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02/09/2022 - Agenda MCity of Tigard .1 Town Center Advisory Commission Agenda MEETING DATE/TIME: February 9, 2022 —6:30 to 8:30 p.m. MEETING INFORMATION: MS Teams: https://www.tigard-or.gov/home/showpublisheddocument/1949/637770827974830260 Email comments to Sean@tigard-or.gov 1. CALL TO ORDER Tom 6:30 2. CONSIDER MINUTES Tom 6:35 3. CALL FOR NON-AGENDA ITEMS Tom 6:40 4. PUBLIC COMMENT Tom 6:45 5. FOLLOW UP FROM PREVIOUS MEETING Sean 6:50 6. REVIEW OF MEETING GROUND RULES Tom/Sean 6:55 7. TCDA/TCAC JOINT MEETING RECAP Tom 7:05 8. ADOPTION OF TCAC 2022 GOALS Tom 7:15 Action item 9. EQUITABLE BUSINESS DEVELOPMENT DISCUSSION Tom/Adrian 7:20 10. PROJECT UPDATES Sean 7:50 11. TCDA FINANCIAL IMPACT REPORT Sean 8:05 12. LIAISON REPORTS AND 2022 ASSIGNMENTS All 8:10 13. NON-AGENDA ITEMS All 8:25 14. ADJOURN BUSINESS MEETING Tom 8:30 *EXECUTIVE SESSION:The Town Center Advisory Commission may go into Executive Session to discuss real property transaction negotiations under ORS 192.660(2) (e).All discussions are confidential and those present may disclose nothing from the Session.Representatives of the news media are allowed to attend Executive Sessions,as provided by ORS 192.660(4),but must not disclose any information discussed.No Executive Session may be held for the purpose of taking any final action or making any final decision.Executive Sessions are closed to the public. Upcoming meetings of note: Related websites and information: Tues.,February 22,6:30 p.m.TCDA Meeting Tigard TIF Districts Tues.,March 1,6:30 p.m.TCDA Meeting Tigard Construction Updates Wed.,March 9,6:30 p.m.,Regular TCAC Meeting The City of Tigard tries to make all reasonable modifications to ensure that people with disabilities have an equal opportunity to participate equally in all city meetings. Upon request,the city will do its best to arrange for the following services/equipment: • Assistive listening devices. City of Tigard 1 13125 SW Hall Blvd.,Tigard,OR 97223 1 503-639-4171 1 www.tigard-or.gov Page 1 oft • Qualified sign language interpreters. • Qualified bilingual interpreters. Because the city may need to hire outside service providers or arrange for specialized equipment,those requesting services/equipment should do so as far in advance as possible,but no later than 3 city work days prior to the meeting.To make a request,call 503-718-2481 (voice) or 503-684-2772 (TDD-Telecommunications Devices for the Dea�. TOWN CENTER ADVISORY COMMISSION AGENDA City of Tigard 1 13125 SW Hall Blvd.,Tigard,OR 97223 1 503-639-4171 1 www.tigard-or.gov I Page 2 of2 CITY OF TIGARD TOWN CENTER ADVISORY COMMISSION Meeting Minutes January 12, 2022 Members Present: Lindsay Greg, Scott Hancock (Vice Chair),Renette Hier,Adrian Hinckley, Carolyn Hyink (Alternate),Tom Murphy, Kate Rogers, Ryan Ruggiero (Chair), and Elise Shearer. Members Absent:Travis Diskin, Chris Sjolin,Justin Watson (Ex Officio), and Derrick Wright. Staff Present: Redevelopment Project Manager Sean Farr elly, and Sr. Administrative Specialist Joe Patton. Others Present: TCAC Council Liaison John Goodhouse. 1. CALL TO ORDER Chair Ruggiero called the meeting to order at 6:00 pm. The meeting was held remotely using MS Teams. 2. CONSIDER MINUTES The December 8,2021 TCAC Minutes were unanimously approved. 3. CALL FOR NON-AGENDA ITEMS There were none. Attendees gave brief introductions. 4. PUBLIC COMMENT—N/A 5. FOLLOW UP FROM PREVIOUS MEETINGS —N/A 6. FY22-23 BUDGET PRIORITIES Sean discussed the budget for both the City Center and Triangle TIF Districts included with the Agenda. He noted that due to escalating construction costs the Universal Plaza will undergo some cost saving changes that should be minor.A high priority in the Triangle is park land acquisition. 7. PROJECT UPDATES Sean briefly discussed the updates included with the Agenda. He noted that the density for the Main Street at Fanno project limits the number of units to twenty-two. The downtown density will undergo review, but the time required to do so will exceed the timeframe for construction of this project. 8. NON-AGENDA ITEMS A. The tree lights in downtown Tigard will continue each year from December through February. Councilor Goodhouse will see if they can start before Thanksgiving, and he is also working on lights for the hanging baskets. Page 1 of 2 TOWN CENTER ADVISORY COMMISSION January 12, 2022 9. NOMINATIONS AND OFFICER ELECTIONS Commissioners unanimously elected Tom Murphy as Chair and reelected Scott Hancock as Vice Chair. Commissioner Ruggiero was thanked for his service. 10. ADJOURN BUSINESS MEETING The meeting adjourned at 7:00 pm. Joe Patton,TCAC Meeting Secretary Ryan Ruggiero, Chair Page 2of2 City ofrigard p' Do the Right Thing Get it Done Town Center Advisory Commission Goals for 2022 Tom Murphy, Chair, Town Center Advisory Commission Scott Hancock, Vice Chair, Town Center Advisory Commission City ofTigard Aspirational Goal Continue to facilitate and promote opportunities for the development of affordable housing, provide support for equitable business development, and advance efforts towar improved walkability, equity, and connectivity within and between both TIF districts. City of-Tigard Areas of Emphasis (AOE) City of-Tigard Affordable Housing and Houselessness • Advocate for stakeholders, learn the needs, identify the opportunities and minimize constraints that exist within each district, and refer to existing studies and assessments where appropriate. • Recommend specific programs, innovations, and policies to City staff and Council that directly affect, support, and encourage the development and preservation of affordable housing forms downtown and in the Tigard Triangle. • Support the City Council's and private entities' response to houselessness City ofTigard CO Equitable Business Development 7A _dvcate for affected stakeholders, learn about and research the needs, identify the opportunities and constraints within each district to better support equitable business development. Support the implementation of multi-language resources by City staff; recommend specific programs and policies to City staff and TCDA that directly affect, support and encourage equitable business development downtown and in the Tigard Triangle. City ofTigard Connectivity and Transit • Identify, prioritize, and recommend opportunities for development that improve living and working, foster walkability, and promote equity. • Promote ongoing efforts toward multi-modal connectivity within and between both TIF districts. • Study the options for crossings that could connect the two TIF districts City ofTigard Formation of Work Groups The TCAC will form work groups as needed for the three Areas of Emphasis (AOE). Each work group will: • Research and review prior work pertaining to each AOE and summarize it for the whole TCAC. Integrate and make use of work that has been done by others. • Amplify current and previously marginalized voices. • Serve as the TCAC's content experts for the AOE, bringing in outside presenters, recommend reading and resources for TCAC members and lead discussions throughout the year related to TCAC work for each AOE. City ofTigard Areas of Emphasis 00 Affordable Housing & Equitable Business Houselessness Development Connectivity and Transit Downtown Tigard TIF District • Participate in the implementation of the Tigard Development Strategy Updated 5-year plan. • Monitor existing projects until completion and assess their outcome with site visits. • Participate in stakeholder meetings and TCAC briefings for the Downtown Reimagined project. • Support projects identified in the City's 2022 version of the 6-year Capital Improvement Plan for Downtown. • Remain informed on the Downtown parking strategy and its impact on the downtown area. • Recruit and support diverse business owners and businesses for vacant spaces in downtown. City ofTigard Areas of Emphasis 00 Affordable Housing & Equitable Business Houselessness Development Connectivity and Transit Tigard Triangle TIF District • Continue to provide financial support for projects that meet the project optimization process and equitable evaluation criteria (A New Tigard Triangle, 2020). • Promote and support projects identified for years 2020-2025 in the Implementation and Action I Plan (A New Tigard Triangle, 2020). • Recruit and support diverse business owners and businesses for the Tigard Triangle. Acquire property for parks and trail system. • Ensure that residents and business owners are aware of the Tigard Opportunity Fund. Agenda item 10 2/3/22 TIF District Project Updates City Center TIF District 1. Universal Plaza • Permit plans completed • General contractor has an RFP out for sub-contractors • Will have final construction cost at the end of February • Final contracts to be considered by Council in March • Update to TCDA Board on March 1 • Construction on target for May-October 2022 2. Main Street Green Street Phase 2 • Construction delayed due to supply chain issues (pipes) • May new likely start date • Planning an Open for Business campaign, before and during construction 3. Senior Center Affordable Housing • Hearings Officer approved the decision • Could be appeal to state Land Sue Board of Appeals • If no appeal, construction to start in late April 4. Main Street at Fanno project • In response to financers request,the building is being re-designed- 3-stories, no office use, and revised foundation 5. Building Improvement Grants • Committee changed guidelines to prioritize Main St. Ph.2 area, and eating/drinking establishments and active retail 6. Nick Wilson Fanno Creek Overlook • Design and engineering funding in proposed FY22-23 budget 7. City Facilities Consolidation (only parking structure is TIF funded) • Council decision to come on referring to future ballot 8. Downtown Reimagined • TGM project kick-off pending • Public Engagement plan to be written, but will include TCAC presentations/feedback opportunities, Downtown stakeholder focus group, and affordable housing focus group 9. Downtown Parking Strategy • First steering committee held with DT business owners, staff, and ICAC member on January 24. Next meeting schedule for Feb. 24 Agenda item 10 Tigard Triangle URD 1. Affordable Housing • Viewfinder project-91 units nearing completion and accepting applications • REACH Dartmouth Crossing North (85 units) application for$1M in development assistance to be considered by ICDA Board on Feb. 22 2. The Overland (Dartmouth and 72nd Mixed Use) • North building potential opening in May, South building in September • Signed first commercial tenant lease 3. Red Rock Creek Trail Planning • ODOT grant to study trail alignment to start spring 2022 4. Mixed Use Path over Highway 217 • Project on hold pending until clarity on SW Corridor S. Parks • Agency negotiating with potential seller 6. Opportunity Fund • Marketing materials distributed to City's partners (e.g MESO,Adelante Mujeres) 7. Infrastructure • Staff met with REACH and Public Works to identify opportunities to build offsite pedestrian infrastructure in the Triangle �--�� :----------:----� 111■1'■1 1 !r,i•r�� ■� � ■ . X11 w B Project' -��: �� ■■ :111: � EA Only ■■■��. �, ■iriilVMin1111111F� Pre-application MEN. Building Permit La TC of 0 Serious Interest r9 TigarclTriangle Plan District Updated:1 /3/2022 rI S w 111m mm .111�■ .r= via f3 ' • _1�� I � s '�I�a � . - I�� ■■■■■ ■ Agenda Item 10 Proj.# Project Name Location Description Unit# Year EA Meeting BLIP? Permit# Land Use Case# Status 1 Compass Oncology 12123 SW 69th Ave Medical clinic 0 2018 2018 Yes BUP2019-00003 ADJ2018-00017 TC of 0 2 Hermoso Law Office 7460 SW Hermoso Way Convert house to law office 0 2018 01/04/2018 No No EA Only 3 69th Ave Office 11905 SW 69th Ave Covert house to office 0 2018 01/11/2018 No No EA Only 4 Elmhurst Multifamily 7085 SW Elmhurst Multifamily development 2018 01/11/2018 No No EA Only 5 Atlanta Vet Clinic 6860 SW Atlanta Street Convert house to vet clinic 0 2018 04/10/2018 No No EA Only 6 Base Camp LLC Senior Housing 2S101BA00300 Senior housing 198 2018 05/08/2018 Yes BUP2019-00250 No Building Permit 7 CPAH Affordable Housing 11090 SW 68th Ave Affordable housing 48 2018 07/12/2018 Yes BUP2019-00081 ADJ2018-00020/ADJ2019-00004 C of 0 8 Baylor Street Townhomes 6870 SW Baylor Street Townhouse development 2018 07/12/2018 No No EA Only 9 Baylor Street Mixed-Use 6870 SW Baylor Street Mixed-use development 2018 10/02/2018 No No EA Only 10 Baylor Street Office 6870 SW Baylor Street Office/warehouse building 0 2018 11/13/2018 No No EA Only 11 Hermoso Adult Foster Care 7420 SW Hermoso Way Adult foster home 2018 11/15/2018 No No EA Only AD12018-00001/ADJ2018- 12 72nd Apartments 11740 SW 72nd Ave Mixed-use development 38 2018 2018 Yes BUP2019-00231 00002/ADJ2018-00007 C of 0 13 Community Development Partners NE corner of SW Baylor and SW 72nd Multifamily development 2018 12/4/2018 No No EA Only 14 Baylor Street Taphouse 6870 SW Baylor Street Taphouse 0 2019 01/03/2019 No No EA Only 15 72nd Ave Mixed-Use 1S136DC04402/1S136DC04000-4300 Mixed-use development 219 2019 01/31/2019 Yes BUP2019-0346 ADJ2019-00020/ADJ2020-00007 Building Permit 16 69th Multifamily 1S136DD07600/1S136DD04500 Multifamily development 2019 02/14/2019 No No EA Only 17 PAM Rehabilitation Center 2S101DA02300 Rehabilitation Center 0 2019 03/14/2019 No No EA Only 18 69th Mixed-Use 11905 SW 69th Ave Mixed-use development 2019 04/18/2019 No No EA Only 19 Elmhurst Redevelopment 7085 SW Elmhurst Commercial development 2019 04/18/2019 No No EA Only 20 72nd/Elmhurst Multifamily 2S101AB00200/2S101AB00101 Multifamily development 250 2019 05/16/2019 No PRE2019-00039 Pre-application 21 72nd/Baylor Affordable Housing 7175 SW Baylor/11580&11550 SW 72nd Ave Multifamily development 80 2019 5/23/2019 No BUP2019-00343 PRE2019-00019 Building Permit 22 Daycare 11700 SW 67th Ave Daycare 0 2019 6/25/2019 No No EA Only 23 PedcorAffordable Housing 1S136DD02900/3001/3100/6100/6200/6300/6600 Multifamily development 2019 8/6/2019 No No EA Only 24 Clinton Street Mixed-Use 6960 SW Clinton/11875 SW 69th Commercial or residential 42 2019 9/5/2019 No No EA Only 25 Mixed-Use Development 6960 SW Clinton/11875 SW 69th Mixed-use development 42 2019 12/3/2019 No ADJ2020-00010/LLA2020-00004 EA Only 26 AutoZone 7805 SW Dartmouth Street Autozone retail store 0 2020 N/A Yes SIT2020-00014 ADJ2020-00006 Building Permit 27 Hermoso Mixed-Use 7460 SW Hermoso Mixed-Use 38 2020 7/9/2020/2/11/2021 Yes Not created yet No Building Permit 28 Dartmouth Crossing 1S136DD02900/3001/3100/6100/6200/6300/6600 Development 75 2020/2021 716//2020/1/7/2021 No PRE2021-00039 Pre-application 29 Mixed-Use Development 1S136DD01700/1S136DD01500 Mixed-Use 45 2020 2/18/20 No No EA Only 29 Mixed-Use Development 1S136DC00101/1S136DC00200 Mixed-Use 45 2020 2/18/20 No No EA Only 30 TL401 Housing 2S101BA00401 Multifamily development 182 2020 3/26/20 No No EA Only 31 Hampton Inn 11799 SW 69th Ave 152-Room Hotel 2017 N/A Yes BUP2017-00254 SDR2017-00003 TC of 0 32 Development 12625 SW 69th Ave Development 2020 101/2020 No No EA Only 33 Landmark Ford 2S101AA00101 Commercial Addition 0 2020 10/8/2020 No No EA Only 34 Landmark Ford 2S101AA00100 Commercial Addition 2020 11/24/2020 No No EA Only 35 72nd Ave Phase 2 1S136DC03400 and 1S136DC03501 Mixed-Use 61 2021 4/19/2021 No No EA Only 36 The Dartmouth 1S136DD07300/7500/7600 Mixed-Use 150 2021 5/27/2021 No No EA Only 37 Mixed-Use Development 7070 SW Gonzaga St Mixed-Use 2021 11/30/2021 No No EA Only 38 Mixed-Use Development 7035 SW Hampton St Mixed-Use 2021 12/14/2021 No No EA Only 39 1 Baylor Townhomes 16980 SW Baylor St Rowhouse Development 1 7 1 2021 12/14/2021 INo I INo I EA Only FY 2020-2021 TIGARD I � •�: ';v.: i�•pis !Y�[nf 'E. �. tip,•.� F 10 4 .2 4. jr ILL i f Town Center Development A• ' of the City of Tigard TIF District/Urban Renewal FINANCIAL IMPACT REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2021 Date Filed:January 31,2022 Tax Increment Financing (TIF) Districts Urban Renewal (Overview) What Are TIF Districts for Tigard? How Does Tax Increment Improves Tigard's Long-Term Financing Work? Financial Health When a Tax Increment Financing(TIF)District is established,the By bringing in new businesses and County Assessor determines the current assessed value of aldevelopment,urban renewal increases lTigard's tax base over time which,in turn,property within the area and freezes that tax base.Tax revenue frohelps fund future city services for all of m this"frozen base"continues to go to taxing districts annually for Tigard residents. the life of the TIF District.Tax revenue on any increase in property I value that would occur anyway-from new development and/or Provides a Stable Funding Source 11 11 `1 appreciation-is allocated to the TIF District Agency for projects By creating a stable,long-term funding F-) in the district.This increase above the frozen base is called the i _ _ E ,WWI "increment"When the TIF District expires,the frozen base also source(without creating a new tax),the city expires,and the local taxing districts resume receiving taxes on the can build or fix infrastructure that it may otherwise delay,or never be able to afford. t - full assessed value of the properties. Steers Investment Toward an Area How are decisions made about tax Ready for Change ORS 457.460 requires the urban renewal agency to file an annual statement on financial proceedings.In By focusing on areas already zoned for increment financing? Tigard,the term"urban renewal"is synonymous with tax increment financing or TIF. mixed-use commercial and residential The Town Center Development Agency(ICDA)is the City of Tigard's density,TIF steers investments toward parts What Does Tax Increment Financing Do? TIF District Agency and is responsible for administering the City Center of Tigard that are the most ready for change. and Tigard Triangle plans.The Board of the Town Center Development Tax increment financing uses property taxes from within an area to fix identified problems in that same area.It often Agency are the decision makers of the agency.The membership of the Furthers Tigard's Walkability Goal focuses on improving an area's transportation and utility infrastructure since these kinds of improvements can unlock an Board is made up of the Tigard City Council.The Town Center Advisory TIF can help further the city's goal area's development potential.Tax increment financing can also be used to attract and retain small businesses,support Commission makes recommendations to the board on policy,budget, of becoming a more walkable, affordable housing,and develop public spaces such as parks,plazas,and trails. and implementation of tax increment financing projects. 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 Modesf 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. I r PAGE 21 TIFDistricbUrban Renewal FINANCIAL IMPACT REPORT I FY 2020-2021 TIF OistrialUrban Renewal FINANCIAL IMPACT REPORT I FY 2020-2021 1 PAGE City Center Urban City • The City Center (Downtown) Urban Renewal Plan has 5 Distinct Goals: 99W • . • has two urban Goal 1 Revitalization of the Downtown should recognize the value of natural renewal • resources as amenities and as contributing to the special sense of place. 1. City Center (Downtown) ,, Goal2 Renewal Hall Blvd. Capitalize on Commuter Rail and Fanno Creek as catalysts for future District Main MSt, investment and development. 2. Tigard I 1. Renewal District Goal 3 Downtown's transportation system should be multi-modal,connecting people,places and activities safely and conveniently. Dz, Tax increment financing The City Center Urban Renewal Area boundary is shown in red. expenditures in r both districts Approved by Voters:2006 i - guided respective Substantial Amendments Approved by Voters:2017 and 2021 Goal 4 urban renewal plans. These Size:228.96 acres Downtown's streetscape and public spaces should be pedestrian-friendly urban renewal plans are Amended Duration:29 years and not visually dominated by the automobile. administered by the Town Amended Maximum Indebtedness:$42.8 Million Center Development Agency, Remaining Maximum Indebtedness:$32,404,426(2021) The purpose of the City Center Urban Renewal Plan is to use the which was established by the tools provided by TIF to attract private investment and facilitate Goal 5 Tigard , as the the area's revitalization.In 2021 Tigard voters approved a Promote high-quality development of retail,office and residential uses that substantial amendment to the plan extending the duration and support and are supported by public streetscape,transportation,recreation City's Urban Renewal Agency. adding$20.8 million in maximum indebtedness(the amount to and open space investments. fund projects and programs.) at PAGE 41 TIFDistrict/Urban Renewal FINANCIAL IMPACT REPORT I FY 2020-2021 TIFDistrict/Urban Renewal FINANCIAL IMPACT REPORT I FY 2020-2021 1 PAGE City Center Urban toDate City Center Urban • Date $49.4M private investment 64% increase in assessed value in Project Spotlight Take a walk down Tigard's into property improvements and new the City Center TIF District between 2006 Main Street and it may be construction in the City Center TIF District -2019,compared to a 56%increase in Attwell off Main difficult to remember how since 2006,more than double the amount assessed value citywide. Completed in 2017,Attwell off Main brought over 300 residents it looked of investment in the 12 years preceding. to downtown Tigard.Attracting new residents to downtown is a goal of the TIF district and the City's strategic plan. ago. Restored and improved Data Source:Washington County Data Source: Washington County landscaping, Attwell off Main would not have occurred without TIF.In 2015, storefronts,new the Tigard City Center Development Agency(TCDA,Tigard's LED streetlights and unique 2 downtown businesses have 2.6.1 leverage ratio of private TIF agency)signed a developer agreement with Capstonepublic artwork _Greenlight and DIG Tigard.Through the agreement,the just I _ received TIF matching grants for interior to public investment into TIF tenant developer team purchased the TCDA-owned development of the amenities that invite or exterior building improvements. and storefront improvements, meaning site for its appraised value and the TCDA invested the$1.65 people downtown to shop, every$1 in grant funding has yielded million purchase price into partially offsetting the nearly $2.60 in private investment. $2.8 million in system development charges incurred by the dine, , dog,, , project's construction. up with family and Data Source:City of Tigard Data Source:City of Tigard This public investment resulted in private investment of over TIF has played a pivotal $30 million into the mixed-use project. role in downtown . . 2 34 new units of multifamily 32% increase in multifamily transformation. The next few housing units constructed in downtown housing in downtown Tigard since 2006, pages provide a snapshot of Tigard since the TIF district was compared to a 25%increase in the rest established in 2006. of Tigard. how TIF has helped reshape a� downtown Tigard. Data Source:Metro Data Source:Metro tN i - Al 1 10�7 PAGE6 I TIFDistricUUrban Renewal FINANCIAL IMPACT REPORT I FY2020-2021 T/FDistricWiban Renewal FINANCIAL IMPACT REPORT I FY2020-2021 I PAGE7 City Center Urban Renewal Plan: Accomplishments to Date City Center Urban Renewal Plan: Accomplishments to Date Project Spotlight Symposium Coffee Jim Griffith Memorial Skate Parkf In 2013,the TCDA awarded a matching grant to s •ice 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 t serving as a community gathering space. I Main&Burnham Street Improvements The TIF Agency has helped pave the way for improvements to two of downtown Tigard's most D0V0 PV -,11 prominent streets. Completed in 2011,the reconstruction of Burnham Street Downtown Public Art Facade&Interior Improvement Grants �f' ��' closed sidewalk gaps and added 10-18 foot sidewalks to encourage strolling,safer pedestrian crosswalks,LED 1 streetlights,underground utilities,on-street parking,a r ' center turn lane,and built a new section of Ash Avenue. Completed in 2014,phase 1 of Tigard's Main Street Green IStreet project rebuilt the southern half of Main Street, Ash Ave.Connection from Pacific Highway/99W to the railroad crossing near OL Commercial Street.Funded largely by a Metro grant, _ the project provided safer pedestrian crossings,green Ar'VEM No 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. Burnham St.Parking Lot Fanno Creek Trail Undercrossing Lights PAGE 8 1 TIFDistnct/Urban Renewal FINANCIAL IMPACT REPORT I FY 2020-2021 TIF Distictlftan Renewal FINANCIAL IMPACT REPORT I FY 2020-2021 1 PAGE 9 City Center Urban Renewal Plan: Current & Proposed Projects City Center Urban Renewal Plan: Current & Proposed Projects TIF District Universal Plaza Matching Grant Program 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. The TIF Disctrict Matching Grant Program provides matching grants for existing businesses and property owners in the City Center TIF District to make awar improvements to the exterior of their building.The S 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. `Milli � r r Main Street at 33 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 H construction in 2022 on a mixed-use building that will bring added vitality to Downtown. 'J PAGE10 I TIFDistrictNrban Renewal FINANCIAL IMPACT REPORT I FY2020-2021 TIFDistrictlftan Renewal FINANCIAL IMPACT REPORT I FY2020-2021 I PAGE11 Tigard Triangle Urban Renewal Plan Tigard Triangle Urban Renewal Plan The Tigard Triangle Urban Renewal Plan's 5 goals outline its basic intents and purposes: The Tigard Triangle 99W Goal 1 ' Encourage meaningful involvement by citizens,interested parties,and Urbanaffected agencies throughout the life of the urban renewal district to ensure it reflects the community's values and priorities. Existing • •b ■ -SwOQRTMOU7H5T Dirt roods/lackGoal 2 sidewalks Provide a safe and effective multimodal transportation network that r provides access to,from,and within the Area and supports mixed-use Areas needing, _repair: o and pedestrian-oriented development. `'r'n�y? 217sewers - �rpR 3 RO Red Rock Creek erosion Goal 3 Qac°` Provide public utility improvements to support desired development. Flooding Traffic congestion 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 Approved by Voters:2017 desirable features. Area Size:548 acres Plan Duration:35 years Maximum Indebtedness:$188 million Remaining Maximum Indebtedness:$187,412,131(2020) Goal 5 Provide financial and technical assistance to new and existing The Tigard Triangle(roughly the area bordered by 1-5,Highway businesses and housing developments that contribute to the Area's 217 and Highway 99W)is an area with great potential but also diversity and vitality and help it transform into a mixed-use and has significant infrastructure needs.Approved by Tigard voters in pedestrian-oriented district. 2017,the Tigard Triangle Urban Renewal Plan includes projects that will improve walkability,address transportation issues,and help businesses grow. PAGE 12 1 TIFDistrict/Urban Renewal FINANCIAL IMPACT REPORT I FY 2020-2021 TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2020-2021 1 PAGE 13 Tigard Triangle Urban Renewal Plan Tigard Triangle Urban Renewal Plan Current Projects Proposed Projects Development Assistance �� • New Streets&Sidewalks , for Affordable Housing New Trails&Parks In response to the priorities of"A New Tigard Triangle: — Major Sewer Line Small Business Planning for Equitable Development;'the Agency has created a robust affordable housing development Red Rock Creek assistance program. Red Rock Creek Commons,with 48 affordable apartments,was completed in FY21,the first Stormwater project to receive TCDA assistance. • Intersection Improvements • Facade Improvement•Grants/Loans ------- ------- • Small Business Support TIF 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. 1� The project wrapped up in FY21.The Board of the 307Apartment Units TCDA adopted the report as the guiding document to built or under construction in the Tigard Triangle since the implement the Triangle TIF District plan.Budgets will TIF District was established in 2017. 48 prioritize the top ranked projects of affordable housing Units and parks. 0 of affordable /0 housing units built in the Tigard Triangle 265Increase in Apartment Units since 2017. built or under construction in the Tigard Triangle since 2017. PAGE 14 I TIF DistricUUrban Renewal FINANCIAL IMPACT REPORT I FY 2020-2021 Tff District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2020-2021 I PAGE 15 Financial Reports Introduction Maximum Indebtedness Tracking 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 City Center for the new fiscal year.It also includes an analysis of the financial impact of carrying out the urban plan on the tax Total Debt $10,395,574 collections for all taxing districts. History of Tax Increment Financing Maximum Indebtedness Remaining $32,404,426 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 Tigard Triangle 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 Total Debt $587,869 provide the basic framework for revenue calculations in this report. Maximum Indebtedness Remaining $187,412,131 Tax Increment Calculations To determine the amount of the taxes levied,the total assessed value within each urban renewal area is segregated As summarized on the following pages,Town Center Development Agency's 2020-21 total requirements were$7,837,569 for by the county assessor into two parts:(a)the total taxable assessed value in the district at the time the Urban Renewal expenditures charged to the District as of June 30,2021.For fiscal year 2021-22,total budgeted resources of were balanced Plan was adopted(the base or"frozen"value);and(b)the difference between the frozen base value and the current with requirements of$19,957,700,including a financing agreement to fund future urban renewal projects.The District uses total assessed value(the incremental value or"excess").Revenues derived from the application of the tax rate for the funds it receives from the division-of-taxes method of calculating property taxes to finance various urban renewal projects each affected taxing district to the amount of the incremental value may be collected by the urban renewal agency and 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. deposited in its debt service fund.This revenue is used to repay indebtedness incurred in carrying out the projects. These tax estimates are calculated based on the Washington County assessment summary received after budget adoption. 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. r 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 ----_ w• taxing district for Tigard's urban renewal agency. Financial Reports r - ,, The financial reports on pages 18-22 account for the activities of Tigard's urban renewal agency. In accordance with `�•'� • ' �`��' ' '"':' ,� _ C' - 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. PAGE 16 1 W District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2020-2021 TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2020-2021 1 PAGE 17 Financial Reports Town Center Development Agency Statement of Resources&Requirements for the fiscal year ended June 30,2021. City Center Debt Service City Center Capital Projects Funds Triangle Debt Service Funds 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. PAGE 181 TIF DistrictlUrban Renewal FINANCIAL IMPACT REPORT I FY 2020-2021 T/FDistrict/Urban Renewal FINANCIAL IMPACT REPORT I FY2020-2021 I PAGE19 Financial Reports Town Center Development Agency City Center Urban Renewal Plan Financial Impact of the City Center Urban Renewal Plan on Tax Collections by Taxing District for the fiscal year ended June 30,2021. Assessed Value of URA(FY 2020-2021) Taxes Imposed For Tax Incremental Permanent Imposed for Affected Revenue Total Frozen Base Value Tax Rate URA Districts Foregone 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% Sources:FY 2020-21 SAL Table 4e(Washington County);FY 2020-21 SAL Table 4a(Washington,Multnomah,Clackamas, The division-of-taxes process results in some property taxes that may have been received by the"taxing districts"that levy property Tillamook,and Yamhill counties);FY 2020-21 Summary Brochure(Clatsop County) taxes within the urban renewal area(for example,Washington County,NW Regional ESD)being paid over to Tigard's urban renewal Note:Taxes imposed have been adjusted to account for Measure 5 compression loss and rate truncation. 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 Previous Tigard Urban Renewal Financial Impact Reports displayed the impacts of Tigard's UR Districts on taxing districts based tax impact by taxing district using permanent rates established pursuant to Measure 50. 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. PAGE 201 TIFDistrict/Urban Renewal FINANCIAL IMPACT REPORT I FY 2020-2021 TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2020-20211 PAGE 21 Financial Reports Town Center Development Agency Tigard Triangle Urban Renewal Plan Financial Impact of the Tigard Triangle Urban Renewal Plan on Tax Collections by Taxing District for the fiscal year ended June 30,2021. Assessed Value of URA(FY 2020-2021) Taxes Percent Taxes Imposed For Tax Incremental Permanent Imposed for Affected Revenue Total Frozen Base Value Tax Rate URA Districts Foregone 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% Sources:FY 2020-21 SAL Table 4e(Washington County);FY 2020-21 SAL Table 4a(Washington,Multnomah,Clackamas, The division-of-taxes process results in some property taxes that may have been received by the"taxing districts"that levy property Tillamook,and Yamhill counties);FY 2020-21 Summary Brochure(Clatsop County) taxes within the urban renewal area(for example,Washington County,NW Regional ESD)being paid over to Tigard's urban renewal Note:Taxes imposed have been adjusted to account for Measure 5 compression loss and rate truncation. 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 Previous Tigard Urban Renewal Financial Impact Reports displayed the impacts of Tigard's UR Districts on taxing districts based tax impact by taxing district using permanent rates established pursuant to Measure 50. 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. PAGE 221 TIF DistrictlUrban Renewal FINANCIAL IMPACT REPORT I FY 2020-2021 TIFDistrict/Urban Renewal FINANCIAL IMPACT REPORT I FY 2020-20211 PAGE 23 Financial Reports Town Center Development Agency Detail of Purpose for the fiscal year ended June 30,2021 City Center Urban Renewal Projects City Center Capital Projects Fund .� Actual Budget T., 2020-21 2021-22 . TCDA Detail of Purpose: Capital Outlay: Fanno Creek Overlook/Connector - 515,000 Town Center Development Agency of the City of Tigard Universal Plaza 736,666 3,405,000 TIF District/Urban Renewal Main Street Green Street Improvement 165,071 453,000 Urban Renewal Improvement Grants 14,446 125,000 Financial Impact Report Admin/Legal/Finance 197,398 90,000 1,113,581 4,588,000 Tigard Triangle Urban Renewal Projects Tigard Triangle Capital Projects Fund 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. PAGE 241 RI'District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2020-2021