Rexburg Urban Renewal Agency
Meeting Minutes – May 26, 2021
Rexburg, Idaho
Attendance
Members: Williams Riggins, Tisha Flora, Randall Porter, Doug Hancey, Doug Smith, via Zoom Robert Chambers, and Tracy Peterson
City: Scott Miller, Scott Johnson, Matt Neilson,
Visitors: Joe Allen, Jim Hirrlinger, and via Zoom Christian Anderson, Cameron Arial, Danielle Quade and Sephlin Hepworth
Administrative Support: Krisi Staten from ECIPDA
Welcome
Chairman William Riggins called the meeting to order.
Administrative Items
The April 21, 2021 meeting minutes were reviewed. A motion to approve the minutes was made by Doug Smith and a second by Tisha Flora. The motion was approved with all members saying “Aye.”
The invoices listed were motioned to approve and pay by Tisha Flora and a second by Randall Porter. The motion passed with all members saying “Aye.”
1. Boam & Associates: $650.00
One proposal for the URA Consultant was received. Christian Arial from Clear Water Financial introduced himself and gave a brief history of his firm and the current and past projects they are working on. They are currently working on similar projects in Boise and Lewiston. They see a strategic opportunity to work with the City and Developers and support the community. They have agreed on a reduced hourly rate for the agency. The first project they will undertake will be the market analysis of downtown and will negotiate a cost once the scope is defined. A motion to approve Clear Water Financial as the URA Consultant and to negotiate a market analysis agreement was made by Tisha Flora and a second by Tracy Peterson. The motion passed with all members saying “Aye.”
North Highway District:
The appraisal of the property at 7th North and Carlow Drive came back at $161,000, this is for the bare land assuming city services are available to the property. Scott Miller reviewed the spreadsheet showing the historical costs of the property along with future projected tax revenue with redevelopment. Joe Allen and Jim Hirrlinger proposed to build 4 buildings on the site with 4 units each. They will start the site plan approval process once a purchase price has been negotiated. The City will work to finalize development costs so that price can be negotiated. A motion to enter an exclusive negotiation process with Joe & Jim for 6 months was made by Doug Hancey and a second by Doug Smith. The motion passed with all members saying “Aye.”
Washington School District:
Bron Leatham called the City and stated that they cannot get their project to pencil out so they are backing out of the agreement at Horner’s corner. Once the consultant finishes the market analysis of downtown, which includes Horner’s corner, the board will then review Sephlin Hepworth’s proposal again.
Downtown District:
No discussion
University Boulevard District:
No discussion
North Interchange District:
Christian Anderson with Zions Public Finance discussed with the board the refinance of the bond with DL Evans bank. The current bond is at 3.32%, a variable rate, with 15 years remaining. The new terms proposed are 3.05% at a fixed rate for 15 years. Staying with DL Evans will reduce fees and removes the prepayment penalty and reduces the debt reserve. With the high concentration of commercial taxpayers in the district, Walmart contributes 95% of the current tax revenue, it makes the Bond undesirable in the market. The agency will save $60,000 by refinancing the bond at the new rate. Danielle Quade will work to amend the original documents and ensure that all IRS filings and such are taken care of. A motion to accept the DL Evans terms was made by Doug Hancey and a second by Doug Smith. The motion passed with all members saying “Aye.”
North Central District:
No discussion
General Discussion:
No discussion
Next Meeting Date and Adjournment
The next meeting will be held June 16, 2021 at 12:30pm.
A motion to adjourn the meeting was made by Tisha Flora and a second by Randal Porter. The motion passed with all members saying “Aye.”
Minutes prepared and submitted by Krisi Staten
Approved by: Board on ___________________________________________
X________________________________________________________________________
William Riggins, Chair