CCDA Budget - FY2009-2010
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Tigard, City Center Development Agency
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FY 2009-2010 CITY CENTER DEVELOPMENT AGENCY
City Center Development Agency
City of Tigard
Fiscal Year 2009 - 2010
CITY CENTER DEVELOPMENT AGENCY BUDGET COMMITTEE
Jason Snider Craig Dirksen
Rick Parker Gretchen Buehner
John Bailey Sydney Webb
Dena Struck Marland Henderson
Cameron James Nick Wilson
Dan Goodrich (Alternate)
CITY CENTER DEVELOPMENT AGENCY BOARD
Craig Dirksen; Chair
Gretchen Buehner Sydney Webb
Nick Wilson Marland Henderson
EXECUTIVE DIRECTOR
Craig Prosser
COMMUNITY DEVELOPMENT DIRECTOR
Ron Bunch
SENIOR PLANNER for DOWNTOWN
Sean Farrelly
FINANCE and INFORMATION SERVICES DIRECTOR
Toby LaFrance
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CITY CENTER DEVELOPMENT AGENCY
City of Tigard 13125 SW Hall Blvd. Tigard, OR 97223 563-639-4171
Cover Graphic from Tigard Downtown Future Vision by Tigard Comm unity Development and University of
Oregon
PAGE 2 - CITY OF TIGARD
FY 2009-2010 BUDGET TRANSMITTAL
Citizens of Tigard,
I am pleased to present to you the third annual budget for Tigard's City Center Development Agency
(CCDA). I proposed this budget to the CCDA Budget Committee in April of 2009. The Budget
Committee (made up of five citizens of Tigard and the five members of the City Council, plus an alter-
nate citizen member) reviewed the proposed budget in May and recommended it to CCDA Board
(made up of the five members of the City Council) for adoption. The CCDA Board adopted this
budget on June 9, 2009.
The City Center Development Agency is charged with the revitalization of Downtown and implemen-
tation of the Urban Renewal Plan which was approved by voters in May of 2006. Community expecta-
tions for revitalizing Downtown are high; however the ability to fulfill this vision is, at present, con-
strained. The source for the Agency's revitalization efforts is the property takes collected on the
growth in assessed value in the urban renewal district since its establishment. While it was expected
that property tax receipts would not be significant in the first few years, due to the limited private in-
vestment in the, Downtown up to now, incremental growth has been even lower than. projected.
However, progress is being made on projects that will ultimately benefit the Downtown. Tri-Mees
WES CommuterRail service commenced in.February of,2009, improving Downtown Tigard's connec-
tion to the region and presenting an opportunity for redevelopment around the new station.
The Burnham Street reconstruction project will start this year. Design work for reconstructing. the
southern portion of Main Street as a green street will also begin and a Downtown Circulation Plan will
be completed. A Design Future Vision was completed in January of 2009 that showed how the district
could evolve over the next fifty years. Other-projects that are currently, or soon to, be, underway in-
clude the Transit Center redevelopment study; the 99W/Greenburg and'99W/Hall intersection im-
provements; the Community Partners for. Affordable Housing Senior Housing Project; the Fanno
Creek Re-meander project;,new Land Use and Design regulations; and.an enhanced pedestrian crossing
to the Tigard Public Library. 'There is also the future prospect of light rail in the 9:9W Corridor. The
Downtown has also captured the imagination of the.region and is held up as an innovative example of
the potential to create a livable and prosperous, suburban downtown. The Agency is fortunate to have
an engaged and committed citizen advisory body, the City Center Advisory Commission (CCAC),
which has made recommendations on many critical issues.
Staff and material support for Downtown Urban Renewal will continue to be derived from the City's
General Fund. This fiscal year the funds intended for projects and activities that will directly enhance
the economic development prospects of Downtown, and the consequent future growth of tax incre-
ment revenues are assigned to the City Center Development Agency budget. This is necessary to prop-
erly account for expenditures that can ultimately be paid back to the General Fund by tax increment
growth.
The adopted Agency budget for Fiscal Year 2009-2010 consists of two funds: the Urban Renewal
Capital Projects Fund and the Debt Service Fund. The Urban Renewal Capital Projects Fund is sup-
ported by loans from the City of Tigard, (which will be repaid with interest.) This fiscal, year the
Agency will direct this fund to invest in professional services and other projects designed to promote
private investment that will increase the increment. The focus of these services will be fostering oppor-
tunities for redevelopment and/or renovation of properties. Examples of such programs include envi-
ronmental assessments of Brownfields, development opportunity studies, and storefront improvement
grants. ,
CODA ADOPTED BUDGET - PAGE 3
FY 2009-2010 BUDGET TRANSMITTAL
The Debt Service Fund reflects the revenues anticipated to be generated by the growth in the assessed
value of the urban renewal district. In FY 2009-1.0 we expect the increment. to be $177,004. The Fund
contains a balance of'$159,862 collected in FY 2007-08 and FY 2008-09, including interest. Under state
law, these revenues may only be used for the repayment..of indebtedness. Since the first loan was made
in FY 2008-09 and repayment does not start for two years, in FY 2010-11, there are no budgeted loan
repayments in the proposed 2009-10 Budget. Under the Intergovernmental Agreement (GA) between
the City Center Development Agency and the City of 'Tigard, loans from Tigard to the CCDA are re-
paid in ten equal payments on the principle starting ten years after the loan; however, interest payments
start in the second year after the loan. The CCDA can choose to repay loans earlier.
The objective of the City Center Development Agency is to engage stakeholders and foster economic
development in the Downtown. Despite the economic downturn, property and businessowners will be
engaged to plan for'the future, and setup partnerships than can be acted"upon when the economy im-
proves. I am optimistic that this-year's budget will take the Urban Renewal District,out of its formative
stages to where revitalization projects actually take place.
Respectfully, submitted,
C
Craig Prosser
Executive Director
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PAGE 4 - CITY OF TIGARD '
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CCDA ADOPTED BUDGET -'PAGE :5
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F FY ?II09=2010 CITY CENTER DEVELOPMENT AGENCY FACTS,
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District,Formation Date. .May 2006
District Size. (acres) ..................:........:...:.....:.:.:.:.:..:..............................::..............1.93:71
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District Tax Lot Area (acres) .144.14
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District Right=of `Way Area (acres) 49:57
Base A_ sses_ sed''Value + . $69,207,378
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Assessed' Value (2009) - .$78,530,005
Annual.taxes'1&ied (P,l io ected 2010 $1'77;004
.........:..',00;000
Maximum Debt Limit: $221
Debt Issued: $0
E - y Remaining, Debt Limit., . $22,000,000
PAGE 6, = CITY OFTIGARD' r
e URBAN RENEWAL CAPITAL PROJECTS FUND SUMMARY
Actuals Revised Proposed Approved Adopted
Description 2006-07 2007-08 2008-09 2009-10 2009-10 2009-10
3000 Beginning Fund Balance $0 $0 $0 $27,967 $27,967 $27,967
Total Fund Balance & Reserves $0 $0 $0 $27,967 $27,%7 $27,967
Property Taxes
Total Property Taxes $0 $0 $0 $0 $0 $0
Grants
Total Grants $0 $0 $0 $0 $0 $0
Interagency Revenues
4250 Intergovernmental Revenue $0 $0 $379,269 $150,000 150,000 150,000
Total lnteragencyRevenues $0 $0 $379,269 $150,000 $150,000 $150,000
Fees & Charges
Total Fees & Charges $0 $0 $0 $0 $0 $0
Fines & Forfeitures
Total Fines &Forfeitures $0 $0 $0 $0 $0 $0
Franchise Fees
Total Franchise Fees $0 $0 $0 $0 $0 $0
Interest and Rental Earnings
_ Total Interest and Rental Earnings $0 $0 $0 $0 $0 $0
Bond and Note Proceeds
Total Bond and Note Proceeds $0 $0 $0 $0 $0 $0
Other Revenues
Total Other Revenues $0 $0 $0 $0 $0 $0
Fund Transfers
Total Fund Transfers $0 $0 $0 $0 $0 $0
TOTAL RESOURCES $0 $0 $379,269 $177,967 $177,967 $177,967
Program Expenditures
Total Program Expenditures $0 $0 $0 $0 $0 $0
Loans
Loan to CCDA
Total Loans $0 $0 $0 $0 $0 $0
Capital Improvement Program $0 $0 $379,269 $177,%7 $177,967 $177,967
Total Capital lmprovementProgram $0 $0 $379,269 $177,967 $177,967 $177,%7
Transfers Out
Total Transfers to Other Funds $0 $0 $0 $0 $0 $0
Contingency
Total Contingency $0 $0 $0 $0 $0 $0
Total Budget $0 $0 $379,269 $177,967 $177,967 $177,%7
Ending Fund Balance $0 $0 $0 $0 $0 $0
Total Requirements $0 $0 $379,269 $177,967 $177,%7 $177,%7
CCDA ADOPTED BUDGET - PAGE 7
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URBAN RENWAL DEBT SERVICE FUND SUMMARY
Actuals Revised Proposed Approved Adopted
Description 2006-07 2007-08 2008-09 2009-10 2009-10 2009-10
$0 $0 $39,662 $159,979 $159,979 $159,979
Total Fund Balance & Reserves $0 $0 $0 $0 $0 $0
Property Taxes
4000 Current Property Taxes $0 $38,469 $41,000 $177,004 $177,004 $177,004
Total Property Taxes $0 $38,469 $41,000 $177,004 $177,004 $177,004
Grants
Total Grants $0 $0 $0 $0 $0 $0
Interagency Revenues
Total Interagency Revenues $0 $0 $0 $0 $0 $0
Fees & Charges
Total Fees & Charges $0 $0 $0 $0 $0 $0
Fines & Forfeitures
Total Fines & Forfeitures $0 $0 $0 $0 $0 $0
Franchise Fees
Total Franchise Fees $0 $0 $0 $0 $0 $0
Interest and Rental Earnings
4700 Interest Earnings $0 $1,193 $3,000 $718 $718 $718
Total Interest and Rental Earnings $0 $1,193 $3,000 $718 $718 $718
Bond and Note Proceeds
Total Bond and Note Proceeds $0 $0 $0 $0 $0 $0
Other Revenues
Total Other Revenues $0 $0 $0 $0 $0 $0
Fund Transfers
Total Fund Transfers $0 $0 $0 $0 $0 $0
TOTAL RESOURCES $0 $39662 $83,662 $337,701 $337,701 $337,701
Program Expenditures
Total Program Expenditures $0 $0 $0 $0 $0 $0
Loans
Total Loans $0 $0 $0 $0 $0 $0
Ca 'tal Improvement Pto am $0 $0 $0 $0 $0 $0
Total Capital Improvement Program $0 $0 $0 $0 $0 $0
Transfers Out
Total Transfers to Other Funds $0 $0 $0 $0 $0 $0
Contingency
Total Contingency $0 $0 $0 $0 $0 $0
Total Budget $0 $0 $0 $0 $0 $0
Ending Fund Balance $0 $39,662 $83,662 $337,701 $337,701 $337,701
Total Requirements $0 $39,662 $83,662 $337,701 $337,701 $337,701
PAGE 8 - CITY OF TIGARD
FY 2009-10 URBAN RENEWAL PROJECTS
Storefront Improvement Program- $40,000
To enhance the commercial.atmosphere on Main Street, a storefront improvement program will be
developed. The''budget includes. funding for a pilot program that could be expanded in future fiscal
years. The budget will pay for technical assistance from professional architects as well as cash grants
to property or business owners who wish to improve their commercial building's facades. Program
standards (to be developed) will establish the criteria for projects, the number of projects to be
funded, and the required. match from the participant.
Environmental Assessment - $15,000
Funds will be available for initial environmental assessments of potential Brownfield properties that
are candidates for redevelopment.
Redevelopment/Marke.ding/Real, Estate Studies and :Assistance- $95,000
This project consists offupding~professionat services (ui real estate'development and economics, ar-
chitecture, and other,needed specialists) to-foster theopportunities for the redevelopment and/or
renovation of;properties.'The goal:is';to increase, the, tax:increment revenues.in the urban renewal dis-
trict. A majorprogram will be development:opportunity studies to provide business and property
owners the technical assistance. and resources to assess the feasibility of redeveloping properties in
the urban.renewal district. Eligible pre-development activities include architectural, planning, and en
gineering studies, and real estate market and financial' analysis: Thi's'.fund will- also, pay for, the printing
of planning and, promotional materials for the Downtown
Carryover Projects:. $27;967
Two projects started in +Fiscal Year 2008;9', the Downtown Circulation Plan- and the Tigard' Transit
Center. Redevelopment Feasibility' Study, will be completed inthe new, fiscal year.
Total: $177,967
CODA ADOPTED BUDGET - PAGE 9