,134 $753,742 $3,234,931 $1,666,830 $1,958,6131 $1,294,400 4.4% $11,832,525 $1,043,225 $4,477,342 $2,306,718 $2.710.8401 $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 Property 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 $1,958,813$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 81 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, if there 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 ofthe 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 pian for up to a fifteen percent variance in the revenue estimate. 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. Nominal Value of Tax Increment Financing Over the First Five Years Under Most Likely Scenario Growth Rate 2003 2004 2005 2006 2007 Total 3.4% $191,492 $411,391 $541,453 $674„678 $854,336 $2,673,350 4.4% $229,781 $472,227 $626,656 $786,001 $998,725 $3,113,390 Difference -$38,289 -$60,836 -$85,203 -$111,323 -$144,389 $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. 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 Nominal Value of Tax Increment Financing Over the First Five Years Under Most Likely Scenario Growth Rate 2003 2004 2005 2006 2007 Total 3.4% $142,688 $343,670 $425,045 $545,775 $691,086 $2,148,264 4.4% $173,637 $393,000 $494,013 $635,919 $808,007 $2,504,576 Difference -$30,949 -$49,330 -$68,968 490,144 4116,921 -$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 82 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 of 2.6 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 stricture to serve the downtown core. These are complex decisions that will W. David Eberle Consulting, Inc. Boise ID M 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 of location, 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 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. As depicted, the MDC would facilitate a conduit financing transaction. No direct TIF support for the City Hall is shown. If TIF 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 Infrastructure Improvements It is assumed that in 2011 plans for 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, fire 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 M 14 When a new development or redevelopment is proposed a calculation is determined as to the amount of TIF 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 MDC 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 MDC will create a grant program to help local landowners upgrade their streetscape and building facades within the Blue Zone to the new design standards. This 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 MDC. However, not until. 2008 will the MDC 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 preliminary operating budget for the MDC with the Yellow Zone. This 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 MDC 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 85 15 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 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 OPERATING 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 CAP/ AL FACADE & ST.-SCAPE $5,000 $15,000 $20,000 $25,0001 $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 $7591 $2,0191 $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 M 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 of Idaho 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 Seance 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 of HUD 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 Intermodal 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 M 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: 1. 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: 1. 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 resulting from the new investment. This is a study that the local BID should actively participate in. W. David Eberle Consulting, Inc. Boise ID is 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 1. 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 Hill, Washington DC 3. COMPASS 2025 population forecast. www.RWMi ►,g.org.idus 4. Wells Fargo Bank inflation indices for Boise area, www.drsghn con/#. 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 11, 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 of Nampa ORD 2449 December 20,1994 11. City of Twin Fails ORD 2684 Urban Renewal Area #4 ORD 2579 Urban Renewal Plan for Urban Renewal Area #4 and Creating Revenue Allocation Area #4-1 prepared by Urban Renewal Agency of the City of Twin Falls, April 1998 12. Midtown Northwest Boulevard Downtown Proposal Presented: December 16, 1997 City Hall Coeur d'Alene, ID Westside Downtown Master Plan Boise City Council ORD 6108 Ex 3 Adopted December 8, 2001 13. Lindsay Boulevard Urban Renewal Plan, City of Idaho 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 CZ3 19 16. River Front Urban Renewal Plan Garden City, ID October 1996 17. Eligibility Report for the Rigby Urban Renewal Agency Prepared by Elam Burke March 2002 18. Urban Renewal Plan McCollum Addition and Adjacent Areas, Urban Renewal Project Buhl Urban Renewal Agency, City of Buhl ID November 2000 W. David Eberle Consulting, Inc. Boise ID W Appendix A Map of Urban Renewal Area with Sub -Areas . L' !I 1 ," j-mma=; �1 ■Ifr_ 111■ _ 11 ■ :7 + t : � r [ � ■ln+'��I tom■ Migfi ■ii(i � q 47,1� II�III ■firm H .: ■ ■ ■ qr—'—�m �a 7�- !!! em 0 014 1 NZ -1 4- M�ffl IN M M;Zjmjv-11 :d 'gT--j ■ filla *AM im H: R pm M! 2 = 101111 awl MINIMUM"' E 0 MW It zE 1 -210 goo- 0 1 t—.T-: milli 11111: ilk■ .111 I ILI i 4 imirmlillf.9 HI i il, ERR IF, i 55 �4 ul �Int Ito Ll `•�I' .� �' �El £ ESE rS Ai c� �r �i,j !!! em 0 014 1 NZ -1 4- M�ffl IN M M;Zjmjv-11 :d 'gT--j ■ filla *AM im H: R pm M! 2 = 101111 awl MINIMUM"' E 0 MW It zE 1 -210 goo- 0 1 t—.T-: milli 11111: ilk■ .111 ICa: Appendix B Significant New Structures Within the Neat 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 1. 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 1- City Hall - NE corner of RR and East 1 s' 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 Existing New Address Parcel Number Broadway Street Total Assessed Value $0 Allocation to Land Allocation to Building Total Land Square Footage Building Square Footage 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 assured 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 of useable space valued at $110 per square foot. 97 Creamery - Kline Line 450 and 451 Double D Line 334 Existing New 3rd Year Address 273 Broadwa Address Parcel Number R5672000006 R5672000006 502 E 1 R Total Assessed Value $357,400 $357,400 Parcel Number Allocation to Land $1,435,744 Allocation to Building $205,600 $6,600,000 Total $345,600 $8,035,744 Land Square Footage 89,734 89,734 Square Footage Building Square Footage 60,000 Total 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 foot. 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. Double D Line 334 Existing Exist' Address New:is Year Address 502 E 1 R Street Parcel Number R1039000360 Total Assessed Value $205,600 Allocation to Building Allocation to Land $345,600 Total $107,160 Allocation to Building Square Footage $62,723 $1,496,000 Total e, 4,320 $1,603,160 Land Square Footage $314,102 17,860 BuildBuLdM Square Foo a 13,600 Increase or Decrease in Value I $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 Existing New 2nd Year Address 121 King Street Parcel Number R9426000105 Total Assessed Value $ 51,100 Allocation to Land $ 19,602 Allocation to Building $345,600 Total $365,202 Square Footage 6,534 Building Square Foot e, 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. 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 foot. 8. Blessin's Repair Service Line 401 Existing New 1 Year Address 343 E Bower Street Parcel Number R1042150835 Total Assessed Value $ 60,800 Allocation to Land $ 26,136 Allocation to Building 1/2 of building $168,000 Total $194,136 Land Square Footage 8,712 Building Square Footage 2,400 Increase or Decrease in Value 1 $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 foot. 8. m Lot 1 Line 469 Exist' New 2 Year Address 403 N Meridian Road Parcel Number 88342000325 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 Footage 22,216 Building Square Footage 10,000 1 Increase or Decrease in Value $489,848 m Lot 2 Line 467 Existing New 20d Year Address 337 N Meridian Road Parcel Number 88342000315 Total Assessed Value $72,500 Allocation to Land $66,648 Allocation to Building $500,5670— 500 000Total Total $566,648 Land Square Footage 22,2I6 Building Square Footage 10,000 Increase or Decrease in Value $494,148 m 99 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 footprint. Nazarene Church Line 29 Exist' New 3 Year Address 831 East 1 Street Parcel Number 85672000545 Total Assessed Value $220700 Allocation to Land $289,232 Allocation to Buildin $5,478,000 Total $5767,232 Land Square Footage 36,154 Building Square Footage 49800 10. Idaho Street east of East 1 g 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 of the MDC and the redevelopment of Generations Plaza make this block a prime location for redevelopment. nd Idaho Street Line 41 Exist' New Address 139 East Idaho 2 Year Parcel Number 85672000635 Total Assessed Value $167,400 Allocation to Land $27,878 Allocation to Building $613,360 , Increase or Decrease in Value $641,238 $5,546,532 Idaho Street Line 41 Exist' New Address 139 East Idaho 2 Year Parcel Number 85672000635 Total Assessed Value $167,400 Allocation to Land $27,878 Allocation to Building $613,360 Total $641,238 Land Square Footage 3,485 Building Scare Footage 5,576 Increase or Decrease in Value $473,838 11. 12. 13. 100 Idaho Street Line 50 Existing New 3 Year Address 118 East Idaho Parcel Number 85672000735 Total Assessed Value $65,200 Allocation to Land $27,878 Allocation to Building $613,360 Total $641,238 Land Square Footage 3,485 Building Square Footage 5,576 Increase or Decrease in Value 1 $576,160 100 Idaho Street Line 53 Existing New 4 Year Address 130 East Idaho Parcel Number 85672000750 Total Assessed Value $154,400 Allocation to Land $38,333 Allocation to Buflding Building $943,392 Total $881,725 Land S uam Footage 4,792 Building Square Footage 7,667 Increase or Decrease in Value 1 $727,325 100 Idaho Street Line 54 Exist' New 5 Year Address 136 East Idaho Parcel Number 85672000760 Total Assessed Value $174,600 Allocation to Land $38,333 Allocation to Building $843,392 Total $881,725 Land Square Footage 4,792 Building Square Footage 7,667 Increase or Decrease in Value $707,125 100 101 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 Commercial Strip Existing New 1 Year Address 549 E Scenery Lane Parcel Number R3720690060 83720690090 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 Footage 172,192 Building S uare Footage 20,500 Increase or Decrease in Value 1 $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 foot. On this basis the strip mall site would have a land value of $719,310 and a building value of $1,700,890. 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 Line 629 Commercial Strip Exist' New 4 Year Address 740 East Corporate Drive Parcel Number R1343500253 Total Assessed Value $429,000 Allocation to Land $429,000 Allocation to Building $800,000 Total Land Square Footage 131,986 Building Square Foot a 15,462 Increase or Decrease in Value 1 $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. 102 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 foot. 18. New Strip Mall Lines 645 & 646 Exist' Exist' Address New 4h Year Address 929 & 1047 S Igdustry Way Parcel Number R1343550250 813435500200 Allocation to Land Total Assessed Value $393,600 $ 588,800 Allocation to Land Total $ 588,800 Allocation to Build' 66,254 $2,000,000 Total Increase or Decrease in Value $2,588,800 Land Square FootAa 168,228 Building Square 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 foot. 18. Green Zone 19. Wendy's and the Coffee Kiosk site - This site is currently under construction. There will be two commercial enterprises on this site, Wendy's and the Coffee Kiosk. This site has a land value of Site One Line 649 Exist' New 3 Year Address 1136 Industry Way Parcel Number R1343550500 Total Assessed Value $393,600 Allocation to Land $393,600 Allocation to Building $550,000 Total $943,600 Land Square Footage 66,254 -Building Square Footage 5,000 Increase or Decrease in Value $550,000 Green Zone 19. Wendy's and the Coffee Kiosk site - This site is currently under construction. There will be two commercial enterprises on this site, Wendy's and the Coffee Kiosk. This site has a land value of Site Two Line 648 Exist' New 5 Year Address 1120 S Industry Parcel Number R1343550450 Total Assessed Value $331,300 Allocation to Land $331,300 Allocation to Building $550,000 Total $881300 Land Square Footage 78,712 Building Square Footage 5,000 Increase or Decrease in Value $550,000 Green Zone 19. Wendy's and the Coffee Kiosk site - This site is currently under construction. There will be two commercial enterprises on this site, Wendy's and the Coffee Kiosk. This site has a land value of 103 $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 foot. 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 total of 4,750 square feet of structures. Wendy's & Coffee Kiosk Lines 287 & 288 Kentucky Fried Chicken / A&W Line 290 Existing New 1 Year Address 536 S Meridian Road 677 E 1st Street Parcel Number S1118233669 S1118233811 S1118233862 Total Assessed Value $408,400 $174,700 $580,400 Allocation to Land Allocation to Land $583,100 Allocation to By ildin Allocation to Buildin $712,500 Total Tom $1,295,600 Square footage 51,052 12,066 51,357 Building Square Footage 3,400 1,350 3,675 2,750 Increase or Decrease in Value 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. 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 built on this site at $110 per square foot. Kentucky Fried Chicken / A&W Line 290 Exist' New 1 Year New Yd 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 Tom $761,981 Land Square Footage 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 built on this site at $110 per square foot. 104 Building Site Adjacent to Home Federal Line 278 Existing New 2nd Year Exist' New 5 Year Address 97 East 2nd Street R7745460030 R7745460040 Parcel Number 51118223264 $234,900 $48,700 Total Assessed Value $662,200 Exempt $47,700 Allocation to Land Allocation to Building $980,883 Allocation to Building Total $5,500,000 Total Land Square Footage $6,480,883 Land Square Footage 108,987 Building Square Footage 50,000 Increase or Decrease in Value 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 Milt Earhart Office Building Line 267 Existing New 2nd Year Address 1175 E 21/2 &1225 E 21/2 Street Address Parcel Number R7745460030 R7745460040 Parcel Number Total Assessed Value $234,900 $48,700 Total Assessed Value Allocation to Land Allocation to Land Allocation to Building $121,968 Allocation to Building Total $953,590 $0 Land Square Footage 68,128 Land Square Footage Building Square Footage Building Square Footage Increase or Decrease in Value I <$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. Milt Earhart Office Building Line 267 Exist' New 2nd Year Address East 1 a Street Parcel Number S1107223480 Total Assessed Value $76,200 Allocation to Land $121,968 Allocation to Building $953,590 Total $1,075,558 Land Square Footage 15,246 Building Square Footage 8,669 Increase or Decrease in Value $999,358 105 Appendix C -1 Detailed Forecast And Cash Flow Statements: URA with Yellow Zone Using 3.4% Base Growth Rate 106 VQ N C4 M 8A O A !n- N 22 N $� ♦� hS � Cp�� 40 N N N N N N OS h � � $ m m� N m � W N N N N N N � pwN� N 88 QooQ�� N O AA W ONC gyp^ N M r M r 3Fia� mi5 "m S .� Aa X b no N y in �m M N r N N N .33M� N N N N N r N ao �aON N N �q � p A N O AW m .14 O ppp as N » leMNMN N 7 W 7 IN It cm m »N Nz N 10g� M N N r 7 m 110.9 a�l! N C* �' N N N N K M N N N M N r N yp�gp N vN �Wp N b� S OO�ff 8 S 8 Y! 8 O�lf �Ay �N op app O x All dD (O SilfA cif � N NW O N AA a0 S i /N9 O q OfA j N N l7 r N N �"� N ♦ N NCppNp NN 88 O M1 8pp8 O O 8 S N ~ 8N K W� WW pO O Qa l!o r 7 O §1 8 O P 8pp O O 8 8 p N p N N 1 M O O N N W W p a t W V 0 � CE 0 Z UH < 0 W 40 C ix W W N c ~ m -it A z LUp U) W p ul w W Z X W W Z 3a Pw s g m o lIx u U) < a ~ LLZW� V =r �LL `� U.�nU C,CWUO < ?V t<G �� c O yy�W=m p�< Z4'H I— W Ci3 FLL-Ua=00 X00 v~i� H�� N ® ■■s ■ 107 -� ■■■~a 2 0 ��cq � __�a� a �■ § 2 §A § §� 40 »®k 2 C4 _§ 40 © a S o 2 --&sa ■■ © © ® R 0 ��_ 4 �&k I §2I§2 _� k § ■� �� ® - 44 ■� ■ _ 40 - s©- ■ & ©m@ __ 2a§�� in ■ - ■R ■ ■© K2§ § §-2$ & 22 �� --® ® ®� ®I o»■ tM. � ■[ - 2 _ © - to ■ o§k § �$■a§ ■ ® � ~ &�§ 2 �»■■§ ■at © a-, 7 ■®--_ 2 §2 2 �§ _ ■� 2 f _ ___ ■ ��� § _ ■&q�k __� _ ■ a ■■ __ ■� ~ 4 ��� � X22 0 X��� KK _-$a� ® § K 602 ■■ ■ § f - 7■© © ■ ■2■2■ © m a �- OF,W,C-4_a k�� § __R__ k�I §§ - ■■ � 40 2 ■■ # $ - so iA -a■�■ ■ a Is��� � ■__�� � ■ ■ a vi" §§§ & §2k§2 b §K � --- - �q � ■■ ■ § f 2Cl) § � �� � $� $k� � §§ & �� §2212 § - � ■ ■ � f to z � § a 2 § o � §�ul # Q� 2 � ■ � §� § � � § © § A o � � O _ � I @ U)2 � $ _ 2 w � w � �� k ���k § � � 0 LL a Lu CL § � _ � � k a � � � 2§% �% � _ B§��� \� /\% �\ �333� � U$ » wI_ �e�w« 22� � _ �§}20� k§k�k s�� �§� § 108 r- 120 'Con 40O N O A pp C O W O ~ r r fa A — O N C SC�OMM O N CND A app A1GY Ifp� x ell N al p� A �� �� N �y N N YWf N N C4 7l NN NN N �NCND to m r C in D W O N r r r CONV OQ v+ N W CLCD 9 AA ' W s W R 4 Y 1 11♦♦[[FpN fm W NCD NOA Nim N N NNCD ,CNV N No n In O N 01f)WON ga1lf Cp r O rr A � �D As Dnp a 8 pA CDa N v- N as N N N N N N N N N N AAA CD M N YN OCDNh 3 M I CO COp cN r MOr b pp LL� W WCM N �CD a0 N N N NN � C+f N l�f NN NNN N r N N 4R N N Cypp�� O le m �b� W O off N �01N A�r Ol A AO tfMN�h tCppAA M N oW1 N CAVA »NN N NN N /7 Pf r N Nlp N N N N N N N O N� cq C14 p sNppy N C0 3 ppp pt ��yy ci app�pp 4i� p4a1� f0 r.NN C�D Cy C9NN�ICNf N NN N N N N N m N cm O 040 ONS WC�DA N m' N A M CMV ap b N A W to 2 T O A r N N N N N N N M M W N N N N to N �oj W W N p0� N W~ p ~ Oo h C�rp� elf A M C%i r Ob r qmp WA A O N r N h N NNN N M ' NIn M N N 4040 N N i W O -i W CL H J W V = O C za Vti a _ p 0 LU w H cr z W W N N H m z p z (0 UJ W p us 0 Wa 06 < U) v, dz cowo E LU Z2LU F- z 2 t p pyajNW1<-< Z� LL _1 6 C _JO i � W {yWY/a<Z<W X y V K W C a F- W is w 0lu10 ~ <<O LL ViM Q OU OYW�WF <FHW <tsu.ZF- LU O�< zwg ��< W O O t LL N If3 p o Seo F�f' woo Ngo 109 9 C 0 LD o � o a � n 0 N n cm � cm CL .52 g a e a HI Al ��E� �� a �� � � Its 29� y 8s� ISO 1.9 SR cb v Sam yap O O M M O$ R� O C 10 �•IMyr o ~ N AS a O E $ g »�a o ox CL y� $_ CL g� $.. g� a$C' �� .gas 3 40$ ACL 40S. q C�eVq CLI 4-0 sN �s ��g� {?����4o is go"�4o� £o�$a �0�25���•� N g3E; g3E';S3E»; 6 raGN�V n� �U ».E �Q E M p A IE a o e ti X0$.!4 � � ��= �E$.�3J Ie1.!A U3 �o�r►gr►N.i� �$$A •'SNS/�f �"SNSi'l;}�SNSSSIl}.=NS=1+fLL�NSSSSti'I+I�LL�LLe�IV 110 Appendix C -2 Detailed Forecast And Cash Flow Statements: URA► with Yellow Zone Using 4.37% Base Growth Rate 111 N§§ §§ §$$ § §§ ■k § �E §& §E &Vb g -■ ■■ ■■ a I kk k§�§§ § §� ■2§ ��III k 4 $ §B __® - 4*k� _ to 40 4* ® _ ■�� � s C Q _ ■§it■m _'m K o ® $� 2 _ coo V13 kI� �� a ^■aa2 ago- _ Ra m _ § ■� WI, § ■■ ■ ■- ■ _ §�� -~8 k ■ -�� § a as -4 ��k k �§aIq_ �2§E§ �� R2 ¢ IRC4 §% »40 § ■» ■ § 40 c a kk a ■ate $ K§ §§§ -� 22 22 �K��� I"-- C14- § 29 Cl 40 - G aq -- - 21� 2a 22 « a �s $ 2 §§2 § § o ® ©© a■ _ ma _ Co s_9 # _� ■� & -�® ® 22 __ R k M � �� � � 2 �� �� � ■§ #I §; _k _I� _ ■_■ $_& _§ » ■ -■ � } 2 k§ k §§§ § § 2 § 2x §k m �2 _ ■ $2§ _ ■ ■ ■ � B k $ § § § § § § S a § s @ �k k k � o Z ■ k, B � O P: lu 9L ■ LU LLI LU z # LU ■ w Lu § z UA kZ � 2 ® U § w §��uj UJ U) § w k « L2 �� m & 0 W LL. �Ul §oke � a: �- «§ &����� -4§U� §D SI- 123 1? �§g�OU Ig§° w U■ X§a■oow ■00422 01�° l" § 112 a 10010 mOf11��� W N O O N el W N O Q9 N l7 0 Most t N Wp a al W l r a O N � N N N i N r0 N ��yy 1[i M N N N N r O aD(O A �� 2 N NA R s ♦ d NA On YW9 pp/0 N� N N M l7 qp N N G N ' N n M r W A f p N �O l_0 O! ��MSiO CIO N1240 e pp ob b blit M {Ay� N NN N M q N ~ N N N N Nap O Oar r'Nf+f � p 1pp1�� M N �= o a �y aD� M A� O 10 at 1ff N N M NNN M N N N N cs N N Npp pp A �pp {� 1 p 0 A Q O N A W MCI, M A m AAbb� 1o+f ffflfp0000 t0 llll�+++ffff In Wp O1ff Wp � �NAy blfpp Rj N N M NN Ny N f+f -: O N N M N 1[f IZ O N N O f0 mW O O n cc Mf l�f M W ,r 4• n N 10 N N �dN N m N A(O W/7m P1 Nj O p CD AW NM M 40b 40 M 1• �Oy ~� aA0 N MN N r NN�N O C4 �Wpp ap �O WNmIpA Nm W 0� (pN co ppW1� �3�" m NNN' N �b 1pp� W 9' M N N M N M N ID O N N N �p O N N 10 N w94 1pW0 {7 1pW} l7 m M r r r M M N W (� J J W Z = ~ �� O Z `u O W H o x W U W Z OLU Z4 N w LU W wW z z W w Z a Vr Z wWz W F z z a m LU LLL a �. W < LU OYW p' W LLN W V H-< <O�< F-��t ` L. 0 Q U3 tia F-oa_00 L E<.SLL 0 <Z�O Wr- �a z woo �- u.S�riI Ow�f- 113 N NDN In Na C, ANhO� A O N W W NYi W q n pp�cm l+f vi MNMN N lel r N N O i�00f ID N m A A COM44 W ODA NN V O O N W W 4 W7 �A C* N Np pO M {{�� A NNNM ��pp {pp ep N ,� N♦ N M M N N N N PN - vi P9 40 N W) el oaI�non� N �� N mIh hN�NpOppp Wp� O Qp�� LL! tip N " NN N N 4 N N P1 {n N l+f N N M N N N r r N Q�y�p' p N b N N N N N M r N IA In N Pi N Pf en 1; N C4 N N N N N N M N N O M O W X N N IIfNN�IA RR� {{��� {OWE► N 1fpW� 11 W {y N N lrl N M M N M N M N W N 100 N C3, m�-m Nfm cm N �W N mW O N r O r aD IN+fNN O O ' P1 INA f0 NP!inis yop1nb O pA M N N N N N N M M N A N� In w P M o�^ •� "• 14 to N Oi W t0Inn0 O cmm N N /D M M M In N N N Ih 1n+1_ r r N W N W A N M N N N r m N N W N W pp Wp� IO Wp� CD I i W N Nmpp N N N N M N N IZ M M O N N W < ~ H ~ Z O =a �o z U W W ui 3 a Z < LU LU Q. � N I w X W y~ W Z IL, W _ O Z ~ w a w w 6 ~ i OJ W Z x W h W < D W W z� z za a m z A LL. W WZo WW ui V CO O YZW F LLfnUFW--< 1�-0 W�Za O Q U3 ly,l�_-<~F=-W M UJ ►<-�ILLi.Z� <07< UZR'H F-��< m W z �c�a?oo ca �Su~i - cv~i�� 114 0 N 3 O � v E • N b n b $ ro p�.ra� Sp o ado o �; s$ r •p a cm $po�w o25N ._ $t 2S r► $ n �O1Na a 9n3p/0 0 o g N $ r g tigj AR El $ i'6 LD ps 40 gg� r► as N. pSn SvSp »g;n figs. sa HIM:SIfl oI $1.20$�BB.sa44.s ara40 .:e8 cppp�o�p$$,�pp'$S�pno$p���a�tt�$QQQ�o;EZSnoo�;�;� .�.g .S4��} C i� �� �O N ■ O /0 $Ns��N iL�=NY' Vf LL�+rNw V: LL Ci N rr� C4gw LL � cm w V) LLr NVf U. U. cj 115 Appendix D Technical Notes 1. The data set is brought over in six data files. Pink West, Pink East, Green North, Green South, Blue, Orange and Yellow. The maps in appendix A provide the boundaries for each of these data sets. 2. 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. 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 urbpoly sheet to see that the color lines match the actual number of rows 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. 116 Exhibit 4 SUMMARY OF ORDINANCE NO. a2 - g?8 7 ZAWork\MWcrldian\Mcrldian 15360M1Ordinances City Ha1fl2002 ORDWrdinancc MDC Rcvit Plan 101102.rtf ORDINANCE -13 MDC REVIT PLAN ORDINANCE 117 WHITE PETERSON December 2, 2002 William G. Berg, Jr. City of Meridian 33 E. Idaho Meridian, Idaho 83642 REcE PEED DEC - 32002 CyC k'i 0 ce Re: Ordinance No. 02-______, (Revitalization Plan Ordinance for the City of Meridian) Summary of Publication Dear Will: Pursuant to the direction of the Meridian City Council, this office has prepared a summarization of the ordinance providing for a Revitalization Plan Ordinance for the City of Meridian, pursuant to the City's action. I do hereby advise the City, and make this statement, that said summary is true and complete and provides adequate notice to the public of the provisions of said ordinance. You are hereby directed to file this statement with the ordinance, pursuant to the provisions of Idaho Code § 50-901(A). Very truly yo Wm. F. Nchols Enclosure Z:\W(I&WMari&=\Maidiao 15360M0rdio == City Htd112002 0RD0ar88UM0 dfOrR6W l=ord120202LTRdoc WHITE, PETERSON, MORROW, GIGRAY, ROSSMAN, NYE & ROSSMAN, P.A. YJM E. D X PEW A. ftnu aON Awomm AT LAw NADA OFFICE AREKLENFt CMM WK F. GIMAY.11 EWA S.PIRM BMC S. ROSSUN 830 N. MAIN STREET, SWE 200 SML FAANMMRD.. Sutra 200 T. GW HAUAM' D. SAMtm7owaoN TODD A ROMAN DAVID LE SwAAMM POW OFFEE Box 1150 NADA. IDAHO 236334WM WAAMM A Maanow PAMMA L TAu.Ow MHIDXA`b IDAHO 83680-1150 TEL (208)4664YI2 WwAM F. Nt WWO 11 e & VAsm" FAX(208)4M4405 Qvi"VIREWS.NVE NtcHMA3 L. WOuZN TSL (208) 288-2499 FAX (208) 288-2501 PLEASE RsPLY TO 'Also admimed is OR MERIDIAN OFFES "Also admitted m WA December 2, 2002 William G. Berg, Jr. City of Meridian 33 E. Idaho Meridian, Idaho 83642 REcE PEED DEC - 32002 CyC k'i 0 ce Re: Ordinance No. 02-______, (Revitalization Plan Ordinance for the City of Meridian) Summary of Publication Dear Will: Pursuant to the direction of the Meridian City Council, this office has prepared a summarization of the ordinance providing for a Revitalization Plan Ordinance for the City of Meridian, pursuant to the City's action. I do hereby advise the City, and make this statement, that said summary is true and complete and provides adequate notice to the public of the provisions of said ordinance. You are hereby directed to file this statement with the ordinance, pursuant to the provisions of Idaho Code § 50-901(A). Very truly yo Wm. F. Nchols Enclosure Z:\W(I&WMari&=\Maidiao 15360M0rdio == City Htd112002 0RD0ar88UM0 dfOrR6W l=ord120202LTRdoc 118 Exhibit 4 CITY OF MERIDIAN SUMMARY OF ORDINANCE NO. 02- —'?6 7 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF MERIDIAN, IDAHO, APPROVING THE MERIDIAN REVITALIZATION PLAN, WHICH PLAN INCLUDES REVENUE ALLOCATION FINANCING PROVISIONS; AUTHORIZING THE CITY CLERK TO TRANSMIT A COPY OF THIS ORDINANCE AND OTHER REQUIRED INFORMATION TO COUNTY AND STATE OFFICIALS; APPROVING THE SUMMARY OF THE ORDINANCE; AND PROVIDING AN EFFECTIVE DATE. BE IT ORDAINED BY THE MAYOR AND COUNCIL OF THE CITY OF MERIDIAN: SECTION 1: It is hereby found and determined that: (a) The Project Area as defined in the Meridian Revitalization Plan is a deteriorated or a deteriorating area as defined in the Law and the Act and qualifies as an eligible urban renewal area under the Law and Act. (b) The rehabilitation, conservation, and redevelopment of the urban renewal area pursuant to the Meridian Revitalization Plan is necessary in the interests of public health, safety, and welfare of the residents of the City of Meridian. (c) There continues to be a need for the Meridian Development Corporation ("MDC") to function in the City of Meridian. (d) The Meridian Revitalization Plan conforms to the Comprehensive Plan of the City of Meridian. (e) The Meridian Revitalization Plan gives due consideration to the provision of adequate park and recreation areas, and facilities, that may be desirable for neighborhood improvement (recognizing the primary commercial component of the Meridian Revitalization Plan, the need for overall public improvements, and the proposed public open space), and shows consideration for the health, safety, and welfare of any residents or businesses in the general vicinity of the urban renewal area covered by the Meridian Revitalization Plan. SUMMARY OF ORDINANCE MDC REVIT PLAN - 1 11 (f) The Meridian Revitalization Plan affords maximum opportunity consistent with the sound needs of the City as a whole for the rehabilitation and redevelopment of the urban renewal area by private enterprises. (g) The Meridian Revitalization Plan provides a feasible method for relocation of any displaced families residing within the urban renewal area. (h) The base assessment roll of the Meridian Revitalization area, does not exceed ten percent (10%) of the assessed value of the City of Meridian. SECTION 2: The City Council finds that the Project Area and Revenue Allocation Area do not consist of predominately open land, that the MDC does not intend to acquire any open land on any widespread basis, and that the Project Area is planned to be redeveloped in a manner that will include both residential and nonresidential uses. Provided, however, the City Council finds that if portions of the Project Area and Revenue Allocation Area are deemed "open land," the criteria set forth in the Law and Act have been met. SECTION 3: The City Council finds that one of the Meridian Revitalization Plan objectives to increase the residential opportunity to include affordable housing does meet the sound needs of the City and will provide housing opportunity in an area that does not now contain such opportunity, and the portion of the Project Area which is identified for nonresidential uses is necessary and appropriate to facilitate the proper growth and development standards in accordance with the objectives of the Meridian Comprehensive Plan to overcome economic disuse, the need for improved traffic patterns, and the need for the correlation of this area with other areas of the City. SECTION 4: The Meridian Revitalization Plan is attached hereto as Exhibit 3 and is made a part hereof, and the same is hereby approved. The City Clerk and/or the MDC may make certain technical corrections or revisions in keeping with the information and testimony presented at the October 8, 2002, hearing. SECTION 5: The City Council declares that nothing within the Meridian Revitalization Plan is intended or shall be interpreted to usurp the jurisdiction and authority of ACHD as defined in Chapter 14, Title 40, Idaho Code. Further, pursuant to Section 40-1415, Idaho Code, ACHD has authority over the planning, location, design, construction, reconstruction, and maintenance of the City rights-of-way and accompanying curbs, gutters, culverts, sidewalks, paved medians, bulkheads, and retaining walls. In the planning process, ACHD shall take into consideration the planning principles contained in the Meridian Revitalization Plan. SECTION 6: No direct or collateral action attacking the Meridian Revitalization Plan shall be brought prior to the effective date of this Ordinance or after the elapse of thirty (30) days from and after the effective date of this Ordinance adopting the Meridian Revitalization Plan. SUMMARY OF ORDINANCE MDC REVIT PLAN -2 1201 SECTION 7: Upon the effective date of this Ordinance, the City Clerk is authorized and directed to transmit to the County Auditor and Tax Assessor of Ada County and to the appropriate officials of Ada County Highway District (ACRD), Joint meridian School District No. 2, Ada County, Emergency Medical Services, and the State Tax Commission a copy of this Ordinance, a copy of the legal description of the boundaries of the Revenue Allocation Area, and a map or plat indicating the boundaries of the Revenue Allocation Area. SECTION 8: The City Council hereby finds and declares that the Revenue Allocation Area as defined in the Meridian Revitalization Plan includes that portion of the urban renewal area (defined as the Project Area in the Meridian Revitalization Plan), the equalized assessed valuation of which the Council hereby determines is in and is part of the Meridian Revitalization Plan is likely to continue to increase as a result of the initiation and completion of urban renewal projects pursuant to the Meridian Revitalization Plan. SECTION 9: The City Council hereby approves and adopts the following statement policy relating to the appointment of City Council members as members of the MDC's Board of Commissioners: If any City Council members are appointed to the Board, they are not acting in an ex officio capacity but, rather, as private citizens who, although they are also members of the City Council, are exercising their independent judgment as private citizens when they sit on the Board. Except for the powers to appoint and terminate Board members and to adopt the Meridian Revitalization Plan, the City Council recognizes that it has no power to control the powers or operations of the MDC. SECTION 10: That for any property outside the municipal boundaries of the City of Meridian, an agreement on the administration of the revenue allocation financing provision shall be negotiated with Ada County and formalized by a transfer of power ordinance for this Ordinance to be effective against that property. SECTION 11: This Ordinance shall be in full force and effect immediately upon its passage, approval, and publication and shall be retroactive to January 1, 2002, to the extent permitted by the Act. SECTION 12: The provisions of this Ordinance are severable, and if any provision of this Ordinance or the application of such provision to any person or circumstance is declared invalid for any reason, such declaration shall not affect the validity of remaining portions of this Ordinance. SECTION 13: One-half, plus one of the City Council members finding good cause, the City Council hereby dispenses with the rule that this Ordinance be read on three different days, two readings of which shall be in full, and have hereby adopted this Ordinance, having considered it at one reading. SUMMARY OF ORDINANCE MDC REVIT PLAN -3 121 SECTION 14: The Summary of this Ordinance, a copy of which is attached hereto as Exhibit 4, is hereby approved. SECTION 15: All ordinances, resolutions, orders or parts thereof in conflict herewith are hereby repealed, rescinded and annulled/ SECTION 16: SAVINGS CLAUSES: This ordinance does not affect an action or proceeding commenced or right accrued before this ordinance takes effect. PASSED by the City Council of the City of Meridian, Idaho, on this 9 qday of 9r4eher, 2002. b ec e,x b e r &ee n,.2002. by the Mayor of the City of Meridian, Idaho, on this �rd,. f-9 2002. day oetaber, EXHIBITS TO THE ORDINANCE Exhibit 1 Recommendation Finding Meridian Revitalization Plan in Conformity With Comprehensive Plan Exhibit 2 Notice Published in The Valley Times Exhibit 3 Meridian Revitalization Plan Exhibit 4 Ordinance Summary SUMMARY OF PLAN The Meridian Revitalization Plan was prepared by the urban renewal agency of the City of Meridian, the Meridian Development corporation ("MDC") pursuant to the State of Idaho Urban Renewal Law, the Local Economic Development Act, the Idaho Constitution, and all applicable laws and ordinances and was approved by the MDC. The Meridian Revitalization Plan provides for the MDC to undertake urban renewal projects pursuant to the Idaho Urban Renewal Law of 1965 as amended. The Meridian Revitalization Plan contains a revenue allocation financing provision pursuant to the Local Economic Development Act, Chapter 29, Title 50, Idaho Code, that will cause property taxes resulting from any increases in equalized assessed valuation in excess of the equalized assessed valuation as shown on the original base assessment roll as of January 1, 2002, to be allocated to the MDC for the urban renewal purposes. The general scope and objectives of the Meridian Revitalization Plan are: SUMMARY OF ORDINANCE MDC REVIT PLAN -4 1221 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, unsanitary, 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 ownership and control of the MDC; 5. The provision for relocation assistance 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 coufiguration, if needed to encourage new developments of fiber optic systems, parking facilities, and other public improvements, including, but not limited to, irrigation and drainage laterals and ditches, storm drain systems, walkways, public civic center, and improvements to railroad tracks and property; 7. The disposition of property for uses in accordance with this Plan; 8. The redevelopment of land by private enterprise or public agencies for uses in accordance with this Plan; 9. The rehabilitation of structures and improvements by present owners, their successors, and the MDC; 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 SUMMARY OF ORDINANCE MDC REVIT PLAN -5 123 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. Any such land uses as described in the Meridian Revitalization Plan will be in conformance with the Comprehensive Plan of Meridian, Idaho. Land made available will be developed by private enterprises or public agencies as authorized by law. The Meridian Revitalization Plan identifies various public and private improvements which may be made within the Urban Renewal Area. The Project Area boundaries and Map herein referred to are as follows: An area of 666.18 acres with boundaries of the I-84 freeway on the south, Cherry Lane/Fairview on the north, 4th Street on the west, and Five Mile Creek on the east. Said tract being more particularly described by record information as follows: PROJECT AREA AND REVENUE ALLOCATION BOUNDARY OF THE MERIDIAN URBAN RENEWAL PROJECT MERIDIAN, IDAHO A tract of land consisting of approximately 665 acres being portions of Sections 7 and 18 of Township 3 North, Range 1 East and portions of Sections 12 and 13 of Township 3 North, Range 1 West, Boise Meridian, City of Meridian, Ada County, Idaho. Said tract being more particularly described as follows: Commencing at the Section Corner common to Sections 12 and 13 of Township 3 North, Range 1 West and Sections 7 and 18 of Township 3 North, Range 1 East of the Boise Meridian, thence along the section line common to said Sections 12 and 13, being the centerline of Franklin Road North 89032'43" West 1328.12 feet to the East 1/161' Corner on said section line, said comer being the POINT OF BEGINNING; thence leaving said section line North 00041'03" East 1622.42 feet along the west boundary and its northerly extension of Taylor Subdivision, Book 11 at Page 637, Ada County records to the north right-of-way line of the Union Pacific Railroad; thence South 88043'21" East 55.72 feet along said north right-of-way; thence leaving said right-of-way North 00045'49" East 74.97 feet along the southerly extension of the centerline of West 4t' Street; thence SUMMARY OF ORDINANCE MDC REVIT PLAN -6 1241 North 88°43'54" West 67.77 feet; thence continuing on a line tracing the westerly property lines of the parcels which are adjacent to the west right-of-way line of said West 4a' Street the following courses: North 00035'17" East 267.95 feet to the south right-of-way line of West Broadway Avenue; thence North 21017'16" West 64.73 feet to the north right-of-way line of West Broadway Avenue; thence North 00°31' 10" East 137.88 feet; thence North 89'28'10" West 13.50 feet; thence North 00°43'43" East 137.64 feet to the south right-of-way line of West Idaho Avenue; thence North 05°56'27" West 60.39 feet to the north right-of-way line of West Idaho Avenue; thence North 00042'58" East 120.01 feet; thence North 89"12'15" West 4.50 feet; thence North 00°41'42" East 144.26 feet to the south right-of-way line of West Pine Avenue; thence North 09°12'40" West 60.91 feet to the north right-of-way line of West Pine Avenue; thence North 01°11'23" East 301.00 feet; thence North 89°09'24" West 25.41 feet; thence North 00014'20" East 228.60 feet; thence North 89°29'47" East 16.70 feet; thence North 01 ° 15' 34" East 89.92 feet to the south right-of-way line of West Carlton Avenue; thence North 11'03'17" West 42.90 feet to the north right-of-way line of West Carlton Avenue; thence North 00°26'51" East 64.39 feet; thence North 88012'50" West 1.00 feet; thence North 31007'55" West 65.88 feet; thence South 89033'l 1 " East 35.50 feet; thence North 00°26'51" East 135.47 feet to the south right-of-way line of West Washington Street; thence North 0094' 19" East 60.00 feet to the north right-of-way line of West Washington Street; thence North 00035'49" East 72.00 feet to the northwest corner of Lot 4 of the City of Meridian Park View of Addition, Book 12 of Plats at Page 663, Ada County records; thence along the north line said Lot 4 and its easterly extension South 89°25'55" East 149.85 feet to the centerline of said West 4a` Street; thence North 00°25'30" East 1571.65 feet to the north line of said Section 12, said north line being the centerline of Cherry Lane; thence along said north line South 89°26'30" East 1263.31 feet to Northeast corner of said Section 12 at the intersection of said Cherry lane with Fairview Avenue (US Highway 30) and Meridian Road; thence North 88034'34" East 1773.74 feet along the north line of said Section 7 said north line being SUMMARY OF ORDINANCE MDC REVIT PLAN -7 125 within the right-of-way of said Fairview Avenue (US Highway 30); thence leaving said north line of Section 7 South 00030'10" West 959.19 feet along the east boundary of a parcel of land designated by Ada County Tax Parcel #S 1107212705 to the north right-of-way line of East Badley Avenue; thence along said north right-of-way line North 89°46'56" West 101.40 feet; thence leaving said north right-of-way line of East Badley Avenue South 00033'20" West 761.53 feet along the centerline of East 4t' Street (unopened right-of-way) to the intersection with the centerline of East Washington Avenue; thence North 89°36' 10" East 580.24 feet along said centerline of East Washington Avenue to the west boundary of Sterling Creek Subdivision, Book 77 of Plats at Pages 8100-8101, Ada County records; thence tracing said Sterling Creek Subdivision boundary the four (4) courses South 00035'53" West 276.09 feet; thence South 89020'48" East 150.00 feet; thence North 00035'53" East 272.64 feet returning to said centerline of East Washington Avenue; thence along said centerline North 89°34'56" East 226.36 feet to the west boundary of Danbury Fair Subdivision No. 5, Book 70 of Plats at Pages 7224-7225, Ada County records; thence along said west boundary of Danbury Fair Subdivision No. 5 the following four courses: South 33°13'49" West 183.42 feet; thence South 04°06'26" West 354.61 feet; thence South 37°55'28" East 145.72 feet; thence South 38°43'05" East 457.95 feet along the southwest boundary line of said Danbury Fair Pine Subdivision No.5 and it southeasterly extension to the south right-of-way line of East Avenue; thence along said south right-of-way line South 89°34'38" West 152.89 feet to the northwest corner of Oliason Park Subdivision, Book 80 of Plats at Pages 8659 and 8660, Ada County records; thence along the east boundary line of said Oliason Park Subdivision South 00°34'41" West 373.46 feet to the centerline of East Idaho Avenue; thence along said centerline of East Idaho Avenue North 89°25'46" West 333.50 feet to the north -south centerline of said Section 7; thence leaving said centerline of East Idaho Avenue South 00035'48" West 329.50 feet along said north -south centerline of Section 7 to the north line of a parcel of land designated by Ada County Tax Parcel #O 1107325600 (being a railroad right-of-way parcel); thence tracing said parcel clockwise South 88046'23" East 235.20 feet; thence SUMMARY OF ORDINANCE MDC REVIT PLAN -8 12 South 00°35' 18" West 410.00 feet; thence North 88032'20" West 235.20 feet; thence leaving the south line of said railroad parcel South 00°41'03" West 407.79 feet crossing the Union Pacific Railroad right-of-way and Bown's line Railroad Addition, Book 4 at Page 165, Ada County records to the south right-of-way of East Bower Street; thence along said south right-of-way line of East Bower Street North 89032'46" West 9.27 feet; thence continuing along said south right-of-way line Along a curve to the right 77.72 feet, said curve having a radius of 55.00 feet, a delta angle of 80057'36" and a chord bearing and distance North 89°32'46" West 71.41 feet; thence continuing along said south right-of-way line North 89032'46" West 597.38 feet; thence leaving said right-of-way South 00°18'57" West 85.25 feet along the line common to Bown's Second Addition, Book 5 at Page 216 and Meridian Business Park, Book 70 at Pages 7158-7159, Ada County records; thence continuing along said common line South 00°31'11" West 1031.39 feet to the section line common to said Sections 7 and 18, said section line also being the centerline of Franklin Road; thence South 89°19'06" West 630.69 feet along said section line; thence leaving said section line South 00°31' 16" West 282.35 feet along the west boundary of Honor Park Subdivision No. 3, Book 78 of Plats at Pages 8191-8192, Ada County Records; thence continuing along the boundary of said Honor Park Subdivision No. 3 North 89030'36" East 622.00 feet; thence South 00043'59" West 1048.33 feet to the north boundary line of Honor Park Subdivision No. 2, of Book 68 at Pages 6959-6960, Ada County records; thence along said north boundary line Honor Park No. 2 and the north boundary of Lots 4 and 2, Block 2 of Honor Park Subdivision No. 1, Book 65 of Plats at pages 6652-6653, Ada County records South 89°31'26" West 858.88 feet to the northwest corner of said Lot 2; thence along the west line of said Lot 2 South 00041'30" West 164.14 feet to the north right-of-way line of East Waterhouse Lane; thence along said north right-of-way line South 89032'37" West 105.09 feet; thence leaving said north right-of-way line South 00027'l 6" East 243.03 feet crossing said East Waterhouse Lane and following the line common to Lot 1 and Lot 2, Block 1 of said Honor Park No. l to the north line of Central Valley Corporate Park No. 1, Book 57 at Pages 5332-5333, Ada County Records; thence South 89°32'40" West 70.76 feet along said north line of Central Valley Corporate Park No. 1 to said the northeast corner of Lot 1, Block I of said subdivision; thence along the east line of SUMMARY OF ORDINANCE MDC REVIT PLAN -9 1271 Lot 1 and its southerly extension South 00029'44" East 320.73 feet to the centerline of East Corporate Drive; thence along said centerline of East Corporate Drive South 70011'43" East 116.89 feet to the centerline intersection with East Progress Avenue; thence following the centerline of East Progress Avenue the following courses: South 20102'10" West 162.62 feet; thence Along a curve to the right 15.07 feet, said curve having a radius of 100.00 feet, a delta of 8°38'05" and a chord bearing and distance of South 24°21' 12" West 15.06 feet; thence South 28027'06" West 722.57 feet; thence Along a curve to the left 92.39 feet, said curve having a radius of 200.00 feet, a delta of 26°28'04" and a chord bearing and distance of South 15013'04" West 91.57 feet; thence South 01°52'39" West 171.22 feet; thence Along a curve to the left 132.89 feet, said curve having a radius of 270.00 feet, a delta of 28°12'01" and a chord bearing and distance of South 12'07'10" East 131.55 feet; thence South 26'13'11 " East 48.68 feet; thence Along a curve to the right 57.26 feet, said curve having a radius of 330.00 feet, a delta of 9°56'32" and a chord bearing and distance of South 21 ° 14' 55" East 57.19 feet; thence leaving said centerline of South Progress Avenue South 29007'22" West 86.63 feet along the northwesterly line and its northeasterly extension of Lot 10, Block 4 of Central Valley Corporate Park No. 6, Book 76 of Plats at Pages Lot 7960-7964, Ada County records; thence continuing along the westerly boundary of said South 30°06'40" West 179.76 feet; thence continuing long said westerly boundary of said Lot 10 and its southerly extension through Lot 11 of said Block 4 South 06°40' 11" West 150.09 feet to the northerly right-of-way of Interstate Highway 84; thence along said northerly right-of-way North 63°45'17" West 107.10 feet; thence North 68°59'20" West 80.00 feet; thence leaving said northerly right-of-way North 87048'00" West 146.72 feet to a point on the section line common to said Sections 18 and 13; thence continuing North 87°48'00" West 70.21 feet to a point on said northerly right-of-way line of Interstate Highway 84; thence along said northerly right-of-way the following courses: South 71°00'08" West 402.38 feet; thence South 74°38'59" West 471.23 feet; thence South 83021'56" West 332.84 feet; thence North 89029'55" West 1400.79 feet; thence leaving said northerly right-of-way SUMMARY OF ORDINANCE MDC REVIT PLAN - 10 128 North 00130'34" East 1050.00 feet along the north -south centerline of said Section 13; thence leaving said north -south centerline and following the east boundary of The Landing No. Subdivisions No. 9, Book 74 of Plats at Pages 7658-7659 and The Landing Subdivision 8, Book 70 of Plats at Pages 7230-7231 the following courses: North 89°19'42" West 200.00 feet; thence North 00°26'52" East 275.00 feet; thence South 89029'22" East 200.00 feet; thence North 00°35'24" East 83 7. 18 feet; thence leaving said east boundary of The Landing Subdivision No. 8 and following the southerly boundary of Franklin Square Subdivision, Book 44 of Plats at Pages 3587-3588, Ada County records South 61°20'43" East 373.07 feet; thence South 89°28'20" East 332.51 feet; thence North 00°27'35" East 107.48 feet along the east line of said Franklin Square Subdivision to the southwest comer of Troutner Park Subdivision, Book 75 of Plats at Pages 7762-7764; thence along the southerly and easterly boundary of said Troutner Park Subdivision the following courses: South 85°13'34" East 147.44 feet; thence North 80022'14" East 523.38 feet; thence North 00°42'41" East 142.03 feet; thence South 89°40'42" East 790.29 feet; thence North 00050'22" East 329.04 feet; thence North 89°26'21" West 128.88 feet; thence North 00°38'21" East 663.30 feet; thence North 89°31'58" West 663.22 feet; thence North 00°42'23" East 349.90 feet; thence leaving said east boundary of Troutner Park Subdivision North 00042'23" East 313.66 feet to the POINT OF BEGINNING. Sections 300 through 313 discuss the proposed redevelopment actions, participation opportunities and agreements, cooperation with public bodies, property acquisition standards and requirements, relocation, demolition, and property disposition. Sections 402 through 404 discuss the type of land uses authorized in the Project Area and list other controls by referencing the applicable City ordinances. Section 405 describes design guidelines for development. The Meridian Revitalization Plan also contains a major section on financing. Among other sources, the Meridian Revitalization Plan will utilize revenue allocation financing, authorized by Chapter 20, Title 50, Idaho Code. This statute was approved in 1988 by the Idaho SUMMARY OF ORDINANCE MDC REVIT PLAN - 11 129 Legislature. Section 504 and Attachment 5 discuss revenue allocation financing and show how such financing has worked and would work in the Project Area in the future if certain new private developments occur as estimated. Increases in assessed valuation of real and personal property in the Project Area that occur after January 1, 2002, will generate revenue for the MDC to pay project costs. Project costs include street improvements, parking facilities, and other public improvement costs. The assessed valuation of real and personal property on the base assessment roll is still available for use by the other taxing districts, City of Meridian, Ada County, Meridian Joint School District No. 2, Ada County Highway District, and Emergency Medical Services to finance their operations. The Meridian Revitalization Plan authorizes the MDC to sell revenue bonds to finance project costs and to use annual revenue allocations to pay the debt service. The program outlined in the Meridian Revitalization Plan emphasizes the installation of needed public improvements, street improvements, utility work, and other costs to encourage private development. Attachment 5 describes in detail the cost and financing methods for complete repayment of the debt incurred used to finance the Project and to also fund the additional described activities. No change in the land use designation or the potential uses in the area have been proposed. The Meridian Revitalization Plan follows the underlying zoning classifications of the City of Meridian. Proposals for certain zone changes are made in the Meridian Revitalization Plan. Sections 600 and 700 describe cooperative activities by the MDC with the City. The duration of the Meridian Revitalization Plan is for twenty-four (24) years. A termination process is described in Section 800 of the Plan. The MDC is required to prepare an annual report each year describing its activities during the previous year. ATTACHMENTS TO THE MERIDIAN REVITALIZATION PLAN Attachment 1 Description of Project Area and Revenue Allocation Area Boundary Attachment 2 Map of Project Area and Revenue Allocation Area Boundary Attachment 3 Private Properties Which May be Acquired by MDC SUMMARY OF ORDINANCE MDC REVIT PLAN -12 130 Attachment 4 Map Depicting Expected Land Uses and Current Zoning Within Revenue Allocation Area and Project Area Attachment 5 Economic Feasibility Study for Meridian Revitalization Area The full text of Ordinance OZ -q$ is available at the offices of the City Clerk located at Meridian City Hall, 33 East Idaho Avenue, Meridian, Idaho 83642. This summary is approved by the Me>�t�ian, Q11y Council at its meeting of 2002. �``� ,OV mc-&/ �? FO SEAL City of Meridian ? o� Mayor and City Council %�9� �' O ` By: William G. Berg, Jr., City Clerk T � First Reading: /2 - 3--0'Z- Adopted after first reading by suspension of thetkule as allowed pursuant to Idaho Code 50-902: YES_ NO Second Reading: — Third Reading: -- I, William F. Nichols, City Attorney for the City of Meridian, Idaho, declare that in my capacity as City Attorney of the City of Meridian, pursuant to Idaho Code Section 50-901A(3) of the Idaho Code as amended, and I hereby certify that I have reviewed a copy of the above Summary of Ordinance, have found the same to be true and complete, and provide adequate notice to the public of the contents, including the exhibits, of Ordinance No. Z -q9 . DATED this 3 — day of �ee se - ✓, 2002 ity ttomey, City of Meridian, I aho Z:\WorkMMeridianNeridian 15360M\Ordinancos City Hall\2002 ORDbrdinance MDC Revit Plan summarylo1102.rtf SUMMARY OF ORDINANCE MDC REVIT PLAN -13 ,r. -W1 -F. OF MAPO, COUNTY OF ADA, at. [. 1 i;r.v:.9 N,va:o. 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