Wednesday, the Pocatello Development Authority presented a check for $1,455,007.75 to the Bannock County Treasurer, for distribution to local taxing districts.
The distribution comes as a result of the successful completion of the development plan for the North Yellowstone Urban Renewal Area and Revenue Allocation District and the early closure of the District.
PDA Board Chairman Scott Smith explained, “The success of this District cannot be underestimated. 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. This has resulted in over $40 million in new buildings in the District and many new jobs for the community, with estimated wages for these new jobs totaling nearly $7.4 million.”
In 2004, after development and recommendation by the Pocatello Development Authority, the Pocatello City Council created the North Yellowstone Urban Renewal Area and Revenue Allocation District and adopted an urban renewal plan for the District.
When created, the area was deteriorating and underutilized. The plan for the District was designed to take this underutilized part of the City and create a successful commercial area for the community and region. In the years since, $9.3 million in infrastructure improvements were completed under the District plan, including roads, sewer, water, lighting, power and gas upgrades, and traffic signals, just to name a few. These improvements incentivized private developers to locate new businesses to the area.
Because of the success of the District, the Pocatello Development Authority has been able to complete the District development plan nearly 10 years earlier than expected and has recently closed the District. The early closure of the District allowed the Pocatello Development Authority to present a check for $1,455,007.75, representing surplus funds from the District. Another significant benefit of the closure of the District is that the increased value of the property within the District will now increase the tax base of the local taxing districts by nearly $66 million.
Smith continued, “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.”