The Eagle Urban Renewal Agency (EURA) is an independent public redevelopment agency created in 2006 to promote community and economic development. The Eagle Urban Renewal Agency operates under Idaho Code in accordance with Idaho Urban Renewal Law and the Local Economic Development Act. The Agency’s purpose is to undertake the rehabilitation, conservation, development or redevelopment of areas identified within the Eagle Urban Renewal Plan.
The mission of the agency is to promote sustainable economic growth, vitality, and community enhancement through collaboration and community investment, and to encourage revitalization and rehabilitation throughout the urban renewal district.
Eagle Urban Renewal Agency Commissioners
Janet Buschert, CHAIR
Stan Bastian, VICE-CHAIR
Miranda Gold, TREASURER
What is Urban Renewal?
Urban renewal is a tool used by many cities to help improve and spur economic development within a specific geographic area (district) by using tax-increment financing to implement capital improvements and other projects within the district. The purpose of urban renewal is to increase the total assessed value of the district, and during the duration of the district, use the funds derived from that increase in assessed value to fund the various projects in the Urban Renewal Plan. Once the district expires, the full assessed value of the district comes back on the general tax rolls and the increased revenue goes into the City’s general fund and to the various taxing districts.
Urban renewal and revenue allocation financing are the most significant tools available to Idaho communities for attracting and retaining businesses, generating economic development, promoting job creation and encouraging development of deteriorating and underutilized areas. Revenue allocation financing allows communities to make a site ready for development, such as extending water, sewer, streets and other improvements that reduce the cost to businesses relocating or expanding. The Agency works in cooperation with the City and the private sector to remedy blight and to facilitate economic development as directed by specific urban renewal plans adopted by the Eagle City Council.
This effort also can assist local special purpose taxing districts in strategic cooperative projects. When an overall effort is successful, the future tax base necessary for low-cost, high-quality public services will be strengthened. When all redevelopment objectives are achieved and district improvements paid for, the entire increased value in a district is then returned to the general tax rolls creating a shared benefit to both local government by providing a stronger tax base and the public by lowering tax rates.
The City of Eagle Urban Renewal Area is essentially composed of the downtown core area and some surrounding areas (see map below). The Urban Renewal Plan contains both the structure and potential projects of the district.
What Statutes Govern Urban Renewal and Urban Renewal Agencies?
- Idaho Urban Renewal Law in Title 50, Chapter 20, Idaho Code
- Local Economic Development Act, Title 50, Chapter 29, Idaho Code
- Open Meeting Law, Title 74, Chapter 2, Idaho Code
- Idaho Public Records Law, Title 74, Chapter 1, Idaho Code
- Ethics in Government Law, Title 74, Chapter 4, Idaho Code
- Competitive Bidding, Title 67, Chapter 28, Idaho Code
Some Uses of Incremental Revenue
- Public Utilities – water, sewer, irrigation, fiber, storm drainage
- Public Infrastructure – streets, curbs, gutters, sidewalks, streetscape
- Parks and Park Improvements
- Property acquisition, demolition and site preparation; Improve, renovate, clear and prepare for redevelopment properties or buildings
- Curbs, gutters, sidewalks and streetscape
- Appraisals, title searches, surveys, studies, preparation of plans
- Relocation of persons displaced from an urban renewal area
- Acquire property to eliminate unsanitary or unsafe conditions, lessen density, eliminate obsolete or other uses detrimental to public welfare
- Invest and borrow money, issue bonds, and accept loans and grants
- Encourage private development – economic development incentives
- Consultant Fees/Staffing
- Elimination of Slum and Blight
- Parking Facilities
- Environmental Remediation
- Facilitate Local Improvement Districts (LIDs) and Business Improvement Districts (BIDs)
Public Benefits of Urban Renewal & Revenue Allocation Financing
- Job creation from the initial project/control of development
- Underutilized and deteriorated property is returned to productive use
- Infrastructure installation & upgrades enhance capacity for surrounding areas and community
- Improvements to local transportation systems
- Increasing local tax base
- Successful projects generate increased sales and income taxes
How Does Revenue Allocation Financing Work?
- Revenue allocation area is formed
- County assessor establishes the current value for the property in the area, “base value”
– Taxes generated by the base value continue to be paid to the taxing districts
- Over time, due to public and private investment, property values rise, the difference between the “base value” and the increase is called “increment”
– Taxes generated by the increment value are distributed to the urban renewal agency
– Used to pay for improvements, revitalization activities to attract private investment, eliminate deteriorating conditions, and spur economic development
- Urban renewal agencies do not determine property values or levy rates
- Goal is to strengthen the overall economy
Are There Limits on the Size of Revenue Allocation Areas
Yes, Idaho Code 50-2903(15) provides that area base values “shall not exceed at any time 10% of the current assessed valuation of all taxable property within the municipality”
Does Urban Renewal Increase Taxes?
No, urban renewal does not increase property taxes; it simply allows for the reallocation of growth on taxes to the urban renewal agency rather than the overlapping taxing districts (City, County, Cemetery, etc.). Taxpayers in Eagle see Urban Renewal as a line item on their tax statements whether or not they own property inside of an urban renewal area. This line item can and does cause some confusion. The Urban Renewal line item does not represent an extra charge, or result in a larger tax bill than would otherwise occur; instead, it represents a division of tax dollars, collected from all properties in an amount that equals the growth on taxes inside the urban renewal district. If urban renewal was terminated in Eagle, general property taxes would not decrease; they would just be reallocated to all taxing jurisdictions.
Does Revenue Allocation Financing Negatively Impact Taxing Districts?
During the life of the district, taxes from the “base value” are still sent to the taxing districts and the “increments” are diverted to the urban renewal agency to spur development that would not have occurred but for urban renewal. When the urban renewal district expires, taxing jurisdictions can expect to receive more tax revenues than they would have, had the urban renewal area never existed at all.
Agency Members: 2019 LIST OF MEMBERS
Yearly (2019)Regular Meeting Schedule: 2019- Meeting Schedule
Agency Bylaws: (click here)
Public Records Request Form (click here)