(City of Chubbuck Press Release, October 2, 2023)
Chubbuck Development Authority and the City of Chubbuck recently closed an urban renewal district that will return nearly $1 million of funds to taxing districts while continuing to wrap up other ongoing projects.
After 30 years of contributions towards redevelopment, infrastructure, and parks system expansions, the Chubbuck Development Authority (CDA), an urban renewal agency, and the City of Chubbuck closed the urban renewal district commonly referred to as the “1992 Plan.” The closure goes into effect on Sept. 30, 2023, and will return $914,913.89 of non-obligated surplus funds to the Bannock County Treasurer. The Treasurer will disburse the funds to the applicable taxing districts.
Since the 1992 Plan’s creation, the CDA has assisted with funding for numerous projects including:
- New Day Parkway road construction and expansion,
- Chubbuck Road-Philbin Road roundabout,
- Stuart Park renovation,
- Knudsen Boulevard construction,
- Hawthorne Road safety improvements,
- East Chubbuck Road widening,
- Hiline Road reconstruction and widening,
- Park playground and shelter construction, and
- Numerous other streets, sidewalks, and water/sewer line expansions.
The urban renewal district’s remaining funds will be allocated to improve pedestrian safety in the form of safer, signed crosswalks on some of the busiest areas of the City.
The 1992 Plan helped spur economic growth and activity by providing reimbursement for portions of public infrastructure that would have been infeasible for the private sector to construct. These reimbursements resulted in millions of dollars of new construction being added to the property tax rolls.
“While the need for urban renewal is ongoing, it’s time for this 30-year renewal district to expire and have those taxes and surplus monies injected back into the taxing districts, where they will continue to benefit the community in other ways,” said Annette Baumeister, chair of the Chubbuck Development Authority. “I am thrilled with the contributions that the 1992 Plan has made to the community and the economic growth that these improvements helped facilitate.”
Some of the developments include Patriot Square, which created new developments with assessed values of over $4 million, and the former Allstate building, a building assessed at more than $12 million dollars that created hundreds of local jobs, many of which remain in our area today as remote positions.
Baumeister thanked the CDA board members, City of Chubbuck staff, the city council and mayor, as well as the builders and developers who contributed to the success of this 30-year project.