The Ketchum Urban Renewal Agency will have a $1.5 million budget for fiscal 2020, and $460,000 available for infrastructure projects.
The agency’s board of commissioners met Monday afternoon to discuss and approve the budget.
Though the commissioners voted to approve the budget, the $460,000 will be doled out to specific projects in the upcoming year once the agency receives applications.
The budget devotes $95,000 to professional services and administrative expenses, $460,000 for infrastructure, $150,000 for an owner-participation agreement with the Limelight Hotel, $50,000 for an agreement with the Community Library and $50,000 for economic development projects. The URA has agreements with the Limelight and the library to reimburse them for infrastructure costs related to their projects, which happens on an annual basis.
In fiscal 2020, the KURA is reimbursing the city of Ketchum’s general fund for $108,000 to pay for city staff members that assist the agency’s operations, and $100,000 for repaying a $1.2 million debt to the city’s in-lieu housing fund.
The KURA is contributing that to a proposed affordable housing project on East Avenue and Fifth Street. It is paying back the city $90,000 in the current budget, so $190,000 will be offered to the project this year and next year. It will offer $400,000 total, but the remaining funds will come from future budgets.
In fiscal 2020, the KURA will pay $472,605 toward debt service related to its 2010 bond.
The agency has $50,000 in economic development funds to spend next year. On Monday, the board agreed to devote $25,000 of that to support the Sun Valley Culinary Institute.
The institute’s board chair, Harry Griffith, who’s also executive director of Sun Valley Economic Development, told the commissioners that the institute is launching a campaign to raise $1 million. The institute is planning to remodel and take over the building on Main Street that formerly housed the Cornerstone restaurant.