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.
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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