Idaho Falls Redevelopment Agency

IDAHO FALLS REDEVELOPMENT AGENC Y P.O. BOX 50220 IDAHO FALLS, ID 83405 May 16, 2024 Regular Meeting Minutes Council Chambers Call to Order: Lee Radford called the meeting to order at 12:00. Members Present: Lee Radford, Chris Pelkola Lee, Jon Walker, Brent Thompson, Chris Harvey Members Absent: Lisa Burtenshaw Terri Gazdik. Also Present: Ryan Armbruster, Esq. (via Teams); Cassie Auten, Catherine Smith, and interested citizens. 1. Modification to Agenda. None. 2. Approval of Minutes April 18, 2024. Armbruster had minor typos to correct. Thompson moved to accept the Minutes for April 18, 2024, Chris Pelkola Lee seconded the motion, and the motion passed unanimously. 3. Approval of Expenditures and Finance Report. Lee Radford presented the Finance Report dated May 16, 2024. In the River Commons Area: $100.00 to Rebecca Thompson for transcription of Minutes; 260.00 to Brad Cramer; $1,397.50 to Elam and Burke for legal services; $1,100.00 to City of Idaho Falls for administrative services. In Eagle Ridge Area: $260.00 to Brad Cramer with Perspective Planning and Consulting for Financial Feasibility Study; $1,021.00 to Elam and Burke for legal services; $200.00 to City of Idaho Falls for administrative services. In Jackson Hole Junction: $200.00 to the City of Idaho Falls for administrative services. Thompson moved to approve the Finance Report dated May 16, 2024, Walker seconded the motion and the motion passed unanimously. 4. Approval of Task Order #6 Authorizing Brad Cramer to Prepare an Economic Feasibility Study for the Snake River West Urban Renewal Plan. Radford recused himself on items #4 and #5. Sanner stated that this item is one that they didn’t have a quorum to approve, and it was to direct Brad Cramer to move forward. Thompson clarified that they are ratifying the same instrument. Thompson stated that a motion needs to be made to accept the contract with the consultant. Armbruster agreed that they need a motion to approve Cramer to move forward on Task Order #6. Chris Pelkola Lee moved to approve Task Order #6, Authorizing Brad Cramer to Prepare an Economic Feasibility Study for the Snake River West Urban Renewal Plan, Walker seconded the motion, and it passed unanimously. (Radford recused himself from the vote.) 5. Review of the Draft Economic Feasibility Study for the Snake River West Urban Renewal District. Radford recused himself on item #5. Thompson stated that there were two scenarios explored and one included a proposed apartment complex (Scenario 1); and (Scenario 2) had hypothetical motel that had been briefly discussed with no known numbers for the cost of development, and Cramer inserted the cost for My Space Hotel that was recently completed in the same area. Thompson stated that both scenarios indicate that the establishment of the District would be economically feasible. The one with the motel pays off faster with larger residual. Armbruster stated that this is an action item, and this document will not be assembled into the narrative of the Urban Renewal Plan and the plan will be brought back to the Board in a future date. Chris Pelkola Lee stated that it looks like 7.25 annualized return. Thompson stated that he is unsure what the number is, but as long as it is feasible and has some cushion, he’d be in favor of the plan moving forward. 6. Resolution Approving the Memorandum of Understanding with Willow Creek Park, LLC for the Proposed Willow Creek Park Urban Renewal Project Armbruster indicated that this Resolution would approve a MOU between the Agency and the development entity. It is the same model that has been used repeatedly in the past. The development entity is providing the advance funding of the cost to prepare the eligibility report and assuming there is approval, there would be a second advance fund to pay for the cost of preparing the Plan itself. Tyson Fitzgerald. Fitzgerald stated that they had presented a plan at last month’s meeting to develop 32 acres within a plan, developed with commercial frontage on Holmes and some multi- family mix of apartments, condominiums, townhomes. There will be connectivity. Radford suggested moving to the last page of the MOU to show the site. Radford showed the nature of the site as it exists now. Radford asked Fitzgerald to share the limitations on the property. Fitzgerald stated that this property is adjacent to the Boge project. Fitzgerald stated that Holmes is on the east of the property, Anderson on the south. They have basalt and other issues that make it difficult to make the project perform. There are utilities stubbed from every direction as well as connectivity points on Ronald and Gordon. The plan is to connect all the utilities and the public road right of way that would connect Ronald into Holmes. Radford asked if they have done test holes to see where the basalt is on the property. Fitzgerlad stated that they have done a couple hundred test holes, and they have a map showing the rock. The satellite view also shows where the basalt appears to be. Radford stated that the development proposal tries to balance the basalt and keep the footprint on what is easiest to deal with. Fitzgerald showed a map showing the property with Holmes on the east boundary and every time there is red or green it represents a hole that was drilled and anything that is 8’ or deeper is in green, and anything that is shallower is marked in red. There is a lot of fertile ground for them to develop. The City engineer would like them to provide road connectivity in the southwest. There is a road that comes into their site called Gordon and there is basalt down there and the utilities are in so they would like to carry those utilities into their property and then bring them south to connect into Anderson. Fitzgerald stated that marker #10 on the west side there is an additional road entry point there that they would carry through to Holmes. Willow Creek comes into the property and blocks the entry way to Holmes, so they will use a culvert to have a bridge go over the top to allow for entry into the development. There is 51 acres, and the District proposal will go further north and south. Fitzgerald suggested apartments to the south and townhomes and condominiums in the north and potentially industrial in the very high north portion of the property as well as commercial frontage along Holmes. Fitzgerald feels this is a great infill development opportunity. Thompson asked about a potential typo on the Minutes about commercial fronting “homes” and it should be Holmes. Fitzgerald agreed it should be Holmes. Fitzgerald stated that there is one home that has a commercial billboard in their driveway. Armbruster read the Resolution 2024-06 by Title: A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE URBAN RENEWAL AGENCY OF IDAHO FALLS, IDAHO D/B/A IDAHO FALLS REDEVELOPMENT AGENCY, APPROVING THAT CERTAIN MEMORANDUM OF UNDERSTANDING BETWEEN THE IDAHO FALLS REDEVELOPMENT AGENCY AND WILLOW CREEK PARK, LLC RELATED TO THE PROPOSED WILLOW CREEK PARK URBAN RENEWAL PROJECT; DIRECTING THE CHAIR OR VICE-CHAIR TO EXECUTE AND ATTEST SAID AGREEMENT; AUTHORIZING THE CHAIR OR VICE-CHAIR TO EXECUTE ALL NECESSARY DOCUMENTS REQUIRED TO IMPLEMENT THE AGREEMENT; AUTHORIZING ANY TECHNICAL CHANGES, SUBJECT TO CERTAIN CONDITIONS; AND PROVIDING AN EFFECTIVE DATE. Radford clarified that in the MOU, the developer puts $8,000 first for the eligibility report in two segments: one paid immediately ($4,000) and another $4,0000 when City Council acts on the eligibility report. Chris Pelkola Lee moved to approve the Resolution Approving the Memorandum of Understanding Between Idaho Falls Redevelopment Agency and Willow Creek Park, LLC., Thompson seconded the motion and the motion passed unanimously. 7. Identify Consultant to Prepare the Eligibility Report for the Proposed Willow Creek Urban Renewal Project. Sanner stated that they have used Magee or Cramer, and this will direct staff who to reach out to and get that moving forward for Willow Creek. Radford stated that he has given Cramer one task to summarize the River Commons and Ball Ventures project and what projects remain during its remaining life and deciding what to do with the rest of the funds. Chris Pelkola Lee asked if both Magee and Cramer cost the same. Sanner indicated that the costs are the same. Thompson suggested alternating between Magee and Cramer. Sanner stated that they reach out to Magee and Cramer and see if they are available, and they have been going with Cramer for the consultant, and they don’t have a preference or a system to rotate between the two. Radford stated that they should assign this one to Magee as this is close to properties that INL has interest in, and Cramer tries to stay away from those properties. Chris Pelkola Lee moved to authorize staff to reach out to Renee Magee to see if she is available to prepare the Eligibility Report and the rest of the activity required. Thompson seconded the motion, and it passed unanimously. 8. RAI and Legislative Update. The RAI Board is meeting today to establish a proposed budget for FY 2025 and to prepare for the annual meeting of the membership for next month. Radford has asked Chris Pelkola Lee to continue to follow up and be a point contact with RAI. Chris Pelkola Lee moved to adjourn the meeting, Thompson seconded the motion passed unanimously. Next Regular Meeting: June 20, 2024. Radford adjourned the meeting at 12:30 p.m. Respectfully Submitted: Beckie Thompson