CCDA Budget - FY2007-2008
r• CITY CENTER DEVELOPMENT AGENCY
r
im
Tigard. rl
R~-e m-- i, w.,, District
- 1 o-4 •.'t0':, .
CITY CENTER'DEVELOPMENT AGENCY BUDGET
City of Tigard
Fiscal Year 2007-2008
CITY CENTER ' DEVELOPMENT AGENCY BUDGET COMMITTEE
Mark Haldeman Craig Dirksen, Chair'
Rick Parker Gretchen Buehner, Board Member
Katie: Schwab Sydney Sherwood, Board Member
Jason Snider Tom Woodri#f, Board Member
-Dena Struck `Nick Wilson;;Board Member
Cameron James (Alternate)
sa' ,
CITY CENTER DEVELOPMENT QPMENTAGENCY, BOARD
Cra'&`Dirksen,'Chair,
Gretchen Buehner Sydney'Sherwood: r-
.Ni& \X7ilsQn Tom Woodruff
1.
EXECUTIVE DIRECTOR
• S
,Craig. Prosser
COMMUNITY DEVELOPMENT DIRECTOR
.Tom+.Ggffee! . t
REDEVELOPMENT-SENIOR PLANNER
` Phil Nachbar f.
FINANCIAL and INFORMATION SERVICES' DIRECTOR
Robert Sesnon '
.
:<rc
CITY CENTER DEVELOPMENT AGENCY
City'of Tigard 13125 Hall Bbd. Tigard, OR 97223 503-639-4171
r•
A LETTER FROM THE ExECUTIVE DIRECTOR
To the Citizens of the City of Tigard:
I submitted my Proposed Fiscal Year 2007-08 Budget to the Tigard City Center Development
Agency Budget Committee on May 14, 2007. The Committee, made up of the Tigard City Center
Development Agency- Board members and five citizen volunteers, reviewed the proposed budget,
provided the opportunity for and received public comment, and subsequently approved the document
before forwarding it to the City Center Development Agency for adoption. The Agency Board held
an additional public hearing on June 12, 2007 before adopting the Fiscal Year 2007-08 Budget.
This document represents the City Center Development Agency's first annual budget. As you
are aware, in May of 2006 Tigard voters approved the formation of an Urban Renewal District
encompassing the downtown and surrounding areas. With the formation of this district, future
increases in property tax revenues from property within the area, called tax increment, will provide
an important source of funding for a number of needed capital projects.
The Agency has thus far made significant progress towards executing the Dow-ntoWn Implemen-
tation Strategy approved by the Board in August of 2006. The Strategy identifies specific policies
and actions to guide the work of staff, the City Center Advisory Commission (CCAC), and project
prioritization. Significant accomplishments during the 2006-07 fiscal year include the developmenr.
of this Strategy, approval of a preliminary framework study for new land use regulations and design
guidelines for Downtown, completion and approval of the Streetscape Plan for Downtown, and
award of a contract for completion of a master plan for the Fanno Creek Park and a public plaza
in Downtown.
In addition to these accomplishments, the Agency recently received word that it had been awarded
a $2.54 million Metropolitan Transportation Improvement Program (MTIP) grant from Metro to
help fund the reconstruction of Main Street. It is anticipated that $475,000 of these funds will
become available to us during the 2007-08 fiscal year, with the remainder to be received in
FY 2010-11 or earlier.
This budget reflects first year tax increment revenues of $56,000. The M1'I1) grant, along with
$710,000 in loans from the City, will be used to fiord phase I of the ?Main Street GreenStreet Retrofit
as well as a portion of the Burnham Street reconstruction project. Other downtown related projects
planned for completion in the 2007-08 fiscal year include the completion of the Fanno Creek Park
and Plaza master plan, the development and adoption of land use regulations, development of a
new circulation plan, and the identification of key opportunities for public/private development
partnerships. Due to limited Agency resources, over $3.7 million is also included in the City's
Community Investment Program budget to help fund these and other Downtown related projects
that would be initiated regardless of the Urban Renewal District.
V, Thile it is anticipated that roughly $22 million in tax increment revenues may ultimately be
generated by the Urban Renewal District during its 20 year life, the first few- years will not generate
significant cash flows. Nevertheless, in order to gain the momentum required for the successful
redevelopment of the downtown area,and the accomplishment of the established goals, certain
- ONE
ti%;j' J{i' -,5,~~,l. { ~•S. fin;' -
7 t
F;y1A~'LEITER FROM THE EXECUTIVE' DIRECTOR, CONT'D y
't
ys) 14 ~L~ft.Y~ . ,i
:cataSSlystprolects,wtll n ed to be'completed in the near.future. Also current law, limits the use of i'
`e tax mcrement_revenue's to the retirement of debt.. Since the District has just been formed, it will°be
fit, .
una ble t`_o sectire outside
to fin_ai~cing for at 'least the' next two years and therefore will require the City d;
P
contribute funds4b help-pay`for these needed projects: For this reason the Agency has entered
into ari:intergovernmental agreement with the City of Tigard to borrow the funds necessary to pay
:for these'and other projects.
Respectfully submitted;, -
Craig Prosser-. 4't r :R,
Executive Director:,
Twu. - k
CITY CENTER URBAN RENEE\AL DISTRICT
Was
Wa€r~gAk ~v
K u;
f
0; Won 5 of Q 6",
g ~ _ { s ( --T, .sue - ~',z x ! wa"'~''``~• ~ ~v l c'`%°
,
v An ,S
=
-11 it, Al
Yin- n a h f,R
0M Q 4,
MAU
AWAY los
r -~Y a ~A:" •'k a'g 1111,0
s -
MIA
yg^s •°„uli 2 ?
-4 v,
t_,~f
pus
pow vo,
§ A -x Ewa - c } 4'` ,t
P Way
zy .a - 'tea
to Yin, a 'o a r Lem W. A
IN,
>
M,Y qwr v { 'L~- s aY ski _ -
MIA
nn
"C E ~~ypy
;„ata~Z
rx'..5t
Sr .
aP P 4 MIS h- - a'
_ w tp v: % -a ^ ~ fir`? _ _
An, 6
34
Y.f '»r` jai x~, ~1' `'''a s yam, s =r - 'C ^ - - r t'
~ . 1~ -,~'~,s~ 1°: M1:, y,- ova 4'•.~, ~ s ; { -_4 S7 a, ~ru r ~3.':,
t. ~ E ~ s : % ' mod, ~ A 9 ~ r•a- "~~r r ~ £ ~ ~ = z. §E,
City Center a 4
JA ,y LAyl ~ j
S Z B. _ d Nt 7 If 't; XS +tp4
x.Vibcen Renewal
3
{ Disfr,act. t, b ` 3r
SIC
r } a ~
l' ~ Fall,
_--l,
i r TIdREI~ ~ ; , ~ ,
! CITY CENTER URBAN RENEWAL AGENCY FACTS
r. „
• T
' h
-13
Dlstrrct Formation Date ~d Ma 2006
r
District Size (acres): 193.71
-~<District~Tax T`bt.Area (acres) 144 14
District Right- of- \Vay Area (acres.): 49,57
4
OP~
larozeri Tam Base (pct X005) p k r s`; $GG,510,$60 e'
+s '-5 S - d^R>3~
Assesssed Value (Ocv'2007):. $70,501;512
nnual taxes levied (projected 2007)s
56n000
- . `k tf~• .:.t..•r PL_ _ , - ..te.. ..0r: ':w ,a ..h:~ .~,.k - is ~ ~.ae . ,
L
Magnum Debt Limit: $22;000;000'
~DeUt ISSLled{ "f 2 R',w,5'€y-.-.
Remaining Debt.Limit: $22,000;000
y
FouR
URBAN RENEWAL DEBT SERVICE FUND
Actual Actual Revised Proposed Approved Adopted
Description 2004-05 2005-06 2006-07 2007-08 2007-08 2007-08
RESOURCES
300000 Beginning fund Balance so SO SO SO SO 50
Revenue
400000 Current Property Taxes SO SO SO 556,398 556,398 $56,398
401000 Prior Ycar "I a-,cs n 0 0 0 0 0
Total Property Taxes SO SO SO 556,398 X56398 556,398
470000 Interest Farnin,s SO SO SO 51,000 57.000 51,000
Total Interest & Rentals so SO SO 51,000 S1,000 S1,000
Total Revenue so SO SO 557,398 557,398 557,398
Transfer in from other funds
Total transfer in from other funds SO SO SO SO SO SO
TOTAL RESOURCES 50 SO SO S57,398 557,398 S57,398
REQUIREMENTS
Operating Expenditures SO SO SO SO SO SO
Debt Service so 50 50 SO SO SO
Capital Improvements so SO SO SO SO SO
Transfer out to other funds
Urban Rencwal <:apict) Projccts fund So so $0 SO SO $0
Total transfer out to other funds SO so so SO SO SO
Contingency
Gencra6C(,n6ngencr SO $0 SO SO SO SO
Total Contingency SO SO Sll so SO SO
Total Budget SO SO SO SO SO SO
Ending, Fund. Balance
Undesignatcd fund lialanec so SO SO 557,398 557,398 S57,398
Total,Ending Fund Balance so $O SO Si7,398 S57,398 W,398
TOTAL REQUIREMENTS SO SO SO S57,398 $57,398 557,398
FIVE -
V. Z
URBAN, -RENEWAL'CAPIrAL, PROJECTS FUND
Actual Actual Revised Proposed Approved Adopted
Description 2004=O52005-06 2006-07 2007-08 2007-08 2007-08'
RESOURCES
300000 Beginning Fund ]idlance W SO SO SO SO! SO
Revenue
404000 Fedcral Grants SO 5o 50 S4,73,000 S475,000 S4-5,000
416000 l,ircrgcw rimicntal Rcvennc 0 0. 0 85.000 /1,000 1U00
Total-Other, Agencies SO SO SO SI,260,OW S1.785,OCk0 S1,185.000 q
Total Revenue, SO' SO SO. 51,26'0;000 S8.18'51)00 51,185.000 Sv,
Transfer in from, other funds
Total transfer in from other funds so SO a 50 = -SO 'SO so
TOTAL RESOURCES S0, SO„- S0 _ 5.1260,000` S1 185 000_-. 5,1185.000
REQUIRE
'Operating s - "0;. S0 0'.'.. S80000, S80';OOi) - S80:000i
DebtiSen ice ; $0' SO = SO SO SO SO
Capital Improvements, so, so, S0. 51118000" S1,105;000 S1,IO5.000
Transfer:out.to other:funds.
Total transfer 6utto--other funds SO' Sp S0 S0. S0 SO
Contingency r
Gcncr.il Contingency, t $0 SO- ' SO SU S0 . SO'
Total Contingency St) SOI S0. $0 S0 SO
Tot_afBudget -So, so SO-. S1,2601:000 S1,185MO 51,185,000
Ending Fund' Balance
L;nde,,igharcdJ=undd3alance, S0' SO S0 A_S(1 SO S0.1 s
Total Ending Fund Balance so SO, S0' . SQ' s0 SO
" r
TOTAL REQUIREMENTS SO' .,So SO' 51,2-60000 S1-,185,000 S1,185MO
1
s. Six-
d
FISCAL YEAR, 2007-2008 URBAN RENEWAL PROJECTS
Burnham Street Reconstruction $535,000
Depending on the final design, it is anticipated that the Urban Renewal Agency will fund a
portion of project costs due to additional street standards developed for the Downtown. The
proposed budget for FY 07-08 anticipates the use of $535,000 in City funds for Burnham Street
which will be repaid with Urban Renewal funds.
Burnham Street from Hall Blvd. to Main Street will be completely redesigned and constructed.
The design incorporates both design standards for a collector street and specific pedestrian-
oriented features developed under the Downtown Comprehensive Streetscape plan. These
include wider sidewalks, medians, bulb-outs at cross walks, and sustainable water quality design.
The project includes widening Burnham Street between Main Street and Ash Avenue to a paved
xvidth of 38 feet and between Ash Avenue and Hall Boulevard to 50 feet. Sidewalks, landscaped
strips and on-street parking will be provided as part of the widening. In addition, a roundabout
will be installed at the intersection of l Tall Boulevard and Ash Avenue. The final design and
right-of-way acquisition for Burnham Street are scheduled to be completed in the summer of
2007. Construction is anticipated to begin in late summer or fall of 2007.
Main Street Green St. Retrofit - Phase 1 $570,000
The Main Street project is multi-year andincludes comprehensive redesign and construction of the
full length of Main Street. Phase 1 of the project will reconstruct the street in accordance with
Green Street Standards for 1400 lineal feet of Main Street, from the Commuter Rail entrance
to the southxest entrance at 99\\7 . It encompasses the entire, public right-of-Nvay (ROUX,) and
includes streets, curbs, sidewalks, landscape, and drainage improvements. Design will be based on
concept plans as approved in the Downtown Streetscape Plan.
The City has approached METRO to see if Phase 1 funds may be moved up to FY 07-08. If this
is accomplished, the Ciro- .rill need $95,000 in Cltti- match funds for receipt of 5475,000 in grant
funds, to be used for construction drawings for the project: Once Phase 1 is completed, the
City will apply for a second MTIP grant to undertake the second half of Main Street, from the
Commuter Rail to the Greenburg Rd intersection.
Total $1,105,000
SP.\'1?N -