TCDA TIF District/Urban Renewal Financial Impact Report - June 30, 2021FINANCIALIMPACT REPORT
TC DA
TCDA
TIF District/Urban RenewalTown Center Development Agency of the City of Tigard
FY 2020–2021
FOR THE FISCAL YEAR ENDED JUNE 30, 2021
Date Filed: January 31, 2022
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Tax Increment Financing (TIF) Districts Urban Renewal (Overview)
ORS 457.460 requires the urban renewal agency to file an annual statement on financial proceedings. In
Tigard, the term “urban renewal” is synonymous with tax increment financing or TIF.
What Does Tax Increment Financing Do?
Tax increment financing uses property taxes from within an area to fix identified problems in that same area. It often
focuses on improving an area’s transportation and utility infrastructure since these kinds of improvements can unlock an
area’s development potential. Tax increment financing can also be used to attract and retain small businesses, support
affordable housing, and develop public spaces such as parks, plazas, and trails.
How Does Tax Increment
Financing Work?
When a Tax Increment Financing (TIF) District is established, the
County Assessor determines the current assessed value of all
property within the area and freezes that tax base. Tax revenue from
this “frozen base” continues to go to taxing districts annually for
the life of the TIF District. Tax revenue on any increase in property
value that would occur anyway – from new development and/or
appreciation – is allocated to the TIF District Agency for projects
in the district. This increase above the frozen base is called the
“increment.” When the TIF District expires, the frozen base also
expires, and the local taxing districts resume receiving taxes on the
full assessed value of the properties.
How are decisions made about tax
increment financing?
The Town Center Development Agency (TCDA) is the City of Tigard’s
TIF District Agency and is responsible for administering the City Center
and Tigard Triangle plans. The Board of the Town Center Development
Agency are the decision makers of the agency. The membership of the
Board is made up of the Tigard City Council. The Town Center Advisory
Commission makes recommendations to the board on policy, budget,
and implementation of tax increment financing projects.
What Are the Benefits of
TIF Districts for Tigard?
• Improves Tigard’s Long-Term
Financial Health
By bringing in new businesses and
development, urban renewal increases
Tigard’s tax base over time which, in turn,
helps fund future city services for all of
Tigard residents.
• Provides a Stable Funding Source
By creating a stable, long-term funding
source (without creating a new tax), the city
can build or fix infrastructure that it may
otherwise delay, or never be able to afford.
• Steers Investment Toward an Area
Ready for Change
By focusing on areas already zoned for
mixed-use commercial and residential
density, TIF steers investments toward parts
of Tigard that are the most ready for change.
• Furthers Tigard’s Walkability Goal
TIF can help further the city’s goal
of becoming a more walkable,
interconnected and healthy community by
transforming auto-oriented districts with
no or limited sidewalks into pedestrian-
friendly areas with a diverse mix of
destinations and activities.
• Supports Travel by Alternate Modes
By fostering the creation of a complete
community – one which has jobs,
housing, services, and transit – TIF can
make travel by alternate modes (travel by
foot, bike, or transit) feasible.
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Tigard has two urban
renewal districts:
1. City Center
(Downtown) Urban
Renewal District
2. Tigard Triangle Urban
Renewal District
Tax increment financing
expenditures in both districts
are guided by their respective
urban renewal plans. These
urban renewal plans are
administered by the Town
Center Development Agency,
which was established by the
Tigard City Council as the
City’s Urban Renewal Agency.
Approved by Voters: 2006
Substantial Amendments Approved by Voters: 2017 and 2021
Size: 228.96 acres
Amended Duration: 29 years
Amended Maximum Indebtedness: $42.8 Million
Remaining Maximum Indebtedness: $32,404,426 (2021)
The purpose of the City Center Urban Renewal Plan is to use the
tools provided by TIF to attract private investment and facilitate
the area’s revitalization. In 2021 Tigard voters approved a
substantial amendment to the plan extending the duration and
adding $20.8 million in maximum indebtedness (the amount to
fund projects and programs.)
The City Center Urban Renewal Area boundary is shown in red.
The City Center (Downtown) Urban Renewal Plan has 5 Distinct Goals:
Goal 1
Revitalization of the Downtown should recognize the value of natural
resources as amenities and as contributing to the special sense of place.
Goal 2
Capitalize on Commuter Rail and Fanno Creek as catalysts for future
investment and development.
Goal 3
Downtown’s transportation system should be multi-modal, connecting
people, places and activities safely and conveniently.
Goal 4
Downtown’s streetscape and public spaces should be pedestrian-friendly
and not visually dominated by the automobile.
Goal 5
Promote high-quality development of retail, office and residential uses that
support and are supported by public streetscape, transportation, recreation
and open space investments.
99 W
Main St.
Hall Blvd.
City Center Urban Renewal Plan City Center Urban Renewal Plan
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Attwell off Main
Completed in 2017, Attwell off Main brought over 300 residents
to downtown Tigard. Attracting new residents to downtown is a
goal of the TIF district and the City’s strategic plan.
Attwell off Main would not have occurred without TIF. In 2015,
the Tigard City Center Development Agency (TCDA, Tigard’s
TIF agency) signed a developer agreement with Capstone
Greenlight and DIG Tigard. Through the agreement, the
developer team purchased the TCDA-owned development
site for its appraised value and the TCDA invested the $1.65
million purchase price into partially offsetting the nearly
$2.8 million in system development charges incurred by the
project’s construction.
This public investment resulted in private investment of over
$30 million into the mixed-use project.
Take a walk down Tigard’s
Main Street and it may be
difficult to remember how
it looked just a few years
ago. Restored and improved
storefronts, new landscaping,
LED streetlights and unique
public artwork are just a few
of the amenities that invite
people downtown to shop,
dine, walk the dog, or meet
up with family and friends.
TIF has played a pivotal
role in downtown Tigard’s
transformation. The next few
pages provide a snapshot of
how TIF has helped reshape
downtown Tigard.
$49.4M private investment
into property improvements and new
construction in the City Center TIF District
since 2006, more than double the amount
of investment in the 12 years preceding.
28 downtown businesses have
received TIF matching grants for interior
or exterior building improvements.
234 new units of multifamily
housing units constructed in downtown
Tigard since the TIF district was
established in 2006.
32% increase in multifamily
housing in downtown Tigard since 2006,
compared to a 25% increase in the rest
of Tigard.
2.6:1 leverage ratio of private
to public investment into TIF tenant
and storefront improvements, meaning
every $1 in grant funding has yielded
$2.60 in private investment.
64% increase in assessed value in
the City Center TIF District between 2006
– 2019, compared to a 56% increase in
assessed value citywide.
Data Source: Washington County
Data Source: City of Tigard
Data Source: Metro Data Source: Metro
Data Source: City of Tigard
Data Source: Washington County
Project SpotlightProject Spotlight
City Center Urban Renewal Plan: Accomplishments to Date City Center Urban Renewal Plan: Accomplishments to Date
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Symposium Coffee
In 2013, the TCDA awarded a matching grant to
Symposium Coffee to renovate the vacant front half of
the Tigard Chamber of Commerce building. The grant
awarded $24,800 in funding toward a total project budget
of $90,159, leveraging nearly three times the grant amount
in private investment. Since opening, Symposium Coffee
has played a leading role in the revitalization of downtown
Tigard, attracting new customers to Main Street and
serving as a community gathering space.
Main & Burnham Street Improvements
The TIF Agency has helped pave the way for
improvements to two of downtown Tigard’s most
prominent streets.
Completed in 2011, the reconstruction of Burnham Street
closed sidewalk gaps and added 10-18 foot sidewalks to
encourage strolling, safer pedestrian crosswalks, LED
streetlights, underground utilities, on-street parking, a
center turn lane, and built a new section of Ash Avenue.
Completed in 2014, phase 1 of Tigard’s Main Street Green
Street project rebuilt the southern half of Main Street,
from Pacific Highway/99W to the railroad crossing near
Commercial Street. Funded largely by a Metro grant,
the project provided safer pedestrian crossings, green
streetscape planters that help remove pollutants from
storm water, new sidewalks, streetlights, benches and
bike racks. Main Street Green Street Phase 2 is planned to
be constructed starting in FY21-22.
Heritage Trail & Outdoor Museum Ash Ave. Dog Park
Downtown Public Art Streetscape Improvements
Jim Griffith Memorial Skate Park
Facade & Interior Improvement Grants
Fanno Creek Trail Undercrossing LightsBurnham St. Parking Lot
Ash Ave. Connection
City Center Urban Renewal Plan: Accomplishments to Date City Center Urban Renewal Plan: Accomplishments to Date
Project Spotlight
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City Center Urban Renewal Plan: Current & Proposed Projects
TIF District
Matching Grant Program
The TIF Disctrict Matching Grant Program provides
matching grants for existing businesses and property
owners in the City Center TIF District to make
improvements to the exterior of their building. The
program also funds interior improvements for restaurants
or similar businesses that move into vacant commercial
spaces. This program has previously supported
renovations to projects at Senet Game Bar, Tigard
Taphouse, Symposium Coffee, Jeffrey Allen Gallery, and
many others. Grant-funded projects have strengthened
participating businesses and improved Main Street’s
position as a walkable commercial district.
Universal Plaza
The Universal Plaza will be built on Burnham Street adjacent to Fanno Creek Park. The plaza will be a signature public space
and a hub of activity in the downtown.
Main Street at
Fanno Creek Development
The TCDA is actively engaged in redeveloping this key
site where Main Street meets Fanno Creek. The TCDA
purchased the property and then used $400,000 in grant
funding from the U.S. EPA Brownfield Cleanup Program
for remediation and preparing the site for development.
The property was sold to a developer, who will start
construction in 2022 on a mixed-use building that will bring
added vitality to Downtown.
City Center Urban Renewal Plan: Current & Proposed Projects
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The Tigard Triangle
Urban Renewal Plan:
Existing Problems:
• Dirt roads/lack of
sidewalks
• Areas with no sewers/
sewers needing repair
• Red Rock Creek erosion
• Flooding
• Traffic congestion
Approved by Voters: 2017
Area Size: 548 acres
Plan Duration: 35 years
Maximum Indebtedness: $188 million
Remaining Maximum Indebtedness: $187,412,131 (2020)
The Tigard Triangle (roughly the area bordered by I-5, Highway
217 and Highway 99W) is an area with great potential but also
has significant infrastructure needs. Approved by Tigard voters in
2017, the Tigard Triangle Urban Renewal Plan includes projects
that will improve walkability, address transportation issues, and
help businesses grow. SW MAIN ST
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no Creek &Trail Red Rock CreekRed Rock CreekAVEThe Tigard Triangle Urban Renewal Plan’s 5 goals outline its basic
intents and purposes:
Goal 1
Encourage meaningful involvement by citizens, interested parties, and
affected agencies throughout the life of the urban renewal district to
ensure it reflects the community’s values and priorities.
Goal 2
Provide a safe and effective multimodal transportation network that
provides access to, from, and within the Area and supports mixed-use
and pedestrian-oriented development.
Goal 3
Provide public utility improvements to support desired development.
Goal 4
Create a clear identity for the Area as a fun and diverse place to
live, work, shop, eat, and play by building upon existing unique and
desirable features.
Goal 5
Provide financial and technical assistance to new and existing
businesses and housing developments that contribute to the Area’s
diversity and vitality and help it transform into a mixed-use and
pedestrian-oriented district.
Tigard Triangle Urban Renewal PlanTigard Triangle Urban Renewal Plan
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Tigard Triangle Urban Renewal Plan
Development Assistance
for Affordable Housing
In response to the priorities of “A New Tigard Triangle:
Planning for Equitable Development,” the Agency has
created a robust affordable housing development
assistance program. Red Rock Creek Commons, with 48
affordable apartments, was completed in FY21, the first
project to receive TCDA assistance.
• New Streets & Sidewalks
• New Trails & Parks
• Major Sewer Line
• Red Rock Creek
• Stormwater
• Intersection Improvements
• Facade Improvement • Grants/Loans
• Small Business SupportTIF District
Implementation
The goal of “A New Tigard Triangle: Planning for
Equitable Development” was to provide direction for
strategic public investments that support equitable
development in the Triangle, ensuring that local
residents and businesses have the opportunity to
benefit from the area’s economic transformation.
The project wrapped up in FY21. The Board of the
TCDA adopted the report as the guiding document to
implement the Triangle TIF District plan. Budgets will
prioritize the top ranked projects of affordable housing
and parks.
Apartment Units
Units
Increase in Apartment Units
Current Projects Proposed Projects
Accomplishments to Date
Small Business
307 48
265%
built or under construction in the Tigard Triangle since the
TIF District was established in 2017.
built or under construction in the Tigard Triangle since 2017.
of affordable
housing units
built in the
Tigard Triangle
since 2017.
Tigard Triangle Urban Renewal Plan
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Financial Reports
Introduction
URBAN RENEWAL AGENCIES must prepare an annual financial report for the governing body and public in accordance
with Oregon Revised Statutes 457.460. The report includes a financial summary of the preceding year and the budget
for the new fiscal year. It also includes an analysis of the financial impact of carrying out the urban plan on the tax
collections for all taxing districts.
History of Tax Increment Financing
In less than two decades, three ballot measures – Measure 5 (1990), and Measure 50 (1997) – have made significant
changes to Oregon’s system of property taxation. Those changes have influenced urban renewal programs and tax
increment revenue calculations. The provisions of these changes to the property tax system, Ballot Measures 5 and
50, now are incorporated into Oregon’s Constitution, and into Oregon Urban Renewal Statutes. Those provisions
provide the basic framework for revenue calculations in this report.
Tax Increment Calculations
To determine the amount of the taxes levied, the total assessed value within each urban renewal area is segregated
by the county assessor into two parts: (a) the total taxable assessed value in the district at the time the Urban Renewal
Plan was adopted (the base or “frozen” value); and (b) the difference between the frozen base value and the current
total assessed value (the incremental value or “excess”). Revenues derived from the application of the tax rate for
each affected taxing district to the amount of the incremental value may be collected by the urban renewal agency and
deposited in its debt service fund. This revenue is used to repay indebtedness incurred in carrying out the projects.
Effect of Urban Renewal on Taxing Districts
Carrying out an urban renewal plan has an effect on the county assessor’s calculation for each taxing district that shares
values with Tigard’s urban renewal agency. Some property taxes that may have been received by the taxing bodies that
levy property taxes within Tigard’s urban renewal area are being paid to Tigard’s urban renewal agency.
Passage of Ballot Measure 50 (Article XI, Section 11 of the Oregon Constitution) resulted in converting most property
taxes from a levy-based system to a rate-based system. Pages 18 and 19 of this report shows the financial impact by
taxing district for Tigard’s urban renewal agency.
Financial Reports
The financial reports on pages 18–22 account for the activities of Tigard’s urban renewal agency. In accordance with
ORS 457.460, these reports were prepared by the Finance Department of the City of Tigard and consultant Tiberius
Solutions using the same basis of accounting it uses to prepare its financial statements — modified accrual basis of
accounting. These reports are due annually by January 31, information and figures contained herein are based upon
audited draft financial statements. At the end of each fiscal year, June 30, this financial impact report is prepared which
shows the urban renewal tax impact by taxing district. Copies are available by January 31 at the Tigard Permit Center,
13125 SW Hall Blvd., Tigard, 97223 and on the City of Tigard website.
Maximum Indebtedness Tracking
As summarized on the following pages, Town Center Development Agency’s 2020–21 total requirements were $7,837,569 for
expenditures charged to the District as of June 30, 2021. For fiscal year 2021–22, total budgeted resources of were balanced
with requirements of $19,957,700, including a financing agreement to fund future urban renewal projects. The District uses
the funds it receives from the division-of-taxes method of calculating property taxes to finance various urban renewal projects
and activities. These property taxes totaled $1,406,496 in FY 2020–21 and are expected to rise to $1,495,000 in FY 2021–22.
These tax estimates are calculated based on the Washington County assessment summary received after budget adoption.
City Center
Total Debt $10,395,574
Maximum Indebtedness Remaining $32,404,426
Tigard Triangle
Total Debt $587,869
Maximum Indebtedness Remaining $187,412,131
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Financial Reports
Town Center Development Agency
Statement of Resources & Requirements for the fiscal year ended June 30, 2021.
Note: Figures are based upon audited financial statements.
Town Center Development AgencyStatement of Resources and Requirementsfor the fiscal year ended June 30, 2021
As summarized below, Town Center Development Agency's 2020-21 total requirements were $7,837,569 for expenditures
charged to the District as of June 30, 2021. For fiscal year 2021-22, total budgeted resources of were
balanced with requirements of $19,957,700, including a financing agreement to fund future urban renewal projects.
The District uses the funds it receives from the division-of-taxes method of calculating property taxes to finance
various urban renewal projects and activities. These property taxes totaled $1,406,496 in FY 2020-21 and
are expected to rise to $1,495,000 in FY 2021-22. These tax estimates are calculated based on the
Washington County assessment summary received after budget adoption.
City Center Debt Service
Funds Triangle Debt Service Funds
City Center Capital Projects
Funds Triangle Capital Projects Funds Total
Actual Budget Actual Budget Actual Budget Actual Budget Actual Budget
2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22 2020-21 2021-22
Resources:
Beginning Fund Balance 1,085,936 625,175 105,962 52,100 4,132,306 2,312,600 - - 5,324,204 2,989,875
Tax Increment Property Taxes 663,795 697,000 742,701 798,000 - - - - 1,406,496 1,495,000
Interest Income 8,446 8,325 6,400 - 7,519 - - - 22,365 8,325
Intergovernmental revenues - - - - 464,279 1,571,000 230,428 - 694,707 1,571,000
Other Financing Sources - - - 8,000,000 389,797 730,000 - 5,163,500 389,797 13,893,500
Total Resources 1,758,177 1,330,500 855,063 8,850,100 4,993,901 4,613,600 230,428 5,163,500 7,837,569 19,957,700
Requirements:
Debt Service 410,264 425,025 5,040 5,600 - - - - 415,304 430,625
Transfers Out - 730,000 - 5,163,500 - - - - - 5,893,500
Community Development - - - - - - 123,887 2,190,000 123,887 2,190,000
Capital Outlay - - - - 1,113,581 4,588,000 - 2,973,500 1,113,581 7,561,500
Ending Fund Balance 1,347,913 175,475 850,023 3,681,000 3,880,320 25,600 106,541 - 6,184,797 3,882,075
Total Requirements 1,758,177 1,330,500 855,063 8,850,100 4,993,901 4,613,600 230,428 5,163,500 7,837,569 19,957,700
Note: Figures are based upon audited financial statements.
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Financial Reports
The division-of-taxes process results in some property taxes that may have been received by the “taxing districts” that levy property
taxes within the urban renewal area (for example, Washington County, NW Regional ESD) being paid over to Tigard’s urban renewal
agency. The taxing districts forgo a share of the property tax income during the life of an urban renewal plan so that the urban
renewal agencies can carry out activities that increase property values in the long term. The above table shows the urban renewal
tax impact by taxing district using permanent rates established pursuant to Measure 50.
Town Center Development Agency
City Center Urban Renewal Plan
Sources: FY 2020-21 SAL Table 4e (Washington County); FY 2020-21 SAL Table 4a (Washington, Multnomah, Clackamas,
Tillamook, and Yamhill counties); FY 2020-21 Summary Brochure (Clatsop County)
Note: Taxes imposed have been adjusted to account for Measure 5 compression loss and rate truncation.
Previous Tigard Urban Renewal Financial Impact Reports displayed the impacts of Tigard’s UR Districts on taxing districts based
on the taxes imposed within city boundaries. Tables will now display the impacts of UR Districts based on the total taxes of the
affected districts.
City Center
Financial Impact of the City Center Urban Renewal Plan on Tax Collections by Taxing District for the fiscal year ended June 30, 2021.
Total Frozen Base
Incremental
Value
General Government
Washington County 173,945,351$ 117,522,911$ 56,422,440$ 2.2484$ 126,189$ 157,414,113$ 0.08%
Tualatin Soil & Water District 173,945,351$ 117,522,911$ 56,422,440$ 0.0854$ 4,428$ 5,972,799$ 0.07%
Metro 173,945,351$ 117,522,911$ 56,422,440$ 0.0966$ 5,156$ 17,570,090$ 0.03%
Port of Portland 173,945,351$ 117,522,911$ 56,422,440$ 0.0701$ 3,690$ 14,143,282$ 0.03%
TV Fire & Rescue 173,945,351$ 117,522,911$ 56,422,440$ 1.5252$ 85,597$ 144,009,788$ 0.06%
City of Tigard 173,945,351$ 117,522,911$ 56,422,440$ 2.5131$ 141,686$ 18,242,055$ 0.77%
Tigard/Tualatin Aquatic District 173,945,351$ 117,522,911$ 56,422,440$ 0.0900$ 4,903$ 1,120,541$ 0.44%
Education
Tigard/Tualatin School District 173,945,351$ 117,522,911$ 56,422,440$ 4.9892$ 281,306$ 61,587,012$ 0.45%
NW Regional ESD 173,945,351$ 117,522,911$ 56,422,440$ 0.1538$ 8,117$ 13,450,899$ 0.06%
PCC 173,945,351$ 117,522,911$ 56,422,440$ 0.2828$ 15,497$ 40,336,439$ 0.04%
Total 676,568$ 473,847,018$ 0.14%
Imposed For
Affected
Districts
Tax
Revenue
Foregone
Assessed Value of URA (FY 2020-2021)
Permanent
Tax Rate
Taxes
Imposed for
URA
Financial Impact of the City Center Urban Renewal Plan on Tax Collections by Taxing District for the
fiscal year ended June 30, 2021.
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Financial Reports
Town Center Development Agency
Tigard Triangle Urban Renewal Plan
Financial Reports
Impact to Taxing Districts for Annual Report: FY 2020-21
Tigard Triangle
Financial Impact of the Tigard Triangle Urban Renewal Plan on Tax Collections by Taxing District for the fiscal year ended June 30, 2021.
Total Frozen Base
Incremental
Value
General Government
Washington County 489,243,152$ 424,744,405$ 64,498,747$ 2.2484$ 144,638$ 157,414,113$ 0.09%
Tualatin Soil & Water District 489,243,152$ 424,744,405$ 64,498,747$ 0.0854$ 5,166$ 5,972,799$ 0.09%
Metro 489,243,152$ 424,744,405$ 64,498,747$ 0.0966$ 5,892$ 17,570,090$ 0.03%
Port of Portland 489,243,152$ 424,744,405$ 64,498,747$ 0.0701$ 4,428$ 14,143,282$ 0.03%
TV Fire & Rescue 489,243,152$ 424,744,405$ 64,498,747$ 1.5252$ 98,142$ 144,009,788$ 0.07%
City of Tigard 489,243,152$ 424,744,405$ 64,498,747$ 2.5131$ 161,611$ 18,242,055$ 0.88%
Tigard/Tualatin Aquatic District 489,243,152$ 424,744,405$ 64,498,747$ 0.0900$ 5,516$ 1,120,541$ 0.49%
Education
Tigard/Tualatin School District 489,243,152$ 424,744,405$ 64,498,747$ 4.9892$ 321,755$ 61,587,012$ 0.52%
NW Regional ESD 489,243,152$ 424,744,405$ 64,498,747$ 0.1538$ 9,593$ 13,450,899$ 0.07%
PCC 489,243,152$ 424,744,405$ 64,498,747$ 0.2828$ 17,711$ 40,336,439$ 0.04%
Total 489,243,152$ 424,744,405$ 64,498,747$ 12.0546$ 774,451$ 473,847,018$ 0.16%
Taxes
Imposed For
Affected
Districts
Percent
Tax
Revenue
Foregone
Assessed Value of URA (FY 2020-2021)
Permanent
Tax Rate
Taxes
Imposed for
URA
The division-of-taxes process results in some property taxes that may have been received by the “taxing districts” that levy property
taxes within the urban renewal area (for example, Washington County, NW Regional ESD) being paid over to Tigard’s urban renewal
agency. The taxing districts forgo a share of the property tax income during the life of an urban renewal plan so that the urban
renewal agencies can carry out activities that increase property values in the long term. The above table shows the urban renewal
tax impact by taxing district using permanent rates established pursuant to Measure 50.
Sources: FY 2020-21 SAL Table 4e (Washington County); FY 2020-21 SAL Table 4a (Washington, Multnomah, Clackamas,
Tillamook, and Yamhill counties); FY 2020-21 Summary Brochure (Clatsop County)
Note: Taxes imposed have been adjusted to account for Measure 5 compression loss and rate truncation.
Previous Tigard Urban Renewal Financial Impact Reports displayed the impacts of Tigard’s UR Districts on taxing districts based
on the taxes imposed within city boundaries. Tables will now display the impacts of UR Districts based on the total taxes of the
affected districts.
Financial Impact of the Tigard Triangle Urban Renewal Plan on Tax Collections by Taxing District for the
fiscal year ended June 30, 2021.
PAGE 24 | TIF District/Urban Renewal FINANCIAL IMPACT REPORT | FY 2020-2021
Financial Reports
Note: Figures are based upon audited financial statements.
Town Center Development Agency
Detail of Purpose for the fiscal year ended June 30, 2021
City Center Urban Renewal Projects
Tigard Triangle Urban Renewal Projects
TC DA
TCDA
Financial Impact Report
FOR THE FISCAL YEAR ENDED JUNE 30, 2021
Town Center Development Agency
Detail of Purpose
for the fiscal year ended June 30, 2021
Actual Budget
2020-21 2021-22
Detail of Purpose:
Capital Outlay:
Fanno Creek Overlook/Connector - 515,000
Universal Plaza 736,666 3,405,000
Main Street Green Street Improvement 165,071 453,000
Urban Renewal Improvement Grants 14,446 125,000
Admin/Legal/Finance 197,398 90,000
1,113,581 4,588,000
Actual Budget
2020-21 2021-22
Park Land Acquisition - 2,973,500
Transportation - 1,000,000
Affordable Housing Development Assistance - 1,000,000
Development Assistance - 100,000
Planning and Preliminary Infrastructure Design 41,987 -
Admin/Legal 81,900 90,000
123,887 5,163,500
Note: Figures are based upon audited financial statements.
City Center
Capital Projects Fund
Tigard Triangle
Capital Projects Fund
Town Center Development Agency
Detail of Purpose
for the fiscal year ended June 30, 2021
Actual Budget
2020-21 2021-22
Detail of Purpose:
Capital Outlay:
Fanno Creek Overlook/Connector - 515,000
Universal Plaza 736,666 3,405,000
Main Street Green Street Improvement 165,071 453,000
Urban Renewal Improvement Grants 14,446 125,000
Admin/Legal/Finance 197,398 90,000
1,113,581 4,588,000
Actual Budget
2020-21 2021-22
Park Land Acquisition - 2,973,500
Transportation - 1,000,000
Affordable Housing Development Assistance - 1,000,000
Development Assistance - 100,000
Planning and Preliminary Infrastructure Design 41,987 -
Admin/Legal 81,900 90,000
123,887 5,163,500
Note: Figures are based upon audited financial statements.
City Center
Capital Projects Fund
Tigard Triangle
Capital Projects Fund
TIF District/Urban RenewalTown Center Development Agency of the City of Tigard