P.A.G.E.: Pocatello Development Authority Invested Nearly $1M in Former Hoku Property

NOTE: The boundaries of the North Portneuf TIF include other parcels. See NORTH PORTNEUF MAP: https://pda.pocatello.gov/…/tif/North%20Portneuf%20TIF.pdf

The PDA invested $828,469.98 through owner participation agreements (OPA) with former owners, Portneuf Capital, LLC for the two parcels known as River Park Complex (formerly Hoku).

The River Park (Hoku) property (2 parcels) was sold on Wednesday, 05/13/26, before the Hearing Examiner public hearing and a deed recorded transfer of ownership to a new Idaho LLC, “IV West, LLC” (Gus Schultz, named/signed as governor). The recorded documents for the LLC, the Deed of Trust, and Special Warranty Deed are attached.

To follow is the breakdown of the investment/payments made via OPA agreements to Portneuf Capital, LLC:

09/18/20: $420K in electrical, utilities, broadband, etc.

10/16/24: $174,640 in concrete demolition and removal (NOTE: the document reversed the numbers – the reimbursement was for $174,640, not $174,460. Verified with the packet and minutes.)

08/20/25: $233,829.98 in Idaho Power electric work, trenching work, HVAC, additional concrete demolition and hauling/disposal (there are also some number errors in this memo.)

Total: $828,469.98

Another additional $120,400 (out of $500K contracted) has been invested (to date) toward the design/engineering (not including final design) of a new overpass within the TIF. On 12/18/24, the PDA approved a scope of work agreement with Keller and Associates, LLC for the North Portneuf district design of a new railroad overpass and access road. Invoices to date include: 11/19/25 ($22,400); 12/17/25 ($34,300); 01/21/26: ($40,950); 02/18/26 ($10,850);03/18/26 ($5250); 04/15/26 ($6650).

What was the Return on Investment (ROI) for the Owner Participation Agreement (OPA) investments? No PDA records addressing this specifically.

Did the PDA establish any measurable deliverables from the developer for each of the OPAs? The requirement was for the work to be completed. Once the work was completed and after the work was inspected and invoices examined, reimbursements were issued. There were no contracted requirements such as measurable increases in tenants, jobs, etc. The purpose was improvement to the property for the future planned overpass and removal of obstacles for the development of the property.

09/18/20 PDA AGENDA: https://pda.pocatello.gov/agendas/2020/091820.pdf

04/17/24 PDA AGENDA: The first discussion of a potential OPA (Pgs. 72-78)/Agenda Item #6

04/17/24 PDA MINUTES: https://pda.pocatello.gov/minutes/2024/041724.pdf

09/18/24 PDA AGENDA: Agenda Item #4 /See pages 21 – 50

09/18/24 PDA MINUTES: https://pda.pocatello.gov/minutes/2024/091824.pdf

10/16/24 PDA AGENDA PKT – Agenda Item #4 /pgs. 15-31

10/16/24 PDA MINUTES: https://pda.pocatello.gov/minutes/2024/101624.pdf

12/18/24 PDA AGENDA PKT – Agenda Item #5 (pgs. 26-35)

12/18/24 MINUTES: https://pda.pocatello.gov/minutes/2024/121824.pdf

08/20/25 PDA AGENDA PKT – Agenda Item #5 (pgs. 74-103)