TCDA Budget - FY 2018-2019 111 iii
TCDA
Town Center Development Agency
2018-19 Adopted Budget
Tigard, Oregon
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FY 2018-2019 INFORMATION PAGE
Town Center Development Agency
City of Tigard
Fiscal Year 2018-2019
TOWN CENTER DEVELOPMENT AGENCY BUDGET COMMITTEE
Timothy Cadman Mayor John L. Cook
Liz Newton Councilor Tom Anderson
Clifford Rone Councilor John Goodhouse
Thomas Schweizer Councilor Jason Snider
Stephanie Veal Councilor Marc Woodard
TOWN CENTER DEVELOPMENT AGENCY BOARD
John L. Cook, Chair
John Goodhouse Jason Snider
Tom Anderson Marc Woodard
EXECUTIVE DIRECTOR
Marty Wine
COMMUNITY DEVELOPMENT DIRECTOR
Kenny Asher
REDEVELOPMENT PROJECT MANAGER
Sean Farrelly
FINANCE and INFORMATION SERVICES DIRECTOR
Toby LaFrance
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T I CARD
TOWN CENTER DEVELOPMENT AGENCY
City of Tigard 13125 SW Hall Blvd. Tigard,OR 97223
TCDA-PAGE 1
FY 2018-2019 BUDGET MESSAGE
I am pleased to present the 2018-19 budget for Tigard's Town Center Development Agency.
In 2017,Tigard entered a new phase of urban renewal,with voter approval of the Tigard Triangle
Urban Renewal Plan.Voters also approved a 37-acre expansion to the existing City Center Urban
Renewal District, originally formed in 2006. Because of the addition of a new district,Tigard City
Council changed the name of the urban renewal agency from the City Center Development Agency
(CCDA) to the Town Center Development Agency (TCDA). The name reflects the designation of
the City Center (Downtown) and the Triangle as a Metro-designated Town Center (an area to focus
growth).
Tigard's TCDA now oversees the revitalization of two urban renewal districts and the implementa-
tion of their respective Urban Renewal Plans. The primary funding source for the districts is tax in-
crement financing,which is a financing tool that funds urban renewal projects.When each district
was established, the assessed valuation of the district was frozen. Property taxes collected on any
growth in assessed value above the frozen base (called the tax increment) go to the TCDA to fund
approved urban renewal projects. The district is also leveraging grant resources that contribute to re-
development planning efforts.
Although Tigard's Town Center Urban Renewal District is modestly sized in area and in terms of
debt capacity, there were several notable accomplishments in FY 2017-18. Using grant funding from
the EPA Brownfields Cleanup program, the TCDA-owned Main Street at Fanno Creek site was
cleared, cleaned up and prepared for redevelopment. A new mixed-use development is planned at this
key site. The 165-unit Attwell Off Main mixed-use development, the result of a public private part-
nership between the Agency and developers, opened its doors in May 2017 and successfully leased up.
These residents are providing a new customer base for downtown businesses and have helped attract
new investment to the area. Three properties/businesses completed matching grant-funded building
improvements, helping to strengthen downtown's walkable business district.
The newly formed Tigard Triangle Urban Renewal District (generally the area bounded by I-5, Hwy
217, and Pacific Highway) is an area of great promise, but also great challenges. New stores and offic-
es co-exist with areas of dirt roads and no sewers.The maximum indebtedness totals $188 million
dollars, but as with all urban renewal districts,it will take a few years for the increment to build up.
The Agency will use this start-up period to put together a financial plan, develop an equitable devel-
opment strategy, and draw up early designs on prioritized urban renewal projects,with the help of a
Metro grant. The District's proposed initial expenditure is development assistance to support a new
Community Partners for Affordable Housing apartment building in the district that will help address
the region's affordable housing shortage.
Looking ahead to 2018-19,urban renewal will fund the construction of the Tigard Rotary Plaza in-
cluding a public restroom, a much-requested amenity. A concept for a larger Downtown plaza will be
refined. The Agency will also continue to make improvement program matching grants available to
encourage new business investment in the City Center UR district.
PAGE 2- CITY OF TIGARD
FY 2018-2019 BUDGET MESSAGE
For the first time, this year's proposed TCDA budget will include funds to reimburse the city for the
staff costs to administer the plans and manage the numerous urban renewal projects.
Tigard's redevelopment efforts are stronger due to the time and commitment of volunteers who serve
on the Town Center Advisory Commission, from the Tigard Area Chamber of Commerce, and the
Tigard Downtown Alliance.We look forward to continued progress in the upcoming year thanks to
these partnerships.
Respectfully submitted,
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Marty Wine
Executive Director
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TCDA-PAGE 3
CITY CENTER URBAN RENEWAL DISTRICT MAP
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PAGE 4- CITY OF TIGARD
CITY CENTER URBAN RENEWAL AGENCY FACTS
District Formation Date May 2006
District Size (acres) 193.71
District Tax Lot Area (acres): 144.14
District Right-of-Way Area (acres) 49.57
Base Assessed Value $69,207,378
Assessed Value (2016) $107,510,119
Annual taxes levied (projected 2016) $570,001
Maximum Debt Limit $22,000,000
Debt Issued (2006-2017)• $3,363,687
Remaining Debt Limit (2018) $18,636,313
Principle Debt Outstanding (2018) $2,667,432
TCDA-PAGE 5
TIGARD TRIANGLE URBAN RENEWAL DISTRICT MAP
Tigard Triangle Urban Renewal Area
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PAGE 6 - CITY OF TIGARD
TIGARD TRIANGLE URBAN RENEWAL AGENCY FACTS
District Formation Date May 2017
District Size (acres) 547.9
District Tax Lot Area (acres): 383.04
District Right-of-Way Area (acres) 164.86
Base Assessed Value $429,654,966
Assessed Value (2016) $463,541,305
Annual taxes levied (projected 2019) $382,689
Maximum Debt Limit: $188,000,000
Debt Issued• $0
Remaining Debt Limit (2018) $188,000,000
Principle Debt Outstanding (2018) $0
TCDA-PAGE 7
CITY CENTER CAPITAL IMPROVEMENTS
FY 2016 FY 2017 2018 2019 2019 2019 Adopted vs
Description Actual Actual Revised Proposed Approved Adopted FY 18
Resources
40000-Beginning Fund Balance 454,494 140,349 32,000 0 0 0 -100.0°o
Total Beginning Fund Balance 454,494 140,349 32,000 0 0 0 -100.0%
44501-I_'. d .___ ental Revenue 0 75,000 340,000 0 0 0 -100.0°o
Total Intergovernmental 0 75,000 340,000 0 0 0 -100.0%
45320-Rental Income 130,517 84,425 78,000 95,000 95,000 95,000 21.8%
Total Charges for Services 130,517 84,425 78,000 95,000 95,000 95,000 21.8
47000-Interest Earnings 16 0 0 0 0 0 0.0%
Total Interest Earnings 16 0 0 0 0 0 0_0%
48003-Asset Sale Proceeds 1,650,000 0 0 390,000 390,000 390,000 100.0%
Total Miscellaneous 1,650,000 0 0 390,000 390,000 390,000 1000
49930-Transfer In from Urban Renewal Debt Svc Fund 190,300 515,500 355,000 306,000 306,000 306,000 -13.8%
Total Transfers In 190,300 515,500 355,000 306,000 306,000 306,000 -13.8
Total Resources 2,425,326 815,274 805,000 791,000 791,000 791,000 -1.7:6
Requirements
Program Expenditures
Community Development 0 0 115,000 144,950 144,950 144,950 26 0"/
TCDA 20,010 33,081 0 0 0 0 0.0
Total Program Expenditures 20,010 33,081 115,000 144,950 144,950 144,950 260°/
Total Work in Progress 2,265,029 815,401 690,000 256,000 256,000 256,000 -629%
Total Budget 805,000 400,950 400,950 400,950 -502%
Reserve for Future Expense 140,287 -33,208 0 390,050 390,050 390,050 100.001
Total Requirements 805,000 791,000 791,000 791,000 -17%
PAGE 8- CITY OF TIGARD
TIGARD TRIANGLE CAPITAL IMPROVEMENTS
FY 2016 FY 2017 2018 2019 2019 2019 Adopted vs
Description Actual Actual Revised Proposed Approved Adopted FY 18
Resources
44501-I . __ ental Revenue 0 0 0 340,246 340,246 340,246 100.0
Total Intergovernmental 0 0 0 340,246 340,246 340,246 100.0
49935-Transfer In from Tigard Triangle Debt Svc 0 0 0 350,950 350,950 350,950 100.0
Fund
Total Transfers In 0 0 0 350,950 350,950 350,950 100.0
Total Resources 0 0 0 691,196 691,196 10(10%
RegUiremerts
Program Expenditures
Community Development 0 0 0 690,196 690,196 690,196 100.0%
Total Program Expenditures 0 0 0 690,196 690,196 690,196 100.0%
Total Work in Progress 0 0 0 1,000 1,000 1,000 100.0%
Total Budget 0 0 0
Reserve for Future Expense 0 0 0 0 0 0 0.0%
Total Requirements 0 0 0
TCDA-PAGE 9
CITY CENTER URBAN RENEWAL DEBT SERVICE
FY 2016 FY 2017 2018 2019 2019 2019 Adopted vs
Description Actual Actual Revised Proposed Approved Adopted FY 18 Revised
Resources
40000-Beginning Fund Balance 397,438 362,208 122,490 164,000 164,000 164,000 33.9%
Total Beginning Fund Balance 397,438 362,208 122,490 164,000 164,000 164,000 33.9°,
40100-Current Property Taxes 367,102 437,195 536,723 492,519 492,519 492,519 -8.2%
40101-Prior Year Property Taxes 2,946 3,302 0 0 0 0 0.0%
Total Taxes 369,948 440,497 536,723 492,519 492,519 492,519 -8_2%
47000-Interest Earnings 4,310 4,137 1,500 1,500 1,500 1,500 0.0%
Total Interest Earnings 4,310 4,137 1,500 1,500 1,500 1,500 0.0%
Total Resources i 806,842 660,713 658,019 658,019 658,019 _
Requirements
Program Expenditures
Program Expenditures 0 0 0 0 0 0 0.0%
Total Debt Service 0 0 162,500 162,552 162,552 162,552 00°/
Total Transfers Out 190,300 515,500 355,000 306,000 306,000 306,000 -13.8%
Total Budget 190,300 50011W 517,500 468,552 468,552 468,552 -9.5%
Reserve for Future Exp 581,396 291,342 143,213 189,467 189,467. 189,467. 32.3%
Total Requirements 771,696 806,842 660,713 658,019 658,019 658,019 -0.4°/
PAGE 10- CITY OF TIGARD
TIGARD TRIANGLE DEBT SERVICE
FY 2016 FY 2017 2018 2019 2019 2019 Adopted vs
Description Actual Actual Revised Proposed Approved Adopted FY 18 Revised
Resources
40100-Current Properly Taxes 0 0 0 382,689 382,689 382,689 100.0%
Total Taxes 0 0 0 382,689 382,689 382,689 100.0%
Total Resources 0 382,689 382,689 382,689 100.0
Requlremerts
Program Expenditures
Program Expenditures 0 0 0 0 0 0 00/
Total Debt Service 0 0 0 0 0 0 0.0%
Total Transfers Out 0 0 0 350,950 350,950 350,950 100.0%
0 350,950 350,950 3
Reserve for Future Exp 0 0 0 31,-39 31,739 31,739 100.0
Total Requirements 0 0 382,689 382,689 382,689
TCDA-PAGE 11
FY 2018-2019 TOWN CENTER DEVELOPMENT AGENCY PROJECTS
Proposed FY
Adopted City Center UR Projects UR Plan Project Category 2018-19 Notes
Expenditures
Rotary Plaza Public restroom construction
and sewer connection Public Facilities $ 256,000
Total Capital Improvement Projects $ 256,000
I Improvement programs matching grants Planning and Development $ 75,000
Management and administration of urban Urban Renewal Project
renewal projects Administration $ 69,950
Total Programs $ 144,950
Total Debt Service!$ 162,5521 I
Proposed FY
Adopted Triangle UR Projects UR Plan Project Category 2018-19 Notes
Expenditures
No planned TTUR capital project at the time
Tigard Triangle UR Project Placeholder $ 1,000 of the proposed budget. This is a
Placeholder appropriation in case of a
project starting in the FY2018-19.
Total Capital Improvement Projects $ 1,000
Authorized Development Assistance for Re/Development Assistance and
CPAH Affordable Housing Project Partnerships $ 200,000 TCDA Board direction 10/2017
Metro 2040 Grant.
Tigard Triangle Urban Renewal Project will deliver:
Plan Administration $ 340,246 *Equitable Development Strategy
Implementation Project
*Urban Renewal Finance Plan
*TTUR Infrastructure Investment Plan
Required grant match.
Tigard Triangle Urban Renewal Project will deliver:
Plan Administration $ 80,000 *Equitable Development Strategy
Implementation Project Grant Match *Urban Renewal Finance Plan
*TTUR Infrastructure Investment Plan
Management and administration of urban
renewal projects Plan Administration $ 69,950
Total Programs $ 690,196
Total Debt Service!$ - I I
City ofTigard I ADOPTED TCDA BUDGET I FY 2018-2019
PAGE 12- CITY OF TIGARD