As BoiseDev first reported last week, the Greater Boise Auditorium Board got its first formal dialogue with a stadium development representative.
Wardle made a short presentation that didn’t provide much in the way of additional information. He asked the board to let his firm, Greenstone Properties and the center’s staff and counsel begin discussions on the potential project.
“We would like to request direction from the board to your staff and counsel to begin those discussions, so we can come back to you with a more detailed plan and ultimately a proposal if that’s the direction we reach with the board and the Boise Sports Park.”
The board agreed to begin those discussions. In response to a question, Wardle noted the stadium developers also were also talking to the Capital City Development Corporation, which was known.
“We obviously have been having a discussion at the staff and counsel level with various agencies,” Wardle said. “Any development in the West End will necessitate discussion with CCDC.”
Wardle stayed in the room for an executive session called under the provision of acquiring an interest in real estate property. The rest of the crowd and media were required to leave.
Wardle said Greenstone has rights to land in the area.
“We have been in discussion with and have secured rights to property in the west end,” he said. “An area that many of us recognize is a blighted and underused portion of Boise.
The auditorium district board meetings are usually a quiet affair. But for this meeting, members of the Idaho Freedom Foundation, Concerned Boise Taxpayers, the Capital City Development Corporation and at least one Boise City Council candidate.
Auditorium District’s cash pile
The auditorium district has $16.63 million in cash to invest. This does not include another $6 million it holds in a stabilization fund. Executive director Pat Rice describes the additional $6 million as the district’s “rainy day fund.”
This year alone, the auditorium district has added $1 million so far to its coffers from room tax collections.
“Tax revenues for 2019 continue to break records,” Rice said. The district is primarily funded from a 5% room tax charge added for guests staying at hotels within its boundary. It does not collect property or sales tax revenues.
Several members of the district board met with Boise Mayor Dave Bieter in recent months according to calendars obtained by BoiseDev. Bieter has been significantly involved with shepherding the project since at least 2016.