Promissory Note - Town Center Development Agency - TCDA CITY OF TIGARD
PROMISSORY NOTE
For value received,the Town Center Development Agency("TCDA") promises to pay to the City of
Tigard, Oregon the amounts described below according to the terms and conditions of this Promissory
Note related to a loan from the City Sewer Fund to TCDA for the City Center Urban Renewal Plan Area/
Tax Increment Financing District:
Purpose:The loan amounts provided below are related to expenses in the 2022-2023 fiscal year that are
eligible to be funded with tax increment revenues in the City Center Urban Renewal Plan Area/Tax
Increment Financing District.
Loan Amount: The amount advanced by the City of Tigard not to exceed Nine Hundred Thousand Dollars
($900,000.00).
Interest:4.05% per annum.
Repayment: Sources of repayment will be tax increment financing received for the City Center Urban
Renewal Plan Area/Tax Increment Financing District in the City Center Debt Service Fund. Oregon
Revised Statues 457 and Oregon Constitution Article IX,Section 1(c) authorize the Urban Renewal
Agency to incur debt for the purpose of financing projects of a tax increment financing plan, and to
repay the debt and related costs with tax increment revenue.The Loan Amount described above shall
be payable over 10 years to the City of Tigard Sewer Fund. Payments shall be annual, each June 30,
beginning 2024,through 2033.
Remedies:The City of Tigard may exercise any right or remedy available by law.All remedies under this
promissory note are cumulative and not exclusive.Any election to pursue one remedy shall not preclude
the exercise of any other remedy.
Security Agreement:The Town Center Urban Renewal Agency agrees to the following:
1.TCDA owes the City of Tigard the Loan Amount shown above for current operations in the City
Center Urban Renewal Plan Area/Tax Increment Financing District.The City shall have a
secured interest in the tax increment revenue to be received by the City Center Urban Renewal
Plan Area/Tax Increment Financing District to secure repayment of funds advanced pursuant to
this Promissory Note.
2.The amount owed by the City Center Urban Renewal Plan Area/Tax Increment Financing
District shall be paid according to the terms and conditions stated above.
DATED:June 27, 2023
CI •F TI 11RD,OREGON Town Center Development Agency Board
By: Steve Rymer, City Manager By: Heidi Lueb, Chair