KURA Plan Urban Renewal Plan adopted November 15, 2010 by the Ketchum City Council (Res 10-26) URA Plan is a legal document providing the KURA the powers.

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Presentation transcript:

KURA Plan Urban Renewal Plan adopted November 15, 2010 by the Ketchum City Council (Res 10-26) URA Plan is a legal document providing the KURA the powers and duties to implement a program of redevelopment and revitalization within the Revenue allocation Area.

Excerpts from Urban Renewal Plan Master Goals

211 First Street East: Site History Property purchased by KURA November, 2006: Resolution 06-URA4 with debt of $1,550,000, “acquisition in connection with project 4.3AWF2”

211 First Street East: Site History Debt refinanced with a conditional loan from Idaho Housing Finance Association November, 2007 for $2,000,000: Resolution 07-URA21 Down payment for the property was $707,914 from the City of Ketchum restricted In Lieu Affordable Housing Fund Resolution 11-URA3: restricted affordable housing funds in the amount of $640,000 transferred to this property (April 2011) Today: $1,495,830 of the VALUE of 211 First Street is restricted for future affordable housing purposes

Projects should follow Ketchum zoning: zoning for this site allows for ground floor residential

Overview of 2011 Housing Needs Assessment: Number of units needed by location: Ketchum: 190 One Bedroom 30 Two Bedroom Total220 (needed 1200 in 2006) Virtually all are needed for households with incomes < 50% of AMI. Most needed units are rental units. Valley-wide 480 units total are needed.

Current Option to Lease KURA Board approved an Option to Lease between KCDC/GMD Development (signed on July ) This Option ran until December, 2012 Applicant team seeking more clarification in the option on several points based on feedback in the last Tax Credit Application round

Process to Date PreApplication Design Review with Ketchum P & Z (completed April 2011) Two Year Option to Lease with Property owner executed (July 18, 2011) Revised Option to Lease responding to feedback from September 2011 Tax Credit round (tonight's action) Tax Credit Application Prepared and Submitted (first round completed and not awarded: second round September 2012) If Tax Credits are awarded, Long-term Lease with Property Owner executed (fall/winter 2012) If Tax Credits are awarded, Design Review with Ketchum P & Z (fall/winter 2012)