CCDA Budget - FY2015-2016CCDA - PAGE 1
FY 2015-2016 INFORMATION PAGE
PAGE 2 - CITY OF TIGARD
FY 2015-2015 BUDGET MESSAGE
Message to the City Center Development Agency Budget Committee and the Residents of
Tigard
I am pleased to present the 2015-16 budget for Tigard’s City Center Development Agency
(CCDA).
The City Center Development Agency is charged with the revitalization of downtown Tigard and
implementation of the Urban Renewal Plan, approved by voters in May of 2006. The district’s
source of funding is (property) tax increment financing, which represents a financing tool to assist
with redevelopment. When the CCDA was established, the assessed valuation of the district was
frozen. Property taxes collected on any growth in assessed value above the frozen base (called the
tax increment) go to the CCDA.
Tigard’s Urban Renewal District is modestly sized geographically, and in terms of its debt capacity.
The district’s redevelopment depends on public and private investment that will contribute to revi-
talizing downtown and create a foundation for continued growth in the tax increment. To help cre-
ate that foundation, the city completed key improvements on Main Street to improve the function-
ality and appearance of Downtown; also, the CCDA made a key purchase of a commercial proper-
ty on Burnham Street for future redevelopment to aid in meeting the Urban Renewal Plan for rede-
velopment and increasing the tax increment. There is a potential second property purchase that
the city will make with Park Bond funds targeted for Downtown is also included in the city’s budg-
et.
2014-15 saw key accomplishments by Tigard’s Urban Renewal District. The aforementioned prop-
erty purchase will aid future redevelopment along Burnham Street and will provide property lease
income to the CCDA until redevelopment occurs. The preparation of a property currently used by
the city Public Works department for redevelopment is progressing and we hope to have redevel-
opment on that site during this fiscal year. In addition to these activities, the CCDA concluded its
façade improvement program, started a Strolling Street program, and awarded matching grants
funds to attract a new destination business. Lastly, the CCDA updated the financial forecast to re-
flect these activities. The result is that resources available for programs will be constrained in the
next several years and the agency’s window to borrow additional funds is closed for about five
more years.
Looking ahead to 2015-16, the agency plans to finalize the development partnership for a residen-
tial mixed-use development at privately-owned sites and also the agency-owned site on Ash Ave-
nue. The Strolling Street Landscaping program will continue in 2015-16 to encourage the beautifi-
cation of spaces between buildings and public space. In addition to the Ash Avenue development,
the CCDA will continue to explore other redevelopment opportunities and promote public space
in Downtown through a study of suitability and concept design.
CCDA - PAGE 3
FY 2014-2015 BUDGET MESSAGE
Respectfully submitted,
Marty Wine
City Center Development Agency Executive Director
Tigard’s redevelopment efforts are possible due to the contributions and commitment of volun-
teers on the City Center Advisory Commission, who serve to advance the vision for downtown re-
development. That partnership is strengthened with the support of the non-profit Tigard Down-
town Alliance, in which business and property owners advocate for their interests. These efforts
combine for a positive partnership and change happening on the ground in Downtown Tigard.
PAGE 4 - CITY OF TIGARD
URBAN RENEWAL DISTRICT MAP
CCDA - PAGE 5
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 (2014) ................................................................................ $96,205,944
Annual taxes levied (projected 2016) .............................................................. $397,792
Maximum Debt Limit: ................................................................................. $22,000,000
Debt Issued (2006-2015): .............................................................................. $3,244,382
Remaining Debt Limit (2015) ..................................................................... $18,755,618
Debt Outstanding (2015) .............................................................................. $2,085,645
PAGE 6 - CITY OF TIGARD
CAPITAL PROJECT FUNDS-URBAN RENEWAL CAPITAL IMPROVEMENTS
CCDA - PAGE 7
DEBT SERVICE FUNDS-URBAN RENEWAL DEBT SERVICE
PAGE 8 - CITY OF TIGARD
FY 2015-2016 URBAN RENEWAL PROJECTS
Urban Renewal Project Description Budget
Professional & Technical Services
Legal Services Legal services for the Urban Renewal Agency $ 20,000
Urban Renewal Advisors Financial and development consulting $ 15,000
Total Professional & Technical Services $ 35,000
Planning & Development Assis-
tance
Strolling Street Landscaping Im-
provements
Landscape architecture services and funding
to complete two new improvements on semi-
public areas adjacent to public streets $ 30,000
Redevelopment Studies Architectural studies and financial analysis for
potential redevelopment projects $ 105,000
Total Planning & Development Assis-
tance $ 135,000
Public Spaces
Public Space Study & Design Study new property for suitability as public
space and conceptual design $ 30,000
Total Public Spaces $ 30,000
Total Urban Renewal Projects $ 200,000
Urban Renewal Debt
Debt Payments
Property Loan Debt service payment to US Bank $ 166,800
Capital Project Loans Debt service payments to City of Tigard $ 111,698
Total Debt Payments $ 278,498
Total CCDA Budget $ 478,498