Resolution No. 05-71 CITY OF TIGARD, OREGON
RESOLUTION NO. 05-
A RESOLUTION OF THE CITY COUNCIL OF THE- CITY OF TIGARD SUBMITTING THE
CITY CENTER URBAN RENEWAL PLAN TO THE VOTERS OF THE CITY OF TIGARD,
ADOPTING A BALLOT TITLE, AND APPROVING AN EXPLANATORY STATEMENT
WHEREAS, a duly noticed public hearing was held oil November 22, 2005 (continued to
December 13, 2005), to receive public input on the proposed adoption of the City Center Urban
Renewal Plan; and ,
WHEREAS, the City Co-uncil, has considered the comments of other taxing districts, the
recommendation of the Planning Connnission, and the continents provided at and before the
public hearing; and has decided to submit the City Center Urban Renewal PIan to the voters for
their approval; and
WHEREAS, the City Council has adopted an ordinance approving the City Center Urban
Renewal Plan, subject to voter approval;
NOW, THEREFORE, BE IT RESOLVED by the Tigard City Council that:
SECTION 1: An election is hereby called in and for the City of Tigard for the purpose of
submitting to the legal voters the following question:
Shall the City Center Urban Renewal Plan, including tax increment
financing of public improvements, be approved?
SECTION 2: Tuesday, May 16, 2006, is hereby designated as the date for holding the
election for the purpose of voting on the measure as stated in the above
paragraph.
SECTION 3: The election will be conducted by the Washington County Elections
Department.
SECTION 4: The precincts for said election shall be and constitute all of the territory
included within the corporate limits of the City of Tigard.
RESOLUTION NO. 05 -�
Page 1
SECTION 5: The ballot title to appear on the ballots shall be.
CAPTION
City Center Urban Renewal Plan and Tax Increment Financing
QUESTION
Shall the City Center Urban Renewal Plan, including tax increment financing
of public improvements, be approved?
SUMMARY
If the measure is approved, the City Center Urban Renewal Plan, including tax
increment financing of public improvements listed in the Plan, would become
effective. The City Center Urban Renewal Plan provides for improving
streets and other public facilities in the City Center area, which generally
includes the area adjacent to Highway 99, west of Highway 217 and Hall
Boulevard, and east of Fanno Creek. Public improvements would be financed
in part by tax increment financing. Tax increment financing does not impose
new taxes, but reallocates the property taxes on any increases in total property
value inside the Urban Renewal District boundaries to the Tigard City Center
Development Agency (the Urban Renewal Agency). The Agency then repays
indebtedness incurred to finance Plan public improvements. The maxin-funs
indebtedness under the plan is $22 million for a period of no more than 20
years. The City Council has adopted the plan, subject to voter approval.
SECTION 6: The Council adopts the Explanatory Statement for the measure that is attached
to this Resolution (Exhibit A).
SECTION 7: The City Recorder and other staff shall take all necessary steps to effectuate
this resolution.
SECTION S: This resolution is effective immediately upon passage.
f�-'� ��
PASSED: This day of Lt Cerus, -i- , 2005.
Craig Dir -sen, Mayor
ATTEST:
atherine Wheatley, City Recorder �-
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RESOLUTION NO. 05 -'71
Page 2
EXHIBIT A
This measure, if approved, would adopt the City Center Urban Renewal Plan, including a
provision to finance urban renewal projects through tax increment financing. The urban
renewal area covered by the Plan includes the area adjacent to Highway 99, west of
Highway 217 and Hall Boulevard, and east of Fanno Creek. The Plan and the Urban
Renewal Report which provides information about the Plan are available at city hall and
at www.ti_.arq d-or.gov.
Projects included in the Plan include:
Street improvements:
Ash Avenue
Scoffins/Hall/Hunziker intersection
Hall/99W intersection
Greenburg Road/99W intersection
Burnham Street
Center Street
Streetscape (landscaping, street trees, street furniture)
Main Street
Burnham Street
Commercial Street
Ash Avenue
Scoff ins Road
Center Street
Bike/Pedestrian improvements
Commuter rail access
Hall Boulevard
Scoffins Street
Tigard Street
99W
Center Street
Fanno Creek Pedestrian bridge
North Rail Corridor
Tigard/Grant intersection
Park Improvements
Fanno Creek Park
Skateboard Park
Public Spaces
Green corridor/urban creek
Plazas
Urban green spaces
Public market
Public buildings
Performing arts center
Public parking
Public market area
Post office relocation
Public restrooms
The Plan calls for tax increment financing. Under tax increment financing, property
taxes are divided into two parts. Taxes on the value of the urban renewal area as
of the date a plan is initiated are paid to the county, city, and other taxing districts
in the normal way taxes are apportioned. The taxes on any increase in the total
assessed value of the urban renewal area after initiation of the plan are paid to the
Urban Renewal Agency, to be used to repay indebtedness incurred to pay for plan
projects. The tax increment financing would not have an effect on permanent tax
rates, it will likely result in a very small increase in rates to repay bonded
indebtedness approved by voters before October 6, 2001.
If the measure is approved, the County, City and other taxing districts would
continue to receive taxes on the current total value of all property within the urban
renewal area but would not receive taxes paid on the increase in assessed value,
including the maximum of 3% annual increase in taxable assessed value for most
existing properties or increases due to improvements to property.
When the tax increment financing of the Pian ends, it is expected that total
property values in the Plan area would exceed what they would have been without
the Plan, thereby providing increased revenue to all taxing districts.