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Resolution No. 90-13 CITY OF TIGARD, OREGON RESOLUTION No. 90-_5 A RESOLUTION ACCEPTING THE PRESIDENT'S PARKWAY DEVELOPMENT REPORT. WHEREAS, on March 12, 1990, the City Council adopted the President's Parkway Development Plan by Ordinance No. 90-0? . WHEREAS, the President's Parkway Development Report was prepared in conformance with ORS Chapter 457 as a companion document to the President's Parkway Development Plans and NOW, THEREFORE, BE IT RESOLVED by the Tigard Council that: The Development Agency hereby accepts the President's Parkway Development Report attached as Exhibit "A". ttt day of`�/ / Q- /L_- 1990. PASSED: This _ layor - CIIEy of"f igarr d ATTEST: /y City Recorder - City of Tiq rd br/PPRes.ejm ~ RESOLUTION 170. 90--L-�)-_ Page 1 Exhibit "A: CITY OF TIGARD PRESIDENTS PARKWAY DEVELOPMENT PLAN REPORT CITY COUNCIL Gerald Edwards- Mayor Valerie Johnson Carolyn Eadon John Schwartz Joe Kasten March 12, 1990 r TABLE OF CONTENTS INTRODUCTION 3 SECTION 100. DESCRIPTION OF EXISTING CONDITIONS AND ANTICIPATED IMPACTS . . . . . . . . . . . . . . . . . . . 3 101. Physical conditions 101.1 General Description 3 101.2 Floodplain 3 101.3 Planning and Zoning 3 101.4 Land Use 3 101.5 Existing Lotting Patterns . . . . . 6 101.6 Street Classifications and Improvements 7 101.7 Traffic Safety 7 101.8 Access . . . . . . . . . . . . 9 101.9 Other Infrastructure 10 102. Social and Economic Conditions . . . . . . . . 11 102.1 Population . . . . . . . . . . . . . . . 11 102.2 Income 15 102.3 Housing 15 102.4 Employment 16 103. Property Values in Development Area 16 104. Impacts of the Plan in Light of Added Services or Increased Population . . . . . 16 105. Percent of City Represented in Development Area 3.7 SECTION 200. REASONS FOR SELECTION OF PRESIDENT'S PARKWAY AS THE DEVELOPMENT AREA 17 SECTION 300 RELATIONSHIP BETWEEN PROJECTS TO BE UNDERTAKEN UNDER THE PLAN AND EXISTING CONDITIONS IN THE AREA . . . . . 18 SECTION 400 CONSISTENCY WITH CITY OF TIGARD COMPREHENSIVE PLAN. .20 SECTION 500. PROJECT ACTIVITIES 28 501. Timing, Description, Estimated Cost and Funding Source . . . . . . . . . . . . . _ 28 Period 1990 - 1995 Project Descriptions 31 Period 1996 - 2000 Project Descriptions 33 502. Summary of Funding Sources. 34 SECTION 600 FUNDS REQUIRED, TAX INCREMENT PROCESS AND YEAR OF AGEN- CY'S INDEBTEDNESS BEING SATISFIED. 35 601. Projections of Incr=mental Values and Revenues 35 602. Cash Flow, Debt Repayment, and Year Debt is satis- fied38 ci 603. Finding of Finanal Feasibility 40 SECTION 700 TAX INCREMENT FINANCING IMPACTS ON OVERLAPPING TAXING DISTRICTS 41 701. Taxing District Valuations, Leview, and Rates History and Projections. 41 1 702. Development Area Valuation Relative to Districts' Valuations. 43 703. Analysis and Projection of Tax Rate impacts . . . . 44 SECTIOTZ 800. RELOCATION REPORT . . . . . . . . . . . . . 52 801. Properties Requiring Relocation . . . . . . . . . . 52 802. Relocation Methods . . . . . . . . . . . . . . . . 52 SECTION 900. CITIZEN PARTICIPATION . . . . . . . . . . . . . . . 52 LIST OF TABLES Table 1 Existing Land Use Table 2 Development Area Population Assumptions Table 3 Population of Development Area, City, County and Region Table 4 Tigard 1979 Household Income Table 5 Existing Conditions Table 6 Projects, Costs & Funding Sources Table 7 Projects, Costs & Funding Sources Table 8 Total Funding Source Summary Table 9 Projected Tax Increment Revenues Table 10 Analysis of Borrowing and Tax Increment Debt Retirement Capacity Table 11 Taxable Value of Overlapping Taxing Districts Table 12 Property Tax Rates in Proposed Redevelopment Area Table 13 Impacts on Tax Rates in the Five Most Affected Overlapping Districts Table 14 Relationship of Development Area Valuation to Overlapping Districts Table 15 Projected Tax Rate Impact on School District 23J Table 16 Projected Tax Rate Impact on City of'Tigard Table 17 Projected Tax Rate Impact on Metzger Water District Table 18 Projected Tax Rate Impact on T.V. Rural Fire Protection District Table 19 Projected Tax Rate Impact on Washington County LIST OF MAPS Map 1 PRESIDENT'S PARKWAY DEVELOPMENT AREA Map 2 ASH CREEK FLOOD PLAIN Map 3 STREETS, CURBS & SIDEWALKS Map 4 STORM DRAINAGE Map 5 SANITARY SEWERS Map 6 WATER DISTRIBUTION SYSTEM 2 INTRODUCTION This Report on the President's Parkway Development Area is prepared to provide essential background information on the Area to the City of Tigard Urban Renewal Agency, the Tigard Planning Commission, the Tigard City Council, and citizens. It is prepared to comply with provisions of State Law concerning urban renewal plans (ORS 457.085) and is to accompany The President's, parkway Development Plan and should be read in conjunction with it. Section 100. DESCRIPTION OF EXISTING CONDITIONS AND ANTICIPATED IMPACTS 101. Physical Conditions 101.1 General Description The Development Area encompasses some 186 gross acres, ap- proximately 120.9 buildable acres and 151 separate tax lots, all within the city limits of Tigard. The boundaries of the Develop- ment Area generally include Highway 217 on the south, Hall Boulevard on the east, Locust Street on the north, and Greenburg Road on the west. Refer to the following Map 1 for specifics. 101.2 Floodplain Ash Creek crosses the area from the east to the west. The floodpl- ain associated with the creek varies in width from approximately 100 feet to over 700 feet. The creek and floodplain create a barrier to both pedestrian and vehicle traffic. See Map 2 showing flood plain. 101.3 Planning and Zoning The Development Area is planned CP, I-L, Medium Density Residen- tial, C-G, and C-N. The C-P district allows civic uses, office uses, commercial uses and a limited amount of retail uses. The I- L district allows civic uses, commercial uses and industrial uses. The Medium Density Residential district allows for single family and multiple family residential units for medium density residen- tial development. The C-G district allows for civic uses and a broader range of commercial uses not limited to a specified trade area. The C-N district allows for convenience goods and services. 101.4 Land Use A wide variety of lard uses exist within the Development Area including both conforming and non-conforming uses. The uses in the area that are permitted in the current comprehensive plan include commercial, industrial and low and medium to high density residen- tial uses. Underdeveloped uses in the Development Area include single family residential and agricultural use and represents improper utilization of the land within the Development Area. These uses are specifically prohibited in C-P areas and represent non-conforming uses. 3 ,►f��► s I :�►j ��._ i�� ♦�1♦. \!��+ yam``.!••IlI��'.•��ssi i_ ::� �a J �h �/`�� '��i\\ �`i'U.♦ III�%.� "�! ` E tj vi t X3 � r l j loO -Y9--- F-LOOD I00-VR. FLOOD ELEy�T[ph\f 1 MAP 2 5 S.W. Oak Street serves as a primary link between the S.W. Gres:burg Road (the main arterial servicing Lincoln Center and Washington Square) and Hall Boulevard. Land uses along Oak Street include a mix of commercial and single-family residential. Commercial property along Highway 217 is not currently serviced by any access whatsoever. The Development Area is approximately 186 acres in size. Within the Development Area approximately 40 acres are vacant with approximately 34% of the vacant acres located within the flood- plain. Excluding the 40 vacant acres, 75.9 acres are developed and 54.9 acres are rights-of-way. Based on an analysis of current land use, compared to the comprehensive plan designations for the arca, residential uses not permitted in the C-P district (non-conforming uses,) occupy 73% of the developed acres within the Development Area. Actual land use within the Development Area is shown in the following table. Table 1 Existing Iand Use Land Use Acres Conforming Uses Commercial 26.22 Multi-family 4.82 Non-Conforming Uses Single family 60.46 School/Vacant 40.00 Right-of-Ways 54.90 Total 186.40 acres This condition represents a lack of proper utilization of the area, represen- ting an unproductive condition of land for uses called for in the comprehen- sive Plan. 3.01.5 Existing Lotting Patterns The Development Area exhibits an inefficient lotting pattern for the planned C-P uses. The area includes 151 lots with an overall average lot size of 26,526 square feet. Forty one percent (41%) of the lots are less than 12,500 square feet in size. Small lots in areas planned for commercial office uses inhibit new development 6 and require consolidation of properties for new planned commercial uses. Excluding aaryels greater than 5 acres in size, 24 lots are classified as flag lots, are landlocked, or have a depth greatrer than twi-e the width. The lot configurations of these parcfls constrain development by limiting full utilization of the entire parcel. An abandoned railroad right-of-way cuts through the Development parcel creating unnatural land contours and unusable strips of land attached to other adjacent properties. These conditions represent inadequate shape, size and pattern of lots for the proper usefulness and development consistent with the Comprehensive Plan. 101.6 Street Classifications and Improvements - Existing streets within the Development Area are classified as follows on the City Com- prehensive Plan: Street Classification Highway 217 State Highway S.W. Hall State Highway S.W. Greenburg Major Collector S.W. Locust Minor Collector S.W. Lincoln (unbuilt) Minor Collector S.W. 87th Avenue Local S.W. 89th Avenue Local S.W. 90th Avenue Local S.W. 92nd Avenue Local S.W. 95th Avenue Local S.W. Mapleleaf Local S.W. Thorn Street Local S.W. Jefferson St. Local S.W. Oak Street Local Public improvements along streets within the Development Area vary greatly. None of the streets include concrete curbs and sidewalks along its entire length. All streets lack improvements to full City standards. (See: Map 3 showing location of street sections with curbs and sidewalks) . Portions of S.W. Hall, S.W. Greenburg and S.W. Locust do not meet street width requirements for the classification assigned. Existing streets within the Area are inadequate to serve land uses identified in the Comprehensive Plan. 101.7 Traffic Safety Narrow street widths as noted in the previous section create traffic safety issues within the Development Area. 7 'c/1 1✓ i� cef E f^wec l "D 7�C u-. C rn r wVf- I� wu uvo. FR 1 t • Ir<r r/rtaaa• A CITY Of TICARO COMMUNITY REDEVELOPMENT CISTRIC! rte..�n....r... w ^b CURB AND SIDEWALK SURVEY MAP 3 a Additional traffic safety issues include; * Left turns from S.W. Oak to southbound S.W- Gree,-.buy-y Road are prohibited yet are commonly made. * Turning movements conflict with S.W Greenburg Road at S.W.Oak * The curve radius on S.W. Oak as it enters S.W. Hall is not to Cit, standards. * Lack of turn lanes on S.W. Oak * Lack of pavement on Thorn Street Lack of pavement on S.W. 95th Avenue Lack of pavement on S.W. 89th Avenue Lack of pavement on S.W. Spruce Street Lack of pavement on S.W. 87th Avenue * Lack of traffic signal at S.W. Hall and S.W. Oak Streets * Lack of turn lanes on S.W. Hall * Sight distance obstructed at S.W. 90th and S.W. Oak. * Lack of adequate number of travel lanes on S.W. Hall, S.W. Greenburg, and Hwy 217. * Traffic signals along S.W. Greenburg Road are not coordinated. In addition, the lack of sidewalks and street lights throughout the area poses serious safety hazards for pedestrians. These traffic safety problems contribute to the deterioration of the area. � 101.8 Access Vehicle access into and through the Development Area is con- strained. To enter the Development Area, northbound traffic on S.W. Greenburg Road must make an acute right turn from S.W. Greenburg Road immediately after exiting Hwy 217 to enter the Development Area via S.W. Oak Street. Traffic leaving the Development Area to the south has no egress back onto Highway 217 without using either the internal (private) Lincoln Center streets and parking lots or by making an illegal left turn at S.W. Oak and S.W. Greenburg. Traffic must travel substantially out of direction to proceed south by using S.W. 90th, S.W. 87th or Hall Boulevard, all three streets have inadequate width and/or conditi•-: to handle the smooth flow of traffic in the area. Access through the Development Area is also severely restricted by the lack of north-south arterials connecting the property fronting on the freeway to the balance of the street system. The property adjacent to S.W. 89th, S.W. Thorn and S.W. Spruce Street are disconnected from the remainder of the development area by the lack of internal streets between this area and the rest of the develop- ment area. There is severe congestion on S.W. Greenburg Road during the p.m. peak hours as traffic leaves Lincoln Center, Washington Square and the Development Area. S.W. Greenburg does not align with the lane markings on the Highway 217/Greenburg overpass, thereby diminishing the adequacy of the overpass capacity. The sharp left turn angle 9 for southbound traffic from the overpass to Highway 217 creates a deceleration of traffic exiting the overpass thereby increasing -image The ;ion-coordination of the S.W. Greenburg, S.W. Mapleleaf traffic signal with the S.W. Greenburg Highway 217 on/off ramp traffic signals causes unnecessary delays and inefficient traffic flow. As with most commercial enterprises, commercial uses within the Development Area are dependent upon highway and street access. Access problems from Highway 217 and S.W. Greenburg create limita- tions for successful commercial development in the area. 101.9 other Infrastructure Storm Drainacie Map 4 shows the location of existing storm drains, and reflects the lack of fully improved streets which normally contain storm drains within their rights-of--way. The major deficiency within the area is created by the lack of storm drainage in any of the areas north and northeast of the Development Area. These waters enter Ash Creek from roadside ditches that are inadequate to convey the large quantity of surface water to Ash Creek. These open ditches also flood during heavy r-1- causing serious road and property damage to the properties in theDevelopment Area. The storm drainage system in the Development Area is capable of being upgraded and expanded. A piping system shall be incorporated into the improved street system eliminating the open ditches and current flooding problems. The piping systems shall outfall into the proposed lake which can be developed as a regional detention basin for the Ash Creek Drainage Basin. The storm drainage system and Regional Detention Basin, in addition to preventing localized flooding, will also reduce the downstream potential for flooding in the Fanno Creek Drainage Basin. Existing physical conditions in the Area present severe limitation for development consistent with the Comprehensive Plan. Sanitary Sewers Map 5 from Unified Sewerage Agency shows the existing sanitary sewer system within the Development Area. The existing system is deemed adequate for the present development and is capable of being upgraded and expanded to meet the needs of the new development and its requirements. Water Distribution System Main 5 shows the existing water distribution lines within the Development Area. They are deemed by the Metzger Water District to be adequate for existing development and capable of being expanded in response to new development and its requirements. Parks and Ogen Space The City of Tigard and Park Plan of 1988 and the Comprehensive Plan identify inadequate park and open space facilities currently existing in the Area. The proposed park to be constructed around 10 the lakes and wetland areas conforms and fulfills the City of Tigard's Park Plan of 1988 as well as conforming to the goals of the Comprehensive Plan. The park project would more than fulfill the City's projected need for park space in the area. The park plan also meets the criteria of a Neighborhood Park, as required by Tigard's Park Plan. The project would be a major addition to the City's recreational facilities with little or no impact on City funds and would significantly contribute toward the City's need for a wildlife habitat, while improving downstream siltation control. 102. Social and Economic Conditions 102.1 Population The total population estimated to be living within the Development Area as of November 1988 was 553 persons. This pop4lation estimate is based on a survey of housing units in the area and on the following persons per unit assumptions: Table 2 OEVELOP14ENT AREA POPULATION ASSUMPTIONS 84 single family housing units x 2.64 persons/unit = 222 persons 178 multi-family units x 1.86 persons/unit = 331 person- Total Persons 553 persons 11 ;HING"TON i �� •r t L) CRESCENT GROVE CEMETARY -1II .._... �IF ORAI .. I ; I jtL s `amu !/ _"'T'1 , t.....�•--, � -�--�`� .� ^`, _ � '. `• _ Ott Xj r - 1 _ T- 1;1,00 RAAP d Page 12 ML KAM MISS AIS 311V�I' f Zy t rt • MsWIV t t� >i TV- IODNtI vs, tr ms's •�,' �s`3 � ^ -'` � �r t-t-I- J •t ?O Page 14 Table 3 POPULATION OF DEVELOPMENT AREA, CITX, COUNTY AND REGION Area Population % Development Area 553 City zf Tigard 24,573 .225% of City Washington. County 280,000 6019% of C)unty Portland MSA 1,307,000 .0042 of MSA iu2.2 Income Household income data was collected for the 1980 Census and represents 1979 data. Evidence indicates that household income within the Development Area is less than that in the City as a whole. The evidence for this conclusion is drawn from the housing types, the pattern of predominate renter residence, the generally low rent levels and the low average value of the single family homes which exist in the Development Area. This information is shown in the next section on Housing. Table 4 TIGARD 1979 HOUSEHOLD INCOME Income Level $O - $2,500 1.560 $2,500-4,999 5.57% $5,000-7,499 5.34% $7,500-9,999 7.90% $10,000-12,499 6.84% $12,500-14,999 7.10% $15,000-17,499 7,01% $17,500-19,999 8.47% $20,000-22,499 8,92% $22,500-24,999 7.10% $25,000-27,499 5.28% $27,500-29,999 4.55% $30,000-34,999 9,271 $35,000-39,999 5.60% $40,000-49,999 5.17% $50,000-74,999 3.31% $75,000 + 1.02% 102.3 Housing A survey has shown 262 housing units in the Development Area. Approximately 67% were duplex and multi-family, and 33% single family. The 1980 Census found that 54% of the housing units in Tigard were owner occupied. Approximately 66% of the single family 15 V homes in the Development Area are owner occupied, the remaining units are all rental. Therefore, only 22% of the housing units in the Development Area are owner occupied. The average assesssd value of the single family residences in the Development Area is $49,000. That is an average of $22,000 for land and $27,000 for improvements. Rents for both multi-family and single family units are low to moderate in the Development Area. Portions of the Area exhibit depreciated land and improvement values to an extent that tax receipts are inadequate for the cost of public services rendered. 102.4 Employment There are 200 establishments providing employment within the Development Area. Total employment provided in the Area as of January 1989 is estimated to be 2,100 employees. The major types of employment currently provided in the Development Area are: 7 office Buildings - 2,000 employees 5 Retail Establishments - 100 employees 103. Property Values in Development Area Property values for land and improvements have been compiled for each separate tax lot within the Development Area. These values are for Fiscal year 1988/89. All of the properties within the Development Area have been surveyed to track changes in total real estate assessed values over the past nine-year period. This survey showed a general increase in values during the 1980 through 1984 period with little change or some decrease in values, particularly among residential properties, from 1984 to 1989. The Washington County Department of Assessment and Taxation, Commercial Appraisal Section, conducted physical reappraisals of all properties within the Development Area to establish new values as of January 1, 1989. It was reported that land values were highest on or adjacent to Greenburg Road/Washington Square. 104. Impacts of the Plan in Light of Added Services or Increased Population Improvements to the street system in the area should reduce the City's costs of street maintenance. Similarly, the improvements to the street system should improve traffic flow which should, in turn, reduce fuel consumption, travel time, and air pollution. By encouraging the use of vacant or under-utilized land within the area, the assessed value base within the area should increase substantially. This improved assessed value base will benefit the overlapping taxing districts when the tax increment process is completed since they will then have a much higher assessed valua- tion within the Development Area upon which to levy taxes. 16 Since there will be a reduction of homes in the area and an increase in commercial property values the impact on local school enrollment will be minimal. Additional discussion of financial impact is included in the section of this Report which details the impact of collecting tax increment proceeds on the tax rates of the eleven overlapping taxing bodies. 105. Percent of City Represented in Development Area The City of Tigard has 5,460 total acres within its boundary. The Development Area has 186 acres or 2.88% of the total land area of the City. The total assessed value of the City of Tigard as of January 1, 1988 was $1,423,135,772. The valuation of property within the Development Area was approximately $74,791,568 or 5.25% of the total city valuation. Both thc- land area and assessed valuation of property within the Area are well within the statutory limitations of 255% for cities of Tigard's population. (ORS 457.420) SECTION 200. REASONS FOR SELECTION OF PRESIDENT'S PARKWAY AS THE DEVELOP- MENT AREA The following defects and inadequacies as described in Section 100 of this Report were found within the De:•elopment Area and are the reasons the area was selected. 1. The creek and floodplain create a barrier to both pedestrian and vehicle traffic. Portions of the Area are subject to inundation by water. 2. The prevalence of under developed non-conforming uses in the Development Area planned for commercial uses, represents improper utilization of the land within the Development Area. 3. The Development Area exhibits an inefficient lotting pattern including small lots, land locked lots and lots whose shape inhibits commercial development and use. 4. Most streets in the Area are inadequate, and do not meet full city standards including those for curbing, sidewalks, drainage and width. 5. Traffic safety was found to be a problem in many parts of the area. These problems included: narrow street and bridge widths. Additional traffic safety issues include: * Turning conflicts at S.W. Oak and S.W. Greenburg * Radius of curve on S.W. Oak as it enters S.W. Hall is not to City standards. * Lack of turn lanes on S.W. Oak 1 17 * Lack of pavement on Thorn Street Lack of pavement on S.W. 95th Avenue Lack of pavement on S.W. 89th Avenue Lack of pavement on S.W. Spruce Street Lack of pavement on S.W. 87th Avenue * Lack of turn lanes on S.W. Hall * Sight distance obstructed at S.W. 90th and S.W. Oak. 6. The lack of sidewalks throughout the area poses serous safety 'Hazards for pedestrians. 7. Vehicle access into and through the Area is inadequate to serve planned commercial uses. 8. The Area exhibits inadequate storm drain placement and availability. 9. The residential portion of the Development Area exhibits depreciated values to an extent that the capacity to levy taxes is reduced and tax receipts are inadequate for the cost of public services rendered. 10. The existing residential uses in an area planned for commer- cial uses represents a lack of proper utilization of land, resulting in stagnant and unproductive condition of land potentially valuable for contributing to the public welfare. e SECTION 300 tTELATIONSHIP BETWEEN PROJECTS TO BE UNDERTAKEN UNDER THE PLAN AND EXISTING CONDITIONS IN THE AREA, The most significant projects within the Developmental Area, both in terms of solving existing problems, moving the Area toward becoming a viable commercial district and allocation of funds, are improvements to the street system. These projects will improve access into the Area and to specific properties, enhance pedestrian and vehicular safety and upgrade the general appearance and attractiveness of the Area for its planned use. Full development of President's Parkway Lake and Ash Creek will create useful public open space which will help stimulate values in the surrounding area, additional commercial development and generally encourage greater numbers of people to use the Area. All projects are designed to help achieve goals set forth in the Development Plan for President's Parkway. Specific relationships of each project identified Jr. the Presl dent's Parkway Development Plan to five categories of "blighting conditions" are set forth in the following table. The five categories encompass existing deficiencies and inadequacies with the area and follow the categories defined in ORS 457.010 (1) . 18 Table 5 Existing Conditions* Plan Proiect/Activity A B C D E 1. Highway 217 Off ramp X X X 2. Lake and Park X X X X X 3. Water purification/flood retention X X X X X 4. Property Acquisition X X X X X 5. Internal Streets I, 11, III, IV, V X X X X 6. 217 and Greenburg Road intersection X X 7. Highway 217 widening X X 8. Hall & Locust Improvements X X X *Hey to Existing Conditions: A = An economic dislocation, deterioration or disuse of property resulting from faulty planning. B = Laying out of property or lots in disregard of contours, drainage or other physical characteristics of the terrain and surrounding condi- tions. C = Existence of inadequate streets and other rights-of-way, open spaces, and utilities. D = Existence of property or lots or other areas which are subject to inundation by water. E = Growing or total lack of proper utilization of areas resulting in a stagnant or unproductive use of land potentially useful and valuable for contributing to the public health, safety and welfare. 19 i SECTION 400 CONST,S-VA'ZY' WITH CITY OF TIGARD COMPREHENSIVE PLAN Th: Plan is consistent with the Comprehensive Plan b P y complying p ying with the applicable policies as follows: Citizen Involvement 2.1.1. The City shall maintain an ongoing citizen involvement program and shall assure that citizens will be provided an oppor- tunity to involved in all phases of the planning process. Compliance: Prior to the adoption of the Plan, the city held meetings before the planning commission, neighborhood groups, CPos and business organizations. 100-Year Floodplain 3.2.1. The City shall prohibit any land from alterations or developments in the 100-year floodplain which would t ._.___ i� any rise in elevation of the 100-year floodplain. Compliance: One of the purposes of the large pond is to control and reduce flooding that now exists in the Development Area. The permits that were previously granted to fill portions of the floodplain called for a pond to mitigate the flood potential. The expansion of the pond as proposed under the Plan would further augment the mitigation. All future development will be subject to these requirements as noted in policy 3.2.2. Any and all development within the floodway is subject to state and federal wetland permitting processes. t 3.2.2 The City shall: a. Prohibit land form alterations and development in the floodway*, except alterations may be allowed which preserve or enhance the function and maintenance of the zero-foot rise flood- way*; and b. Prohibit land form alterations or development in the floodplain* outside the zero-foot rise floodway* except as follows: 1. Land form alterations shall be allowed which preserve or enhance the function of the zero-foot rise floodway*. 2. Land form alterations and development shall be allowed where both sides of the floodplain* are designated as either industrial or commercial on the Comprehensive Plan map, a`=d t1a forth in rclicy 3.2.3 can be satisfied. 3. Land form alterations and development shall be allowed where one side of the floodplain* is planned for commercial and industrial use subject to the following limitations: (a) The land form alteration or development 20 is on land designated on the Comprehensive Plan map for commercial or industrial use; (b) The applicant can show that alterations or development into the floodplain* is reasonable and necessary to better the economic use of the site; and (c) The factors set forth in Policy 3.2.3 can be satisfied. 3.2.3 Where land form alterations and development are allowed within the 100-year floodplain* outside the zero-foot rise flood- way*, the City shall require: a. The streamflow capacity of the zero-foot rise floodway* be maintained; h_ Engineered drawings and documentation showing that i there will be no .ietrimental upstream or downstream changes in the floodplain* area, and that the criteria set forth in the sensitive lands section of the Code have been met (see FIS September 1971) ; C. The planting of an evergreen buffer on the commer- cial or industrial land abutting residential land which screens the development from view by the adjoining residential land, and which is of sufficient width to be noise attenuating; and d. The dedication of sufficient open land area for greenway adjoining the floodplain* including portions at a suitable elevation for the construction of a pedestrian/bicycle pathway within the floodplain* in accordance with the adopted pedestrian/b- icycle pathway plan. * The Floodplain and Floodway, as defined by the Flood Insurance Study for the City of Tigard dated September 1, 1981. protection of Wildlife Habitat 3.4.2 The City shall: a. Protect fish and wildlife habitat along stream corridors by managing the riparian habitat and controlling erosion, and by requiring that areas of standing trees and natural vegetation along natural drainage course and waterways be maintained to the maximum extent possible; b= Require that development proposals in designated timbered _ or tree areas be reviewed through the planned development process to minimize the number of trees removed; and C. Require Cluster type development in areas having impor- tant wildlife habitat value as delineated on the "Fish and Wildlife Habitat Map" on file at the City. Compliance: All new development within the Area will be subject to these requirements, as part of the City's development review process. 21 Parks, Recreation, and Open Space 3.5.1 The City shall encourage private enterprise and inter- governmental agreements which will provide for open space, recrea- tion lands, facilities, and preserve natural, scenic, and historic areas in a manner consistent with the availability of resources. 3.5.4 The City shall provide an interconnected pedestrian/bike path throughout the City. 3.6.1 Individual park sites, as defined by the Parks and Open Space standards and classification system shall be developed according to the following priorities: b. Parks should be planned to ensure maximum benefit to the greatest number of local residents. For this reason, acquisi- tion and development of community level parks should be given the highest priority. 3.6.2 The City shall coordinate with other public, private organizations, and affected private property owners in order to facilitate the implementation of the City's adopted park plans. compliance: These policies are met by providing public park lands, pedestrian trails and other passive recreation facilities in the Area. The use of a master planning concept will likely provide more and larger open space than would be possible if the properties were developed on a lot-by- lot basis, or not developed at all. Noise Pollution 4.3.1 The City shall: a. Require development proposals located in a noise congested area or a use which creates noise in excess of the applicable standards to incorporate the following into the site plan: 1. Building placement on the site in a;, area where the noise levels will have a minimal impact; or 2. Landscaping and other techniques to lessen noise impacts to levels compatible with the surrounding land uses. Compliance: Master planning of the entire development area will yz�r.'�2r OpPorzu,-cities to mitigate potential noise conflicts than if the- property were developed in piece-meal fashion. The development is subject to state and cit. :noise regulations. Economy 5.1.1 The City shall promote activities aimed at the diver- 22 sification of the economic opportunities available to Tigard residents with particular emphasis placed on the local job market. Compliance: Plan Policy 5.1.1 is satisfied because of the scale and magnitude of proposed development within the Area. The construction period is expected to cover approximately 15 years from infrastructure development to the completion of the last proposed building. The value- added aspect of the development is between 300 and 400 million dollars. There will be approximately 10,000 new service and profes- sional jobs created by the proposed development. 6.3.3 In all phases of the development approval process in a residential "established area," primary consideration of the City shall be to preserve and enhance the character of the adjacent established areas. Compliance: Pian Policy 6.3.3 in strict terms does not apply, because the Area has been designated for commercial uses in the Comprehensive Plan, and thus is not in a "residential established area". However, it is recognized that the redevelopment of the Area from an existing residential district to a commercial district will occur over a period of time, and during this time of transition, existing residential areas may be affected by construction activities, and the general increase in noise, traffic and other activities associated with commercial development. This Plan does not specifically address this issue, however, the Comprehensive Plan and Develop- er's Agreement will insure that potential impacts are minimized. Buffering 6.6.1 The City shall require: a. Buffering between different types of land uses (for example between single family residential and multiple family residential and residential and commercial uses and residential and industrial uses) and the following factors shall be considered in determining the type and extent of the required buffer: 1. The purpose of the buffer, for example to decrease noise levels, absorb air pollution, filter dust or to provide a visual barrier. 2. The size of the buffer needed in terms of width and height to achieve the purpose. 3. The directions from which buffering is needed. 4. The required density of the buffering. 5 T:hether tho viewer is stationary or mobile. b. On site screening of such things as service areas and facilities, storage areas and parking lots, and the following factors shall be considered in determining the type and extent of 23 the screening: 1. What needs to be screened. 2. The direction from which it is needed. 3. How dense the screen needs to be. 4. Whether the viewer is stationary or mobile. 5. Whether the screening needs to be year round. Compliance: These policies will be met through the City Develop- ment Approval process. The conceptual master plan prepared by Trammell Crow contemplates density and height buffers on the fringe of the commercial zone and flexible development patterns to insure the maximum amount of buffering. Adequacy of Services 7.1.2 T.ie City shall require a pre-condition to development approval that: a. Development coincide with the availability of adequate service capacity including: 1. Public water; 2. Public sewer; and 3. Storm drainage. b. The facilities are: 1. Capable of adequately serving all intervening properties and the proposed development; and 2. Designed to City standards. C. All new development utilities to be placed underground. Compliance: Plan Policy 7.1.2 is satisfied because adequate public service capacities are available to serve the potential development in the Area. The necessary s a extensions will be constructed prier to or as development occurs consistent with this Plan. Pre-Conditions to Development 7.2.1 The City shall require as a pre-condition to development that: a. A site development study be submitted for development in areas subject to poor drainage, ground instability or flooding which shows that the development is safe and will not create adverse offsite impacts; b. Natural drainage ways be maintained unless submitted 24 studies show that alternative drainage solutions can solve on- site drainage problems and will assure no adverse offsite impacts; C. All drainage can be handled on-site or there is an alternative soluticn which will not increase the ofrsite impact; d. The 100-year floodplain elevation as established by the 1981 Flood Insurance Study conducted by the U.S. Army Corps of Engineers be Protected; and e. Erosion control techniques be included as a part of the site development plan. 7.6.1 The City shall require as a pre-condition to development that: a. The development be served by a water system having adequate water pressure for fire protection purposes; b. The development shall not reduce the water pressure in the area below a level adequate for fire protection purposes; and C. The applicable fire district review all applications. 7.4.4 The City shall require that all new development be connected to an approved sanitary sewerage system. Compliance: Plan Policy 7.4.4 is satisfied because adequate public capacities are available to serve anticipated development in the Area. Transportation 8.1.1 The City shall plan for a safe and efficient street and roadway system that meets current needs and anticipated future growth and development. Compliance: This policy would be satisfied by the implementation of roadway systems within the Development Area which would replace the existing inadequate system. The proposed roadway will introduce free flowing traffic throughout a highly landscaped area that is well-sighted and well- parked, providing boulevard-like traffic-ways- The new ingress and egress lanes connecting Highway 217 to the Development Area, accompanied by the widening of Greenburg and the current improvements on Locust, will alleviate the current congestion in and about the Washington Square area. The new transportation projects outlined in the Plan are designed to meet current needs and the anticipated future growth and develop- ment. 8.1.3 The City shall require as a precondition to development 25 approval that: a. Development about a publicly dedicated street or have adequate access approved by the appropriate approval authori- ty; b. Street Right-of-Way be dedicated where the street is substandard in width; C. The Developer commit to the construction of the streets, curbs and sidewalks to City standards within the development; d. Individual Developers participate in the improvement of existing streets, curbs and sidewalks to the extent of the development's impacts; e. Street improvements be made and street signs or signals be provided when the development is found to create or intensify a traffic hazard; f. Transit stops, bus turnout lanes and shelters be provided when the proposed use of a type which generates transit ridership; g. Parking spaces be set aside and marked for cars operated by disabled persons and that the spaces be located as close as possible to the entrance designed for disabled persons, and h. Land be dedicated to implement the bicycle/ pedestrian corridor in accordance with the adopted plan. Compliance: Plan Policy 8.1.3 will be satisfied as a condition of approval of any future development of the properties. Necessary street improvements would be required at the times of development. The City's Engineering Division will review any further development proposals for the properties. The intent of this policy _.s met by this Plan, which provides for a joint public/private partnership to construct necessary transportation improvements prior to or at the time of development. 8.2.2 The City shall encourage the expansion and use of public transit by: a. Locating land-intensive uses in close proximity to transitways; b. Incorporating provisions into the Community Development: Code which require development proposals to provide transit facilities; and C. Supporting efforts by Tri-Met and other groups to provide for needs of the transportation disadvantaged. Compliance: Plan Policy 8.2.2 is satisfied because Tri-Met offers bus service to the entire Washington Square area. Therefore, the proposed 26 development would locate an intensive type of development with close proximi- ty to an existing public transit route. Further, the intensity of the proposed development will demand a greater source area for Tri-Met, thereby enhancing service to cover a larger geographic area within Tigard. Spacial Areas of Concern 11.8 The City will require that all development applications within the Development Area be consistent with policies 11.8.1 through 11.8.6. Commercial Development 12.2.1 The City shall: a. Provide for commercial development based on the type of use, its size and required trade area. b. Apply all applicable plan policies. C. Apply the appropriate locations criteria applicable to the scale of the project. Commercial Professional: Commercial Professional areas are intended for a diverse range of office uses and supportive uses; and to promote user convenience throughout the City. a. Scale: 1. Trade area. varies 2. Site size. varies 3. Gross leasable area. Varies Location Criteria: 1. Space and Location a. The Comprehensive Plan map fixes exact boundaries of the commercial professiczal area. b. The commercial professional area is not surrounded by residential districts on more than two sides. 2. Access a. The proposed use or expansion of an existing area shall not create traffic congestion or a traffic safety problem. Such a determination shall be based on the street capacity, existing and projected traffic volumes, the speed limit, number of turning movements, and the traffic-generating characteristics of the various types of uses. 27 3. Site Characteristics a. The site shall be of a size which can accommodate present and projected needs. b. The site shall have high visibility. 4. Impact Assessment a. The site configuration and characteristics shall be such that the privacy of adjacent noncommercial uses can be maintained. b. It shall be possible to incorporate the unique site features into the site design and development plan. C. The associated lights, noise, and activities shall not interfere with adjoining nonresidential uses. Compliance: Plan Policy 12.2.1 is met because the City has applied all applicable statewide planning goals, City Comprehensive Plan Policies, and Community Development Code requirements, and has designated a major portion of the Development Area as commercial-professional. This Plan provides for development which is consistent with the Comprehensive Plan. The scale of the proposed development consists of approximately 100 acres of land to be fully developed with plans calling for a hotel, office buildings, retail shops, restaurants, parks, lakes, day care center, and health facilit- ies. At its completion, the project will provide approximately 2.5 million square feet of office and professional space. The value added by this project will exceed 400 million dollars at completion. SECTION 500. PROJECT ACTIVITIES 501. Timing, Description, Estimated Cost and Funding Source The projacts and activities which are included in the Development Plan are more fully detailed here and placed into one of two five-year time periods based on (1) their relative importance to achieving Plan objectiveo; (2) their importance in providing the necessary support and incentives for private redevelopment and new private construction; and (3) the availability of funding from tax increment revenues and other various funding sources. Following each summary of projects and activities (and their costs and funding sources) is a description of each project and its major components. The description is that of the project as conceived at the time of plan adoption, and has been used as the basis for estimating the cost of such project or activity. Project costs shown are based on preliminary engineering estimates, and will be subject to refinement and change. The agency is relying upon estimates provided by Trammell Crow in developing the preliminary estimated costs shown here. As the budget for each fiscal year of 28 Development Agency activities is prepared, each project will be refined to more precisely accomplish Flan goals in light of then current conditions. This process in many cases will lead to minor changes in design, and consequent changes in the cost estimates shown. Section 502 contains a table labeled Borrowing and Tax Increment Debt Retirement Capacity, which indicates the projects (exclusive of debt service) , can be started promptly and completed by 1999. 4. 29 Table 6 Projects, Costs & Funding Sources (Amounts in Thousands) Project/Activity Funding Sources Total Cost 1. Northbound Hwy 217 Tax Increment $1,427,000 off-ramp into Development Area. 2. President's Parkway Tax Increment $5,412,000 Primary Flood Control Project 3. Water Purification Tax Increment. $ 814,000 Flood Prevention Project 4. Property Acquisition Tar. Increment $8,000,000 Contingency Funding 5. Internal Streets Tax Increment Phase I $2,985,000 Phase II $2,659,000 Phase III, purchase R.O.W. $1,436,000 for Phase IV 6. Highway 217 & Greenburg Road Tax Increment intersection improvements, Phase I and Phase II $1,425,000 $3,000,000 7. Hwy. 217 Improvements Tax Increment $4,509,000 S. Greenburg Road Tax Increment $1,160,000 Improvements 9. Light Rail/Transit Improvements Tax Increment $ 250,000 Note: Estimates of project costs have been provided by Trammell Crow and consultants. These estimates have not been verified by the Agency. rreliminary engineering costs will be prepared by the Agency prior to building the project. These estimates do not reflect any commitment of funds by the Agencv_ 30 PERIOD 1990 - 1995 PROJECT DESCRIPTIONS 1. Northbound Highway 217 Off-ramp into Development Area This is the construction of an off-ramp built in conjunction with the existing northbound 217 off-ramp onto S.W. Greenburg. The improvement will include approximately 1100 feet of new roadway utilizing the existing S.W. 95th Street right of way as S.W. 95th abuts Highway 217. The improvement also includes an extended culvert over Ash Creek to accommodate the proposed off-ramp. 2. Construct Presidentfs Parkway Primary Wetland Flood Control Project The lake construction shall include inclusion of native wildlire habitat, potential wetland mitigation matters, as well as water level control futures to accommodate the flooding potential of Ash Creek and Ash Brook. A natural wetland will be created that will increase plant and animal diversity while at the same time be a producti ' yJe open space for ^ rrou.nd�ng reside m ...yc p.ts a^d ei^ ^es. The .. lake is the central feature of the Development Area's public park. In conjunction with the lake construction, a culvert shall be constructed from the southwest corner of the lake to the existing Highway 217 culvert. The culvert shall also accommodate the flooding potential of Ash Creek and Ash Brook. A well shall be included with the project to supplant dry season water levels so that the lake area retains a water source year round. A jogg- ing/bike path shall be constructed that will circle the lake and *. meander through the entire Development Area. The 30" sanitary sewer line currently running through the wetlands will be relocated to run along the northern edge of the lake. 3. Construct Water Purification and Flood Prevention Project To the northeast of the main lake will be constructed a smaller lake which will serve as a storm water retention pond and as a siltation basin to clean the waters of Ash Creek before the water enters the main lake. A weir system will be constructed to connect the two lakes. A bridge will be constructed to connect the jogging path. a. Property Acquisition Contingency Fund This project provides funding for the acquisition of property for project purposes. All acquisition activity will be subject to conditions as described in Section 602 of the Urban Renewal Plan. 5. Internal streets for Phase I, II a III Phase I street improvements include about 2,100 lineal feet of roadway including two circular drives. This phase will connect the new Highway 217 off-ramp with S.W. Oak to the east and a north/south arterial connecting with S.W. Locust to the north. 31 Phase II street improvements include about 2,200 lineal feet of roadway. This phase connects S.W. r_.11 with S.W. Lincoln and improves the existing street, S.W. 87th north to the entry of the condominiums on S.W. 87th. This improvement replaces S.W. Oak Street as the east/west arterial to the area. A traffic signal at S.W. Oak and S.W. Hall will be included in this phase. Phase III street improvements include about 1,200 lineal feet of roadway providing access to the freeway frontage portion of the Development Area. All street improvements shall include right- of-way purchase, complete utility installation, right-of-way landscaping and necessary street lights & signage. This improvement shall include burying all telephone and power lines in and adjacent to S.W. Oak, Locust and Gree;iburg Roads. These improvements include entryway and landscape improvements. 6. Highway 217 and Greenburg Road Intersection Improvements, Phase I and II Phase I includes a single lane northbound off-ramp onto Highway 217 from S.W. Oak. Phase II includes a circular southbound off-ramp from Greenburg onto Hwy. 217 and a relocated southbound off-ramp from 217 onto Greenburg. The traffic signal at the south side of the Greenburg overpass shall be relocated to the new entry of the 217 off-ramp. 7. Widen and Improve Greenburg Road The section of S.W. Greenburg Road from the revised southbound off- ramp of Highway 217 to S.W. Coral Street will be widened and improved. 8. Widen Sections of Highway 217 Highway 217 shall be widened one lane in each direction from a point two hundred feet north of the Greenburg Road/217 overpass south to the Hall/217 overpass. Northbound Hwy, 217 will be widened from Hall/217 overpass to Cascade Avenue. 4. Light Rail Transit and Other Transit Improvements Planning and development of light rail transit and/or other transit �:::p:.wezrecrs will be underzaxen as needed to serve the Development Area. 32 Table 7 Project Costs and Funding Sources (Amounts in Thousands) Project/Activity Funding Sources Total Cost 1. Internal Streets for Tax Increment Phase IV, $1,300,000 Phase V $1,288,000 2. Highway 217 & Greenburg Tax Increment $4,500,000 Road intersection improvements Phase III 3. Hall Blvd. and S.W. Locust Tax Increment $4,809,000 Improvements PERIOD 1996 - 2000 PROJECT DESCRIPTIONS 1. Internal Streets for Phases IV & V. Beginning at the end of the Phase III roadway along the frontage of Highway 217, Phase IV shall run about 1,800 lineal feet to intersect with Hall Boulevard. Phase V will extend about 700 lineal feet of road connecting S.W. Locust to President's Parkway. These improvements include entryway and landscape improvements. 2. Highway 217 & Greenburg Road Intersection Improvements, Phase III This improvement will allow traffic to leave the Development Area intending to travel south on Highway 217 to arrive at the Greenburg/21" intersection without traveling through the Locust/Greenburg intersection or the Maple leaf/Greenburg intersection. 3. Hall Boulevard and S.W. Locust Street Improvements Hall Boulevard will be improved to incivae siaewaiks, LuriIiny lanes, landscaping and be widened between the intersection of Locust and Highway 217. S.W. Locust shall be improved between S.W. Greenburg and S.W. Hall to include curb, gutter, 'turning lanes:, and — landscaping. 33 o 502. Summary of Funding Sources k, over the approximate 10 year period in which projects and activities are to be accomplished, tax increment revenues constitute the most important funding source - providing 100% of needed project revenues in addition to funding interest on borrowed money and most of the administrative expenses. These figures demonstrate the financial feasibility of the Plan by indicating that there will be sufficient revenues from tax increment funds to carry out the projects and activities proposed in the Plan. The Agency will, however, seek alternative funding from other available sources, public and private, and the Agency will not utilize tax increment funds to assist in private develop- ment until the Agency is satisfied that such funds are necessary to achieve that development. Table S TOTAL FUNDING SUMMARY Agency Revenues: Tax Increment $54,350,000 Interest Earned (Balances) 920,000 Interest Earned (Debt Reserve) 1.905.000 TOTAL $57,175,000 Agency Expenditures:Project Activities $41,102,000 Interest Paid on Bonds Sold 647,000 Bond Issuance Costs 660,000 TOTAL $57,175,000 34 SECTION 600. FUNDS REQUIRED, TAX INCREMENT PROCESS AND YEAR OF AGENCY'S INDEBTEDNESS BEING SATISFIED. 601. Projections of Incremental Values and Revenues The following table shows projected incremental revenue on an annual and a cumulative basis.The projection is based on an assumption of 4%growth in valuation of existing properties during the project. inuring this perod the value of new private development is added as it is projected for completion and the value of demolitions and aquisitions subtracted.A discussion of the assumptions used to project the$27.06 composite tax rate used in the projection is included in Sub-section 701. of this Report.A description of the projected timing and scale of private development is shown on the Table foilowing the projection of tax increment revenues. t PROJECTED TAX INCREMENT REVENUES PROPOSED PRESIDENT'S PARKWAY DEVELOPMENT AREA - TIGARD Development Area Frozen Base TCV(1 i 1 39) _ $74;79l..'; ' Fi4cel Projected New Grovah Owr Annual T.I. Cumul.liwe T.I. Estmelatl You CrvAtea TCV Values• Frozen Elase Rwanue Revenue 1 i Tart Rel.2/ 1091 90,036,000 12,252,3110 15,244,432 0 O 50.00 1802 120,808,Ot%l 28,88&,004 45,814,432 1,214,944 1,214,944 527.06 1983 178,812,000 54,181,6]0 104,820,432 2,779,712 3,994,658 527.06 1894 204,2f14,000 171487,023 129,492,432 3,433,884 7,428,640 527.08 1985 232,255,E 19,799,956 157,463,432 4,175,741 11,604,381 527.06 1896 262,13),000 20,581,850 167,345,&32 4,968,178 16,5]2,65> 627,06 1007 325.435„^^... -54.643.432 8,752,b3o 1 'ZJ,325,395 52).w 1998 342,218.000 13&{,7801 29],428,432 7,091,928 30,41",223 52].06 1999 602,643,000 x8,]36,633 32],651,432 8.894,227 39,111,450 827,08 20tk0 432,6cu,^...00 13,87),290 35],934.43'2 9,<89,34G 48.800.780 527.06 S 2001 475,429.000 25,49],208 400,636,432 10.624,387 59,225,187 527.08 2001 530,471,000 28,517,096 2003 588,aT7,3U0 27,577,780 2009 85:1,951,000 ze,eao,e91 2005 >0],258,000 14,089,8]1 '008 >84,323,000 14.- �7 `See ProlecllM©ullding It Mty Wor o,h tar detail el;:o..struction,tlem.11ion antl public acquisition. 1 1 f}'g.Increm.m Revenue 88nbutebla to Tax P_.'Valuation,and lex cof__&1t,y. y. 2/Eslimued Tu Rate during end in Wer following T.Increment P 3/P1.1— rogram3/P1.1—of Tru.Caot1 Vet...xcludrng incremental veluo in 1h.Dev.lopmenl Ar.a 4/EW—M-1 impact on lea rv'e due to eegr gWion of lox increment. Estinelod ten ret®ef'er rel.. W tez intremant valuation.6 reduced dY IM amount n impoot in lest)7. 35 DEVELOPMENT ACTIVITIES PRESIDENTS PARKWAY DtSTR T Cunent Yaue On Y— ActHlry vase ra.riou 1wt Reapp,—.: Lincoln Tower(1/2.aue) 12,552.300 Demolitbna {3rb,000) 1 z,252,300 t 99z un.om V 16,3;5.000 lncoln t,2,3,Lot♦4800 Reaplxasala 12,05,860 Dertwlkiona/PuL41c Acg. 12.as0,0aof 26.968.094 :3&' 9eausl Bank 2.000.000 Hotel 15,SIp,000 OMN:e Bltlg.8 34,050,OOp DemollW—/Pua1c AcG. (1,656,OG0) 50,181,6?0 1996 Re!vl 15,500.000 Heelln Club/Day Care 1,560,000 DembiltlonsJPubllc Psq. (1.510,100) 1],48],023 t 995 50%Office BMg.] IT,225.000 Demoutiena 1�.�1 19.]98.659 1998 SC'r5 glia Bldg.] 1],225.000 Demolitions (300,000) x,381,850 189] Off»BbB.a 34,050,000 Offwe 21E9.B 9,"150.000 Reatuerent 1,000,000 DemolMbna f3W,00o1 56.812.820 1998 DemrrlY.bna 1300.000) 36 _ Y— i3H4,TatH 11688 erica Bltlg.10 34.as0,00o il.mciirana (300.0031 a9,,da,933 2000 Office F 9.t1 9,TS0,000 13,917,2N0 1 2001 50%Offica 61d�.+.2 1],225.000 25.4HT;2i� 21302 50%Office Bldg.12 1),225,000 26,51),089 2003 50%Olfice Bldg.13 t],225,000 2004 509'e C#fice Bldg.1 tT,225,000 29.98O,a81 2005 50%Clltice Bldg 14 9,125,000 14,0ae,aT1 ^�B l-Office Bldg.13 6.125.000 q td,B32,66d TOTAL. 5311,323,050 5405,286.2]4 Notes:Current Value is aarimazad 1Bap/H1 Collas,raw and personal propedy,leas demolitions and equisiUcns.Value added to tax roll is Inflated over currant value w 4%/year. Sioarw:Prg4ct values lumiahetl aY Trammell Crow Corp. i 37 602. Cash Flow, Debt Repayment,and Year Debt is Satisfied. The following table shows projected revenue available for projects and debt service.The information is based on the projected tax increment cash flow of the Urban Renewal Agency which is shown more fully in the subsequent table titled"Analysis of:Borrowing and Tax Increment Debt Retirement Capacity." Included in the full table are the annual tax increment revenues and certain interest earnings as described.Not included are Agency revenues from other sources such as grants,L.I.D. assessments and Oregon Department of Transportation. The table shows the sufficiency of ® projected tax increment revenue to meet projected project casts by the enu of Fiscal Year 2000/01. REVENUES AVAILABLE FOR -� PROJECTS & DEBT SERVICE FISCAL TOTAL PROJECT YEAR EXPENDITURES 1991 1992 $ 1,050,000 1993 23,130,000 1 1994 6,097,000 1095 4,053,000 i 1996 4,175,000 1997 2,681,600 1998 3,068,400 1999 719,000 TOTAL $44,974,000 9 —:De,ixed h Iabla 1111ad-•Bor .q end Tax Incran'.ent Wbt getl —Cape=iry-- 38 . may • /�O � OPIon vMOf.O.Ot'�D.�O�p00 6 mil • `�x�l1 pxippNx G.m�Mil��p OA C o 0 0 0 0 o O O O O O O {`a��1'�Z o 000000 �p O� 32 • ?wo 0 0 0 0 w 0 0VV000000000 mpE ~� • N N M M M M M M M� -p . 0 n % 0 0 0�O N�P�N ion 0 0 0 0 0 0 0 'N C> •�3�` nw �MPinAOPAM Abu �- ' � % ��v•O Pt��i in m �m�y •P �T�T F�F6 .n woo-0000-o--0--00000 - - wo_x •- i'- �o o � .s..i�emu'.c N "yy�m'a: • a mom, <'.i.oho r ��n�i a"i��3.co 0000000000000000- ...i mo-• `.°LLQ o ----o o o o-- `O fO" u - w -m Si m vP.e:. ro im m ma,-«; •o+gip:'^.o NN^� %a ~� "�o"m•`-'.,.a`�a � � �aF m.c g.On CCpm wa a �AOmA0A0 m y V9 6 o m-Ep`-Ep�� oab �'W • NN d.A-p.�O�.m1.p N �A�•r�.. ��mY W_ mm��i so m ----&--No.-N-NNNN ds 39 603. Finding of Financial Feasibility Based upon the Project Cost and Timing presented previosly, the projection of Tax increment revenue in Sub-section 601, and the cash How projection shown in Sub-section 602, the Plan is shown to be financially feasible of being substantially completed within the expected period of tax increment use. 40 SECTION 700 TAX INCREMENT FINANCING IMPACTS ON OVERLAPPING TAXING DISTRICTS 701. Taxing District Valuations,Levies,and Rates-History and Projections. A total of eleven separate taxing bodies currently levy property taxes on property within the boundaries of the Presidents'Part-way Development Area The folio.rang three tables show an 8-year history of Assessed Taxable Values and Tax Rates for each of thsse districts.The table showing Assessed values also shows a six year projection to the year 1995/96 for each jurisdiction based on a continuation of the average annual rate of growth since 1982/83. While the recent history of growth in assessed value for the City of Tigard has been considerably hig'rer than the other districts,that growth has been influenced,in part by annexations of territory. Fcr purposes of projecting future tax rates we have assumed that,on average,assessed values will Increase at 6% annually for the next few years. The dollar amount of revenues raised by the 1 overlapping districts for operating,capital,and debt service purposes is also assumed to Increase 11 at an average annual rate of 6% during the same period. The net effect Is that the tax rate of approximately$27.06 per$1,000 Assessed Value anticipated by the overlapping districts for fiscal year 1990/90 is assumed to remain ^onstanf, For purposes of projecting tax increment and ttre impact of tax increment financing, we have assumed that this composite tax rate of$27.06 will prevail over the life of the project.Holding feature tax rates at$27.06 is predicated on the following rationale: the average valuation growth rate experienced over the last seven years in Washington County will continue at approximately the same rate(5.78%). there will be some meaningful property tax relief provided as the State looks to either channel a greater share of income tax revenue into basic school support,found, an alternative revenues carte .o supplement property tax funding of schools is found, or the voters impose some limit on rates. Should"its rationale prove incorrect,and rates continue to escalate beyond the$27.06 composite level,the effect will be to generate more tax increment revenue than shown at$27.06.If assessed value growth In the overlapping districts increases more rapidly than projected here,the effect will be to moderate tax rates. However, if assessed values increase as a result of greater growth and development or due to inflation,there will be upward pressure on levies over time,which in turn creates a counter-balancing push on tax rates. 41 TAXABLE VALUE OF OVERLAPPING TAXING DISTRICTS-CITY CENTER DEVELOPMENT AREA ` FISCAL YEARS 1962/83 THROUGH 1986/89 (VALUE N WW.' Fi-W M GER Yag SD m ES l- PFPD•• WAT H WA R• 1863 373,330 7,3B8,91T 885,964 1,608,545 686,864 a-,855 18PA 1,476,010 ) 769,970 775,325 1,508.896 418,886 650.686 :0,:5 1.561,826 e,34s,497 BSz.)4a 1,6+1,959 667.662 s94,o76 1886 t,6-,243 9,240,300 %8,368 1.]02,836 487,721 1511948 1987 1,752,95) 9.687.360 951,117 t 189,698 504,638 770,713 1988 1,661,542 9,896,132 1,1)8,7/5 1.8]),525 516,907 788,223 1988 1.993.11] 10,291,178 1,326.ti 2.016.014 551.661 824,154 1960 2,122,103 10,813183 1,423.138 6p01,828 579.319 662,599 A-9.A-.R.I.d Q, 1: 8,40% 5.60% 10.90% 4.50% E101m.tatl V.W.4 same rWa d 9,_owurretl: 199, 2,257,91 11,418.33-0 1,5)8,258 6,8-.015 813,64 908,31) IIW2 2,402,42 12.56,816 1150,288 6,8.1.65 848,885 858.458 1883 2.556.1] 12,134,110 1,941,n69 ).305.863 688,02] 1,W),150 1994 2,118,77 13,447,220 2,152,616 7,631,418 728,821 1,060,529 1985 2.883,81 14,2-,285 2,387,284 >,9TI,e6i 711,610 1,116,737 1988 3,079,06 14,895,479 2,64),498 8.338,978 817,1. 1,175,924 alxgvr V.'C=r r9 Combined Wafninglon eounity ry RFPD I m.rgetl wen Tue'vaiin nF.D o:d.. .___ FI.oW VV^ar COUNTV USA -c P T M6 1983 7,368,917 5,808,35] 987,016 7,368,91) 7,368.817 11)86 7,872,898 6.31],9)4 7,872,891 7.872.-1 7,202,838 1985 8,440,533 8.7/5,139 6,440,533 8,410,533 722,211 t986 9,3@t,1- 7.577,888 7.344191 9,341,197 e,-A5A74 1987 5.990,728 7,893,36) 9.6-,728 9,680,728 8,744,258 1988 10,0(.,571 8.121,679 10.-,571 10.0-,571 9.2321789 ` 1989 10,398,328 8,124,316 10,398,328 10,388,328 9,815,048 1990 L0,971,-8 8,830,139 10,922,908 10,922,906 10,922,906 A-s.Annul Bala d grawlT: 5.]eiu 5.78% 5.76ie E.imWl j Value6 e.merr06a d gR+a41t ocwrtetl: 1891 11,554,250 9,351,117 11.55x,250 11,55:,250 17,554,250 1982 12,712,086 9.932.8;13 12,222.068 12.222,088 12,222.085 IW3 12,928,622 t0.487,1W 12,928,622 12.928,522 12.928,522 1996 13,.1.,7.1 11,105.839 13,675,791 13,615.791 13,875,791 1895 ti,488,25t tt 181,0&0 14,488,261 14,488,251 14 466,251 t BBB 15,302,401 12,454,988 15,302,401 15,302,401 15,302.401 ComPiletl by Mons r3r.ebaupl 8 Asaocieles,Inc.horn Wa Co.Dept Ase.ee M 8 Tawlion rr- N-V-10-for Port d PodI,-d.Pon d Community COIL ge W d Malrop-1 Service Diefrlct W nd incWd.valuallbna in Mup sh ontl Cluk.ma.ewunM1as i 42 PROPERTY'TAX RATES IN PROPOSED REDEVELOPMENT AREA-CITY OF TIGARD FISCAL YEARS 1982(83 THROUGH 1989/90 Expressed as Rate per$1,000 of Assessed Valuation Fiscal S.D. T.Y. METZGFR _ WASH Year 233 .ECO CITY F RE WATER WATER SEW CO USA PCC PORT Wil TOTAL 1983 13.01 0.26 1.12 3.28 0.05 0.85 0.30 4.02 0.55 0.57 0.14 0.19 $23.3 1984 12.67 0.26 1.18 3,15 0.05 0.74 0.33 1.88 0.61 0.57 0.19 0.17 $21.BO 1985 12.12 0.26 1.06 3.12 0.04 0.71 0.30 1.97 0.49 0.57 0.41 16 $2. 1966 31.bb 0.25 1.35 2.60 0.03 0.64 0.28 1.93 O.58 0.36 0.37 0.16 $20.10 1987 11.36 0.25 1.94 2.99 0.03 0.59 0.26 2.82 0.25 0.85 0.43 0.16 $21.93 1988 12.10 0.26 2.03 2.70 0.03 0.53 0.24 2.81 0.36 0.89 0.38 0.25 $22.58 1 14.46 0.26 1.98 2.49 0.02 0.59 -- 2.95 0.36 0.92 0.39 0 34 $24.76 1990 14.54 0.26 2.79 2.52 0.02 0.61 -- 2.02 0.27 0.94 0.30 0.33 $24.59 Note' Tax Rates rounded to nearest penny. C Ompi led by: Mad, a are tha upt &Associates, Inc. from Wash. Co. Dept. Assessment & Taxation records. 702. Development Area Valuation Relative to Districts'Valuations. The current taxable value of land, Improvements, tangible personal property (that used in a business) and public utility property(gas, electric &telephone lines and facilities and railroad property)within the Development Area is estimated to be$74,791,568 in fiscal year 1989/90.The components of this estimate are: Real $68,445,730 Personal 5,076,670 Public Utility 1,269.1 Total Base Value $74,791,568 The value of taxable personal property was derived by estimating approximately 8%of Real Property value.This estimate is consistent with the fact that the overwhelming majority of the current Real Property value consists of existing Class A office development.Public Utility value is estimated to be approximately 2%of Real Prcperty value In the area.This is louver than the ratio of 3%citywide due to the large amount of underdeveloped area. A comparison of the estimated base value to the current valuation of each of the overlapping taxing districts is shown in the following table. 43 RELATIONSHIP OF DEVELOPMENT AREA VALUATiCN TO OVERLAPPING DISTRICTS ASSESSED VALUE X,VALUE �iwo's) WITHIN DISTRICT DEV.AREA S.D.23J $2,122,103 3.52 Educ.Service District $10,813,763 0.69 City of Tigard $1,423,136 5.26 T V.Rural Fire Prot.Dist. $6,401,928 1.17 Metzger Water District $862,599 8.67 Washington Count. $10,922,902 0,68 Unified Sewerage Agency $6,830,139 0.85 Portland Comm.College $27,630,447 0.27 Port of Portland $38,865,163 0.19 Metropolitan Service Dist. $35,354,984 0.21 ... Source:Moore Breithaupt&Associates,Inc.,Washington County Assessor 703. Analysis and Projection of Tax Rate Impacts As the incremental valuation of properties within the Development Area grows, there will be an impact on the tax rates of some of the overlapping districts.The impact will be larger where the ratio of incremental value to the taxing district's valuation is larger and where the District's tax rate is higher. For the Port of Portland,the Metropolitan Service District,Portland Community College, Unified Sewerage Agency,and the Educational Service District,the impact is hardly measurable- less than a cent after ten years. Estimated tax rate impacts on the five taxing districts where the cumlative impact is more than a cent are shown in the table glow.The tots!affect on the composite tax rate in Tax Code Area 23- 71 Is about$1.50 in Fiscal Year 1996,$2.62 in F.%.2001 and a decrease of$2.62 in F.Y.2002 when the projected incremental value of almost$415 million that has built up in the development area is released back to the overlapping taxing districts.Annual Impacts are detailed in the subsequent Taues. 44 Analysis of Impact on Metzger Park Assessment District: ��. The renewal project area lies within the boundary of the Metzger Park Assessment District. This assessment is for the purpose of providing an increased level of service to Metzger Park. A recent history of the amount raised by the assessment, and the percentage schedule, is shown below.* Year Amount Percent Schedule Assessed (per thousand) 184-85 $27,011 .1344 186-87 $28,460 .1218 188-89 $40,486 .1392 * Source - Washington County Assessment and Tax Roll Summary Additions to true cash values in the renewal project area will be available for the Metzge Park assessment, and will be utilized in calculating the annual percentaae schedule. In the period 1991-2001, it is estimated that the renewal project alone will add almost $400 million in new values to the Metzger Park Assessment District. This is more than the current total of true cash value in the entire district. The values added by the renewal project should act to stabilize, or reduce the current percent schedule. r fi 45 Impacts on Tax Rates in the Five Most Affected Overalapping Districts (S3 per$000 Valuation) District FY 1996 FY 2001 FY 2002* School District#23J $1.02 $1.76 $1.76 City of Tigard $.28 $.50 -$.50 Metzger Water District $.11 $.20 -$.20 Tualatin Valley RFPD $.05 $.09 -$.09 Washington County L.Oa S.07 :�.07 TOTAL $1.50 $2.62 42.62 *FY 2002 is the year when incremental KING.-Was are i released for use by overlapping taxing districts ,;;uiher factors being equal,tax rates would decrease by these amounts. Source:Moore Breithaupt&Associates { 46 PROPOSED PRESIDENT'S PARKWAY DEVELOPMENT AREA PROJECTED TAX RATE IMPACT ON School Dim 2,�'J :�avelopmsnt Area Frozen Base TCV(1/1/39)= $63,458,830 Net Fiscal Projected ProJecn G.oWI Ova: Annual T.I. Cumulative T.1. Estmt'd Wolectetl TCV Tax Rate Year Dev.Area TCV Values" Frozen Bass Revenue Rovenue 1/ Tax Rate 2/ (Mot Value)3/ Impact4/ 1991 78,249,000 12,252,300 3,457,432 0 O $0.00 2,122,103,000 50.0000 1992 108,347,0(0 26,9x8,094 33,555,432 516,613 516,613 $15.71 2,249,429,180 $0.2379 1993 168,863,000 54,181,670 92,071,432 1,417,513 1,934,126 $15.71 2,384,394,931 $0.6310 1994 191,02.5,000 17,487,023 116,233,432 11789,507 3,723,633 $15.71 2,527,458,627 $0.7573 1995 218,468,000 19,799,856 143,674,432 2,211.983 5,935,618 $15.71 2,679,106,144 $0.8902 1996 247,796,000 20,591,850 173,004,432 2,663,542 8,599,157 $15.71 2,839,852,513 $1.0191 1997 314,521,000 56,812,824 239,729,432 3,690,826 12,289.984 $15.71 3,010,243,664 $1.3594 1998 320,707,000 (394,780) 251,315,432 3,878,440 16,168,423 $15.71 3,190,868,283 $1.3465 1999 386,512,000 46,736,633 311,720,432 4,799,185 20,967.609 $15.71 3,382,309,761 $1.5948 2000 415,350,000 13,677,290 341,058,432 5,250,867 26,218,476 $15.71 3,585,248,367 $1.6516 2001 457,981,000 25,497,208 383,139,432 5,899,508 32,117,984 $15.71 3.800,363,269 $1.7617 2002 511,977,000 26,517,096 $13.95 4,411,574,498 $0.0= 2003 570.273.000 27,577.780 2004 633.170.000 28.600.891 2005 68.5,230,000 14.060j971 20 66.aw 14,632,666 2007 785,433,000 0 2008 832,561,000 0 * See Projected Building Activity Worksheet for detail of construction,demolition and public acquisition. 1/ Tax Increment Revenue attributable to Tax Rate.Valuation,and tax collection efficiency. 2/ Estimated Tax Rate during and in year following Tax Increment Program 3/ Prolaction of True Cash Value excluding Incremental value in the Development Area. 4/ Eatfmatad impact on tax rate due to segregation of tax increment. Estimated tax rate atter release of tar increment valuation is reduced by the amount of impact in last yr. V 47 PROPOSED PRESIDENT'S PARKWAY DEVELOPMENT AREA _ PROJECTED TAX RATE IMPACT ON CITY OF TIGARD 3aveiopment Area Frozen klase TCV(1/1/89)= $63,458.830Not Fiscal Projected Project Growth Over Annual T.I. Cumulative T.I. Estmt'd Pro+'ectad TCV Tax Rate Year Dev.Area TCV Values- Frozen Base Revenue Revenue 1/ Tax Rate 2/ (No 41 Vaiue)3/ Impact4/ 1991 78,249,000 12,252,300 3,457,432 0 O $0.00 1,423,136,000 $0.0000 1992 108,347,000 26,968,094 ;3.555,432 87.801 87,801 $2.67 1,508,524.160 $0.0607 1993 166,863,000 54,181,670 92,071,432 252,644 340,445 $2.80 1,599.035,610 $0.1711 19,44 191,025,000 17,487,023 116,233,432 318,945 659,390 $2.80 1,694,977,746 $0.2061 1995 218,466,000 19,799,856 143,674,432 394,243 1,053,632 $2.80 1,796,676,411 $0.2434 1996 247,796,000 20,591,850 173,004,432 474,724 1,528,356 $2.80 1,904,476,996 M2-- 1997 314,521,000 56,812,824 239,729,432 6.i�,,848 2,186,174 5280 2016,745,615 $0.3773 19W 326,707,000 (394,780) 251,915,432 691,256 2,87.'.�r $2.80 2,133,870,352 $0.3736 1999 386,512.000 46./36.633 311.720,492 855.361 3,732:791 $2.80 2.268,262.573 $0.4461 2000 415,850.000 •0^r.e90 341,058,432 935.864 '.668,'655 $2.80 2.404,358.328 $0.4628 457,967,000 25,497,208 383,189.432 1,051,472 5,720,127 $2.80 2,548,619,827 $0.4955 .9 2002 51177.000 26.517.096 $2.30 3.034,726.443 $0.0000 2003 579,273,000 27,577,760 2004 633.170,000 28.680.891 2005 685,230.000 14,069,871 2006 740,976,000 14,632,666 2007 785,435,000 O 2008 832.561.000 O See Projected Building Activity Worksheet for detall of construction,demolition and public acquisition. ±� Tax-!1_.ement Revenue attributable to Tar.Rate,Valuation,and tax collection efficiency. 2% Estimated Tax Rate during and in year folio.!ny Tax Increment Program 3/ Pro)ection of True Cash Value excluding incremental value in the Development Area. 4/ Estimated impact on tax rate due to segregation of tax Increment. Estimated tax rate after release of tax increment valuation is reduced by the amount of impact in last yr. 48 PROPOSED PRESIDENT'S PARI:JAY DEVELOPMENT AREA PROJECTED TAX RATE IMPACT ON Metzger Water District(Combined) JevelopmerttArea Frozen Base TCV(1/1/89)= $63,458,830 Fiscal Projected FrajOct Growth Over Annual T.I. Cumot Year Dev.Area ed Values* Frozen Rasa Native T.J.TIEstmt'd Prcleated TCV Tax Rata Revenue Revenue 1/ Tax Rata 2/ (Nc 41 Value)3/ hrn 1991 78,249,(100 12,252,300 3.457,432 — pa�t4/ 1992 108,347.000 26,968,094 33,555,432 20,388 0 $0•00 882,598,000 gO.00g0 1993 166.863,000 54,181.670 92,071.432 20.388 $0.82 914.354,940 $0.0238 1994 191,025.000 17,487,023 116,233.432 7Q.623 78,331 $062 989.218,236 $0.0651 1985 218.466.000 19,799.856 143,674,432 70,623 146' $062 1 027 3w 211 $0.0791 1996 _o.-..ao,iRxj '10,591,860 173,004,432 105.117 234,251 $0.62 1,089,011,363 $0.0842 1997 374,621.000 58.812.824 239,729,432 745.680 �•3s8 $0.62 1,154.352,045 $0.1093 7998 326.707,000 (390,780) 251,975.432 153.064 �'� $0.62 1,223,613.168 $0.1511 1999 386,512.000 46.736.633 311.720,432 189,401 'a27.4W.6-- 1,297,029,958 $0.1494 2000 415,850,000 13,877,290 341.058.432 207,227 1,034.720 $0.62 1.374.851.755 $0.1818 2001 457,981,006 25.497,208 383,189,x32 232,228 1,267 y18 $0.82 1,457.342,861 $0.1894 2002 511,977.700 26.517.096 $0.62 1,544.763.432 $0,2045 2003 570.273,000 27,577.780 $0.42 2,020.659,870 $o-Z000 2004 633.170,000 28,680.891 2005 68.5.230,000 14,069,877 2006 740,976,000 14,632,666 4007 785.435.000 0 2008 832.561,000 0 Sw Projected Building Activity Worksheet for detail of construction,dsmoliflon and public acquisition. 1/ Tax Increment Revenue attributable to Tax Rate.Valuation,tend ton M mOlftl d pu 9 Estin:aiecl Tax Ram during and in year tollowing Tax Increment Program r Pm action of True Cash Value excluding incremental value in the Development Arca. 4 Estimated impact a tax rate due to segregation of tax increment. Estimated tax rate atter release of tax increment valuation is reduced by the amount of Impact in last yr. 49 ( PROPOSED PRESIDENT'S PARKWAY DEVELOPMENT AREA _ PROJECTED TAX RATE IMPACT ON T.V•fiural Fra Pro:.Won Dist. )eveiopment Area Frozen Base TCV(1/1/89)- $63.458,830 �..�c..w......:* Fiscal Projected Project Growth Over Annual T.1. Cumulative T.I. E Not Pro'ected TCV Tax Rate Year Dev.Aree TCV Values' Frozen Base Revenue Revenue 1/ Tax Rate 2/ (No�I Vaiva)3/ Impaet4/ 1991 78.249,000 12252,300 3.457,432 O O $0-00 61401.9281000 $0.0000 1992 108.347.000 26,968,094 33.555.432 85.499 85,489 $2.60 6.786,043.680 $0.0129 1393 166,863,000 54,181,670 92,071,432 234,598 320.097 x..80 7,193,X8,301 $0.0337 9994 19425 ,0 ,000 1"1,487,023 116,233,432 298,183 61a xn ._� -�.---- • "' ,4o6,uxr 1&.799,856 143.874,432 368.082 SW 342 $2.60 8,082.288.600 $0.004471 1996 247,796,000 X,591,850 173.004,432 440,815 1,423,158 $2.60 8,567,22,3,796 $0.0536 1997 314,521.000 56.812.824 238,729,432 610,831 2.033,988 $2.60 9.081.257.223 $0.0705 1998 326.707,000 (394.780) 251.915.432 641,861 2.675.869 $2,60 9.6X.132.657 a0-0699 1999 386,512,000 46,736,633 311,720,432 794,254 3,470,133 $2.60 10,203,700,616 $0.0819 2000 415.850,000 13.877,290 341,058,432 869,017 4,339,149 $2.60 10,815,922.653 $0.0847 2001 457,981,000 25,497,208 383,189,432 976,367 5,315.516 $2.60 11,464,878,012 $0.0899 2002 511,977,000 26,517,096 $2.51 12,535,960,125 $0,0000 2D03 570.273,000 27,5 ,780 2004 633,170.000 28,680,891 2005 685.230.000 14,069,871 2006 740,976,000 14,632,666 2007 785.435,000 O 2008 832.561.000 O • See Projected Building Activity Worksheet for detail of construction,demolition and public acquisition. 1/ Tax Increment Revenue attributable to Tax Rats,Valuation,and tax collection efficiency. -7 Esiimared Tax Hare during and in year iollo�,;,,g lax Increrra,tt erogram 3f Pro)eetion of True Cash Value excluding Incremental value In the Development Area. 4/ Estimated impact on tax rate due to segregation of tax increment. Estimated tax rate after release of tax Increment valuation is reduced by the atnount of impact in fast yr. 50 PROPOSED PRESIDENT'S PARKWAY DEVELOPMENT AREA PROJECTED TAX RATE IMPACT ON Washi into+County 7evelopment Area Frozen Base TCV(1/1/89)= $63,458,830 x.x... *x...e Net Fiscal Projected PrcJact Growth Over Annual T.1. Cumulative T.I. Estmt'd Pro'ected TCV Tax Rate Year DavArea TCV Values` Frozen Bass Revenue Revenue 1/ Tax Rate 2/ (No 11 Value)3; Impact4 19.01 -7.8.249.000 12,252,300 3,467,432 O 0 $0.00 10.922,906,003 $0.0000 1992 103.347,000 26.968.094 33,555.4332 107,861 107,861 $3.28 11 578,280,360 $0.0095 "='93 166,863,000 54,181,670 92,071,432 295,954 403,815 43.28 12,272,977,182 $0.0248 1994 191,025,000 17,487,023 118,233,432 373,621 777,436 $3.28 13,009,355,812 $0.0298 1995 298,168,^.,00 79,790,856 443,674,432 461,827 1,239,263 $3.28 13,789,917,161 $0.0345 1990' 247,796,0011 20,591,850 173,004,432 556,105 1,795,368 $3.28 14,617,312,191 $0.0393 1997 314.521.000 56.812,824 239,729.432 770,586 2.565,955 $3.28 15.494,350,922 $0.0515 1998 328,7^,7,000 (394,780) 251,915,432 809,757 3,375,712 $3.28 16,424,011,978 $0.0511 1999 386,512,000 46,736,633 311,720,432 1.001:994 4,377,706 $3.28 17,409,452,;x.'96 $0.0598 2000 4151850,000 13,877,290 341,058,432 1,098,2% 5,474,004 $3.28 18,454,019,858 $0.0618 2001 457,981,000 25,497,208 383,189,432 1,231,724 6,705,728 $3.28 19,561,261,050 $0.0655 2002 511,977,000 26,517,006 $3.21 21,118,126,145 $0.0" 2003 570,273,000 27.577,780 2004 633.170.000 28,680.891 2005 65,230,000 14.069.871 2006 740,976,000 14,632,866 2007 785.435.000 O 2008 832.561.000 O See Projected Building Activity Worksheet for detail of construction,demolition and public acquisition. 1/ Tax increment Revenue attributable to Tax Rate,Valuation,and tax collection,efficiency. 2/ Estimated Tax Rate during and in yewr following Tax!^.crement Program 3/ Pro)ecdon of True Cash Value exciuctinj Incremental value in the Development Area. a/ t=stimatsd impact on tax rate due to segregation of tax increment. Estimated tax rate atter release of tax Increment valuation is reduced by the amount of impact in last yr. 51 SECTION 800. RELOCATION REPORT `- 801. Properties Requiring Relocation No relocation is anticipated from renewal project activities. 802. Relocation Methods If future amendments to this Renewal Plan call for the acquisition and redevelopment of property which may result in the displacement of residents and businesses, the Urban Renewal Agency will establish a Relocation Policy which will call for assistance to those residents and businesses displaced. Such assistance may include providing information regarding suitable location, payment of moving expenses, and other payment as deemed necessary. All relocation activities will be undertaken and payments made in accordance with the requirements of ORS 281.045 - 281.105 and any other applicable laws or regulations. Relocation payments will be made as provided in ORS 281.060. SECTION 900. CITIZEN PARTICIPATION The primary focus of citizen participation activities in the development of the renewal plan for President=s Parkwayhas been public discussion in public p meetings. t There have been numerous public meetings during 1989, 1990 to date, with interested citizens from both within and outside the study area in attendance at most of these work sessions. Other activities toward achieving broader citizen input into its recommendations to City Council for the President's Parkway Development Plan have included: * 9 group meetings with interested school parents * Meetings with the PFA officials, Local School Committee officials * 5 open meetings with Metzger community residents * 3 meetings with the Tigard School Board * 5 public meetings with affected property owners * 3 presentations to the affected NPO organizations * 20 Newspaper articles on the proposed Development * Radio and media coverage * Publ i n mooti s -4th a'.'Pv 16=2, and CPO 4B * Public hearing by thePlanningCommission on February 20. 1990. At t-h- h___ t— -- Commis cion found that the Development Plan is in 33 conformance with the Tigard Comprehensive Plan. The Planning Commission also recommended approval of the Urban Renewal Plan and Report. t; 52 PROPOSED PRESIDENT'S PARKWAY DEVELOPMENT AREA _ PROJECTED TAX RATE IMPACT ON Unified Sewerage District Development Area Frozen Base TCV(1/1/89) $63,458,830Net ��•.��.... Fiscal Projected Project Growth Over Annual T.I. Cumulative T.I. Estmt•d ProjJected TCV Tax Rate Year Dev.Area TCV Values' Frozen Bear Revenue Revenue 1/ Tax Rate 2/ (No Tl Value)V x Rate / 1991 78,249,000 12.2521300 3,457,432 0 O $0-00 8,830,139.010-- 7992 108.347,000 25,968,094 33,555,432 9,208 9,208 $0.28 9,359.947.340 $0.1X700 1993 166,863,000 54.181.670 922,071,432 25,264 34,472 $0.0010 1994 191.025,000 17.487,023 116.233.4.32 31.894 68.366 50.28 9.921,544.180 $0.0026 1995 218.466,000 19,799,858 143.674.432 3'!.424 f66.36 $028 10,516.836.831 $O.OD31 1996 247,796,000 20.591.850 173.OD4.432 47.472 153.263 $0.28 1.147,847,041 $O.Op37 1997 314.521.000 56,812,824 239,729,432 65,782 219.045 $0.28 11.816.717.864 $0.0042 1998 326,707,000 (394.780) 251.915.432 69,126 288.170 $0.28 12.5255,720.935 1989 386.512.000 48,736.633 311.720,432 85.536 373.707 �.� 13.277,264,/9t $0.0054 2000 415.850,000 13,877.290 341,058,432 93,5 6 467.293 $0.28 14.073,900,043 $0.0063 2.001 457,981,WD 25,49..208 383,11 ,432 105,147 572.440 $0.28 14.918,334.048 2002 511.977,000 26,517,098 $0.28 15,813.434.088 $$0.$0-001% 2003 570,273,000 27.577,760 $0.27 17.145,429.586 $0.0000 2GO4 633.170.000 20.660.891 2005 685,230,000 14,069,871 2008 740.976.000 14.632.666 2007 785.436,000 0 2[X78 832.561,000 0 See Projected Building Activity Worksheet for detail of construction,demolition and public acquisition. 1/ Tax Increment Revenue attributable to Tax Rate,Valuation,and tax ooilection efficiency. 2/ Estimated Tax Rate during and in year following Tax Increment Program 3, ('rojection of True Cash Value excluding Incremental value in the Development Area. r/ Estimated impact on tax rate due to segregation of tax increment. Estimated tar rate after release of tax Increment valuation is reduced by the amount of impact in last yr. I I 53 PROPOSED PRESIDENT'S PARKWAY DEVELOPMENT AREA PROJECTED TAX RATE IMPACT ON Educational Service District .. )avelopment Area Frozen Base TCV(1/1/89)= $63,458,8W '"'T":,.:..:..., FNot ye Projected Project Growth Over Annual T.I. Cumulative T.1. Estmt'd Pro'acted TCV Tax Rete Year Dev.Ptea TCV Values" Frozen Base Revenue Revenue 1/ Tax Rate 2/ (Nn I1 Value)3/ impact4/ 1999 78,24?.ODD 2,252,300 3,457,432 0 0 $0.00 10,813,763,000 $0.0000 1992 108.34,00L 26,968,094 33,555,432 8,550 8.550 $0.26 11,462.588,780 owe 1993 166,863,000 54,181,670 92 07t 432 23.360 32,010 $0.26 12.150,344.107 $0.0020 1534 19i,025.000 17,487,023 116,233.432 29.616 61.626 x.26 12,878.364.753 $0.0024 1995 278.466.000 19.799,856 143.674,432 36,608 98.234 5028 13.652.926,638 $0.0028 1996 247,796.000 20.591.850 173,004.432 44.082 142,316 59.E 14,471,54,237 $0.0031 1997 314,521,000 56.812,824 239,729.432 81.083 203.3% $0.26 15,339,529,491 $0.0041 1998 328,707.000 (394.780) 251.915,432 64.188 267.587 $026 16.259.901,260 $0.0041 1999 386.512,000 46,738,633 311,720,432 79,426 347,013 30.26 17,235,495.336 $0.0048 2000 475,850.000 13,877.290 341.058,432 86.902 433.915 $0.26 18.269.625,056 $0.0049 2001 457.981,000 25,497.208 383.189.432 97,637 531,552 $0.26 19,365.802.560 2003 5702002 ,2 3.000 2977,000 277.577.780 $0.25 20.910,940,145 $0.0000 2004 633,170.000 28.680.891 2W5 685,230.000 14,069,871 2006 740,976,000 14,632,666 2007 785.435.000 0 2008 832,561,OD0 0 • See Projectec9 Building Activity Worksheet for detail of construction,demolition and public acquisition. 11. Tax Increment Revenue attributable to Tax Rate,Valuation,and tax collection efficiency. 2/ Estimated Tax Rate during and in year following Tax Increment Program 3/ Prolaction of True Cash Value excluding Incremental value in the Development Area. 4/ Eatlmwar,impact on tax rate due to segregation of tax increment. Estimated tax rate after release of tax inpement valuation Is reduced by the amount of impact in last yr. 54