Upload
others
View
0
Download
0
Embed Size (px)
Citation preview
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)
0
0
0
0
0
0
0
45
0
0
900
11
1610
0
0
0
109
0
105
69
0
0
101
0
0
1151
0
931
0
00
911
523
0
0
0
91
0
0
0
120
706
0
0
0
0
911
704
0
0
541
821
911
1041
0
750
0
0
0
810
0
155
51
00
520
520
206
0
0
0
163
0
913
0
11
0
113
2616
1020
34
706
910
21
44
710
0
1020
921
181140
506
810
831
023
5
0
760
0
261
0
0
920
0
0
103
21
0
316
0
0
1173
1
251
711
0
7
0
471
0
311
711
0
0
101
0
114
202
814
110
717
708
712
910
710
910
933
823
0
106
0
101
105
417
920
0
109
105
0
410
361
820
0
220
360
0
105
102
100
106
603
615
0
106
108
0
351
0
0
715
701
0
810
206
201
500
0
1020
720
730
0
510
20
781
1142
820
0
1010
1246
0
1035
350
1021
1020
1030
0
151
720
0
1120
0
0
0
702
960
781
0
0
311
310
0
0520
911
109
1211
510
0
931 80
1
341
425
0
810
0
951
0
5
0
0
1031
12
0
0
261
0 0
1173
5
0
211
430
0
150
517
0
911
731
520
0
0
611
0
921
403
707
0
117
110
1220
500
10
141
721
110
111
415
108
440
304
1110
822
118
505
121
115
821
125
0
0
0
830
0
11311
7
311
731
1021
741
711
461
710
640
702
561
0
721
12112
5129
0 0
10
0600
608
0
0
531
133
102
1040
940
719
712
609
0
0
481
621
751
305
1220
421
609
308
1011
1141
0
630
260
318
531
111
20
0
513
1133
206
1121
311
1020
610
221
751
605
1021
14
660
1151
200
1011
620
114
411
311
511
510
270
640
0
821
1230
137
0
370
260
451
000 0 0 0000 0
1131
0
202
711
221
431
341
441
421
321
331
309
0
209
215
215
0
707
423
203
103
521
431
0
921
0
104
129
1231
331
190
621
30
0
411
321
5 30
1041
105
380
1120
0
311
300
502
1130
620
1140
1211
1141
161
151
661
450
631
203
404
128
216
100
106
114
1040
1031
930
1040
260
831
0
331
17
360
1051
503
441
621 721
631
715
811
340
41064
1 411
461
641
666
750 11
1
112
713
420
111
1221
730
710
720
431
615
314
1221
491
441
11
120
350
602
331
180
750
820
821
640
560
740
710
630
580
550
540
530
730
460
450
313
308
65072
0
602
314
220
617
127
809
801
213
0
416
330
340
391
930
115
116
511
330
0
510
1111
4131
250
111
421
720
520
141
321
322
531
520
40
310
420
210
221
306
300
415
602
219
202
525
600
241
206
314
619
251
530
1131
541
830
231
640
720
410
710
831
311
320
431
141
0
430
341
102
610
531
540
330
220
1131
631
451
112113
711
131
811
701
116
721
711
351
331
231
321
280
310
411
441
541
1220
211
831
74039
3
307
313
1517
128
551
641
110
651
721
220
1210
1020
541
221
413
430
401
311
310
503
519
705
241
211
211
511
750
361
721
43040
7
402
760
0
361
721
910
341
560
631
311
150
330
1111
511
521
521
531
541
551
730
771
12
44145
1
561
411
517
711
0
550
118
281
310
711
421
110
117
116
720
332
181
621
1041
221
410
741
221
145
191
700
721
111
1050
120
812
403
403
390
150
621
410
416
307
310
210
400
202
312
214
545
231
414
303
123
121
402
601
206
204
100
407
221
316
721
817
609
102
0
120
521
523
1020
418
323
302
218
1030
220
319
104
210
314
620
315
431
650
551
720
1131
510
240
511
342
614
241
131
111
623
211
711
841
710
312
531
1231
440
540
621
630
320 10
31
321
581
212
541
620
571
431
618
411
170
1011
511
1230
261
1221
1130
403
921
741
531
11
11
512
150
1051
641
261
750
611
1021
810
311
030
1
1060
521
618
1010
311
110
511
611
211
1111
395
117
18
1140
131
231
420
1030
351
640
341
0
631
641
631
331
311
331
220
551
630
103
430
415
220
810
206
1220
1140
441
120
1061
530
11711
9
611
200
301
14
920
312
515
516
507
507
516
104
17
13418
1215
209
316
403
215
400
417
613
108
619
418
306
314
318
306
317
310
517
216
621
760
308
511
1040
651
230
1031
920
411
208
450
810
351
671
640
1130
1121
621
1011
731 93
0
620
1040
1010
1020
304
1021
215
218
341
531
1051
1031
630
410
421
410
420
521
531
541
851
0
262
541
530
520
611
1041
810
131
1120
1041
1211
810
516
415
621
520
731
510
240
0
421
160
720
740
420
631
0
440
540
1040
720
415
421
1230
861
308
620
935
641
1110
650
451
311
440
15
1120
410
411
1021
610
331
211
1210
1221
305
308
252
1221
1121
731
1241
341
63073
0
62072
0
520
710
1231
350
780
770
640
331
1030
54061
0
1111
109 52
1
530
501
171
141
217
651
504
619
306
230
321
111
331
341
1030
530
1051
421
431
441
1230
740
611
1030
510
1130
911
709
220
0
610
601
321
1220
1131
711
340
420
330
430
311
411
116
511
272
114
611
411
211
117
113
511
113
392
311
119
115
1050
362
1240
641
721
621
631
1121
620
630
640
710
540
631
1060
1110
440
301
1131
21
441
941
1111
610
430
260
420
410
340
431
330
320
310
240
805
881
91987
1
929
611
240
230
220
440
711
111
630
651
304
561
640
401
241
521
15116
1
0
210
416
410
408
351
120
341
214
213
650
651
660
374
661
519
210
660
380
120
408
102
218
650
525
791
412
409
402
205
616
302
416
510
318
417
304
418
409
501
313
406
402
0
215
101
414
621
316
414
214
215
301
221
402
320
408
210
701
721
217
109
741
223
11
850
1061
419
617
302
652
741
721
460
670
331 62
0
637
510
520
950
242
635
350
340
430
420
430
810
202
1240
821
960
330
331
412
330
360
731
648
471
481
491
372
411
1220
711
520
0
1120
1130
303
411
811
607
351
541
340
421
461
371
375
621
631
381
369
330
721
292
320
751
541
404
231
282
950
311
260
320
910
622
306
230
75021
0
1120
760
630
620
770
731
412
641
804
551
870
126
408
214
300
302
710
71131
0
431
320
321
361
421
311
411
232
1110
431
441
540
530
613
310
311
211
640
660
641
631
321
771
630
251
211
565
661
410
1121
1011
30
209
382
541
870
930860
940
432
315
13
530
341
331
321
361
951
422
241
1111
222
440
212
410
133
517
131
510
520
631
961
430
971
781
510
530
520
135
531
540
521
221
220
1011
620
610
441
215
421
431
740
741
317
820
520
1130
521
550
750
931
218
406
419
540
113
119
761
751
1211
1131
120
1021
411
811
1220
1221
1140
217
545
310
510
514
608
319
610
221
211
511
115
311
118
211
933
409
430
112
511
511
103
311
103
0
215
300
221
301
401
620
312
217
320
516
521
530
531
520
412
510
521
520
201
201
319
510
0
618
312
405
408
303
417
205
304
212
303
309
215
201
319
302
230
406
207
413
316
400
416
403
219
302
506
502
109
308
620
100
302
216
317 16
109
521
515
220
211
415
309
211
211
313
315
621
409
416
610
210
761
416
423
1141
510
510
520
116
1150
251
241
221
240
109
220
221
321
240
321
320
241
320
250
251
241
240
220
240
220
250
250
251
221
320
321
939
510
241
210
1051
210
210
331
331
330
169
1120
413
409
937
409
1211
330
630
521
301
530
531
1050
304
311
311
311
609
1231
1221
117
1151
502
1230
101
518
317
1121
541
231
421
230
231
230
310
231
310
310
230
710
221
206
1221
830
820
810
760
750
740
730
720
710
700
111
960
1210
208
700
519
407
207
550
206
318
413
311
212
110
620
114
511
511
115
116
119
1131
1141
1151
1031
314
165
221
1041
1061
1051
1040
205
515
221
231
603
309
312
212
217
521
217
415
615
619
218
508
506
518
216
419
417
317
510
120
504
207
316
410
417
105
305
206
123
304
215
417
418
303
305
319
316
220
323
320
120
100
419
305
202
315
530
316
219
407
520
617
220
220
402
320
201
1248
231
523
430
308
307
207
618
402
641
415
110
110
14
418
515
14
204
415
309
408
503
106
404
1231
9
1230
113
740
210
413
115
511
109
440
123
502
401
307
617
403
208
100
641
408
411
530
419
631
209
409
521
409
620
307
409
17
309
520
620
561
540
551
44153
1
510
541
431
639
123
1212
14
414
522
520
611
114
401
0
0
0
0
0
1020
0
0
0
0
0
0
00 0
0
0
0
0
0
0
241
219
221
231 22
524
5
241
0
251
111
149
701
820
202
204
200
1121
731
801
810
810
122
811
0
216
1241
20
0
320
235
700
0
0
1713
0
0
811
1020
315
111
810
531
411
211
201
111
514
219
116
122
106
104
111
720
740
76073
0
770
750
235
206
211
211
211
107
219
21920
3
616
107
315
405
216
310
120
791
200
202
218
419
108
109
0
0
101
0
111
110
821
618
1131
112
126
111
810
290
1151
19
0
102
104
308
0
461
115
19
661
1291
641
219
218
224
201
237
231
7
651
621
200
221
19
810
0
120
440
21
721
21
218
991
1250
22022
222
4226
22823
0232
234
810
236
810810
2121
015
13
980
1231
208
204
210
206
212
1011
214
111
211
116
16
216
203
234
2352
33
208
228
213
212
226
230
217
210
206
227 20
7
229
205
225
236
1120
810
0
101
1240
0
400
153
101
111
111
16
0
111
416
0 0
531
810
810
16
101
16
0
811
400
101
111 11
1
1141
1141
614
614 61
4
1141
416
111
400
111
101
111
720
720
720
720
720
720
101
720
720
720
720
72072
0
1010
111
111
730
1120
1141
1141
114111
41
0
101
16
602
602
720
720
518
720
720
416
16
720
720
510 51
0510
51051
0
0
16
1120
1120
110
1120
0
1120
403
1120
1251
621
621 61
9
621
1120
701
403
403
990
1141
1141
1120
403
403
1290
130
251
72072
0
1231
MAIN
1ST
4TH
3RD
2ND
RIVER
ELM
CR
OY
BU
LLIO
N
MYR
TLE
PIN
E
WA
LNU
T
SILV
ER
6TH
SPR
UC
E
GA
LEN
A
CED
AR
CA
RB
ON
ATE
ANGELA
BUTTERCUP
MC
KER
CH
ER
EUREKA
ASP
EN
MA
PLE
CR
OY
CR
EEK
AIRPORT
BROADFORD
SILVER STAR
WILLOW
HIAWATHA
IVY
NORTHSTAR
WA
R E
AG
LE
DEL
LA V
ISTA
8TH
FOX
AC
RES
EASTRIDGE
5TH
7TH
CH
ESTN
UT
CRANBROOK
QUEEN OF THE HILLS
ALD
ER
EMPT
Y SA
DD
LE
CREEKSIDE
LITTLE INDIO
HA
ILEY
SHOSHONE
BALDY VIEW
POULSEN
WOODSIDE
BO
NA
NZA
DEERFIELD
PIKE
GOLCONDA
WOLFTONE
MOTHER LODE
HA
PPY
RO
BIN
HO
OD
TRIUMPH
BUSINESS PARK
TYEE
APACHE
CO
MET
POCAHONTAS
CO
BB
LEST
ON
E
EL D
OR
AD
O
WIN
TERBERRY
BIG
DIP
PER
ALMOND
RED ELEPHANT
CO
TTO
NW
OO
D
GR
AN
ITE
SUNR
ISE
CITATI
ON
STATE HIGHWAY 75
GALAXY
BUFFALO
SNO
WFL
Y
BLUEBIRD
HO
RSE
SHO
E
CO
N V
IRG
INIA
POR
PHYR
Y
NORTHRIDGE
IRO
NSI
DE
HAZELNUT
SHO
OTI
NG
STA
R
MA
PLE
5TH
2ND
CED
AR
5TH
RIVER
6TH
EASTRIDGE
RIVER
CH
ESTN
UT
CH
ESTN
UT
±
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.