Police complex financing plan goes to city council

IDAHO FALLS, Idaho (KIFI/KIDK)-The Idaho Falls City Council is considering a resolution Tuesday that would create a “general obligation” in the form of a $30 million lease agreement.

A complicated financing plan would be used to pay for a Community Law Enforcement Facility.   Under the plan, the city would create a program under which it would reimburse itself or be reimbursed for the expenditures of the project with the proceeds from sales of “certificates of participation.”

The city claims the fiscal impact would be an annual primary lease agreement of between $1.6 million and $2 million for a term not to exceed 30 years.  That lease payment is within the city’s 2020-21 base operating budget.  There is an option to pay off the lease within a 22-year term.

Last year, the city purchased the former Idaho Falls Livestock Yard property on Northgate Mile as likely home for the police complex.