The Post Falls Urban Renewal Commission recently passed a resolution which was adopted by a Post Falls City Council ordinance to close the Riverbend Urban Renewal District as of Nov. 18, 2012.

The final reimbursement for infrastructure improvements constructed within the district will be made in August, allowing for the district to close on time according to the District Plan created in 1997.

The Riverbend District is one of the earlier districts and has been very successful. It was created in 1997 with a base assessed valuation of $3,785,643 on 330 mostly bare acres. The developer cost for construction of public infrastructure including water and sewer service, streets and street lights, was approximately $3,834,077. This amount was reimbursed to the developer from property taxes allocated to urban renewal. This infrastructure has been deeded over to the city of Post Falls for public use.

This urban renewal partnership has supported growth in the district of $52,908,682 in new construction resulting in over 1,250 jobs created with above average wages and benefits. The agency's final reimbursement to the developer will be paid in August 2012 and the district will then be officially closed by the end of November 2012.

Reimbursement of costs was based on the Riverbend District bringing in enough new businesses to achieve an increase in the assessed value within the district. The increase in assessed value results in incremental taxes on the new construction being collected and paid to the agency. Thereafter on a semi-annual basis, the funds were remitted to the developer as reimbursement of their up-front payments for costs of infrastructure construction. Risk is with the developer.

If new businesses are not established in the district, there would be no new taxes generated, and the developer would only receive limited reimbursement based on the increase in the tax base.

All districts have a fixed termination date in the approved district plan. If the developer is not fully reimbursed for his initial cash outlay prior to the termination date, he will receive no further funds from Urban Renewal to reimburse his costs. If the developer is fully reimbursed prior to the termination date, the district could be closed early. Once a district is closed, the annual tax increment would then be allocated back to the taxing districts, resulting in a potential reduction in the levy rate applied to individual property tax parcels.

In order to remain competitive in bringing new businesses and jobs to Post Falls, along with broadening the tax base, we need affordable, developed commercial property available to businesses considering Post Falls for their relocation, expansion or start-up. The urban renewal partnership is a very effective way to get property ready for new businesses resulting in job creation, and at closure of the district, increased tax funds available to our taxing entities with the anticipated lowering of individual real property taxes.

Our mission statement says we are, "to encourage sound economic and community improvement that enhances the overall quality of life in Post Falls by providing and improving infrastructure, attracting jobs, and enhancing safety and health." We do our best to accomplish this mission "for the community." We invite you to take a closer look at the Post Falls Urban Renewal Agency by visiting our website at: www.pfura.com.

Bobbi Rollins, Chairperson

Tim Short, Vice-Chairman

David Holloway, Treasurer

Samantha Babich, Commissioner

Jerry Baltzell, Commissioner

Larry Carstensen, Commissioner

Hilde Shetler, Commissioner