CAPITAL CITY DEVELOPMENT CORPORATION

2012 ANNUAL REPORT

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Capital City Development Corporation is a dedicated group of urban professionals working to strengthen downtown Boise. CCDC builds public infrastructure, stimulates downtown development, and fosters economic growth in four downtown districts.

WHAT IS CCDC?

IMPROVECCDC improves downtown infrastructure by repairing and widening sidewalks; adding amenities like trees, benches, and street lights; and through the ownership and maintenance of north 8th St. and the Grove Plaza as public spaces which strengthen downtown vitality.

DEVELOPThe agency promotes development through assisting in public streetscape, infrastructure and utility costs, by purchasing and redeveloping strategic downtown property, and by constructing and managing public parking garages to offset the need for private parking.

GROW ECONOMYCCDC works to grow the downtown economy by improving public spaces, supporting development needed for business growth, by specialized efforts such as the ownership and lease of the Watercooler business incubator building, and by working with local economic development agencies.

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Broadway

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Boise River

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CENTRAL

WESTSIDE

RIVER MYRTLE - OLD BOISE

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The city’s oldest district, Central is home to 8th Street cafés, the Grove Plaza, downtown’s tallest buildings and the greatest pedestrian activity.

Westside includes a portion of the downtown core, a residential neighborhood to the west and the burgeoning Linen District with an eclectic mix of shops and restaurants.

Formed in December of 2012, 30th St. is the newest of the downtown districts. This investment area runs along 27th Street, the new Whitewater Park Boulevard, and encompasses the former industrial areas along West Main Street and Fairview Avenue.

The city’s largest district, River Myrtle - Old Boise is made up of two distinct zones: the areas adjacent to the Boise river and parks and the historic downtown known as Old Boise.

CCDC invests in four urban renewal districts downtown: Central, Westside, River Myrtle-Old Boise, and beginning in 2013, 30th Street.

BOISE’S REDEVELOPMENT DISTRICTS

CCDC BOARD OF COMMISSIONERS

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2012 marks a period of great change, both for Boise’s downtown and this agency dedicated to its revitalization. The downtown gained two important projects this year, the 15th and River Apartments, in the River Street neighborhood, and the Whole Foods and Walgreens development known as River Park Place at Broadway and Front Street. Together, these projects provide essential and welcome amenities to the people who live and work downtown.

As the 15th and River Apartments and River Park Place projects opened their doors, three major construction projects broke ground. The Ada County Highway District started work on the Whitewater Park Boulevard connection between State Street and Fairview, which will have a significant positive impact on the Main and Fairview corridors. The Simplot Family Foundation began construction on Jack’s Urban Meeting Place, a community center and park project which adds unique and exciting activities to downtown and creates a vibrant connection to the southwest. Finally, perhaps the most marked change in our downtown comes from the 8th & Main project which is filling the proverbial “hole in the ground” with a significant project that is more than worthy of its significant location. The inertia of Boise’s growing economy is manifest in each of these exciting projects.

Throughout this robust construction year, the CCDC Board oversaw fundamental retooling of CCDC’s budget, priorities, and strategic plan. Concurrently, the urban renewal agency implemented an extensive group of downtown improvement projects. The unparalleled amount of construction that CCDC accomplished while the agency went through major structural changes is a credit both to the dedication and abilities of the CCDC staff.

Let me thank our CCDC board for the impressive work they’ve done in 2012 and specifically applaud our Vice-Chair, Dana Zuckerman. When the agency’s former Executive Director suddenly left CCDC, Dana stepped in as the Interim Executive Director to ensure that CCDC didn’t miss a step in its mission to aid development and deliver important public projects to downtown. Dana’s highly talented contribution to the continued success of the agency cannot be overstated and, because of this kind of commitment by the board and staff, CCDC is an agency poised to continue to do great work in the future.

A letter from CCDC Board Chair, PHIL REBERGER

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A letter from CCDC Interim Executive Director, DANA ZUCKERMAN

It has been a busy and productive year here at the Capital City Development Corporation. Whole Foods and Walgreens are now open, adding vibrancy to a once derelict corner of our downtown. The stores are often packed, their new employees are busy at work, and the surrounding landscape has created an attractive southeastern entrance to downtown filling out the once barren properties between St. Luke’s Medical Center and the Boise State campus.

It would be tough to miss the two cranes currently towering over our skyline. The taller one is raising the structure of the 8th and Main tower higher still. When complete, this multi-use skyscraper will add jobs and energy to what was very recently a gaping hole in the center of our downtown. We are excited to watch the progress on this project and look forward to its completion in 2014.

The other crane is at work raising the JUMP project out of the ground at Front and 9th Street. The addition of that cultural and meeting space with its accompanying park landscape is going to be a beautiful entrance to our downtown for visitors from the west and will provide a connection between the heart of the business center to The Pioneer Corridor and beyond to the Boise River.

Our staff spent much of the year preparing for the opening of our newest district on the west end of downtown. The 30th Street urban renewal district will work in concert with the new 30th Street extension to bring development and vitality back to the Main and Fairview corridor and in the neighborhood that extends to State Street. The area has many opportunities for investment and development and we are beginning our efforts to bring jobs, updated infrastructure and neighborhood amenities to the area residents and for all people in the city to enjoy.

We are continuing our work on streetscapes throughout the downtown in order to improve the pedestrian experience and set the stage for more private investment and higher occupancy of our existing downtown buildings. We will continue our work towards making our downtown core the place to shop, go out, and get business done.

Finally, we are proud of the residential projects that are in the works. In our efforts to keep downtown vibrant we are encouraging the addition of apartments and condominiums in, and close to, the downtown core. The future residents of these buildings will provide 24 hour life on our city sidewalks and increase demand for additional retail and service establishments. The projects in the pipeline will provide more affordable units than many of those on the market currently. Some of these units should be available by 2014 with more to follow. This is a dynamic time for downtown Boise!

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PRE-BUDGET AMENDMENT

POST-BUDGET AMENDMENT

rest of budget

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BUDGET AMENDMENT

SETTING THE STAGE

At the direction of the CCDC Board of Commissioners and in response to a new strategic plan, CCDC undertook a major effort to maximize funds for downtown construction projects in the agency’s budget. The result was a fiscal 2012 budget amendment which reduced operational and parking operator budgets significantly. Activities such as consulting, legal, contracted services, property acquisition, and dues were also reduced and those funds were redirected towards constructing downtown projects.

CCDC’s approach recognized that a significant portion of the budget was essentially unchangeable due to prior agency commitments of bonds, pass-through obligations, and contractual payments. The variable, or changeable, part of the budget however, was substantially realigned to fund infrastructure projects. At the beginning of 2012, $3.1 million, or 28% of the variable budget was allotted to physical projects. After the amendment, $4.9 million, or 49% of the variable budget, was allotted to physical projects. This increase in funds meant that downtown block faces to receive streetscape improvements nearly doubled in number, as did the budget for parking garage maintenance and improvements.

In 2012, CCDC’s infrastructure projects combined with private development to create an ambitious construction year for downtown Boise. The following pages hold a synopsis of this exciting downtown activity and a preview of what’s to follow.

repaired a broken irrigation system and installed drought tolerant streetscape improvements along south 9th Street, a major linkage between downtown and Boise State University; adjacent to the future JUMP

5 Improve Campus Connection

repaired sidewalk and extended the curb on both sides of 10th Street to allow for cafe dining and a better retail environment with additional parallel parking on Bannock

1 Bolster 10th Street Economic Environment

constructed the second phase of the three phase Pioneer Corridor project to connect downtown with the Boise River

4 Integrate Historic Corridor

reimbursed construction of enhanced streetscape for 10 Barrel Brewery on 9th and Bannock

2 Support New Business

pages 18 and 19 detail some of this year’s great downtown developments; many near 2012 streetscape projects

partnered with Valley Regional Transit on a transit stop improvement project

3 Encourage Travel to and from Downtown

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STREETSCAPE IMPROVEMENTS

CCDC @ WORK

new block faces added as a result of budget amendment

block faces originally planned for 2012

The map to the left shows original streetscape projects planned for 2012 as well as additional projects the agency was able to complete as a result of the increase in streetscape funds from the February budget amendment.

CCDC invests in streetscape projects to improve connectivity for pedestrians, create an attractive downtown environment, strengthen public spaces, and support downtown businesses.

Streetscape projects are chosen based on which areas generate the most pedestrian traffic, which areas are most in need of improvement, market forces, efforts to revitalize targeted downtown neighborhoods, coordination with partner agency projects, and the budget available for the current year in each district. Projects are typically planned 1-2 years in advance of construction and, whenever possible, CCDC endeavors to respond quickly to changing market forces, as the agency did in including the streetscape next to 10 Barrel Brewery in its 2012 project list.

Stats: 9 street lights, 13 trees, 11 planters, and 2,690 sf of brick sidewalk along each side of 10th Street

Bolster 10th Street Economic Environment

Stats: 4 street lights, 2 trees, 1 transit shelter, 3 improved sidewalks, and 1 sidewalk bump out

Encourage Travel to and from Downtown

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Stats: 4 street lights, 2 trees, 1 transit shelter, 3 improved sidewalks, and 1 sidewalk bump out

Encourage Travel to and from Downtown

Stats: 3 street lights, 30 trees, 3,426 sf of permeable paving, and 4,186 sf of drought tolerant, low-water landscape, and 1 sidewalk bump out

Improve Campus Connection

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CCDC & DEVELOPMENT

CCDC @ WORK

The Pioneer Corridor redevelopment project reconnects downtown Boise with the Boise River along a historic pathway through the River Street neighborhood. This project showcases a new pedestrian/bicycle promenade design, featuring distinctive paving, lighting, trees and landscape materials. In 2011, CCDC, using federal grant funding from the Idaho Transportation Department’s Enhancement Program, completed Phase 1 of the Pioneer Corridor walkway between Myrtle and Miller streets. Phase 2, between Grand Avenue and River Street, was started in the late summer/early fall of 2012, in coordination with Boise City Parks and Recreation. The project cost of phase 2 was $365,000. In 2013, CCDC will connect the two phases to provide a cohesive pedestrian experience.

CCDC Project: Pioneer Corridor (Phase 2 of 3)

This privately funded, LEED Platinum certified, 53-unit, senior apartment building, with services to help residents maintain independent living, opened on August 29 to speeches full of thanks and a waiting list of prospective tenants. The Mercy Housing project was designed by local architects Glancey Rockwell & Associates, construction was managed by Scott Hedrick Construction, and U.S. Bank committed more than $7 million of equity financing in support of the approximately $12 million housing project. The 12th and River Apartments achieved the highest level of points of any LEED for Homes project in Idaho and is a valuable addition to downtown Boise.

Private Development: 12th and River Apartments

Private Development: Jack’s Urban Meeting Place (JUMP)

When the Simplot Family Foundation’s privately funded JUMP project is complete in 2014, it will hold a 6-story cultural center with space for dance, cooking, crafts, an antique tractor museum, multimedia events and meeting space, as well as a large park. The $70-million project is a gift from the Simplot Family Foundation to the community and incorporates a major stretch of the Pioneer Corridor Project. The JUMP stretch of Pioneer Corridor will effectively connect the Grove Plaza to the already completed part of the project and is an essential linkage in the pathway’s connection to the Boise River.

Pioneer Corridor

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On the same block as these recent streetscape improvements sits the C.C. Anderson Building. This 1920’s era structure on 10th and Idaho has been vacant since 2010 when Macy’s closed its downtown store. This year, NW Real Estate Capital Corp. released plans to change the building’s major use from retail to residential and construct 62 one-bedroom apartments ranging in size from 518 to 1,000 sf on the upper floors. The first floor is slated to house an active commercial use.

Apartment rents are expected to range from $600 to $1,000 per month, which would make these housing units some of the most affordable in the downtown core. Housing in downtown is heavily weighted toward high-income condos and apartments and workforce housing of this type is a much needed addition to the downtown housing market.

CCDC will extend the 10th Street improvements along the block faces that surround C.C. Anderson to support the building’s redevelopment.

Private Development: C.C. Anderson Building

10th Street has great economic development potential and the streetscape project for it was designed in a manner similar to 8th Street, where CCDC realized great success from widening sidewalks, introducing street furniture, and installing quality paving materials.

CCDC’s strategy for 10th Street was to use those tried and true tools while giving 10th Street a unique character. To accomplish this, the agency widened sidewalks to allow more space for business activity, introduced stainless steel street furniture with clean, modern lines, and used a brick color and pattern unique to anywhere else in the city. Benches and planters will be installed this spring to complete the project.

CCDC Project: 10th Street Redesign

CCDC & DEVELOPMENT

CCDC @ WORK

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photo courtesy of CSHQA/Marc Walters Photography

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River Park Place (a.k.a. Whole Foods and Walgreens)

DOWNTOWN DEVELOPMENT

At the junction of three major thoroughfares; Broadway, Front, and Myrtle; Broadway Front LLC transformed a large dirt lot into the attractive new River Park Place development. The project includes a 15,000 square foot Walgreens pharmacy, a 47,000 square foot Whole Foods grocery store, and a large pad on Myrtle St. reserved for a future phase of development. River Park Place also added a public plaza at the corner of Broadway and Myrtle, as well as a new roadway, Avenue B, which improves the connection across Front Street to the Idaho Water Center and Ada County Courthouse. The River Park Place project is a collaboration between Broadway Front LLC, Schlosser Development, Walgreens, and Whole Foods. It was designed by local architecture firm CSHQA and construction was managed by Engineered Structures, Inc. CCDC contributed a grant to fund streetscape on four frontages and a public plaza at the intersection of Broadway and Myrtle.

Whole Foods supports the development of our local economy by selling more than 350 products made by people within a 400-mile radius of Boise.

CCDC & DEVELOPMENT

This Class A, 250,000 sf office building broke ground on September 19, 2011 on the long-blighted property formerly known as “the hole” and over the course of 2012 Boise has seen the structure rise to one of the tallest in downtown. The corner at 8th and Main had been vacant since 1987 with years of unsuccessful prior ventures.

The 8th & Main development required a coordinated effort by many parties and CCDC entered into a development agreement with Gardner Company, the developer of 8th & Main, to provide reimbursements of up to $4 million dollars for site remediation, utility work, access to parking garage ramping, and other public infrastructure to overcome the challenges of the existing site conditions. With Zions Bank as an anchor tenant and planned retail, restaurant, structured parking and office uses, the new building represents a welcome addition at this prime downtown location. The project’s estimated construction value is over $60 million. It is planned to include upwards of 15 floors and it is anticipated to earn LEED certification. 8th & Main is expected to open its doors late in 2013.

8th & Main

single space modern meter multi-space modern pay station

repairing rebar, post tension cables, and damaged concrete at the Grove St garage

waterproofed concrete at Myrtle St garage

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PARKING UPGRADESCCDC @ WORK

Fulfilling a commitment made in 2008, CCDC funded and implemented a four month pilot program to test modern parking meters in two areas of the downtown core. In this case, “modern” meant on-street meters that take debit & credit cards, as well as traditional coin payments. Two types of machines were tested: single space meters adjacent to the parking space; and multi-space pay stations that were centrally located and accepted payment for several parking spaces. Each type of meter was located in a different part of downtown and both types of meters were positively received by downtown parkers. After four months, the information gleaned from the test was collected, analyzed and communicated to the City Council; which is expected to make a decision soon regarding the purchase of new meters.

Modern Meter Pilot Program

CCDC is committed to the stewardship and safety of the downtown parking garages. To meet these goals, the agency invests in an extensive maintenance effort to extend their useful life for many years to come. This year, CCDC repaired significant areas of concrete on the top deck of Grove Street Garage (located at Front and 9th, adjacent to Hotel 43). This repair required removing all of the old concrete, cleaning and reinforcing the rebar, and replacing the concrete. At the same time, the agency waterproofed three separate garages, Boulevard, Myrtle, and Grove Street. With the help of our partner hotels, this work was completed on time and under budget. Total cost of the project was $553,136.

Parking Garage Waterproofing Project

New Parking Operator Improves Garages; Reduces CostsLast winter the agency undertook a competitive process to select a professional parking company to operate CCDC’s six parking structures. Four nationally recognized companies participated in a three month process with written and oral submittals. The unique partnership of Ampco Systems Parking/The Car Park was selected to run the nearly $4 million dollar enterprise for the next five years. Ampco provides us with nationally acclaimed financial and human resources experience; while The Car Park brings us local knowledge, technology and marketing savvy. In their first six months of operations, nearly $221,000 was trimmed from the budget, while the appearance of the facilities was markedly improved and customer compliments on staff were notable.

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CCDC’s commitment to promoting downtown development can be seen in the new participation program, which is aimed at stimulating development with public infrastructure investments. The CCDC Board’s goals for the program are to create a process that is transparent, understandable, consistent and expedient.

The participation program describes all the ways in which CCDC can support development projects by building public infrastructure. To date, the program has been through several drafts and extensive outreach to the development community has been done in an effort to improve the program before its release. The most recent draft participation program was widely distributed to stakeholders including developers, land owners, real estate professionals, design professionals, bankers, city officials, economic development officials, intergovernmental partners, and was made available to the public on the CCDC website.

Overall, the program was received as improving the organization and structure of the CCDC participation process while maintaining simplicity and preserving flexibility for the future. The general consensus CCDC gleaned from stakeholder feedback was that the proposed approach is a move in the right direction.

After incorporating improvements suggested in this outreach effort, a final participation program will be presented to the CCDC Board of Commissioners. When approved by the Board, information on the program will be available at ccdcboise.com.

CCDC PARTICIPATION PROGRAM

BEHIND THE SCENES @ CCDC

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On December 4th, 2012, the Boise City Council voted unanimously to create an urban renewal district in the area along the Main and Fairview Street corridors, and up 27th Street and the new Whitewater Park Boulevard (see pages 2 -3 for a map of this district). A design charrette in 2007 and the 30th Street Area Master Plan, completed in 2009, presented the initial vision to improve the blighted area. In the Fall of 2010, CCDC organized a Steering Committee consisting of the heads of Boise City departments, representatives of the Ada County Highway District, housing and social service agencies active in the area, utilities, two neighborhood associations, and commercial property owners. Under the leadership of Senator Chuck Winder and Jim Birdsall of Boise City, the committee made recommendations regarding physical infrastructure improvements, policy and regulations, public safety and social services. Boise School District, the Idaho Office of Refugees, business owners, and many other local stakeholders also provided feedback on 30th Street area strategies.

The Steering Committee’s recommendations for how to improve the area lead to creation of an urban renewal district that, with the authority given by Boise City Council, will be overseen by CCDC. CCDC’s strategies include improving vehicular and pedestrian connections, remediating brownfield sites, constructing stormwater infrastructure, adding utilities, improving streetscapes, working with the City of Boise on updated regulations, and working closely with developers and business owners to create a platform for economic development.

If you are interested in learning more about the activity in West downtown, the 30th Street Master Plan is available at ccdcboise.com. We welcome questions, comments, suggestions for redevelopment concepts and improvement projects.

30TH STREET DISTRICT

FUTURE WORK @ CCDC

Statement of Activities FY 2011 FY 2012

RevenuesProgram revenues

Charges for services 2,420,746$ 2,202,217$ Operating grants & contributions 1,338,516 515,465 Parking 3,915,264 3,858,593 Total program revenue 7,674,526$ 6,576,275$

General revenueProperty tax increment 9,409,313$ 9,242,987$ Unrestricted investment earnings 28,455 23,054

Total revenues 17,112,294$ 15,842,316$

ExpendituresProgram expenses

Community development 6,664,299$ 4,983,993$ Interest on long term debt 3,689,123 3,864,306 Parking facilities 4,134,866 3,982,317

Total program expenses 14,488,288$ 12,830,616$

Special items (14,379,266)$ -$ Change in net assets (11,755,260) 3,011,700 Net assets - beginning 28,173,414 16,418,154

16,418,154$ 19,429,854$ Ending Net Assets

Statement of Net Assets FY 2011 FY 2012

AssetsCurrent & other assets 77,609,107$ 76,966,345$ Capital assets 23,389,235 22,692,985

Total assets 100,998,342$ 99,659,330$

LiabilitiesLong-term debt outstanding 71,992,764$ 67,275,341$ Other liabilities 12,587,424 12,954,135

Total liabilities 84,580,188$ 80,229,476$

Net assetsInvested in capital assets net of related debt 10,664,235$ 11,537,985$ Other net assets 5,753,919 7,891,869

Total net assets 16,418,154$ 19,429,854$

STATEMENT OF NET ASSETS

STATEMENT OF ACTIVITIESFY 2011 FY 2012

FY 2011 FY 2012

Statement of Net Assets FY 2011 FY 2012

AssetsCurrent & other assets 77,609,107$ 76,966,345$ Capital assets 23,389,235 22,692,985

Total assets 100,998,342$ 99,659,330$

LiabilitiesLong-term debt outstanding 71,992,764$ 67,275,341$ Other liabilities 12,587,424 12,954,135

Total liabilities 84,580,188$ 80,229,476$

Net assetsInvested in capital assets net of related debt 10,664,235$ 11,537,985$ Other net assets 5,753,919 7,891,869

Total net assets 16,418,154$ 19,429,854$

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Bond refinancing to low fixed interest rates and level debt service, together with the renegotiation and restatement of the Ada County Courthouse Corridor Project into a new and mutually beneficial agreement, significantly enhanced CCDC’s fiscal position for fiscal ‘12.

The savings realized from the refinancing and courthouse corridor restructure translated into funds for improvements in the public parking garages as well as construction of public infrastructure and streetscape projects in the redevelopment districts.

Net assets increased by an additional $3 million over the prior year. This is primarily due to capital projects initiated in fiscal ’12 but awaiting completion in the following year. Assets remained stable and liabilities were reduced due to depreciation and reduction in outstanding bond principal.

The statement of activities includes fiscal ‘11 values, which are presented for comparison purposes. Charges for services represent expected pass-through services. Also shown is a onetime adjustment related to the refinancing and courthouse corridor restructuring which is presented as a “special” expense item. This is an accounting adjustment and no actual financial loss occurred in fiscal ’11.

Revenue allocation is the agency’s primary source of revenue and provides resources to implement redevelopment plans. Parking is the agency’s other source of operational revenues, which support the public parking system’s six parking garages and approximately 2,500 parking spaces. Both sources of revenue show a slight reduction for fiscal ’12 due to subdued economic conditions and less parking activity.

Operating expenses were notably streamlined and reduced in fiscal ’12 while capital improvements were maintained for the year; positioning the agency to do more capital projects in the future. Overall, the agency is in a strong financial position to advance on downtown Boise redevelopment goals.

CCDC FINANCES

FUNDING REDEVELOPMENT

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Below is a list of properties owned by CCDC, the status of those properties, and the general plans for redevelopment. The list does not include properties the agency owns that have been dedicated as public facilities or open space such as parking garages, the Grove Plaza and the 8th Street café zone.

CCDC obtains properties to reach redevelopment goals and agency’s forthcoming participation program outlines an improved process for disposition of such properties. Generally the process will involve a request for proposals (RFP) and the RFP will include more information about redevelopment objectives for the specific property, as well as how the private sector can participate in its development.

620 S. 9th/611 S 8th/ROW; 1.206 acres. This parcel was acquired in 2001 as a Cultural District redevelopment property. A development agreement for a residential project was reached through an RFP but terminated due to the recession.

429 S. 10th; 0.08 acres. This land was acquired in 2001 to help bundle property for a private mixed-use development in the River Street neighborhood. It is south of Myrtle Street near the JUMP project and presents an excellent opportunity for future development.

1401/1413 W Idaho; 0.37/0.18 acres. This building and adjacent parcel were acquired in 2003 and 2005 for a catalyst project in new Westside URD. They are currently leased to house the Watercooler business incubator comprising 10 private technology businesses in support of local economic development.

Front St remnant; 0.32 acres. This parcel is left over from the Front Street realignment and was acquired in 2007 to combine with adjacent land in a mixed-use development tower project. The project was put on hold due to the recession and CCDC is now exploring ways to add active uses to the site until such time as it can be used for redevelopment.

503/509/511 S Ash; 0.09/0.119/0.158 acres. These small parcels were acquired in 2006, 2007, and 2011 for the Pioneer Corridor redevelopment project. They are currently used as temporary public open space adjacent to the Pioneer Walkway.

617 S Ash; 0.14 acres. This parcel was also acquired in 2011 for the Pioneer Corridor redevelopment project. It includes a 100-year-old house of historical and cultural value to be preserved in the River Street neighborhood.

REDEVELOPMENT PROPERTIES

FUTURE PARTNERSHIP PROJECTS

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© 2012 CCDC 121 N. 9th St., #501 / Boise, ID / 208.384.4264 / www.ccdcboise.com