The Idaho Falls Redevelopment Agency, originally created on July 6, 1966, was re-established by the Mayor and Council on October 20, 1988. The purpose was to eliminate blight in the Snake River Urban Renewal District. The Agency now administers three additional districts, River Commons (Snake River Landing), Pancheri-Yellowstone, and Eagle Ridge. These districts encompass slightly less than 750 acres or approximately 7% of the area of the city in central Idaho Falls.
The mission of the Agency is "To strengthen the tax base and promote the successful growth and development of the City of Idaho Falls by using, when necessary, tax increment financing to facilitate the construction of publicly owned infrastructure, giving due consideration to that which promotes and enhances the Snake River Greenbelt and encourages desirable land uses near that Greenbelt."