Fact Check
Public media and other comment outlets often contain inaccurate assertions about CCDC. Here are the facts. For more information, please contact us at 384-4264 or info@ccdcboise.com.
Assertion: CCDC paid the developer $4 million to create the 8th & Main building project.
In fact, CCDC has not yet paid anything to the developers. CCDC will reimburse actual costs primarily related to site remediation and utility infrastructure only after the project is constructed. The reimbursement will not exceed $4 million and will only be paid if the developer delivers on all requirements. CCDC has made similar investments in most of downtown’s large developments, which would not have occurred otherwise. (Q&A page on CCDC's involvement with the 8th & Main project here, updated 11/21.)
Assertion: (8th & Main) Boise won’t see any property taxes from CCDC’s investment. (Related assertion: The city will only see $2,000 in taxes after completion.)
In fact, even in its current blighted condition, the property has been paying taxes of over $14,000 a year, about half of which goes to the city and other taxing districts. After the estimated $60 million 8th & Main building is completed, the property is expected to pay $1 million a year in taxes. That increment will go to CCDC and will be used to support the project site remediation improvements. After the closeout of the Central District all the taxes will go to the local taxing districts.
Assertion: (8th & Main) CCDC will keep the increment forever.
In fact, the tax increment district authority for the Central District will expire in 2018 and all property value--base and increment--will then be added to the county tax rolls. In 2010 that amount was just over $150 million; with 8th & Main it is expected to be more than 25% higher (more here).
Assertion: CCDC owns much of downtown.
In fact, CCDC currently owns a little over 2.5 acres--about one half of one percent of the land within the districts, which totals 518 acres. By assessed value it’s about .7%; approximately $3.7 million of the $537 million current total assessed value of all properties within the districts. This does not count the six public parking garages (most of which also include attached private businesses or residences.) CCDC generally only holds properties for resale temporarily to help catalyze private redevelopment projects--recent examples include the Banner Bank Building and City Side Lofts.
Assertion: CCDC diverts taxes from the city revenue stream for police, fire, schools, etc.
In fact, all taxing entities within CCDC’s districts receive their full budget, including any increase requested, and the rate is the same inside and outside the districts. More on this here.
Assertion: CCDC is a private agency (variants: CCDC is a quasi-public or unregulated agency.)
In fact, CCDC is a completely public local government agency. It is empowered by state statute and was formed by the Boise City Council; its volunteer board is appointed by the mayor and approved by the city council. CCDC is subject to all federal, state and local laws for government agencies, including those for open meetings, records, procurement, budgets, etc. More on this here.