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TCDA Budget - FY 2020-2021 FY 2020-2021 INFORMATION PAGE Town Center Development Agency City of Tigard Fiscal Year 2020-2021 Adopted Budget TOWN CENTER DEVELOPMENT AGENCY BUDGET COMMITTEE Chris Bence Mayor Jason Snider Timothy Cadman Councilor Tom Anderson Siobhan Chandler Councilor John Goodhouse Clifford Rone Councilor Heidi Leub Leah Voit Councilor Liz Newton 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 TCDA TOWN CENTER DEVELOPMENT AGENCY City of Tigard 13125 SW Hall Blvd. Tigard,OR 97223 TCDA-PAGE 1 FY 2020-2021 INFORMATION PAGE Transmittal to the Town Center Development Agency Budget Committee and the Residents of Tigard I am pleased to present the 2020-21 budget for the Town Center Development Agency (TCDA), Tigard's tax incre- ment financing agency. At the time of the adopted budget, the world has been responding to the impacts of COVID- 19. The early economic impacts have been significant. The long-term impacts on the districts and development are unknown. Tigard staff and elected officials will closely monitor the situation. The TCDA oversees the revitalization of the Tigard Triangle and the City Center Urban Renewal Areas as well as the implementation of their respective urban renewal plans. The primary funding source for the identified plan 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 redevelopment efforts. Tigard's City Center Urban Renewal District (generally the area bounded by Pacific Highway, Fanno Creek Park, and Hall Blvd.) is approaching the fifteenth anniversary of its approval by voters in 2006. Although modestly sized in area and in terms of debt capacity, there were several notable accomplishments in FY 2019-20. The TCDA funded the Tigard Rotary Plaza portion of the Tigard Street Heritage Trail,including a public restroom.The Agency advanced the Universal Plaza project by hiring design, engineering, and activation consultants and prepared the site for future con- struction. The Agency partnered with an affordable housing developer for the Senior Housing Alongside the Tigard Senior Center project. 2019-20 saw growing developer interest in the Tigard Triangle Urban Renewal District (generally the area bounded by I-5, Hwy 217, and Pacific Highway), notwithstanding the district having areas of deficient infrastructure. A new mar- ket-rate mixed use project started leasing,and a new hotel neared completion. Several other mixed use,residential,and commercial projects are in various stages of planning. The Agency completed the first phase of the Metro grant- funded"A New Tigard Triangle: Planning for Equitable Development"project. Extensive public engagement resulted in an equitable development strategy, a financial model, and a prioritized urban renewal projects list (affordable hous- ing and parks ranked the highest). Looking ahead to FY 2020-21 in the City Center, temporary activities will take place on the site of the Universal Plaza (the schedule depending on the need for social distancing). Design will continue, leading up to construction in 2022. Main Street Green Street Phase 2, which will finish the street improvements from the railroad tracks to Scoffins Street, will complete design and engineering. Construction will potentially start in the summer of 2021. Senior Hous- ing Alongside the Tigard Senior Center and the Main Street at Fanno Creek mixed-use projects will likely break ground. The Agency will also complete the City Center Futures project to help guide decisions on the potential con- tinuation of the district beyond 2027. In the Triangle,phase two of A New Tigard Triangle: Planning for Equitable Development will result in designs for a potential new park and for SW 70th Avenue. Three new developments totaling nearly 500 housing units will likely start or complete construction. The Agency pledged developer assistance for two of these- one affordable and one market rate. PAGE 2 - CITY OF TIGARD FY 2020-2021 INFORMATION PAGE Tigard's redevelopment efforts are stronger due to the time and commitment of volunteers who serve on the Town Center Advisory Commission and the Tigard Downtown Alliance. We look forward to continued pro- gress in the upcoming year thanks to these partnerships. Respectfully submitted, Marty Wine Executive Director TCDA-PAGE 3 ›- s 06'°9 N' .. 4r ....._ -- tail m ,, Yit/7 h , sO 0 I gill O a cl �'P ,,,to S Y� ti C� / ,(',�{�� 1 98TH AVE AIF. 9yy Lr' N 1yF ..'T • o 9L� Ye,�� - 11111. 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Z 6 R �,'�t' ! Elementary w w „..„27/ / 7 MAPLELEAF ST > w w x w z u°'i . Et wOAK WAY. z = ¢ G G $ PPS ADP'xA� r X ❑ x r. tors z OAK ST „~-, "D 0 iii�� iii� A rL t ARBVFt6�v CAP/7- _, HWY ;45/9-G,Tti, ' CJI L�� 1I WP RIVE$T 2 "-I-' f "'t'-'�' IIW 1■ ,,'i I I `I W� .' L T•�..-- L--- V yJ "S'PRUGE ST - ' _.14..., I/ / CORONADO SY LUCILLE CT THORN ST VACUNA$ STEVE ST w I _- G\�\ � / i� O LI} L lYlf!!! c a w a ., Q NORTH DFKOTANNN 4 p p m I tt w N w eCO m Q COE .4 ,-�� r Portland Community I.- i- W m College--Sylvania 6,o a CO : s 2 Ci LOM w CO HAINES ST 713 1 4 ks.6,� _ '� BAYLOR ST .pO GUNTHER LN 9 �G F F m 1P,,, CLINTON ST d O C. yb- FU ARM q KRUSE RIDGE DR 0 _ a' SPINOSA - $'` OLITH ST = ' cc c; \ \ �i— �.- n H < RIDGETOPCT .Q� Kk I- to 41 01 --. ELMHURST ST > r a BUY pOINp 717 Re°. '` IkI050 WAy �v na N CREEK al, 4�C,j �i FRANKLIN ST© a to O B �O e WES'STATION 4i, f f �; TRANSIT CENTER Cj I T m N ROSALIA WAY f q( j SOUTHWOOD DR a a PS�,P, � 4 GONZA GA ST I- X 4°G N m a \ • FR R HAMPTON STce - Oak Creek \ , Q HU Elementary r tory TIGARD \ ,//T__ aX PAMELA - SUNCREE!(DR CITY HALL ` z MELROSE ST neksoN DR VARNS ST G �'' : - .. -oO44,U JucOMARA ST Q[ braryA SAN Di O R •EDGEWOOD ST - ' A m ,§-`� G ST ` U 11.1 r � CHAR CT - - � _ -..../7 KRLISF IAIAV k " 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 Assessed Value $424,744,405 Assessed Value (projected FY 2021) $479,369,000 Annual taxes levied (projected FY 2021) $450,000 Maximum Debt Limit: $188,000,000 Debt Issued (projected 2020) $542,273 Remaining Debt Limit (projected 2020) $187,457,727 Principal Debt Outstanding (projected 2020) $183,273 TCDA-PAGE 7 CITY CENTER CAPITAL IMPROVEMENTS FY 2018 FY 2019 2020 2021 2021 2021 Adopted vs Description Actual Actual Revised Proposed Approved Adopted FY 20 Resources 40000-Beginning Fund Balance 32,136 32,956 401,805 5,093,500 5,093,500 5,093,500 1167.7% Total Beginning Fund Balance 32,136 32,956 401,805 5,093,500 5,093,500 5,093,500 1167.7% 44501-Inter_.w___.._:..1 Revenue 20,000 0 0 0 0 0 0.0% 44800-Federal Grants 289,733 4,349 0 0 0 0 0.0% Total Intergovernmental 309,733 4,349 0 0 0 0 0.0% 45320-Rental Income 116,739 107,371 0 0 0 0 0.0% Total Charges for Services 116,739 107,371 0 0 0 0 0.0% 47000-Interest Earnings 0 50 0 0 0 0 0.0% Total Interest Earnings 0 50 0 0 0 0 0.0% 48001-Recovered Expenditures 68 2,440 0 0 0 0 0.0% Total Miscellaneous 68 2,440 0 0 0 0 0.0% 49001-Debt Proceeds 0 0 6,208,000 0 0 0 -100.0% Total Other Financing Sources 0 0 6,208,000 0 0 0 -100.0% 49425-Transfer In from Parks SDC Fund 0 0 380,000 0 0 0 -100.0% 49930-Transfer In from Urban Renewal Debt Svc Fund 0 187,706 274,000 412,000 412,000 412,000 50.4% Total Transfers In 0 187,706 654,000 412,000 412,000 412,000 -37.0% Total Resources 458,677 334,873 7,263,805 5,505,500 5,505,500 5,505,500 Requirements Program Expenditures TCDA 44,043 130,583 153,000 411,900 411,900 411,900 169.2% Total Program Expenditures 44,043 130,583 153,000 411,900 411,900 411,900 1692% Total Work in Progress 381,678 57,124 1,637,255 2,781,000 2,781,000 2,781,000 69.9% Total Budget il=425,7 192,900 3,192,900 78.3% Reserve for Future Expense 32,956 147,167 5,473 550 2,312,600 2,312,600 2,312,600 -57.7% Total Requirements -458,677 334,873 7,263,805 5,505,500 PAGE 8- CITY OF TIGARD TIGARD TRIANGLE CAPITAL IMPROVEMENTS FY 2018 FY 2019 2020 2021 2021 2021 Adopted vs Description Actual Actual Revised Proposed Approved Adopted FY 20 Resources 44501-Intergovernmental Revenue 0 193,273 325,000 0 0 0 -100.0% Total Intergovernmental 0 193,273 325,000 0 0 0 -100.0% 49935-Transfer In from Tigard Triangle Debt Svc Fund 0 0 359,000 8,481,900 8,481,900 8,481,900 2262.6% Total Transfers in 0 0 359,000 8,481,900 8,481,900 8,481,900 2262.6% Total Resources 0 193,_UM 684,000 8,481,900 8,481,900 8,481,900 1140.0°/ Requirements Program Expenditures TCDA 0 193,273 683,000 2,181,900 2,181,900 2,181,900 219.5% Total Program Expenditures 0 193,273 683,000 2,181,900 2,181,900 2,181,900 219.5% Total Work in Progress 0 0 0 6,300,000 6,300,000 6,300,000 100.0% Budget 193,273 683,000 8,481,900 8,481,900 8, Reserve for Future Expense 0 0 1,000 0 0 0 -100.0% Total Requirements -II0 193,273 684,000 8,481,900 8,481,900 8,481,900 TCDA-PAGE 9 CITY CENTER URBAN RENEWAL DEBT SERVICE FY 2018 FY 2019 2020 2021 2021 2021 Adopted vs Description Actual Actual Revised Proposed Approved Adopted FY 20 Revised Resources 40000-Beginning Fund Balance 124,342 438,822 269,000 566,100 566,100 566,100 110.4% Total Beginning Fund Balance 124,342 438,822 269,000 566,100 566,100 566,100 110.4% 40100-Current Property Taxes 464,938 508,118 560,000 590,000 590,000 590,000 3.4% 40101-Prior Year Property Taxes 4,214 12,932 0 0 0 0 0.0% Total Taxes 469,153 521,050 560,000 590,000 590,000 590,000 5.4% 47000-Interest Earnings 8,271 16,132 11,100 11,100 11,100 11,100 0.0% Total Interest Earnings 8,271 16,132 11,100 11,100 11,100 11,100 00% 49001-Debt Proceeds 0 0 792,000 0 0 0 -100.0% Total Other Financing Sources 0 0 792,000 0 0 0 -100.0% Total Resources 601,766- ie1,167,200 0_),167,200 -28.5% Requirements Program Expenditures Program Expenditures 0 0 0 0 0 0 0.0% Total Debt Service 162,943 158,986 1,011,350 130,025 130,025 130,025 -87.1% Total Transfers Out 0 187,706 274,000 412,000 412,000 412,000 50A% Total Budget 162,943 346,692 1,285,350 Reserve for Future Exp 438,822 629,311 346,750 625,175 625,175 625,175 80.3% Total Requirements 976,004 1,632,100 1,167,200 11111K00 1,167,200 -28.5% PAGE 10 - CITY OF TIGARD TIGARD TRIANGLE DEBT SERVICE I'Y 2018 I'Y 2919 2020 2021 2021 2021 Adopted vs Description Actual Actual Revised Proposed Approved Adopted FY 20 Revise( Resources 40000-Beginning Fund Balance 0 0 100,000 84,000 84,000 84,000 -16.0% Total Beginning Fund Balance 0 0 100,000 84,000 84,000 84,000 -16.0% 40100-Current Property Taxes 0 0 293,000 450,000 450,000 450,000 53.6% Total Taxes 0 0 293,000 450,000 450,000 450,000 53.6% 49001-Debt Proceeds 0 0 0 8,000,000 8,000,000 8,000 000 100.0% Total Other Financing Sources 0 0 0 8,000,000 8,000,000 8,000,000 100.0% Total Resources 0 393,000 8,534,000 8,534,000 8,534,000 2071.5% Requirements Program Expenditures Program Expenditures 0 0 0 0 0 0 0.0% Total Debt Service 0 0 0 0 0 0 0.0% Total Transfers Out 0 0 359,000 8,481,900 8,481,900 8,481,900 2262.6% Total Budget 0 0 359,000 8,481,900 8,481,900 8,481,900 2262.60/1 Reserve for Future Exp 0 0 34,000 52,100 52,100 32,100 53.2% Total Requirements 0 0 393,000 8,534,000 8,534,000 8,534,000 TCDA-PAGE 11 FY 2020-2021 TOWN CENTER DEVELOPMENT AGENCY PROJECTS City Center Capital Improvement Adopted Projects City Center UR Plan Project FY20-21 Budget Purpose/Benefit The public space,including an overlook,would provide better access to the natural and Fanno Creek Overlook E.2 Public Spaces:Plazas $441,000 recreational resources of Fanno Creek and the trail,and serve as an attractive amenity for downtown visitors and residents. A large public gathering space will encourage a broader range of active and passive Universal Plaza E.2 Public Spaces:Plazas $1,115,000 recreational uses in downtown and attract more residents and visitors to the area. Main Street Green Street landscaping features,street trees and street Main Street Green Street contribution B.1.Streetscape $1,100,000 furniture are improvements that will enhance the physical appearance of Improvements:Main Street downtown and attract a broader range of users,including shoppers,tourists and commercial employers. Streetscape Improvements B.Streetscape Improvements $125,000 Other street landscaping features,street trees and street furniture are improvements that will enhance the physical appearance of downtown. Total City Center Capital Improvement 'rojects $2,781,000 City Center UR Programs G.1.Planning and Development Matching grants to property and business owners for facade and tenant improvements Assistance: UR Improvement program $75,000 have strengthened participating businesses and improved downtown's position as a Rehabilitation/Redev. walkable commercial district. Grant/Loan Program G.Planning and Development Development Opportunity Studies $90,000 Planning for new housing and office redevelopment in the Downtown Assistance City Center UR Plan Update Plan Administration $90,000 Funds to develop updated City Center Urban Renewal Plan The Urban Renewal Plan authorizes technical assistance in the form of site studies, G.Planning and Development Equitable Opportunities Fund $75,000 market studies,feasibility analyses,engineering and design and other Assistance activities directly related to development of property in the urban renewal area. Management and Administration of UR Plan Administration $81,900 Repayment of administrative costs associated with implementation of Plan Projects (Total City Center UR Programs $411,900 (Total City Center UR Expenditures I I $3,192,9001 Adopted Triangle Capital Improvement Projects Triangle UR Plan Project FY20-21 Budget Purpose/Benefit C.Public Spaces,Facilities,and Acquiring property for parks,such as splash pads,nature play areas,skate parks,pocket Park Acquisitions $3,800,000 parks,linear parks,and neighborhood parks;greenways,such as along Red Rock Creek Installations Transportation projects are intended to provide a safe and effective multimodal Hwy 217 MUP Contribution A.Transportation $2,500,000 transportation network in the Area that supports mixed-use and pedestrian-oriented development through improved internal connectivity,external access,and mobility;a variety of travel options. Total Triangle Capital Improvement Projects $6,300,000 Adopted Triangle UR Programs Triangle UR Plan Project FY20-21 Budget Purpose/Benefit Affordable Housing Development Fund D.Re/Development Assistance $1,000,000 Fund to contribute to the Area's diversity and vitality by providing assistance to affordable and Partnerships housing developments. D.Re/Development Assistance Projects within this category are intended to contribute to the Area's diversity and vitality Opportunity Fund 000 and Partnerships $100, by providing assistance to new and existing businesses and housing developments. D.Re/Development Assistance Re/Development Assistance $1,000,000 SDC Assistance for the 72nd&Dartmouth mixed use project and Partnerships Management and Administration of UR E.Plan Administration $81,900 Repayment of administrative costs associated with implementation of Plan Projects ITotal Triangle UR Programs $2,181,900 (Total Triangle UR Expenditures I $8,481,9001 PAGE 12- CITY OF TIGARD