Sunday, March 13, 2011

How urban renewal districts work:

Example: THE C.W. MOORE PLAZA, 250 S. 5TH ST.

In 2010, the Capital City Development Corp. collected $9.1 million in property taxes on about $528 million worth of new, or “incremental,” property value in Boise’s urban renewal districts. Here’s a look at one property.
1994: The River/Myrtle urban renewal district is formed. The assessor establishes a “base” value for each property in the district. The vacant 1.25-acre lot is assessed at $217,800.
1999: The C.W. Moore Plaza is completed.
2010: Moore Plaza land and building are valued at $13.5 million.
2024: District will sunset and all governments will again share the tax revenue on the property’s full value.
C.W. Moore Plaza 2010 property taxes: $231,698
Seven taxing districts receive property taxes on the 1994-set value of $217,800:
- $1,520.40: City of Boise
- $1,214.88: Boise School District
- $666.56: Ada County
- $258.78: Ada County Highway District
- $35.21: College of Western Idaho
- $33.56: Emergency medical services
- $7.49: Mosquito abatement
CCDC receives the tax on the difference between the 1994 and 2010 values, which is $13,286,500:
- $227,962.53: Urban renewal district
Boise, Eagle, Garden City, Meridian, Nampa and Caldwell all have urban renewal agencies.
The oldest and biggest is Boise’s Capital City Development Corp., which has three urban renewal districts totaling 518 acres, with a fourth under consideration:
- The 34-acre central district Downtown is set to expire in 2017.
- The River-Myrtle/Old Boise district is 340 acres; it expires in 2024.
- Westside is 144 acres; it expires in 2025.
- In July, the Boise City Council directed CCDC to prepare a study and plan for a new district, the 573-acre 30th Street area. The detailed urban renewal plan would have to be approved by the Planning and Zoning Commission and the council.
CCDC also owns and operates eight parking garages.
CCDC receives about $9.1 million in property taxes annually. By comparison, property taxes generate $105.8 million for the city, $81.7 million for Ada County and $31.7 million for the Ada County Highway District.

Accessed here.

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