hailey urban renewal agency introduces the gateway...
TRANSCRIPT
Hailey Urban Renewal
Agencyintroduces the
Gateway DistrictBenefits of URA
What is Urban Renewal and How Does it Work?
Urban Renewal Agencies fund all rede-velopment and economic develop-ments projects through a tool known as Tax Increment Financing. Tax
increment financing, or TIF, is a public financing method used for redevelopment, infrastructure projects, and other commu-nity-improve-ment projects that assist in the redevelopment and economic development of a specific area. This area, known as the Urban Renewal District, has specific geo-graphic boundaries and has been designated by the City Council as an area that qualifies for the use of tax increment financing funds. In Hailey, this area is the Gateway District and the bound-aries are shown here on the map.
When an Urban Renewal District is established, a Baseline Assessed Property Value for the district is simultaneously established, based on the current taxable value of property with-in the District. The Baseline Assessed Value determines how TIF funds are calculated for
the remainder of the project. If property values increase above the Baseline Assessed Value within the district, the Urban Renewal Agency is required to redirect any property taxes gener-ated from the increased property value direct-
ly back to the District for im-provements that are necessary for redevelopment and economic development. For example, if a baseline as-sessed value was set at $1,000,000 for the District and increased to $1,500,000 in the years following the
establishment of the District, property taxes from the $500,000 increase in values would be redirected to improvements within the District. If property values do not increase above the Baseline Assessed Value or if they decrease, the Urban Renewal Agency receives no funding for improvements within the District.
For the City of Hailey, the Gateway District is projected to generate $8,721,720 in Tax Incre-ment Funding over 20 years, which is dedicated to improvements within the Gateway District.
Appraised Va
lue of Prope
rty with
in
Urban
Ren
ewal District
Time
Baseline Property Value
Value A�er Termina�on of Urban Re‐newal Pro‐ject
Tax Increment
These f
unds ar
e availa
ble for
redeve
lop‐
ment pr
ojects w
ithin th
e distri
ct
20 Year Project Timeline Crea�on (2013)
Termina�on
(2033)
How Tax Increment Financing Works
Revenue Available for All Taxing En��es
Revenue Available for Financing Urban Renewal Projects within the Project Area (Gateway District)
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City of HaileyCommunity Development
1 inch = 300 feetGateway District
The Gateway District, Hailey’s First Urban Renewal District
Typical River Street Cross Section After Reconstruction
URA Project: River Street Reconstruction
Projected Funding and Major Project Categories
Total Projected TIF Revenue $8,680,451.00
Street Improvements $6,129,000.00Water System Improvements
$150,000.00
Downtown Public Infrastructure
$1,525,000.00
Public Art $60,000.00Other Public Facilities $158,000.00
Total Project Costs $8,072,020.00
FAQs
Q: Will the urban renewal district raise my taxes? A: No, the urban renewal agency is not a taxing district and does not establish levies. Property tax levies paid within the District are identical to those paid outside the District.
Q: How will I benefit from the Gateway District?A: The improvements planned for the Gateway District will directly improve the quality of life and economic development potential for those within and surrounding the District. See the list of projects in this brochure.
Q: Where does the URA get its funding?
A: Urban Re-newal Agencies recieve their funding from Tax Increment Financing. For a detailed explana-tion, please see the back page of this brochure.
Q: Is the URA a public agency?
Yes, subject to all open meetings laws and statu-tory restrictions applicable to all public agencies.