TCDA Budget - FY2019-2020 FY 2019-2020 INFORMATION PAGE
Town Center Development Agency
City of Tigard
Fiscal Year 2019-2020
Proposed Budget
TOWN CENTER DEVELOPMENT AGENCY BUDGET COMMITTEE
Chris Bence Mayor Jason Snider
Timothy Cadman Councilor Tom Anderson
Chelsea Nance Councilor John Goodhouse
Clifford Rone Councilor Heidi Leub
Stephanie Veal Councilor Liz Newton
Leah Voit,Alternate
TOWN CENTER DEVELOPMENT AGENCY BOARD
Jason Snider, Chair
John Goodhouse Heidi Leub
Tom Anderson Liz Newton
EXECUTIVE DIRECTOR
Marty Wine
COMMUNITY DEVELOPMENT DIRECTOR
Kenny Asher
REDEVELOPMENT PROJECT MANAGER
Sean Farrelly
FINANCE and INFORMATION SERVICES DIRECTOR
Toby LaFrance
TOWN CENTER DEVELOPMENT AGENCY
City of Tigard 13125 SW Hall Blvd. Tigard,OR 97223
TCDA
TCDA-PAGE 1
FY 2019-2020 INFORMATION PAGE
Transmittal to the Town Center Development Agency Budget Committee and the Resi-
dents of Tigard
I am pleased to present the 2019-20 budget for the Town Center Development Agency (TCDA),
Tigard's urban renewal agency.
The TCDA oversees the revitalization of the Tigard Triangle and the City Center Urban Renewal
Areas and the implementation of their respective Urban Renewal Plans. The primary funding
source for the identified urban renewal projects is tax increment financing. 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 districts also leverage grant resources that contribute to re-
development efforts.
Although Tigard's City Center Urban Renewal District (generally the area bounded by Hwy 99W,
Fanno Creek Park, and Hall Blvd.) is modestly sized in area and in terms of debt capacity, there
were several notable accomplishments in FY 2018-19. The Agency successfully negotiated with its
tenant to free up the site of the proposed Universal Plaza, which will accelerate the project. An
agreement with a developer to build a mixed-use project on the TCDA-owned Main Street at Fan-
no Creek site is moving forward. Progress was made on the Fanno Creek Overlook, which will
provide better access to the natural and recreational resources of Fanno Creek and the trail. Six
businesses completed matching grant-funded building improvements, helping to strengthen down-
town's walkable business district.
The Tigard Triangle Urban Renewal District (generally the area bounded by 1-5, Hwy 217, and Pa-
cific Highway) is an area of great promise, but also great challenges. New stores and offices co-exist
with areas of dirt roads and no sewers. The maximum indebtedness totals $188 million dollars over
35 years, but as with all urban renewal districts, it will take a few years for the increment to build
up. The Agency is working on Metro grant-funded "A New Tigard Triangle: Planning for Equita-
ble Development" project. After extensive public engagement, an equitable development strategy,
as well as a financial model and early designs on prioritized urban renewal projects will be pro-
duced.
Looking ahead to 2019-20, in the City Center urban renewal will fund the construction of the
Tigard Rotary Plaza portion of the Tigard Street Heritage Trail, including a public restroom, a
much-requested amenity. The concept for the Universal Plaza will be refined, and design and engi-
neering will commence. Design and engineering will also start on Main Street Green Street Phase 2,
which will finish the street improvement from the railroad tracks to Scoffins Street. Construction
will potentially start in summer of 2020. In the Triangle, the TCDA will provide development assis-
tance to support a new Community Partners for Affordable Housing 48-unit apartment building
that will help address the region's affordable housing shortage.
PAGE 2 - CITY OF TIGARD
FY 2019-2020 INFORMATION PAGE
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 Affiance. We look forward to continued progress in the upcoming year thanks
to these partnerships.
Respectfully submitted,
Marty Wine
Executive Director
TCDA-PAGE 3
CITY CENTER URBAN RENEWAL AREA MAP
.../
Portland
,... ,-..s
Tigard .•Y,'
Plaza
..... '.:,.
5 E
,.,
4... \
. ..
..F,v 6 si, \ .• ••
. „,0 ••,,
•'I',7 (,. \ '•,r-.
.. Trete ,',..'t,
4 Tigard ,, \
rALLRose
Lake
Oswego
.. ..„.„,
Q ,
_,.
iL z
vi,.:,,, 4 "4:
a - )
a vz_
: ..,
.
—.,:_____ RUSEWI 4;
5,N MCDONALll SI
\ 7 , -
',2•di=11. 11011Mili ,
PAGE 4- CITY OF TIGARD
CITY CENTER URBAN RENEWAL AREA FACTS
District Formation Date May 2006
District Size (acres) 228.96
District Tax Lot Area (acres)• 185.6
District Right-of-Way Area (acres) 43.36
Base Assessed Value $69,207,378
Assessed Value (projected 2019) $113,288,167
Annual taxes levied (projected 2019) $560,000
Maximum Debt Limit: $22,000,000
Debt Issued (2006-2018): $3,244,382
Remaining Debt Limit (2019) $18,755,618
Principle Debt Outstanding (2019) $1,537,432
TCDA-PAGE 5
TIGARD TRIANGLE URBAN RENEWAL AREA MAP
N A4f „
•
Beaverton ..-
H
rr
- a '__ —
- Portland ��l
_ FRE '
• N,NN„ ' ,,
° \ ,..-: .,,,,- . ...._ ,
•
•
'� V �'''ourNsr ,vpN Ru
sIl ," Lake
illAEll�l�":
I "
w `IVa •
Oswego
Id . ' O ry7k 5.e 0 \11111111
IAE LF y
t,.
06E Si
I Eft
�� % E G \ }F" ffflll
1 N
EW Or L1EiSi SW MLN CRNA,ST -^NEE WAr .i. 9
oA
IE L-,h' E6 IR RINGER °00,0
G, , • OM 0.011.!,•,,,,,8s MN
lA
�l a .7114
�\` .. * o" ERNE GROVE''
POVEn AVE
''
P
PAGE 6 - CITY OF TIGARD
TIGARD TRIANGLE URBAN RENEWAL AREA 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 Assesed Value $424,596,907
Assessed Value (projected 2019) $449,105,237
Annual taxes levied (projected 2019) $293,000
Maximum Debt Limit: $188,000,000
Debt Issued $340,000
Remaining Debt Limit (2018) $187,660,000
Principle Debt Outstanding (2018) $340,000
TCDA-PAGE 7
CITY CENTER CAPITAL IMPROVEMENTS
Capital Project Funds - Urban Renewal Capital Improvements
FY 2017 FY 2018 2019 2020 2020 2020 Adopted vs
Description Actual Actual Revised Proposed Approved Adopted FY19
Resources
40000-Beginning Fund Balance 140,349 32,136 0 390,050 390,050 390,050 100.0%
Total Beginning Fund Balance 140,349 32,136 0 390,050 390,050 390,050 100.0
44501-Intergovernmental Revenue 75,000 20,000 0 0 0 0 0.0
Total Intergovernmental 75,000 20,000 0 0 0 0 0.0%
45320-Rental Income 84,425 116,739 95,000 0 0 0 -100.0%
Total Charges for Services 84,425 116,739 95,000 0 0 0 -1000%
48003-Asset Sale Proceeds 0 0 390,000 0 0 0 -1000%
Total Miscellaneous 0 0 390,000 0 0 0 -1000%
49001-Debt Proceeds 0 0 0 6,206,000 6,208,000 6,208,000 100.0%
Total Other Financing Sources 0 0 0 6,206,000 6,208,00D 6,208,000 100 0%
49425-Transfer In from Parks SDC Fund 0 0 0 360,000 380,000 380,000 100 0
49930-Transfer In from Urban Renewal Debt Svc Fund 515,500 0 366,500 153,000 153,000 153,000 -58 3
Total Transfers In 515,500 0 366,500 533,000 533,000 533,000 45 4%
Total Resources "Il8514=6131,050 131,050 7,131,050 7,131,050 737 5%
Requirements
Program Expenditures
TCDA 33,061 44,043 144,950 153,000 153,000 153,000 5.6
Total Program Expenditures 33,081 44,043 144,950 153,000 153,000 153,000 5.6%
Total Work in Progress 815,401 381,678 316,500 1504,500 1504,500 1,504,500 375.4%
Total Budget .1111111157,500 1,657,500 JM
Reserve for Future Expense -33,208 -256,845 390,050 5,473,550 5,473,550 5,4'3,550 1303 3%
'otal Requirements ilL350 7,131,050
PAGE 8- CITY OF TIGARD
TIGARD TRIANGLE CAPITAL IMPROVEMENTS
Capital Project Funds - Tigard Triangle Capital Improvement Fund
FY 2017 FY 2018 2019 2020 2020 2020 Adopted vs
Description Actual Actual Revised Proposed Approved Adopted FY 19
Resources
44501-Intergovenunental Revenue 0 0 340,246 325,000 325,000 325,000 -4.5
Total Intergovernmental 0 0 340,246 325,000 325,000 325,000 -4.5%
49935-Transfer In from Tigard Triangle Debt Svc 0 0 350,950 359,000 359,000 359,000 2 3
Fund
Total Transfers In 0 0 350,950 359,000 359,000 359,000 2 3
Total Resources 1.1684,000 684,000 684,000 -10%
Requirements
Program Expenditures
TCDA 0 0 690,196 683,000 683,000 683,000 -1.0%
Total Program Expenditures 0 0 690,196 683,000 663,000 683,000 -1.0%
Total Work in Progress 0 0 1,000 1,000 1,000 1,000 0 0°/
Total Budget 0 0 691,196 684,000 684,000 684,.
Reserve for Future Expense 0 0 0 0 0 0 0.0%
Total Requirements 0 0 691,196 684,000 684,000
TCDA-PAGE 9
CITY CENTER URBAN RENEWAL DEBT SERVICE
Debt Service Funds - Urban Renewal Debt Service
FY 2017 FY 2018 2019 2020 2020 2020 Adopted vs
Description Actual Actual Revised Proposed Approved Adopted FY 19 Revised
Resources
40000-Beginning Fund Balance 362,208 124,342 224,500 148,000 148,000 148,000 -341
Total Beginning Fund Balance 362,208 124,342 224,500 148,000 148,000 148,000 -34.1%
40100-Current Properly Taxes 437,195 464,938 492,519 560,000 560,000 560,000 13.7%
40101-Prior Year Property Taxes 3,302 4,214 0 0 0 0 0.0%
Total Taxes 440,497 469,153 492,519 560,000 560,000 560,000 13 7%
47000-Interest Earnings 4,137 8,271 1,500 11,100 11,100 11,100 640.0°/
Total Interest Earnings 4,137 8,271 1,500 11,100 11,100 11,100 640.0%
49001-Debt Proceeds 0 0 0 792,000 792,000 792,000 100.0%
Total Other Financing Sources 0 0 0 792,000 792,000 792,000 100.0%
Total Resources 806,842
Requirements
Program Expenditures
Program Expenditures 0 0 0 0 0 0 00"/
Total Debt Service 0 0 162,552 1,011,350 1,011,350 1,011,350 522.2%
Total Transfers Out 515,500 0 366,500 153,000 153,000 153,000 -58.3%
Total Budget
Reserve for Future Exp 291,342 601,766 189,467 346,750 346,750 346,750 83 0%
Total Requir-
PAGE 10 - CITY OF TIGARD
TIGARD TRIANGLE DEBT SERVICE
Debt Service Funds - Tigard Triangle Debt Service
FY 2017 FY 2018 2019 2020 2020 2020 Adopted vs
Description Actual Actual Revised Proposed Approved Adopted FY 19 Revised
Resources
40000-Beginning Fund Balance 0 0 0 100,000 100,000 100,000 100.0%
Total Beginning Fund Balance 0 0 0 100,000 100,000 100,000 100.0%
40100-Current Property Taxes 0 0 382,689 293,000 293,000 293,000 -23.4%
Total Taxes 0 0 382,689 293,000 293,000 293,000 -23.4%
49001-Debt Proceeds 0 0 340,000 0 0 0 -100.0%
Total Other Financing Sources 0 0 340,000 0 0 0 -100.0%
- Total Resources 0 0 722,689 393,000 393,000 JIMI
Requirements
Program Expenditures
Program Expenditures 0 0 0 0 0 0 0.0%
Total Debt Service 0 0 0 9,000 9,000 9,000 100.0%
Total Transfers Out 0 0 350,950 359,000 359,000 359,000 2.3%
oral Budget
Reserve for Future Exp 0 0 371,739 25,000 25,000 25,000 -93_3%
Total Requirements
TCDA-PAGE 11
FY 2019-2020 TOWN CENTER DEVELOPMENT AGENCY PROJECTS
Proposed City Center UR City Center UR Plan Project Proposed Purpose/benefit
Projects Category FY 19-20 Budget
Public restrooms F3.Public Facilities:Public $ 135,500 Public restrooms will be an amenity for Rotary
Restrooms Plaza/Tigard Street Heritage Trail and for visitors to
downtown Tigard.
Fanno Creek Overlook E.2 Public Spaces:Plazas $ 319,000 The public space,including an overlook,would
provide better access to the natural and
recreational resources of Fanno Creek and the trail,
and serve as an attractive amenity for downtown
visitors and residents.
Burnham Plaza E.2 Public Spaces:Plazas $ 950,000 A large public gathering space will encourage a
broader range of active and passive recreational
uses in downtown and attract more residents and
visitors to the area.
Main Street Green Street B.1.Streetscape $ 100,000 Landscaping features,street trees and furnitures
contribution Improvements:Main Street are improvements that will enhance the physical
appearance of downtown and attract a broader
range of users,including shoppers,tourists and
commercial employers.
Total Capital Improvement Project $ 1,504,500
UR Improvement program G.1.Planning and $ 75,000 Matching grants to property and business owners
Development Assistance: for facade and tenant improvements have
Rehabilitation/Redevelopm strengthened participating businesses and
ent Grant/Loan Program improved downtown's position as a walkable
commercial district.
Management and $ 78,000 Repayment of administrative costs associated with
Administration of UR implementation of Plan
Projects
Total Programs $ 153,000
1 Total Debt Service 1 $ 1,011,3501
Proposed Tigard Triangle Tigard Triangle UR Plan Proposed Purpose/benefit
UR Projects Project Category FY 19-20 Budget
Place holder for top ranked $ 1,000
UR Projects
Total Capital Improvement Project $ 1,000
CPAH Red Rock Creek D.Re/Development $ 200,000 Partnership will facilitate 48 units of affordable
Commons Development Assistance and Partnerships housing
Assistance
Planning for Equitable E.Plan Administration $ 325,000 Metro grant funded project will provide and
Development Project equitable development strategy,UR Finance Plan,
and Triangle Infrastructure Investment Plan
Planning for Equitable E.Plan Administration $ 80,000 Match for Metro grant funded project will provide
Development Project Grant and equitable development strategy,UR Finance
Match Plan,and Triangle Infrastructure Investment Plan
Management and E.Plan Administration $ 78,000 Repayment of administrative costs associated with
Administration of UR implementation of Plan
Projects
1 Total Programs $ 683,000
1 Total Debt Service 1 $ 9,000
PAGE 12- CITY OF TIGARD