State Street District – ProjectsMay 5, 2023
New District – State Street: The State Street Plan to promote compact, mixed-use, mixed-income, neighborhood-oriented development supportive of and supported by transit and other alternative transportation along the State Street corridor, established on October 26, 2021. The State Street District has a base valuation date of January 1, 2021; a District sunset date of December 31, 2041; and tax increment revenue to the district terminating by September 30, 2042. Agency and ACHD staff have negotiated an interagency agreement as required by recent legislation to receive increment revenue on the highway district levy. Under the Agreement, the Agency will receive this increment (approximately $5 million over the 20-year term of the district) and commit it exclusively to transportation components identified in the ACHD Cost Share Policy. The Agency Board and ACHD Commission approved the Agreement, and legal counsel transmitted it to the State Tax Commission in July, ahead of the September 1 deadline. Project Lead: Zach Piepmeyer
3912 W. State St. – State & Arthur Apartments – PP Type 3: The State and Arthur Apartments is a mixed-use affordable housing development comprised of 102 multi-family units and ground floor commercial space. This project is being developed by Pacific West Communities, Inc. with Low-Income Housing Tax Credits (LIHTC) and through the City of Boise’s Housing Land Trust program. This unique model allows the developer to enter into a below market long-term lease with the City of Boise, which owns the underlying land. With this financial structure the project can maintain affordable rental rates for residents earning 30 to 80 percent of the area median income (AMI). There are an estimated $925,000 in eligible expenses for streetscape and public utility upgrades. The Board designated the project for Type 3 Transformative Assistance in April. The Agency plans to present a final agreement for Board approval in June.