Agency approves OPA for Stillwater senior housing in Anderson Bush URA

The Idaho Falls Redevelopment Agency voted unanimously May 21 to authorize an owner participation agreement (OPA) with SW Apartments LP for a 55-unit senior housing project in the Anderson Bush Urban Renewal Area.

Brad and agency staff reviewed how prior OPAs have treated structural fill and rock remediation and noted practice has varied across projects. Brad pointed to the current OPA package showing the total request is "just shy of 1,000,000 dollars" and that imported structural fill is "just under $200,000," or about 20% of the request.

Blake of Terwater Development described the project as a 2.5-acre, 55-unit senior housing development with all units income-restricted at roughly 30–60% of area median income (AMI). "All of the 55 units will be income restricted for seniors making in between 30–60% AMI," Blake said. He described substantial site work, including basalt removal and utility loop work, and warned the construction costs could increase as site work progresses.

Megan read the OPA language and confirmed the projected reimbursable value in the agreement is $7,250,000. Blake said the project received tax credits last December and aims to close and start construction in August; staff noted modelling indicates payback could fall near 2041–2042 but that agency revenue allocation authority currently runs to 2043, making the payback timeline tight under conservative assumptions.

The board approved Resolution 2026-05 authorizing the agency to enter the owner participation agreement and to appropriate funds pursuant to the agreement, subject to technical corrections identified by staff.

The OPA discussion recorded board support for using the urban renewal tool to address difficult infill site costs — including fill and blasting — and staff committed to clearer breakdowns of structural fill and related line items in future OPAs.