Termination Of An Urban Renewal Plan And Revenue Allocation Financing Provision

TITLE 50 MUNICIPAL CORPORATIONS CHAPTER 29 LOCAL ECONOMIC DEVELOPMENT ACT 50-2914. Termination of an Urban Renewal Plan and Revenue Allocation financing provision. (1) An urban renewal agency may terminate an urban renewal plan containing a revenue allocation financing provision on or before the termination date in accordance with the provisions of sections 50-2903 (5) and 50-2909 (4), Idaho Code. The urban renewal agency shall consider its ability to receive revenue in the year following the termination date when determining the timing of termination and the termination date. (2)  The local governing body of the municipality may initiate termination of an urban renewal plan containing a revenue allocation financing provision before the termination date as follows: (a)  The local governing body may adopt a resolution that directs the urban renewal agency to provide a termination plan for the termination of a specified urban renewal plan containing a revenue allocation financing provision to the local governing body within sixty (60) days of the agency’s receipt of the local governing body’s resolution, or such longer period as may be agreed to by the local governing body. Upon the adoption of the resolution, the urban renewal agency governing the urban renewal plan identified in the resolution shall no longer have the authority to enter into any financial obligations secured by the funding from any urban renewal financing provision of any urban renewal plan specified in the resolution, other than such obligations as are necessary to facilitate the termination of the urban renewal plan. (b)  The termination plan submitted by the urban renewal agency shall include a detailed summary of all agency obligations under such urban renewal plan and anticipated future obligations to implement the plan through the duration of the plan, including information on the use of revenues collected to fund specific projects and any capital improvement project plans. The termination plan shall also include a proposed termination timeline. (c)  The local governing body may then enact an ordinance terminating the urban renewal plan and any revenue allocation financing provisions included in such plan. The ordinance shall be recorded in the real property records of the county in which the agency operated. The local governing body shall transmit a copy of the recorded termination ordinance to the county clerk, any affected taxing districts, and the state tax commission within ten (10) business days of the recording date.