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TCDA Resolution No. 24-03 CITY OF TIGARD, OREGON TIGARD TOWN CENTER DEVELOPMENT AGENCY RESOLUTION NO. 24-03 A RESOLUTION TO ADOPT THE FY 2025 FIRST QUARTER BUDGET SUPPLEMENTAL TO TOWN CEN'I'hR DEVELOPMENT AGENCY(TCDA) URBAN DEVELOPMENT. WHEREAS, the TCDA acknowledges those items that were unknown at the time the FY 2025 budget was adopted;and WHEREAS, the TCDA recognizes approximately $988,200 of unanticipated budget in operations and capital improvements;and WHEREAS, the increase in budget is offset by unanticipated fund balance from prior year budget now being carried forward. NOW,THEREFORE,BE IT RESOLVED by the Tigard Town Center Development Agency that: SECTION 1: The FY 2024-25 Budget is hereby amended as detniled in Exhibit C. SECTION: This resolution is effective immediately upon passage. ,td ff__ PASSED: This day of 0GT b-er 2024. Chair -TCDA ATTEST: C? b TCDA Recorder-TCDA RESOLUTION NO. 24- 03 Page 1 TCDA - BUDGET SUPPLEMENTAL 10'10'2024 FY 2025 Supplemental Budget Request Quarter: 1 Item# Dept 1 Fund Division Request Title Request Increase(+)/ Amount Detailed Description Reason Decrease(-) Q1TCDA01 391-TCDA- 945-TRIANGLE 9000-Urban Renewal Carryforward Development Assistance awarded CARRYFORWARD Increase(+) $565,000.00 Family Promise of Tualatin Valley was Triangle CAPITAL FUND to Family Promise of Tualatin Valley awarded$1 million in development assistance in FY23 to help purchase a hotel property and pay for renovations to establish a transitional housing project. Recipient was unable to begin construction in FY24 due $565K was planned to be expended in to unforeseen circumstances. FY24 on the renovations,but the project was delayed until FY25 Q1TCDA02 392-TCDA-City 940-CITY CENTER 9000-Urban Renewal Carry forward TIF Improvement Grants CARRYFORWARD Increase(+) $164,600.00 To cover improvement grants approved Center CAPITAL FUND in FY23/24 but have not been expended. Awarded by TCDA but not expended by applicant Q1CIP02 406-Capital 940-CITY CENTER 8000-CIP/Contingency 92059 Universal Plaza CARRYFORWARD Increase(+) $ 47,000.00 Carryforward$47,000 from 940-Urban The$47,000 will be used primarily for asphalt testing and Improvement CAPITAL FUND Renewal Downtown project closeout. Proaram Exhibit A 1 of 1 TCDA - BUDGET SUPPLEMENTAL 10/10/2024 Q1CIP02-CIP 92059 Universal Plaza Project Description:The Universal Plaza will provide an important public space amenity in downtown Tigard.It will be constructed on Town Center Development Agency-owned land and will provide a venue for large events like the Tigard Farmer's Market,Concerts in the Park,and Movies in the Park.The plaza may also feature a splash pad,interpretive artwork and installations,and a connection to the Fanno Creek Park. Actuals Adopted Revised Revised Revised Revised Revised Revised through Budget This Budget Projected Projected Projected Projected Projected Project FY 2024 FY 2025 Change FY 2025 2026 2027 2028 2029 2030 Total Internal Expenses Project Management 5,000 - 5,000 Total 5,000 - - - - - - - - 5,000 External Expenses Public Involvement - - Land/Right of Way Acquisition 450,000 - 450,000 Design and Engineering 1,807,000 - 1,807,000 Environmental Permit Comp. - - - Construction 6,314,000 47,000 47,000 6,361,000 Contingency - - Total 8,571,000 - 47,000 47,000 - - - - - 8,618,000 I I Total Project Expense 8,576,000 - 47,000 47,000 - - I - - I - 8,623,000 Revenue Funding Source 425-Parks SDC Fund 2,978,000 - 2,978,000 Other Revenue Source 940-Urban Renewal Downtown 5,598,000 47,000 47,000 5,645,000 Total Project Revenues 8,576,000 - 47,000 47,000 - - - - - 8,623,000 1 of 1 10/22/2024 Item Request 1 Revised Budget Fund Program Adopted City Center Capital Improvements City Center URA 739,185 Q1TCDA02 164,600 903,785 Capital Improvements 200,000 CIP 92059 47,000 247,000 939,185 1,150,785 City Center Debt Service - Debt Service 679,000 679,000 Transfer 939,185 Q1TCDA02, CIP92059 211,600 1,150,785 1,618,185 1,829,785 Tigard Triangle Capital Improvements - Tigard Triangle URA 3,579,674 Q1TCDA01 565,000 4,144,674 Capital Improvements 3,900,000 3,900,000 7,479,674 8,044,674 Tigard Triangle Debt Service - Debt Service 746,000 746,000 Transfer 1,600,000 1,600,000 2,346,000 2,346,000 All Funds - City Center URA 739,185 739,185 Tigard Triangle URA 3,579,674 3,579,674 Debt Service 1,425,000 1,425,000 Transfer 2,539,185 2,539,185 Capital Improvements 4,100,000 4,100,000 $ 12,383,045 $ 988,200 $ 13,371,245