Twin Falls Urban Renewal Agency Approves Sale of Property For Redevelopment

Thursday, June 19, 2014

The Twin Falls Urban Renewal Agency on Wednesday, June 18 approved the sale of a downtown property to TSJTF, LLC, which will redevelop the property and convert it into the new home of an office technology business.  The property located at 242 Second Ave. South, which includes an abandoned warehouse and gravel lot, was sold for $1 and other considerations to TSJTF. Those considerations require the LLC to make up to $300,000 in improvements to the warehouse and parking area. Construction will begin within 30 days of closing and is expected to be completed within six months. The warehouse will then be occupied by Fisher Technology based in Boise, Idaho, which has branches in Twin Falls, Idaho Falls and Rexburg. The office technology company previously leased office space on Blue Lakes Boulevard, but the business outgrew the space and committed to investing in downtown Twin Falls. TFURA purchased the property in 2000 as part of a larger land deal and the warehouse had been used as a storage facility most recently, but the property has been vacant for about four years. TFURA provided basic structural maintenance to prevent the warehouse from falling into disrepair while it continued to seek a long-term tenant for the property to help the agency complete one of its two missions. One of the TFURA’s roles is to help revitalize blighted areas of Downtown Twin Falls by providing property for private development which attracts or retains employees and customers, as well as helping to increase property values. The second role is to create jobs within the City of Twin Falls. “We are pleased that Fisher’s is committed to the revitalization of this building, which has sat vacant for so long,” said Cindy Bond, Chairwoman of the Twin Falls Urban Renewal Agency. “We evaluated Fisher’s plans for the building for nearly three months, and it was very clear that this will be a great match for the business and the downtown area.  We are especially pleased that the property will now be privately owned and be added back to the property tax rolls at a higher value than what it would be currently.”  The Twin Falls Historic Preservation Commission, which ensures the historical integrity of structures in Historic Downtown Twin Falls, reviewed and approved the design plans for the warehouse and the parking lot.