Moscow Urban Renewal Agency commissioners approved a $1,102,422 fiscal year 2020 budget Thursday morning.
The budget, which runs Oct. 1 to Sept. 30, 2020, is $72,721 more than the current budget.
About one-third of the 2020 budget, or $365,000, is required for participation in projects in the Legacy Crossing Urban Renewal District — the agency’s lone 175-acre district that includes properties between downtown and the University of Idaho. The district was 163 acres until October, when the Moscow City Council officially approved the 12-acre addition to include Main Street from A Street to Eighth Street.
Of the $365,000, $150,000 is expected to go to the reconstruction of Almon Street between Third and A streets, $60,000 to paving of the Almon/Asbury streets alley between Third and Sixth streets, $60,000 to a design plan for the repair and replacement of deteriorating Main Street public infrastructure, $50,000 to landscaping and lighting improvements near A and Main streets as part of the North Main Street beautification project, $25,000 to general streetscape improvements, and $20,000 to a public art installation called “3D on Main.”
The MURA is expected to earn $834,429 in revenue in fiscal 2020.
More than half that revenue amount, or $485,000, is estimated to come from property taxes in the Legacy Crossing District. The agency expected $325,000 in Legacy Crossing District property tax revenue this fiscal year when it approved the current budget. The estimated increase in district property tax revenue is attributed to new development in the district’s tax allocation area.
The anticipated sale of the agency’s Sixth and Jackson streets property should bring in $150,000 in fiscal 2020. In February, The MURA commissioners unanimously selected the proposed five-story “Moscow Flatiron” structure to grace the southwest corner of the busy downtown intersection.
The building will have a consignment shop on the bottom floor, 42 studio apartments on the three middle floors and commercial spaces on the upper level. The proposal was submitted by Rusty Olps, a Moscow developer, and Austin Storm, owner of the Storm Cellar consignment shop on South Main Street in Moscow.
The building, which is proposed to be constructed on the 16,000-square-foot triangular parcel on the Sixth Street frontage, would include 36 parking spaces — 19 on the west end of the building and 17 on the 11,000-square-foot triangular southern parcel.
A Hello Walk is expected to be installed diagonally between the two parcels and eventually connect with the existing Hello Walk on the University of Idaho campus, per the agency’s plan.
In other business Thursday, the agency commissioners appointed Moscow Assistant Finance Director Renee Tack as MURA treasurer.
Garrett Cabeza can be reached at (208) 883-4631, or by email to email@example.com.