In order to implement the provisions of this chapter, the urban renewal agency of the municipality shall prepare and adopt a plan for each revenue allocation area and submit the plan and recommendation for approval thereof to the local governing body. The plan shall include with specificity:
(1)  A statement describing the total assessed valuation of the base assessment roll of the revenue allocation area and the total assessed valuation of all taxable property within the municipality;

Terms Used In Idaho Code 50-2905

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • base assessment roll: means the equalized assessment rolls, for all classes of taxable property, on January 1 of the year in which the local governing body of an authorized municipality passes an ordinance adopting or modifying an urban renewal plan containing a revenue allocation financing provision, except that the base assessment roll shall be adjusted as follows: the equalized assessment valuation of the taxable property in a revenue allocation area as shown upon the base assessment roll shall be reduced by the amount by which the equalized assessed valuation as shown on the base assessment roll exceeds the current equalized assessed valuation of any taxable property located in the revenue allocation area and by the equalized assessed valuation of taxable property in such revenue allocation area that becomes exempt from taxation subsequent to the date of the base assessment roll. See Idaho Code 50-2903
  • Local governing body: means the city council or board of county commissioners of a municipality. See Idaho Code 50-2903
  • municipality: means any county or incorporated city that has established an urban renewal agency or by ordinance has identified and created a competitively disadvantaged border community. See Idaho Code 50-2903
  • Project costs: includes , but is not limited to:
Idaho Code 50-2903
  • Property: includes both real and personal property. See Idaho Code 73-114
  • Revenue allocation area: means that portion of an urban renewal area or competitively disadvantaged border community area where the equalized assessed valuation (as shown by the taxable property assessment rolls) of which the local governing body has determined, on and as a part of an urban renewal plan, is likely to increase as a result of the initiation of an urban renewal project or competitively disadvantaged border community area. See Idaho Code 50-2903
  • Taxable property: means taxable real property, personal property, operating property, or any other tangible or intangible property included on the equalized assessment rolls. See Idaho Code 50-2903
  • taxes: means all property tax levies upon taxable property. See Idaho Code 50-2903
  • Termination date: means a specific date no later than twenty (20) years from the effective date of an urban renewal plan or as described in section 50-2904, Idaho Code, on which date the plan shall terminate. See Idaho Code 50-2903
  • urban renewal agency: means a public body created pursuant to section 50-2006, Idaho Code. See Idaho Code 50-2903
  • urban renewal plan: means a plan, as it exists or may from time to time be amended, prepared and approved pursuant to sections 50-2008 and 50-2905, Idaho Code, and any method or methods of financing such plan, which methods may include revenue allocation financing provisions. See Idaho Code 50-2903
    • (2)  A statement listing the kind, number, and location of all proposed public works or improvements within the revenue allocation area;
    (3)  An economic feasibility study;
    (4)  A detailed list of estimated project costs;
    (5)  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 on the revenue allocation area;
    (6)  A description of the methods of financing all estimated project costs and the time when related costs or monetary obligations are to be incurred;
    (7)  A termination date for the plan and the revenue allocation area as provided for in section 50-2903(20), Idaho Code. In determining the termination date, the plan shall recognize that the agency shall receive allocation of revenues in the calendar year following the last year of the revenue allocation provision described in the urban renewal plan;
    (8)  A description of the disposition or retention of any assets of the agency upon the termination date. Provided however, nothing herein shall prevent the agency from retaining assets or revenues generated from such assets as long as the agency shall have resources other than revenue allocation funds to operate and manage such assets; and
    (9)  Any changes to an urban renewal plan as provided in subsections (2) and (6) of this section shall be noticed and shall be completed in an open public meeting.