CCDA Budget - FY2010-2011 ...,
City Center Development Agency
CCDA The City of Tigard's Urban Renew aA
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Tigard, Oregon
City Center Development Agency
City of Tigard
Fiscal Year 2010 -2011
CITY CENTER DEVELOPMENT AGENCY BUDGET COMMITTEE
Rick Parker Craig Dirksen
John Bailey Gretchen Buehner
Dena Struck Sydney Webb
Cameron James Marland Henderson
Dan Goodrich Nick Wilson
Mona Moghimian (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
REDEVELOPMENT PROJECT MANAGER for DOWNTOWN
Sean Farrelly
FINANCE and INFORMATION SERVICES DIRECTOR
Toby LaFrance
TI GARD
CITY CENTER DEVELOPMENT AGENCY
City of Tigard 13125 SW Hall Blvd. Tigard, OR 97223 503 - 639 - 4171
FY 2010 -2011 BUDGET TRANSMITTAL
To the Citizens of Tigard,
I am pleased to present to you the fourth annual adopted budget for Tigard's City Center
Development Agency (CCDA).
The City Center Development Agency is charged with the revitalization of Downtown and
implementation of the Urban Renewal Plan which was approved by voters in May of 2006.
Plans for the Urban Renewal District have been impacted by the severe economic downturn
which has slowed bank lending and private development to a crawl. Property taxes collected on
the growth in assessed value in the urban renewal district since its establishment (the source of
the CCDA's funding of revitalization), remain sluggish. There was a jump in the tax increment
distribution in Fiscal Year 2009 -10, but it was due to an assessment on utilities (which is
distributed by the State on an intermittent basis).
Despite challenging economic conditions, FY 2009 -10 saw considerable progress on public
projects that will benefit the Downtown. The Burnham Street reconstruction project broke
ground in 2009. When complete in the summer of 2011, the new street will include pedestrian
amenities and green street features that will set the stage for new private development. These
features are funded with $200,000 from the CCDA. Three other infrastructure projects, the
completed enhanced pedestrian crossing to the Tigard Public Library and the soon to be
constructed intersection improvements at Pacific Highway/ Main /Greenburg and Pacific
Highway /Hall will improve Downtown vehicle, bicycle, and pedestrian accessibility. The
Facade Improvement program provided design assistance to four Main Street businesses. A
matching grant has been awarded to complete a major facade project (additional grants will
likely be awarded). In addition, new Land Use and Design regulations for the Downtown were
adopted, which will assure new buildings are well - designed and supportive of the vision of the
area as an urban village.
Projects to be completed in FY 2010 -11 include a Downtown Circulation Plan and design work
for reconstructing the southern portion of Main Street as a green street. In addition construction
of the Community Partners for Affordable Housing Senior Housing Project, (the Knoll), will
begin. While not an Urban Renewal project, the City and its partners have been pursuing High
Capacity Transit (HCT) in the Pacific Highway Corridor and will start several planning efforts to
this end. HCT would be an additional impetus to the creation of a livable and prosperous
suburban downtown.
The adopted Agency budget for Fiscal Year 2010 -2011 consists of two funds: the Urban
Renewal
Capital Projects Fund and the Debt Service Fund. The Urban Renewal Capital Projects Fund is
supported by loans. In prior years, all the loans have come from the City of Tigard. For FY
2010 -11, the CCDA will continue to require loans to pay for Agency programs and the Burnham
St. reconstruction project contributions. It is still early in the Agency's life and it may not yet
qualify for bank financing at reasonable rates. We have adopted a third year of loans from the
City's General Fund to cover Agency financial needs, but have also directed staff to explore the
possibility of bank financing for Agency needs. If private financing is available, then the
Agency will explore a potential land purchase. Like loans from the City of Tigard, the private
loan will be paid from the tax increment received on property tax in the district.
This fiscal year the Agency will direct the Capital Projects Fund to three main projects. First, the
CCDA will invest in professional services and other projects designed to promote private
investment. The focus of these services will be fostering opportunities for redevelopment and /or
renovation of properties that will increase the increment. Examples of these projects include
development opportunity studies and facade improvement grants. Second, the CCDA will pay
$200,000 toward the Burnham Street project. The CCDA participation is for facilities such as
extra -width sidewalks that would not have been included if the project were not in the Urban
Renewal District. Thirdly, the adopted budget includes an "opportunity fund" to assist with
potential property purchase for redevelopment and /or incentives for private development. This is
the portion that will be funded if the agency is successful in acquiring financing outside of the
City of Tigard.
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 2010 -11 we expect the increment to be
$211,000. The Fund contains a balance of $414,993 collected in FY 2007 -08, FY 2008 -09, and
FY 2009 -10, including interest. Under state law, these revenues may only be used for the
repayment of indebtedness. The first loan was made in FY 2008 -09 and there is a budgeted loan
repayment of $249,000 in the adopted 2010 -11 Budget. This is equal to the amount of the FY
10 -11 loan from the City's General Fund, and is necessary because of the condition of the City's
General Fund. Under the Intergovernmental Agreement (IGA) between the City Center
Development Agency and the City of Tigard, loans from Tigard to the CCDA are repaid in ten
equal payments on the principle starting ten years after the loan and interest payments start in the
second year after the loan. The CCDA can choose to repay loans earlier. Due to the constraints
on Tigard's General Fund, this Adopted Budget agrees to accelerate the principle payments.
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
business owners will be engaged to plan for the future, and set up partnerships than can be acted
upon when the economy improves. 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. I am optimistic that this year's budget and the projects
that are currently underway, will position the Urban Renewal District for further revitalization
when the national and regional economies recover.
Respectfully submitted,
Craig Prosser
Executive Director
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CITY CENTER URBAN RENEWAL AGENCY FACTS
District Formation Date May 2006
District Size (acres) 193.71
District Tax Lot Area (acres): 144.14
District Right -of -Way Area (acres) 49.57
Base Assessed Value $69,207,378
Assessed Value (2010) $83,248,718
Annual taxes levied (projected 2011) $212,600
Maximum Debt Limit $22,000,000
Debt Issued: $0
Remaining Debt Limit $22,000,000
FY 2010 -2011 Urban Renewal Projects
Storefront Improvement Program- $75,000
Expanded program from 4 to 7 businesses. The program pays for all of architectural design
assistance and potential grants up to a $25,000 match in improvements.
Opportunity Fund - $65,000
Opportunity Fund for land purchase and associated costs, fees subsidies for new development,
and Pre - development loans.
Redevelopment /Marketing /Real Estate Studies and Assistance- $85,000
This project consists of funding professional services (in real estate development and economics,
architecture, and other needed specialists) to foster the opportunities for the redevelopment
and /or renovation of properties. The goal is to increase the tax increment revenues in the urban
renewal district. A major program 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 engineering studies, and real estate market and financial analysis.
This fund will also pay for the printing of planning and promotional materials for the Downtown
Other- $24,000
Completion of the Circulation Plan Refinement, and the Hall Boulevard /Pacific Highway traffic
study.
Burnham Street - $200,000
This project will partially pay for the construction of enhanced streetscape features (additional
sidewalk square footage and street amenities) recommended by the Tigard Downtown
Streetscape Design Plan for the Burnham Street project.
Carry Over - $42,500
The carry -over of funds is required for professional consulting services that the Agency is
contractually obligated to complete from FY 2010. These consulting services include
development of studies to determine opportunities for redevelopment in the downtown area.
Total: $491,500
Debt Service Funds - Urban Renewal Debt Service
FY 2008 FY 2009 2010 2011 2011 2011 Adopted vs
Description Actual Actual Revised Pr..osed A. .roved Ado.ted 09 -10 Revised
Resources
*moo- Beginning Fund Balance 0 39,662 159,979 414,993 414,993 414,993 159.4%
Total Beginning Fund Balance 0 39,662 159,979 414,993 414,993 414,993 159.4%
40100 - iCurrent Property Taxes 38,469 115,019 177,004 211,000 211,000 211,000 19.2%
40101 - Prior Year Property Taxes 0 0 0 1,600 1,600 1,600 100.0%
Total Taxes 38,469 115,019 177,004 212,600 212,600 212,600 20.1%
47000 - Interest Earnings 1,193 2,698 718 6,225 6,225 6,225 767.0%
Total Interest Earnings 1,193 2,698 718 6,225 6,225 6,225 767.0%
Total Resources 39,662 157,579 337,701 633,818 633,818 633,818 87.7%
Requirements
Program Expenditures
Program Expenditures 0 0 0 0 0 0 0.0%
Total Debt Service 0 0 0 249,000 249,000 249,000 100.0%
Total Budget 0 0 0 249,000 249,000 249,000 100.0%
Reserve for Future Ex p 39,662 157,579 337,701 384,818 384,818 384,818 14.0%
Total Requirements 39,662 157,579 337,701 633,818 633,818 633,818 87.7%
Capital Project Funds - Urban Renewal Capital Improvements
FY 2008 FY 2009 2010 2011 2011 2011 Adopted vs
Description Actual Actual Revised Pr..osed • ..roved Ado.ted 09 -10 Revised
Resources
40000 - Beginning Fund Balance 0 0 27,967 0 0 42,500 52.0%
Total Beginning Fund Balance 0 0 27,967 0 0 42,500 52.0%
44501 - Intergovernmental Revenue ❑ 323,616 150,000 449,000 449,000 449,000 199.3%
Total Intergovernmental 0 323,616 150,000 449,000 449,000 449,000 199.3%
49100 -Transfer In from General Fund ❑ 0 0 0 0 0 0.099
Total Transfers In 0 0 0 0 0 0 0.099
Total Resources 0 323,616 177,967 449,000 449,000 491,500 176.299
Requirements
Program Expenditures
Program Expenditures 0 0 0 0 0 0 0.0%
Total Work in Progress 0 295,549 177,957 449,000 449,000 491,500 176.2%
Total Budget 0 295,649 177,967 449,000 449,000 491,500 65.8%
Reserve for Future Exp 0 27,967 0 0 0 0 0.0%
Total Requirements 0 323,616 177,967 449,000 449,000 491,500 1762%