TIF District Financial Imp e ,„„
= iii FY 2021-2022
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The Overland Apartments
Town Center Development Agency of the City of Tigard
TIF District/Urban Renewal
FINANCIAL
IMPACT REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Date Filed:January 31,2023
Tax Increment Financing (TIF) Districts Urban Renewal (Overview) What Are the Benefits of
TIF Districts
mprovesTigardfor's Long-Term Tigard?
�'� - - How Does Tax Increment
T.
I
_ Financing Work? Financial Health
‘. I\ ,L By bringing in new businesses and
•
When a Tax Increment Financing (TIF) District is established,the
7 development,urban renewal increases
_ , County Assessor determines the current assessed value of all
it ,--;._-_-____:--=--:„s Tigard's tax base over time which,in turn,
. . -,-_- - property within the area and freezes that tax base.Tax revenue from
k1 � helps fund future city services for all of
this"frozen base"continues to go to taxing districts annually for
JII Tigard residents.
F1 :.-_-=---
,_-_,. the life of the TIF District.Tax revenue on any increase in property
�__ �:.- - -.j I- ---- value that would occur anyway—from new development and/or Provides a Stable Funding Source
. ' Ip ` - ,iii L I'�' `- f- .-1. I� appreciation—is allocated to the TIF District Agency for projects
r �J _ By creating a stable,long-term funding
' i . .., in the district.This increase above the frozen base is called the
j I-r?-
source(without creating a new tax),the city
s _ "increment.' When the TIF District expires,the frozen base also
—W- ;; , 4 t can build or fix infrastructure that it may r 1 : ;_ expires, and the local taxing districts resume receiving taxes on the
_ .____
s f otherwise delay,or never be able to afford.
tom' _1 , 1. 13 - _ full assessed value of the properties.
,, _,
. . _ _
. 1 _ qr I. . q` • Steers Investment Toward an Area
I
Ready for Change
Ql.kiaf 1 4 , ,w \itHow are decisions made about tax
, ii,L. __ 1 ��_ l -- _ ? By focusing on areas already zoned for
`'' --"' increment financing . mixed-use commercial and residential
:. ,",, - --- 1 The Town Center Development Agency(TCDA)is the City of Tigard's density,TIF steers investments toward parts
`- -• Ns- .,„4. • • IFA of Tigard that are the most ready for change.
w .: TIF District Agency and is responsible for administering the City Center
and Tigard Triangle plans.The Board of the Town Center Development
• Furthers Tigard's WalkabilityGoal
Agency are the decision makers of the agency.The membership of the g
Red Rock Creek Commons Board is made up of the Tigard City Council.The Town Center Advisory TIF can help further the city's goal
Commission makes recommendations to the board on policy, budget, of becoming a more walkable,
ORS 457460 requires the urban renewal agency to file an annual statement on financial proceedings. In and implementation of tax increment financing projects. interconnected and healthy community by
Tigard, the term "urban renewal"is synonymous with tax increment financing or TIE transforming auto-oriented districts with
„ no or limited sidewalks into pedestrian-
s, i ii , "' `' friendly areas with a diverse mix of
What Does Tax Increment Financing Do? .....„,„.1., . •�
A 71__,-lot 'f 1{ �� destinations and activities.
Tax increment financing uses property taxes from within an area to fix identified problems in that same area. It often s �'°� ` � ' 'i I_
.r i - 1 i S
focuses on improving an area's transportation and utility infrastructure since these kinds of improvements can unlock an �"' 4. • Supports Travel by Alternate Modes
area's development potential.Tax increment financing can also be used to attract and retain small businesses,support • f
:, By fostering the creation of a complete
affordable housing,and develop public spaces such as parks, plazas,and trails. = _ j = . 3.it .
_ community—one which has jobs,
- housing,services,and transit—TIF can
" NM _ make travel by alternate modes(travel by
�; - foot, bike,or transit)feasible.
1W11. r
PAGE 2 I TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022 TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022 I PAGE 3
City Center Urban Renewal Plan City Center Urban Renewal Plan
s \ The City Center (Downtown) Urban Renewal Plan has 5 Distinct Goals:
i
a ,
I c
n 3Q
6 R FeyQ z. to. 1
`"as, ,'Pc a fa
n%4Ag _1-,• •:,.
.��r Re -5 "*"4114t _ . ..
sY �� .�.,''
�. a� Goal1 . r
Tigard has two urban • _ . ,,
• ''e'''' S� Revitalization of the Downtown should recognize the value of natural
renewal districts: � , ,,PN resources as amenities and as contributing to the special sense of place. If,
1. Cit Center .� p '"..%,, 7 1
���
City
far .:� s @LRT �'a hLN2Jr r
(Downtown) Urban y4+s� �RRo ' Goal 2 rR, : lie
Renewal District ' ' y i� � Capitalize on Commuter Rail and Fanno Creek as catalysts for future
Er
investment and development. �~
J
4z
2. Tigard Triangle Urban / IARA • . .
� V ► --, - "..-14 = 3.. I
Renewal District Goal 3 - - .
The City Center Urban Renewal Area boundary is shown in blue. T
Downtown's transportation system should be multi-modal, connecting ..
Approved by Voters: 2006 people, places and activities safely and conveniently. """` __ -,
Tax increment financing Substantial Amendments Approved by Voters: 2017 and 2021 °
expenditures in both districts c .
p Size: 228.96 acres � � _,,� �
are guided bytheir respective _ r
p Amended Duration: 29 years _ �_�
Goal 4 �
urban renewal plans. These Amended Maximum Indebtedness: $42.8 MillionDowntown's streetscape and public spaces should be pedestrian friendlyI
.�. LTh
urban renewal plans are Remaining Maximum Indebtedness:$31,197,120(2022) and not visually dominated by the automobile. "r'4 : lAlt
-. ►...rte w --0
administered by the Town The purpose of the City Center Urban Renewal Plan is to use the _ :
tools provided by TIF to attract private investment and facilitate
Center Development Agency,
the area's revitalization. In 2021 Tigard voters approved a
which was established by the substantial amendment to the plan extending the duration and Goal 5
Tigard City Council as the adding $20.8 million in maximum indebtedness(the amount to Promote high-quality development of retail, office and residential uses that 1
fund projects and programs.) support and are supported by public streetscape, transportation, recreation I` +r °'
City's Urban Renewal Agency. "- . . ,
and open space investments. - �_ i
PAGE 4 I TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022 TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022 I PAGE 5
City Center Urban Renewal Plan: Accomplishments to Date City Center Urban Renewal Plan: Accomplishments to Date
o Project Spotlight Take a walk down Tigard's
$49.4M private investment 64 0 increase in assessed value in
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.
of investment in the 12 years preceding. Completed in 2017,Attwell off Main brought over 300 residents to it looked just a few years
downtown Tigard.Attracting new residents to downtown is a goal
of the TIF district and the City's strategic plan.
Data Source: Washington County Data Source: Washington County ago. Restored and improved
storefronts, new landscaping,
Attwell off Main would not have occurred without TIF. In 2015,
the Tigard City Center Development Agency(TCDA, Tigard's LED streetlights and unique
29 downtown businesses have 2.6:1 leverage ratio ofprivate TIF agency) signed a developer agreement with Capstone
g Greenlight and DIG Tigard. Through the agreement, the public artwork are just a few
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
every $1 in grant funding has yielded million purchase price into partially offsetting the nearly$2.8 people downtown to shop,
$2.60 in private investment. million in system development charges incurred by the project's dine, walk the dog, or meet
construction.
Data Source: City of Tigard Data Source: City of Tigard up with family and friends.
This public investment resulted in private investment of over$30 TIF has played a pivotal
million into the mixed-use project.
role in downtown Tigard's
292 new units of multifamily 3 2 0 increase in multifamily
housing units constructed or under housing in downtown Tigard since 2006, transformation. The next few
construction in downtown Tigard since compared to a 25% increase in the rests pages provide a snapshot of
the TIF district was established in 2006. of Tigard. how TIF has helped reshape
A - downtown Tigard.
Data Source: Metro Data Source: Metroiri,-,--- II
�'ir 11- - - T
Zli I ' : - ...,., .
Lill 11111.F i. .::•.-!-'11' : . _. M t- 1 ,, , ftet
Ig..'-'7_ ,- -7. .- -- _ -- - = •-' - - -- -- ....!-.-... - _ ,-_,_ _ ._. . - . -A," ......11. : i...------.-.1.. . ---_-- ,,L•L I - 4'
:,- • ' ..,.:•,: ��= ; i . - _ f
PAGE 6 I TIFDistrict/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022 TIE District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022 I PAGE 7
City Center Urban Renewal Plan: Accomplishments to Date City Center Urban Renewal Plan: Accomplishments to Date
Symposium Coffee Project Spotlight k
, U �i In 2013,the TCDA awarded a matching grant to Symposium I �'
T 1u Coffee to renovate the vacant front half of the Tigard4 �� r
,-, - 6 Chamber of Commerce building. The grant awarded ��,- . + •-�' r
S 4
~ "� ��-° ''Y' r Jim Griffith Memorial Skate Park $24,800 in funding toward a total project budget of$90,159, , '�• � , r
t"w, .4. ;�,F i ' •
:.,, gi l leveraging nearly three times the grant amount in private >4 • '•/!; �: fi
•
II•_`•,': , 1 investment- Since opening, Symposium Coffee has played !1! fi ‘,..
i' Fr. ��' ` w --- - p gp Y �'
,.� E' -.:�" ray �- - - - _:, � a leading role in the revitalization of downtown Tigard, ,��
1i _ • =sem I - — �► �/
4. ' it _ .;._T� -::. -- •.. ------ attracting new customers to Main Street and serving as a
community gathering space. $
* ,P
!� I. ..
Heritage Trail&Outdoor Museum Ash Ave.Dog Park
. Main & Burnham Street Improvements
r. r :, , t •
rThe TIF Agency has helped pave the way for improvements to two of downtown Tigard's most prominent streets.
•}f .` 'wj.. . - of ;':. �' '
?' : �•' Y
4:142k4 ', ', =', Completed in 2011,the reconstruction of Burnham Street closed sidewalk gaps and added 10-18 foot sidewalks to encourage
T,;, ' strolling,safer pedestrian crosswalks, LED streetlights, underground utilities,on-street parking,a center turn lane,and built a
`�. s• ; r': x:,, . 4:114 1 ll'' �'i' \ , , new section of Ash Avenue.
' ,--•::9:- ' til --4"'•°` ' !
mob ' k.? ', 4Completed in 2014, phase 1 of Tigard's Main Street Green Street project rebuilt the southern half of Main Street,from Pacific
I''� = ; Highway/99W to the railroad crossing near Commercial Street. Funded largely by a Metro grant,the project provided safer
_ ,,,,..„.4,,, .,.„. a . 'V pedestrian crossings, green streetscape planters that help remove pollutants from storm water, new sidewalks, streetlights,
" e r L' I - Vis. benches and bike racks. Main Street Green Street Phase 2 will be completed in 2023. (Plans shown below.)
'` " Lc r-�-�. .-�....8 �` J �c.� . + i-....: .,rt
Downtown Public Art Facade&Interior Improvement Grants Streetscape Improvements St
R.mrF •V i.4. 2. -� z++!. .ice .°.t` +�
. .i, , 1 . ,a ..:
: ' I 1 T`
. . _ ,
_ __ __... , ..,
_, ___ _ .
...,,.. . , ..
,...„ ..i. , _ _
. _ _,
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• , _ .
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,,_.,..
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. _ ._ . ,„, .
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-
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. . ........._ .
Ash Ave.Connection - I ,, , :„,• i;$47 , .;.:;01. S . .
• ... — k • i. . A -^ ,1.4.,,:"..:Nirki"kik:.1...7”":,..4".-,, ' . " .
.""blaIIIIWIR:y - . . "-le ' r" 410e,\ - -
, -Nor 4.1,1ag
Burnham St.Parking Lot Fanno Creek Trail Undercrossing Lights
PAGE 8 I TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022 TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022 I PAGE 9
City Center Urban Renewal Plan: Current & Proposed Projects City Center Urban Renewal Plan: Current & Proposed Projects
TIF District Matching Grant Program Universal Plaza
The TIF Disctrict Matching Grant Program provides matching 1 111111
1111 The Universal Plaza will be built on Burnham Street adjacent to Fanno Creek Park. The plaza will be a signature public space
grants for existing businesses and property owners in the City and a hub of,activity in the downtown.The plaza will open in early 20,23.
Center TIF District to make improvements to the exterior of
their building. The program also funds interior improvementsile_. _ .: "' `'" -- _ 4r• c._ • �' • ,1.; _:
for restaurants or similar businesses that move into vacant - Y F ''
21 1'':i :` : _
commercial EEeHEE! EE?
rted -. ._il _ — — -" i
use •- f�'. ` `-MI ill IIM MI IIMImm mm -rt.
rs. k — IN NB *f'` ': "-� . '. - �
Y Y Y - �_. e fr
1rhri .i
Grant-funded projects have strengthened participating , .L tc ' •
_ Y. =�'`;,:�_ - :
businesses and improved Main Street's position as a walkable : A �r d' I ' • �.K7 1` i,it ,,,T. l' 4,.'.';::141,..1
commercial district" I
Eil&i1I111CJ1 •../ n, :.yra'r ;-; fW �s F� �:,.. Y
t
w' I!'III1119p �R �n `� .�:Y:''x,Ti,�r"' "r. :jam f. .,M.''A` ,:!.y; .°� -
7.
f 1.. Y
. - — 's�.�' - �. fi`.`i�':
• —_ - .fir". A
1;14411 •,` ;r'C�� •: y. _ ., 'k ,.ice
rye ; * �.: ..L ti,
AVA Main Street at Fanno Creek Development Alongside Affordable Senior Housing
The TCDA is actively engaged in redeveloping.The TCDA purchased this key site where Main Street meets Fanno Creek The city entered into a development agreement and 99-year ground lease with Northwest Housing Alternatives,a non-profit
and then used $400,000 in grant funding from the U.S. EPA Brownfield Cleanup Program for remediation and preparing affordable housing developer to build 58 units adjacent to the Tigard Senior Center.The units will be leased to seniors 62 and
the site for development.The property was sold to a developer,who broke ground in 2022 on a mixed-use building with older, including units reserved for very low income(less than$16,000 per year).Additionally,the project will prioritize housing
22 apartments that will bring added vitality to Downtown. for veterans and seniors with disabilities.
® 1117 I 1 i_ } F j' + a k. •
� - r � {
-� tP
- _ 1 di t. —1 - r .
. 1, , - ..,.__ _ __ -,11-,„• f. :
Tigard Triangle Urban Renewal Plan Tigard Triangle Urban Renewal Plan
MK . �LEAFST aTC ! The Tigard Triangle Urban Renewal Plan's 5 goals outline its basic
PPSu
,�' PINE ST - 0'` L\ intents and purposes:
L7_ ..SPkUCE ST .� I
WCR1E CT rHDkR ST , .- i
STEVESY-- - 5-'
.k� P U° U it
� e QPc I - -
The Tigard Triangle k Goal 1 .+ .�
H Encourage meaningful involvement by citizens, interested parties, and ~ -
Urban Renewal Plan: ; - BAYLORST I/ ,ar ik
� .05 4R LH , affected agencies throughout the life of the urban renewal district to .y
-:\ a,RT�� I ensure it reflects the community's values and priorities. ; :' ' I
Existing Problems: �� °4RTM0IJTH S7` .4 R°SERIDGE°R �-
� a
E ., RIDGE
' RMHYIST ST S i �T PDi
''..%
,••., aMDBO WqY r i m i Ci r4,9
• Dirt roads/lack of � 2 WWW AWxLIHSr 5� 05 g 52
Goal 2 _ 4
r ' i soUlNwDaD°R E l: _
Tr
Provide a safe and effective multimodal transportation network that '15
sidewalks '''UH OCR-AG6 ST ti i p t - : ='Y a J
!r'�P R HAMPTON ST i provides access to, from, and within the Area and supports mixed-use '' " =
»Gallo °�°�� a and pedestrian-oriented development. ':;t. ' ,
• Areas with no sewers/ « ]
sewers needing repair , LARRS ST .S V T 2 I' 1� j' ''' l.. ..
JP FIR ST Q S . . V
�mb.oy do. g x
• Red Rock Creek erosion ' _ Goal 3 ��� .
t,r Provide public utility improvements to support desired development.
�� L & n� .• Flooding ""R`r - 1
KR11Si 'f�
Tigard Triangle Urban Renewal Area Map
• Traffic congestion * `t
Approved by Voters: 2017
Area Size: 548 acres Goal 4 '
Plan Duration: 35 years Create a clear identity for the Area as a fun and diverse place to --NoFF0 ►•
Maximum Indebtedness: $188 million live, work, shop, eat, and play by building upon existing unique and
Remaining Maximum Indebtedness:$179,119,431 (2022) desirable features.
The Tigard Triangle(roughly the area bordered by 1-5, Highway `. 4
217 and Highway 99W)is an area with great potential but also r ►'.
•
has significant infrastructure needs.Approved by Tigard voters in Goal 5 •:
2017,the Tigard Triangle Urban Renewal Plan includes projects Provide financial and technical assistance to new and existing
that will improve walkability,address transportation issues, and businesses and housing developments that contribute to the Area's ,
, 1
help businesses grow. diversity and vitality and help it transform into a mixed-use and " "
pedestrian-oriented district.
PAGE 12 I TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022 TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022 I PAGE 13
Tigard Triangle Urban Renewal Plan Tigard Triangle Urban Renewal Plan
Current Projects Proposed Projects
Re/Development Assistance • New Streets & Sidewalks ' Z:S%•
rr II FT!The Agency has created a robust Re/Development Assistance n ` New Trails & Parks
program to support both affordable housing and market rate l�l [ •
mixed use projects. .• 17.:= +'' ; Major Sewer Line Small Business
:.. �., - �� MAI /111111
tom- -144 • Red Rock Creek
• Stormwater A * 10.4
_,,.....,,, .. -,:----
• Intersection Improvements
• Facade Improvement • Grants/Loans : :
Opportunity Grants (c . ))
• Small Business Support �' •
The Triangle Business Opportunity Fund supports entrepreneurs by providing matching •
grants for construction costs associated with building renovations. Grants provide
a 50%funding match to help fund the cost of interior or exterior renovations for
businesses moving into vacant ground floor commercial spaces in the Tigard Triangle.
Accomplishments to Date
;V\' ., i k . "�h
Apartment Units
'w �` . _
built or under construction in the Tigard Triangle since the
t.,` '` TIF District was established in 2017.
�• - AD Units
op E.
‘............ , •
- - of affordable
__ _ ~ housingunits
` __ - `7i: wn built in the
Tigard Triangle
Increase in Apartment Units since 2017.
'. '' :•-' r.., - :.e'i!:4-".:,, 46 kj' * ;#4ZNI15.- . .t' built or under construction in the Tigard Triangle since 2017.
PAGE 14 I TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022 TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022 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 $11,602,980
collections for all taxing districts.
Maximum Indebtedness Remaining $31,197,020
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 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 $8,880,569
I
provide the basic framework for revenue calculations in this report. Maximum Indebtedness Remaining $179,119,431
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 2021-22 total requirements were$17,449,289
by the county assessor into two parts: (a)the total taxable assessed value in the district at the time the Urban Renewal for expenditures charged to the District as of June 30,2022. For fiscal year 2022-23,total budgeted resources of$21,373,717
Plan was adopted (the base or"frozen"value);and (b)the difference between the frozen base value and the current were balanced with requirements of$21,373,717, including a financing agreement to fund future urban renewal projects.The
total assessed value(the incremental value or"excess"). Revenues derived from the application of the tax rate for District uses the funds it receives from the division-of-taxes method of calculating property taxes to finance various urban
each affected taxing district to the amount of the incremental value may be collected by the urban renewal agency and renewal projects and activities.These property taxes totaled $1,766,144 in FY 2021-22 and are expected to rise to$2,194,696
deposited in its debt service fund.This revenue is used to repay indebtedness incurred in carrying out the projects. in FY 2022-23.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 R-.,,, '• I�� �y� �'}v;.Y'
values with Tigard's urban renewal agency.Some property taxes that may have been received by the taxing bodies that �' „n
� '
levy property taxes within Tigard's urban renewal area are being paid to Tigard's urban renewal agency. �' ' -` )i' ,'1 44..: .
et, .
'ti's... f �' � �'�.i -.i;�•..
Fr' ' n „.
Passage of Ballot Measure 50(Article XI,Section 11 of the Oregon Constitution) resulted in converting most property '..:'44:‘*.
-�``��� -" �°
I
taxes from a levy-based system to a rate-based system. Pages 18 and 19 of this report shows the financial impact by - x r: ,': rr
_.;?, '1-1,-,,.....: F. .. 1 - 5•'3•a-... i"•� Y-Y`'' ..•.--'fes--.
taxingdistrict for Tigard's urban renewal agency.
a<.. ,,,;..-1::_ -'1''''' ",,....;,, n_ r - =_ ,
:,
Financial Reports � y _
r- � ��=::�..,." `tea
n : :r = � r
The financial reports on pages 18 22 account forthe activities of Tigard's urban renewal agency.. In accordance with ..`''.. �
p p 9g g Y ,I,--- '
ORS 457.460,these reports were prepared by the Finance Department of the City of Tigard and consultant Tiberius
Solutions usingthe same basis of accountingit 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 _, y"s `', •x" ... �; \ �."
:..:t:F vim!"_"%.:.�.. v.(.
audited draft financial statements.At the end of each fiscal year,June 30,this financial impact report is prepared which '"'.'+-_'.v:_.•_.".',-,� Yc,1 _ :,. ':
Y p p ,�0
shows the urban renewal tax impact bytaxingdistrict. Copies are available byJanuary31 at the Tigard Permit Center, :��'.:�F ; �"�',•r'+s'-`1"wrrr. �: + �'' .:�'`� - -
N.N.,:\:,..1:N, „
13125 SW Hall Blvd.,Tigard,97223 and on the City of Tigard website. ':'�` = : •`} '
PAGE 16 I TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022 TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022 I PAGE 17
III
Financial Reports Financial Reports
Town Center Development Agency
Statement of Resources 6 Requirements for the fiscal year ended June 30, 2022.
City Center Triangle City Center Triangle
Debt Service Funds Debt Service Funds Capital Projects Funds Capital Projects Funds Total
Actual Budget Actual Budget Actual Budget Actual Budget Actual Budget
2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23 2021-22 2022-23
Resources
Beginning Fund Balance 1,347,913 852,751 850,023 1,366,485 3,880,320 4,392,128 106,541 7,764,241 6,184,797 14,375,605
Tax Increment Property Taxes 728,711 773,146 1,037,434 1,421,550 - - - - 1,766,144 2,194,696
Interest Income 7,627 2,132 6,483 3,416 18,513 10,868 - - 32,622 16,416
Net increase [decrease] in
investment fair value (22,508) - (22,253) - (61,859) - (78,870) - (185,489) -
Intergovernmental revenues - - - - 338,789 1,818,000 - - 338,789 1,818,000
Miscellaneous revenues - - - 10 - 16 - 26 -
Other Financing Sources - - - - 1,019,700 1,249,500 8,292,700 1,719,500 9,312,400 2,969,000
Total Resources 2,061,742 1,628,029 1,871,686 2,791,451 5,195,474 7,470,496 8,320,387 9,483,741 17,449,289 21,373,717
Requirements
Debt Service 465,531 540,000 488,960 700,000 - - - - 954,491 1,240,000
Transfers Out - 349,500 - 1,719,500 - - - - - 2,069,000
Community Development - - - - - 394,500 197,264 2,219,500 197,264 2,614,000
Capital Outlay - - - - 1,299,759 200,000 - 1,000,000 1,299,759 1,200,000
Ending Fund Balance 1,596,211 738,529 1,382,726 371,951 3,895,715 6,875,996 8,123,123 6,264,241 14,997,775 14,250,717
Total Requirements 2,061,742 1,628,029 1,871,686 2,791,451 5,195,474 7,470,496 8,320,387 9,483,741 17,449,289 21,373,717
Note:Figures are based upon audited financial statements.
PAGE 18 I TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022 TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022 I PAGE 19
Financial Reports 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, 2022.
Assessed Value of URA (FYE 2022) Taxes Imposed Tax
Incremental Permanent Taxes Imposed For Affected Revenue
Total Frozen Base Value Tax Rate for URA Districts Foregone
General Government
Washington County $ 179,791 ,156 $ 117,522,911 $ 62,268,245 $ 2.2484 $ 139,925 $ 163,791 ,860 0.09%
Tualatin Soil & Water District $ 179,791 ,156 $ 117,522,911 $ 62,268,245 $ 0.0825 $ 4,588 $ 6,001 ,173 0.08%
Metro $ 179,791 ,156 $ 117,522,911 $ 62,268,245 $ 0.0966 $ 5,342 $ 18,359,718 0.03%
Port of Portland $ 179,791 ,156 $ 117,522,911 $ 62,268,245 $ 0.0701 $ 3,823 $ 14,785,220 0.03%
TV Fire & Rescue $ 179,791 ,156 $ 117,522,911 $ 62,268,245 $ 1 .5252 $ 94,807 $ 104,485,816 0.09%
City of Tigard $ 179,791 ,156 $ 117,522,911 $ 62,268,245 $ 2.5131 $ 155,982 $ 18,838,664 0.82%
Tigard/Tualatin Aquatic District $ 179,791 ,156 $ 117,522,911 $ 62,268,245 $ 0.0900 $ 5,089 $ 1 ,154,301 0.44%
Education
Tigard/Tualatin School District $ 179,791 ,156 $ 117,522,911 $ 62,268,245 $ 4.9892 $ 310,407 $ 63,428,983 0.49%
NW Regional ESD $ 179,791 ,156 $ 117,522,911 $ 62,268,245 $ 0.1538 $ 9,175 $ 14,047,123 0.07%
PCC $ 179,791 ,156 $ 117,522,911 $ 62,268,245 $ 0.2828 $ 17,586 $ 42,292,163 0.04%
Total $ 12.0517 $ 746,725 $ 447,185,022 0.17%
Sources:FY 2021-22 SAL Table 4e(Washington County);FY 2021-22 SAL Table 4a(Washington, Multnomah,
Clackamas, Tillamook, and Yamhill counties);FY 2021-22 Summary Brochure(Clatsop County) Note: 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
Note: Taxes imposed have been adjusted to account for Measure 5 compression loss and rate truncation. ESD)being paid over to Tigard's urban renewal agency. The taxing districts forgo a share of the property tax
Previous Tigard Urban Renewal Financial Impact Reports displayed the impacts of Tigard's UR Districts on taxing income during the life of an urban renewal plan so that the urban renewal agencies can carry out activities that
districts based on the taxes imposed within city boundaries. Tables will now display the impacts of UR Districts increase property values in the long term. The above table shows the urban renewal tax impact by taxing district
based on the total taxes of the affected districts. using permanent rates established pursuant to Measure 50.
PAGE 20 I TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022 TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022 I PAGE 21
Financial Reports 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, 2022.
Assessed Value of URA (FYE 2022) Percent
Taxes Imposed Tax
Incremental Permanent Taxes Imposed For Affected Revenue
Total Frozen Base Value Tax Rate for URA Districts Foregone
General Government
Washington County $ 512,774,721 $ 424,744,405 $ 88,030,316 $ 2.2484 $ 197,272 $ 163,791 ,860 0.12%
Tualatin Soil & Water District $ 512,774,721 $ 424,744,405 $ 88,030,316 $ 0.0825 $ 6,882 $ 6,001 ,173 0.11 %
Metro $ 512,774,721 $ 424,744,405 $ 88,030,316 $ 0.0966 $ 8,395 $ 18,359,718 0.05%
Port of Portland $ 512,774,721 $ 424,744,405 $ 88,030,316 $ 0.0701 $ 6,117 $ 14,785,220 0.04%
TV Fire & Rescue $ 512,774,721 $ 424,744,405 $ 88,030,316 $ 1 .5252 $ 133,800 $ 104,485,816 0.13%
City of Tigard $ 512,774,721 $ 424,744,405 $ 88,030,316 $ 2.5131 $ 220,975 $ 18,838,664 1 .16%
Tigard/Tualatin Aquatic District $ 512,774,721 $ 424,744,405 $ 88,030,316 $ 0.0900 $ 7,633 $ 1 ,154,301 0.66%
Education
Tigard/Tualatin School District $ 512,774,721 $ 424,744,405 $ 88,030,316 $ 4.9892 $ 438,895 $ 63,428,983 0.69%
NW Regional ESD ct ci 0 77A 701 c AOA 744,405 $ 88,030,316 $ 0.1538 $ 12,999 $ 14,047,123 0.09%
PCC $ 512,774,721 $ 424,744,405 $ 88,030,316 $ 0.2828 $ 24,468 $ 42,292,163 0.06%
Total $ 512,774,721 $ 424,744,405 $ 88,030,316 $ 12.0517 $ 1,057,434 $ 447,185,022 0.24%
Sources:FY 2021-22 SAL Table 4e(Washington County);FY 2021-22 SAL Table 4a (Washington, Multnomah,
Clackamas, Tillamook, and Yamhill counties);FY 202122 Summary Brochure(Clatsop County) Note: 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
Note: Taxes imposed have been adjusted to account for Measure 5 compression loss and rate truncation. ESD)being paid over to Tigard's urban renewal agency. The taxing districts forgo a share of the property tax
Previous Tigard Urban Renewal Financial Impact Reports displayed the impacts of Tigard's UR Districts on taxing income during the life of an urban renewal plan so that the urban renewal agencies can carry out activities that
districts based on the taxes imposed within city boundaries. Tables will now display the impacts of UR Districts increase property values in the long term. The above table shows the urban renewal tax impact by taxing district
based on the total taxes of the affected districts. using permanent rates established pursuant to Measure 50.
PAGE 22 I TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022 TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022 I PAGE 23
Financial Reports
Town Center Development Agency
Detail of Purpose for the fiscal year ended June 30, 2022
City Center Urban Renewal Projects
City Center
Capital Projects Fund
Actual Budget 1111
2021-22 2022-23
Detail of Purpose: TIga cIrdCapital Outlay: �.1
Nick Wilson Memorial Plaza - 186,000
Universal Plaza 1,144,697 5,311,000 Town Center Development Agency of the City of Tigard
Main Street Green Street Improvement 580,000 TIF District/Urban Renewal
Building Improvement Grants 125,000 • •
Admin/Legal/Finance 155,062 224,500 F i n a n c i a l I m a Ct Re ort
1,299,759 6,426,500 p p
FOR THE FISCAL YEAR ENDED JUNE 30, 2022
Tigard Triangle Urban Renewal Projects
Tigard Triangle
Capital Projects Fund
Actual Budget
2021-22 2022-23
Park Land Acquisition - 2,958,000
Transportation Infrastructure - 1,000,000
Affordable Housing Development Assistance - 1,000,000
Development Assistance - 1,000,000
Business Opportunity Grants - 125,000
Admin/Legal 197,264 94,500
197,264 6,177,500
Note: Figures are based upon audited financial statements.
PAGE 24 I TIF District/Urban Renewal FINANCIAL IMPACT REPORT I FY 2021-2022