Quote:
Originally Posted by OhGoodGlavin
I know there's an argument that that the CWI development will permanently take that area out of commission as generating property tax revenue, and I get that. But I think having a couple thousand folks going to work and school there on a daily basis will more than make up for that, in terms of economic impact. I think it will also be a boon to Boise State having a feeder college just 15 minutes away by bike on the greenbelt. It should make it easier for students to make that transition in a more integrated way.
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Anything built there will have a great economic impact. The difference is, if it's a private development then there's the added bonus of many thousands, maybe 100s of thousands of dollars in urban renewal district revenue. Possibly even several $million.
Look at all the sidewalk work with fancy new Silva Cell tree planters downtown. If I'm not mistaken, that's not ACHD money nor city money, it's urban renewal district money. But it takes many years of property tax paying entities to accumulate that money.
I won't chain myself to a tree to prevent CWI, not that there are any trees, but having CWI in the 30th Urban Renewal District is not a step forward. It's a step sideways at best. I'm having trouble seeing how a couple thousand commuters a day could add little to the area except traffic. What's the spin off business around BSU? A lot of fast food and beer bars. It's possible a CWI could be built before any private investor comes up with a solution for that property. But 5 years ago who would have imagined the Lusk St developments?
Let's get a little more technical.
The base value of the 30th District is $84 million. It's now valued at $107 million, an increase of $23 million. It's the tax on the increase which is used within the district for urban renewal. If I'm reading it right, the district is currently generating about $225,000 a year, or roughly 1%. So a $20 million dollar investment on the Bob Rice Ford property, which isn't farfetched, means >$200,000 a year in urban renewal revenue up until the district sunsets in 2033.
Let's say we have to wait until 2023 to realize such a development and its revenue. It would mean at least $2 million for the district.
Remember, the Boise River Park and Esther Simplot Park aren't even complete yet. When those are done then outside investors with seriously deep pockets might be more willing to take a hard look at that property for something big and tall.
Further reading:
http://www.ccdcboise.com/wp-content/...2016-20201.pdf