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KURA Plan

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.

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KURA Plan

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  1. 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.

  2. Excerpts from Urban Renewal Plan Master Goals

  3. 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”

  4. 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

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

  6. Overview of 2011 Housing Needs Assessment: Number of units needed by location: Ketchum: 190 One Bedroom30 Two Bedroom Total 220 (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.

  7. Current Option to Lease • KURA Board approved an Option to Lease between KCDC/GMD Development (signed on July 18 2011) • 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

  8. 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)

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