North Yellowstone development project ends early
With a ceremonial check presentation Wednesday, the Pocatello Development Authority closed the books of the North Yellowstone Urban Renewal Area about 10 years ahead of schedule.
According to PDA Board Chairman Scott Smith, the project generated over $40 million in new buildings and many new jobs. He estimated the wages created by those jobs at nearly $7.4 million.
“The success of this District cannot be underestimated,” said Smith. “The District now contains a thriving business and retail community, including Costco, Chili’s, Lowes, Dick’s Sporting Goods, Ashley Furniture, Ross Dress for Less, JoAnn Fabrics and Crafts, Bed Bath & Beyond, Teton Honda, Lithia Chrysler, Pet Smart, and many others.”
The new construction has increased the area’s tax base by nearly $66 million.
When the district was formed in 2004, the Pocatello City Council projected a $9.3 million investment in infrastructure, including roads, traffic signals, sewer, lighting, power and gas upgrades. The district used tax increment financing to accomplish the work.
The district presented a check, in the amount of $1,455,007.75 to Bannock County Wednesday. It represented the surplus funds that remained when PDA recently closed the district, about 10 years ahead of schedule.
“The Pocatello Development Authority Board of Commissioners and staff are proud of the central role the Pocatello Development Authority has played over the years in the development of the City of Pocatello by intelligently and transparently applying the redevelopment tools granted by the Idaho Legislature for the use of tax increment funding,” said Smith.
