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CCDA Packet - 10/04/2016 Na u CCDA CITY OF TIGARD CITY CENTER DEVELOPMENT AGENCY MEETING 13125 SW Hall Blvd., Tigard, OR 97223 in Town Hall NOTICE OF CITY CENTER DEVELOPMENT AGENCY (CCDA) MEETING ON October 4, 2016 6:30 p.m. Public Welcome Forwarded to: ❑Allen Brettman,The Oregonian (abrettman@oregonian.com) ❑Editor,The Regal Courier(Editor(&theregalcourier.com) ❑Mark Miller,Tigard Times (mmiller@commnewspapers.com) The CCDA was reactivated by Resolution 05-32 on May 10,2005,and will meet occasionally to address issues related to urban renewal.The CCDA,functioning as the city's urban renewal agency,will work on an urban renewal plan designed to facilitate the development and redevelopment of downtown Tigard and possibly other areas within the city.For further information,please contact Deputy City Recorder Kelly Burgoyne by calling(503) 718-2410 or by email at kellyb@tigard-or.gov Kelly Burgoyne Deputy City Recorder September 27, 2016 Post: Tigard City Hall Tigard Permit Center Tigard Public Library _ City of Tigard CCDA City Center Development Agency Board - Agenda TIGARD CITY CENTER DEVELOPMENT AGENCY BOARD MEETING DATE AND TIME: October 4,2016 - 6:30 p.m. MEETING LOCATION: City of Tigard-Town Hall- 13125 SW Hall Blvd.,Tigard,OR 97223 PUBLIC NOTICE: Times noted are estimated. Assistive Listening Devices are available for persons with impaired hearing and should be scheduled for City Center Development Agency Board meetings by noon on the Monday prior to the City Center Development Agency Board meeting. Please call 503-718-2419 (voice) or 503-684-2772 (TDD -Telecommunications Devices for the Deaf). Upon request,the City will also endeavor to arrange for the following services: • Qualified sign language interpreters for persons with speech or hearing impairments; and • Qualified bilingual interpreters. Since these services must be scheduled with outside service providers,it is important to allow as much lead time as possible. Please notify the City of your need by 5:00 p.m. on the Thursday preceding the meeting by calling: 503-639-4171,ext. 2410 (voice) or 503-684-2772 (TDD -Telecommunications Devices for the Deaf). SEE ATTACHED AGENDA _ City of Tigard City Center Development Agency Board - Agenda CCDA TIGARD CITY CENTER DEVELOPMENT AGENCY BOARD MEETING DATE AND TIME: October 4,2016 - 6:30 p.m. MEETING LOCATION: City of Tigard-Town Hall- 13125 SW Hall Blvd.,Tigard,OR 97223 6:30 PM 1. CITY CENTER DEVELOPMENT AGENCY BOARD MEETING A. Call to Order-City Center Development Agency B. Roll Call C. Call to Board and Staff for Non-Agenda Items 2. DOWNTOWN BUSINESS SPOTLIGHT:THE BALLROOM DANCE COMPANY 6:30 p.m. estimated time 3. INITIATE PUBLIC REVIEW OF TIGARD TRIANGLE URBAN RENEWAL PLAN 6:50 p.m. estimated time 4. PUBLIC REVIEW OF CITY CENTER URBAN RENEWAL PLAN SUBSTANTIAL AMENDMENT 7:30 p.m. estimated time 5. NON AGENDA ITEMS •EXECUTIVE SESSION:The Tigard City Center Development Agency Board may go into Executive Session. If an Executive Session is called to order,the appropriate ORS citation will be announced identifying the applicable statute.All discussions are confidential and those present may disclose nothing from the Session. Representatives of the news media are allowed to attend Executive Sessions,as provided by ORS 192.660(4),but must not disclose any information discussed. No Executive Session may be held for the purpose of taking any final action or making any final decision. Executive Sessions are closed to the public. 6. ADJOURNMENT 7:45 p.m. estimated time AIS-2767 2. CCDA Agenda Meeting Date: 10/04/2016 Length (in minutes): 20 Minutes Agenda Title: Downtown Business Spotlight: the Ballroom Dance Company Submitted By: Sean Farrelly, Community Development Item Type: Update, Discussion, Direct Staff Meeting Type: City Center Development Agency Public Hearing: No Publication Date: Information ISSUE As part of an occasional series, a downtown business owner will be invited to talk about their business. The second Downtown Business Spotlight will be on Sunnie Page, owner of the Ballroom Dance Company. STAFF RECOMMENDATION / ACTION REQUEST The Board of the CCDA is requested to participate in the discussion. KEY FACTS AND INFORMATION SUMMARY The Ballroom Dance Company opened at 8900 Southwest Commercial Street in 2007. The 17,400-square-foot facility is the largest ballroom dance studio in the country. They offer private lessons and group classes for all levels of dancers in a variety of dance styles seven days a week. The Ballroom also offers weekly public ballroom dances. In addition, they frequently host private event rentals. The studio's owner and director, Sunnie Page is a retired championship level ballroom dancer. She trained extensively in New York and England and was ranked second in the nation at the amateur championship level before going pro in 2005. She will talk about her business and future plans. OTHER ALTERNATIVES No alternatives for consideration at this time. COUNCIL GOALS, POLICIES, APPROVED MASTER PLANS Tigard City Council 2015-17 Goals and Milestones Goal #2. Make Downtown Tigard a Place Where People Want to Be Tigard Strategic Plan Goal 3: Engage the community through dynamic communication DATES OF PREVIOUS COUNCIL CONSIDERATION N/A Attachments No files) attached. 8900 CYA9 emmerczajcYf SUPPLEMENTAL PACKET ar� np FOR 14m /01,YIJ6 � (DATE OF MEETING) 403)63-9-3861 www.flfaJTraama1a'ncecam16any.cam y / S >r. �y ma Bonbons At lw Jf v q r- �., •�T t I �r 14 • We are the largest ballroom dance studio in the United States at over 17,000 square feet. • We have 3 full size ballrooms, simultaneously booked with group classes and private lessons most nights and weekends. • We offer 50 hours of group classes to choose from every week, and teach hundreds of private lessons. We also host multiple weekly public ballroom dances, and rent out our conference rooms and ballrooms for special events like fundraisers. • In addition to our resident coaches, we fly in guest coaches & performers like Victor Fung & Anastasia Muravyeva from "Dancing with the Stars," and Ryan & Ashleigh Delello from "So You Think You Can Dance." FOX TV hosted a nationally televised premier party for "So You Think You Can Dance" from our ballroom...live from Tigard, Oregon! We are open 12 hours a day, 7 days a week. • • Our busiest times are nights and weekends. On average 3,000 students visit our ballroom each month. • We have hundreds and sometimes thousands more come monthly for special events like weddings and fundraisers. ra* ye // • We employ 30 staff including instructors, administrative and managers, as well as part-time custodial and CPA. • Unlike most studios, all our instructors are certified and/or highly accomplished in their respective fields. We never hire poverty wage teachers and `train them as they go' week -to-week, keeping them 1 step ahead of students. Since moving to our Tigard location we've employed instructors with 10 national titles from 5 countries. • While ballet, square dance, entry level ballroom dance teachers & other dance professionals typically earn low wages (eg: $10/hour) experienced professional ballroom dancers have a significantly higher industry standard wage. Professional ballroom dance prevailing wage is $98,000. We only hire experienced professionals. • We have part-time receptionist staff at minimum wage. The remainder and majority of our staff earn exponentially more. Our lowest paid fitness instructors earn $20 per hour. Our lowest paid ballroom instructors earn $35 per hour. Our championship level (highest paid) pros are all paid $100 per hour, and can earn thousands per hour competing and performing. l 1 _ � 74w1w INN #fi r v �1 1 i .a 00 a . �=�� t ra* Y&a" • We created Oregon's 1 st Children's ballroom dance program. We provide social, performance & competition group & private lessons for youth 3- 19 years old. We now run one of the country's largest kids ballroom dance programs. Our program has been featured on the cover of "American Dancer" magazine. We offer group classes & private lessons tailored for seniors & retirees. We offer daily fitness classes for students of all abilities. We provide elite level coaching for competitors & people who wish to become professional dancers. We employ multiple championship level coaches, who attract students from across the region, country, and world. Students have flown in from as far as Russia and China to take coaching with our internationally renowned staff. 0 We host bi-annual fully costumed professional showcases, open to the public. This gives students the opportunity to perform. And gives the public an opportunity to enjoy championship level ballroom dancing like they see on TV...right here in Tigard! Most studios in the country provide social dance instruction. We are one of the few studios that not only provide social instruction, but championship level instruction. Many of our students have won national titles, and become professional dancers themselves. J 1 ww AN. Apo r o r '4 -n - a y? llie r - s� t_• .-� 1 �'r : ` 4LC4F1FVeI"& • Over 20% of our revenue comes from facility rentals. We rely on this income to make ends-meet, as businesses based solely in performing arts can be unsound. • We rent out to non-profits, private weddings, public and private schools, community groups, theater groups, business meetings, cultural groups, fundraiser galas and more. We are one of the few facilities in the area with the legal capacity to host over 1,000 guests. We are one of the few facilities in the area that do not require renters to use a specific caterer. We also allow self-catering. Despite consistent demand we do not rent to rock concerts, raves, or any event which puts our elegant facilities at risk for damage. We also require events which serve alcohol to use OLCC licensed bartenders. This maintains the peaceful ambience of our neighborhood. We regularly host upscale traditional live big-band dances Our large events are consistently hosted on nights and weekends (hours when our neighborhood is otherwise empty). C.... I�'O�'aso • We are one of the only ballroom dance studios in the United States with a competition regulation size floor with no supporting poles or beams necessary for training championship level competitors. • Our floors are sprung. This means thousands of neoprene pads support our oak floor boards. Such floors are considered the best available for dance and indoor sports. They enhance performance and greatly reduce injury. • Sound-proof padding & upholstery covered vaulted ceilings in every ballroom. • Granite countertops & marble floors. • Chandeliers, 4 foot tall disco balls, and custom computerized LED and special effects lighting in every ballroom. • Computerized DJ stations in every ballroom, with music wired into offices and our kitchen. Custom hard-wired phone system and video system links • our ballrooms and offices. Staff break room complete with full shower, washer and • dryer. • Full Kitchen. • Parking lots on either side of our building, plus ample street narking_ a11nw fc)r high canacity events. Ir or kn Mol F f . " .y4r,;�.; ICS:... ,. � . • � q• N. � . Ak x J y 0 7- - ; gl a a ra ° i *4*44 R a I r f � } 1 Jjf fi Z t AIS-2788 3. CCDA Agenda Meeting Date: 10/04/2016 Length (in minutes): 40 Minutes Agenda Title: Initiate Public Review of Tigard Triangle Urban Renewal Plan Prepared For: Susan Shanks Submitted By: Susan Shanks, Community Development Item Type: Update, Discussion, Meeting Type: City Center Direct Staff Development Agency Public Hearing No Newspaper Legal Ad Required?: Public Hearing Publication Date in Newspaper: Information ISSUE Should the City Center Development Agency (CCDA) send the draft Tigard Triangle Urban Renewal Plan and Report through the public review process as prescribed by ORS 457? STAFF RECOMMENDATION / ACTION REQUEST Staff recommends that the CCDA initiate the public review process for the draft Tigard Triangle Urban Renewal Plan and Report (attached). KEY FACTS AND INFORMATION SUMMARY The long range land use and development vision for the Tigard Triangle is outlined in the Tigard Comprehensive Plan and further defined in the recently completed Tigard Triangle Strategic Plan. Both documents envision the Triangle as a mixed-use area with diverse employment and housing opportunities, many pedestrian amenities, and a multimodal transportation network. The Tigard Triangle Strategic Plan also identifies barriers to development and redevelopment and how they might be overcome through specific regulatory actions, investment strategies, and partnerships. Urban renewal is identified as one such strategy since, as a source of funding, it has the ability to remove barriers to development and build projects that implement the vision. In general, the purpose of urban renewal is to improve specific areas of the city that are t>oorly develotied or underdeveloped and meet the ORS 457 definition for blight. Blighted areas generally have old or deteriorated buildings, failing or inadequate utilities, incomplete streets, or other obstacles to development. The Tigard Triangle meets the definition for blight due to its many infrastructure deficiencies and number of vacant and underdeveloped lots. At the direction of Council, staff worked with a team of urban renewal consultants to prepare an Urban Renewal Plan for this area. The attached draft plan and report were developed with substantial input from an ad hoc Citizen Advisory Council and Technical Advisory Committee. The CCDA is the city's Urban Renewal Agency. Pursuant to ORS 457, the city's Urban Renewal Agency is required to initiate the public review process for all proposed urban renewal plans. Initiation of the public review process for the attached draft plan and report will result in the following: •Staff will forward a copy of the draft plan and report to all overlapping taxing districts and formally solicit their comments on October 5. •Staff will brief the Washington County Board of Commissioners on the draft plan and report on October 18. •Planning Commission will hold a hearing on November 14 for the purpose of making a recommendation on the draft plan and report to City Council. •City Council will hold a hearing on December 13 for the purpose of considering adoption of the draft plan and report. Staff will send out a notice advertising this hearing to all Tigard registered voters pursuant to ORS 457. •City Council will forward the adopted plan and report to the voters for their consideration at the May 2017 election. The draft report is expected to change between now and the City Council hearing in December in order to reflect the most updated assessed values. The County Assessor releases updated assessed value figures in October of each year. Changes will be limited to the financial analysis and are expected to be very minor in nature. OTHER ALTERNATIVES Council may suggest revisions to the plan or could chose not to initiate the public review process. The latter may prevent a public vote on the plan in May 2017. COUNCIL OR CCDA GOALS, POLICIES, MASTER PLANS City Strategic Plan Goal 1: Facilitate walking connections to develop an identity. City Strategic Plan Goal 2: Ensure development advances the vision. Council Goal 3: Adopt and begin Implementation of Tigard Triangle Strategic Plan (TTSP). TTSP completed March 2015. DATES OF PREVIOUS CONSIDERATION March 2015: Staff completed the Tigard Triangle Strategic Plan (Tl Sl') June 2015: Council directed staff to submit a CPDG application to Metro for funds to implement the TTSP February 2016: Council directed staff to enter into an IGA with Metro for CPDG funds March 2016: Council awarded a contract to MIG Inc. to implement the TTSP April 2016: Council approved the formation/membership of a Citizen Advisory Council (CAC) for the Tigard Triangle Urban Renewal Plan August 2016: Council appointed an additional Urban Renewal CAC member September 2016: Staff jointly briefed Council and Planning Commission on the Tigard Triangle Urban Renewal Plan Attachments Urban Renewal Plan Tigard Triangle Urban Renewal Report Tigard Triangle Urban Renewal Plan Adopted by the City of Tigard Date Ordinance No. If Amendments are made to the Plan,the Resolution or Ordinance Number and date will be listed here. The amendment will be incorporated into the Plan and noted through a footnote. LIST OF PARTICIPANTS Mayor John L. Cook City Council Jason Snider, Council President John Goodhouse Marland Henderson Marc Woodward Planning Commission: Calista Fitzgerald, President Brian Feeney, Vice President Michael Enloe, Alternate Y-Kang Hu Gary Jelinek Bret Lieuallen Brian McDowell Chris Middaugh Matthew Muldoon Tom Mooney, Alternate Don Schmidt City Manager Marty Wine City Attorney(Jordan Ramis PC) Dan Olsen and Shelby Rihala Community Development Director Kenny Asher Finance Director Toby LaFrance Senior Planner Susan P Shanks Associate Planner Cheryl Caines Project Planning Assistant Hannah Holloway Citizen Advisory Council John Boren Calista Fitzgerald John Goodhouse Scott Hancock Gary Jelinek Jim Long Cathy Olson Katen Patel Elise Shearer Veronica Smith David Walsh Dustin White Technical Advisory Committee Celina Baguiao,PCC Kelly Betteridge, TriMet Joshua Brooking, ODOT Buff Brown, City of Tigard Planning Cheryl Caines, City of Tigard Planning Rachael Duke, CPAH Lori Faha, City of Tigard Engineering Sean Farrelly, City of Tigard Community Development Cara Fitzpatrick, City of Tigard Finance Chris Ford, Metro Steve Kelley, Washington County Allen Kennedy, TVFR Kate Lyman, TriMet Alternate Mike McCarthy, City of Tigard Engineering Debi Mollahan, Tigard Chamber of Commerce David Moore, TTSD Carrie Pak, TVWD Jeffrey Raker, Metro Alternate Damon Reische, C W S Ryan Smith, TVWD Alternate Cassandra Ulven, TVFR Alternate Phil Wentz, TTSD Alternate Shannon Wilson, CPAH Alternate Jessica Woodruff, REACH Consultant Team Elaine Howard and Scott Vanden Bos of Elaine Howard Consulting, LLC Nick Popenuk of Tiberius Solutions,LLC Ali Danko and Rob Wyman of ECONorthwest Alex Dupey and Jon Pheanis of MIG, Inc. TABLE OF CONTENTS I. DEFINITIONS 1 fl. INTRODUCTION 3 I11. GOALS AND OBJECTIVES 5 IV. URBAN RENEWAL PROJECT CATEGORI 9 f _ V. URBAN RENEWAL PROJECTS 9 VI. PROPERTY ACQUISITION AND DIS ION . 13 VII. RELOCATION METHODS 14 VIII. TAX INCREMENT FINANCING OF PLAN 14 IX. AMENDMENTS TO PLAN 16 X. RELATIONSHIP TO LOCAL OBJECTIVES 18 X1. APPENDIX A: LEGAL DESCRIPTION 27 I. DEFINITIONS "Agency"means the Tigard Urban Renewal Agency. This Agency is responsible for administration of the urban renewal plan. In Tigard, the Agency is the City Center Development Agency(CCDA). "Area"means the properties and rights-of-way located with the Tigard Triangle urban renewal boundary. "Blight" is defined in ORS 457.010(I)(A-E)and identified in the ordinance adopting the urban renewal plan. "Board of Commissioners"means the Washington Cougo Board of Commissioners. "City"means the City of Tigard, Oregon. "City Council"or"Council"means the Tigard City Council. "Comprehensive Plan"means the City of Tigard comprehensive la a plan and its implementing ordinances,policies, and standards. "County"means Washington County, Oregon. "Fiscal year"means the year commencing on July 1 and closing on June 30. "Frozen base"means the total assessed value including all real, personal, manufactured, and utility values within an urban renewal area at the time of adoption. The county assessor certifies the assessed value after the adoption of an urban renewal plan. "Increment"means that part of the assessed value of a taxing district attributable to any increase in the assessed value of the property located in an urban renewal area, or portion thereof,over the assessed value specified in the certified statement. "Maximum indebtedness"means the amount of the principal of indebtedness included in a plan pursuant to ORS 457.190 and does not include indebtedness incurred to refund or refinance existing indebtedness. "ORS" means the Oregon revised statutes and specifically Chapter 457, which relates to urban renewal. "Planning Commission" means the Tigard Planning Commission. "Revenue sharing"means sharing tax increment proceeds as defined in ORS 457.470. "Tax increment financing(TIF)"means the funds that are associated with the division of taxes accomplished through the adoption of an urban renewal plan. "Tax increment revenues"means the funds allocated by the assessor to an urban renewal area due to increases in assessed value over the frozen base within the area. "Urban renewal area"means a blighted area included in an urban renewal plan or an area included in an urban renewal plan under ORS 457.160. "Urban renewal plan"or"Plan"means a plan, as it exists or is changed or modified from time to time, for one or more urban renewal areas, as provided in ORS 457.085, 457.095, 457.105,457.115, 457.120, 457.125,457.135 and 457.220. Tigard Triangle Urban Renewal Plan 1 "Urban renewal project" or"Project"means any work or undertaking carried out under ORS 457.170 in an urban renewal area. "Urban renewal report" or"Report"means the official report that accompanies the urban renewal plan pursuant to ORS 457.085(3). "Tigard Park System Master Plan"means the Park System Master Plan adopted by the Tigard City Council. "Tigard Transportation System Plan(TSP)"means the Transportation System Plan adopted by the Tigard City Council. Tigard Triangle Urban Renewal Plan 2 II. INTRODUCTION The Tigard Triangle Urban Renewal Plan (Plan)was developed for the Tigard City Council (City Council)with cooperative input from a Citizen Advisory Council (CAC) and Technical Advisory Committee (TAC)that were formed for this purpose. The Plan also includes input from the community received at a public open house and several public meetings and hearings before the Planning Commission, City Council, and Washington County Board of Commissioners. Pursuant to the Tigard City Charter,this Plan will go into effect when it has been adopted by City Council and approved by Tigard voters at a public election. A. Plan Overview The Tigard Triangle is located in the northeast corner of the city. Its triangular shape is the result of the three state highways that surround it, namely OR 99W, OR 217, and Interstate 5. The long range land use and development vision for the Tigard Triangle is outlined in the Tigard Comprehensive Plan and further defined in the recently completed Tigard Triangle Strategic Plan (TT Strategic Plan). The latter was developed with extensive public engagement and technical analysis in 2015. The TT Strategic Plan generally describes the desired scale and design of development for the Area. It also specifically identifies the need for pedestrian amenities,multimodal transportation improvements,public spaces, and certain kinds of uses, such as housing and neighborhood-scale goods and services. Additionally, the TT Strategic Plan identifies barriers to development and how they might be overcome through specific regulatory actions,public-private partnerships, and investment strategies. Urban renewal is listed as one such strategy because it has the ability to remove barriers to development and build projects that implement the vision by utilizing tax increment financing(TIF)as a source of funding. The purpose of this Plan, therefore, is to implement the land use and development vision for the Area and support its transformation into an active, urban, multimodal,and mixed-use district that is: • Attractive to new residents and businesses, • Connected to the city and the region, and • Built around its distinguishing natural features. The Plan Area, shown in Figure 1, consists of approximately 547.9 total acres: 383.04 acres of land in tax lots and 164.86 acres of public rights-of-way. It is anticipated that the Plan will take 35 years of tax increment collections to implement. The maximum amount of indebtedness (amount of TIF for projects and programs)that may be issued for the Plan is $188,000,000 (one hundred eighty-eight million dollars.) Detailed goals and objectives developed by the community for this Plan are intended to guide TIF investment in the Area over the life of the Plan. The project category descriptions and list of projects are similarly intended to aid future decision makers when considering how best to expend funds generated by TIF. The Plan is to be administered by the city's Urban Renewal Agency,which is currently the Tigard City Center Development Agency. Substantial amendments to the Plan must be approved by City Council as outlined in Tigard Triangle Urban Renewal Plan 3 Section IX. All amendments to the Plan are to be listed numerically in this section of the Plan and then incorporated into the Plan document and noted by footnote with an amendment number and adoption date. In summary,the Plan is designed to implement the goals and policies of the Tigard Comprehensive Plan and the vision of the TT Strategic Plan; advance the city's mission to become the most walkable city in the Pacific Northwest; and, support the area's designation as a regional Town Center. B. Urban Renewal Overview Urban renewal allows for the use of TIF, a financing source that is unique to urban renewal, to fund its projects. Tax increment revenues—the amount of property taxes generated by the increase in total assessed values in the urban renewal area from the time the urban renewal area is first established—are used to repay borrowed funds. The borrowed funds are used to pay for urban renewal projects and cannot exceed the maximum indebtedness amount set by the urban renewal plan. In general, urban renewal projects can include construction or improvement of streets, utilities, and other public facilities;assistance for rehabilitation or redevelopment of property; acquisition and re-sale of property(site assembly) from willing sellers; and improvements to public spaces. The purpose of urban renewal is to improve specific areas of a city that are poorly developed or underdeveloped, called blighted areas in ORS 457. These areas can have old or deteriorated buildings, public spaces that need improvements, streets and utilities in poor condition, a complete lack of streets and utilities altogether, or other obstacles to development. The Tigard Triangle meets the definition of blight due to its infrastructure deficiencies and number of vacant and underdeveloped lots. These blighted conditions are specifically cited in the ordinance adopting the Plan and described in detail in the accompanying Urban Renewal Report (Report). The Report accompanying the Plan contains the information required by ORS 457.085, including: • A description of the physical, social, and economic conditions in the area; • Expected impact of the Plan, including fiscal impact in light of increased services; • Reasons for selection of the Plan Area; • The relationship between each project to be undertaken and the existing conditions; • The estimated total cost of each project and the source of funds to pay such costs; • The estimated completion date of each project; • The estimated amount of funds required in the Area and the anticipated year in which the debt will be retired; • A financial analysis of the Plan; • A fiscal impact statement that estimates the impact of tax increment financing upon all entities levying taxes upon property in the urban renewal area; and • A relocation report. Tigard Triangle Urban Renewal Plan 4 III. GOALS AND OBJECTIVES The goals of the Plan represent its basic intents and purposes.Accompanying each goal are objectives,which generally describe how the Agency intends to achieve each goal. The urban renewal projects identified in Sections IV and V of the Plan are the specific means of meeting the objectives. The goals relate to adopted plans,as detailed in Section X, and were developed with input from the CAC and TAC. The goals and objectives will be pursued as economically as is feasible and at the discretion of the Agency. The goals and objectives are not listed in any order of importance or priority. Goal 1 –Encourage meaningful involvement by citizens, interested parties,and affected agencies throughout the life of the urban renewal district to ensure that it reflects the community's values and priorities. Objectives: „ r 1. Invite citizens both within and outside of the boundaries of the Area, interested parties, and affected agencies to participate on urban renewal advisory committees and task forces. 2. Invite public comment at all Agency meetings. 3. Hold a public vote as required by the City Charter to use tax increment financing as a method of funding projects in the Area. Goal 2–Provide a safe and effective multimodal transportation network that provides access to, from,and within the Area and supports mixed-use and pedestrian-oriented development. Objectives: 1. Develop comfortable, interesting, and attractive streetscapes—especially along designated pedestrian streets—that build upon the Area's existing assets, improve the pedestrian experience, and support a variety of commercial and social activities,e.g. cafe seating, outdoor displays, etc. 2. Create more connections within the Area by building new streets and trails so that people of all ages and abilities can enjoy healthy and interconnected lives. 3. Create more access points into and out of the Area by building new overpasses and/or undercrossings and modifying existing intersections and/or interchanges so that the Area is more connected to downtown Tigard, Portland Community College, and other neighboring areas and businesses. 4. Provide transportation choices for all modes of travel,as appropriate, and on-street parking and vegetative stormwater facilities, where feasible, when building new streets and extending and/or modifying existing streets, including but not limited to the following: a. Shared bicycle and vehicle travel lanes along low volume streets. b. Separate bicycle and vehicle travel lanes along high volume streets. c. Sidewalks and pedestrian crossings that connect to transit(e.g. bus) stops. Tigard Triangle Urban Renewal Plan 5 5. Allow transitional street improvements (i.e.temporary or partial improvements)that further the Area's transportation goals and objectives and support small, incremental development when construction of all permanent street elements is not practicable at the time of development. 6. Provide a reliable transportation system that effectively manages vehicle congestion and safely moves people, goods, and services to, from,and through the Area,with special consideration for the following: a. Pedestrian crossings of high volume streets. b. Freight trucks to, from,and through the Area. c. Transit service(e.g. buses)to, from, and through the Area. 7. Build a multi-use trail for pedestrians and bicyclists along Red Rock Creek that provides an off-street east-west connection parallel to Highway 99W and facilitates the transformation of this natural corridor into a greenway. Identify and build other off-street multi-use trails and connections as opportunities arise. 8. Develop and implement a parking management plan for the Area that supports economic development efforts,the desired land use pattern, and a balanced transportation system, including but not limited to public-private partnerships, public parking facilities, and parking enforcement. 9. Periodically evaluate the functioning of the transportation system to refine project scope and inform project prioritization. Goal 3–Provide public utility improvements to support desired development. Objectives: 1. Develop a stormwater master plan for the Triangle and a greenway plan for Red Rock Creek. Build regional stormwater facilities where practicable. 2. Extend the public sewer system to areas served by private septic systems. 3. Permanently fix compromised sewer lines in Red Rock Creek. 4. Ensure new water mains are constructed as needed and coordinate replacement of existing water mains. 5. Encourage sustainable utility and energy usage practices. Goal 4–Create a clear identity for the Area as a fun and diverse place to live,work, shop,eat,and play by building upon existing unique and desirable features. Objectives: 1. Build public facilities that support the Area's identity as a mixed-use, multimodal, and pedestrian-oriented district, including but not limited to parks,plazas,public restrooms, recreational facilities, and non-vehicular infrastructure, e.g. bike racks, bike lockers,pedestrian shelters, and wayfinding signage. 2. Use parks,trails, stormwater facilities, and existing natural features—such as wetlands,creeks,trees/tree groves, and view corridors—to create focal points that reinforce the Area's identity as a unique and special place. Tigard Triangle Urban Renewal Plan 6 3. Apply distinctive and consistent sign, art, gateway,and streetscape treatments to visually distinguish the Area from surrounding areas. 4. Relocate or underground existing utilities as practicable to provide a more aesthetically pleasing pedestrian environment. Goal 5—Provide financial and technical assistance to new and existing businesses and housing developments that contribute to the Area's diversity and vitality and help it transform into a mixed-use and pedestrian-oriented district. Objectives: 1. Support new and existing businesses by providing a variety of financial and technical assistance programs that increase the diversity of goods and services available in the Area and/or contribute to the Area's liveliness and upkeep, including but not limited to fagade improvement grants, streetscape improvements, site preparation, permit fee assistance,private utility extensions/upgrades, and business development incentives. 2. Form public-private partnerships and use public investment in infrastructure and public spaces/facilities to spur private development. 3. Support the development of mixed-use buildings that provide a variety of housing types and storefront spaces for a range of community and commercial needs. 4. Assist in the development of affordable and workforce housing. 5. Assemble parcels to enhance development opportunities. 6. Encourage low impact and environmentally sustainable building practices wherever practicable. Tigard Triangle Urban Renewal Plan 7 Figure 1 —Tigard Triangle Urban Renewal Plan Area Boundary Tigard Triangle Urban Renewal Area •f r ■ f�cNWy ■ ■■■■■rrr■■■■r•�Q2f� ; a `� r ■ � r I • Rin SW Dartmouth St LF- L . • _ -� + ■ r 4v "Y""zi ♦,♦ — 1- r — ■ ■ ■ ■ • �...♦ �♦ h, QST ■ Tigard Triangle URA wy ■ ■■■r■■� 0 500 1,000 feet a Ile Source:ECONorthwest Tigard Triangle Urban Renewal Plan K IV. URBAN RENEWAL PROJECT CATEGORIES As an outcome of the goals described in the previous section,the projects within the Area fall into the following categories: • Transportation (Goal 2) • Public Utilities(Goal 3) • Public Spaces, Facilities, and Installations (Goal 4) • Re/Development Assistance and Partnerships (Goal 5) • Finance Fees and Plan Administration V. URBAN RENEWAL PROJECTS Urban renewal projects authorized by the Plan are described below. A. Transportation The following transportation projects are intended to provide a safe and effective multimodal transportation network in the Area that supports mixed-use and pedestrian-oriented development through improved internal connectivity, external access, and mobility; a variety of travel options; comfortable, interesting, and attractive streetscapes; and, well-managed parking options. Table 1 —Transportation Projects Project Project Type Project Description Number 1 New Hwy 217 Overpass Extend Beveland Rd south over Hwy 217 to Hunziker (Beveland) Rd/Wall St area with car,ped,and bike facilities. New Street Extend 74th Ave south from 99W to Hermoso Way or 2 << (74th Ave) Beveland Rd. 3 New Street Extend Atlanta St west from 69th Ave to Dartmouth St or (Atlanta) future 74th Ave. 4 New Hwy I-5 Overpass Provide ped/bike bridge across Hwy I-5 from Beveland Rd (Beveland) to Southwood Dr. New Hwy I-5 Overpass Provide ped/bike bridge across Hwy I-5 between the 5 (Red Rock Creek) Triangle and PCC Sylvania around location of Red Rock Creek. 6 Modified Intersection Install traffic signal and turn lanes where needed at Atlanta (Atlanta/68th) St/68th Ave intersection. Tigard Triangle Urban Renewal Plan 9 Project Project Description Number 7 Modified Intersection Add protected left turn and transit improvements on 68th (99W/68th) Pkwy at 99W. Develop comfortable,interesting,and attractive streetscapes 8 Modified Streets throughout the Area,especially along designated pedestrian streets. 9 New Trail Build a new trail along Red Rock Creek parallel to and (Red Rock Creek) south of 99W. 10 New Streets Improve connectivity, circulation,and access throughout the Area with new or extended local streets. Modified Street TBD. Improve 72nd Ave corridor,including I I (72nd Ave) intersections/interchanges. Dependent on 72nd Ave Corridor Study recommendations. Modified Street Implement access management strategies and median 12 (99W) projects in Hwy 99W Plan,including additional pedestrian crossing locations. 13 Modified Interchange Add second left turn lane on Hwy 217 northbound ramp to (99W/Hwy 217) 99W. 14 Modified Signals Upgrade signals throughout the Area with adaptive signal coordination technology. 15 Parking Management Plan Develop a plan and implement strategies for managing parking. Periodically evaluate the functioning of the transportation 16 Transportation Study system to refine project scope and inform project prioritization. B. Public Utilities The following public utility projects are intended to address infrastructure deficiencies in the Area. This list includes the development of a stormwater master plan for the Area and a greenway plan for Red Rock Creek that addresses stormwater, sewer, and recreational needs. It also includes construction of new stormwater facilities, repair of existing sewer lines, and extension or enlargement of existing water and sewer lines as needed to support desired development. Tigard Triangle Urban Renewal Plan 10 Table 2—Public Utility Projects Project Project Type Project I)escription Number Develop a stormwater master plan for the Triangle and a 1 Stormwater/Sewer greenway plan for Red Rock Creek that addresses stormwater, sewer,and recreational needs. Construct approximately three regional stormwater facilities 2 Stormwater to meet new DEQ regulations for water quantity management. 3 Sewer Extend public sewer system to areas served by private septic systems. 4 Stormwater/Sewer Permanently fix compromised sewer lines in Red Rock Creek and restore creek channel and riparian buffer. 5 Water Install new water mains as needed. C. Public Spaces, Facilities, and Installations Projects within this category are intended to support the Area's new identity as a fun and diverse place to live and visit by building upon existing unique and desirable features. When considering whether to fund a specific project within this category,the Agency shall evaluate how it meets the goals and objectives of this Plan and whether it will encourage private investment in the Area and increase assessed value over time. The Agency shall also take the city's level of service standards for parks into consideration where applicable. Level of service standards are contained in the Tigard Park System Master Plan. Projects may include,but are not limited to, the following: • Parks, such as splash pads, nature play areas, skate parks,pocket parks, linear parks, and neighborhood parks • Greenways, such as along Red Rock Creek • Recreational facilities, such as those that serve the immediate needs of Area residents • Plazas • Public restrooms • Public art • Wayfinding • Gateway installations • District signage Tigard Triangle Urban Renewal Plan 11 As part of its evaluation,the Agency should consider consulting with the private development community to identify the kinds of amenities that would catalyze private sector development, particularly housing and mixed-use development. D. Re/Development Assistance and Partnerships Projects within this category are intended to contribute to the Area's diversity and vitality by providing assistance to new and existing businesses and housing developments. Projects include, but are not limited to,the following: • FaVade improvement grants/loans • Streetscape improvements • Technical, code,and/or fee assistance • Site assembly • Site clean-up/preparation • Site acquisition • Partnerships that facilitate housing and mixed use developmen E. Finance Fees and Plan Administration A � This category allows for repayment of costs associated with implementation of the Plan, including but not limited to ongoing administration and financing costs associated with issuing long-and short-term debt, relocation costs, and other administrative costs. x Tigard Triangle Urban Renewal Plan 12 VI. PROPERTY ACQUISITION AND DISPOSITION The Plan authorizes the acquisition and disposition of property as described in this section. Property includes any and all interests in property, including fee simple ownership, lease, easements, licenses,or other rights to use. If property is acquired it will be identified in the Plan through a Minor Amendment, as described in Section IX. Identification of property to be acquired and its anticipated disposition is required by ORS 457.085(g). A. Property acquisition for public improvements The Agency may acquire any property within the Area for the public improvement projects undertaken pursuant to the Plan by all legal means, including use of eminent domain. Good faith negotiations for such acquisitions must occur prior to institution of eminent domain procedures. B. Property acquisition from willing sellers The Plan authorizes Agency acquisition of any interest in property within the Area that the Agency finds is necessary for private redevelopment, but only in those cases where the property owner wishes to convey such interest to the Agency. The Plan does not authorize the Agency to use the power of eminent domain to acquire property from a private party to transfer property to another private party for private redevelopment. Property acquisition from willing sellers may be required to support development of projects within the Area. C. Land disposition The Agency will dispose of property acquired for a public improvement project by conveyance to the appropriate public agency responsible for the construction and/or maintenance of the public improvement. The Agency may retain such property during the construction of the public improvement. The Agency may dispose of property acquired under Subsection B of this Section VI by conveying any interest in property acquired. Property shall be conveyed at its fair reuse value. Fair reuse value is the value, whether expressed in terms of rental or capital price, at which the urban renewal agency, in its discretion, determines such land should be made available in order that it may be developed, redeveloped, cleared, conserved,or rehabilitated for the purposes specified in the Plan. Because fair reuse value reflects limitations on the use of the property to those purposes specified in the Plan, the value may be lower than the property's fair market value. Where land is sold or leaser a purchaser or lessee must agree to use the land for the purposes designated in the Plan and to begin and complete the building of its improvements within a period of time that the Agency determines is reasonable. Tigard Triangle Urban Renewal Plan 13 VII. RELOCATION METHODS When the Agency acquires occupied property under the Plan,residential or commercial occupants of such property shall be offered relocation assistance,as required under applicable state law. Prior to such acquisition,the Agency shall adopt rules and regulations, as necessary, for the administration of relocation assistance.No specific acquisitions that would result in relocation benefits have been identified; however,there are plans to acquire land for infrastructure which may trigger relocation benefits in the future in the Area. VIII. TAX INCREMENT FINANCING OF PLAN Tax increment financing consists of using annual tax increment revenues to make payments on debt, usually in the form of bank loans or revenue bonds. The proceeds of the bonds are used to finance the urban renewal projects authorized in the Plan. Bonds may be either long-term or short-term. Tax increment revenues equal most of the annual property taxes imposed on the cumulative increase in assessed value within an urban renewal area over the total assessed value at the time an urban renewal plan is adopted. (Under current law,the property taxes for general obligation (GO)bonds and local option levies approved after October 6, 2001 are not part of the tax increment revenues.) A. General description of the proposed financing methods The Plan will be financed using a combination of revenue sources. These include: • Tax increment revenues; • Advances, loans, grants, and any other form of financial assistance from federal, state, or local governments, or other public bodies; • Loans, grants, dedications, or other contributions from private developers and property owners, including, but not limited to, assessment districts; and • Any other public or private source. Revenues obtained by the Agency will be used to pay or repay the costs, expenses, advancements, and indebtedness incurred in(1)planning or undertaking project activities, or(2) otherwise exercising any of the powers granted by ORS Chapter 457 in connection with the implementation of this Plan. B. Tax increment financing and maximum indebtedness The Plan may be financed, in whole or in part, by tax increment revenues allocated to the Agency, as provided in ORS Chapter 457. The ad valorem taxes, if any, levied by a taxing district in which all or a portion of the Area is located, shall be divided as provided in Section Ic, Article IX of the Oregon Constitution, and ORS 457.440.Amounts collected pursuant to ORS 457.440 shall be deposited into the unsegregated tax collections account and distributed to the Agency based upon the distribution schedule established under ORS 311.390. Tigard Triangle Urban Renewal Plan 14 The maximum amount of indebtedness that may be issued or incurred under the Plan, based upon good faith estimates of the scope and costs of projects in the Plan and the schedule for their completion is $188,000,000 (one hundred and eighty-eight million dollars). This amount is the principal of such indebtedness and does not include interest or indebtedness incurred to refund or refinance existing indebtedness or interest earned on bond proceeds. It does include initial bond financing fees and interest earned on tax increment proceeds, separate from interest on bond proceeds. C. Plan Evaluation During the fifteenth (15th)year of the Plan,the Agency shall undertake a financial analysis of the Plan, including updated projections for tax increment finance revenues, and evaluate the ability of the Plan to achieve its maximum indebtedness by the anticipated expiration date in fiscal year 2052-53. The Agency shall consult and confer with affected taxing districts regarding the results of this financial update and will consider revenue sharing or shortening the time frame of the Plan if revenues are exceeding projections. Tigard Triangle Urban Renewal Plan 15 IX. AMENDMENTS TO PLAN The Plan may be amended as described in this section. A. Substantial Amendments Substantial Amendments, in accordance with ORS 457.085(2)(i), shall require the same notice, hearing, and approval procedure required of the original Plan,under ORS 457.095, including public involvement,consultation with taxing districts,presentation to the Agency,the Planning Commission, and adoption by the City Council by non-emergency ordinance after a hearing. Notice of such hearing shall be provided to individuals or households within the City of Tigard, as required by ORS 457.120.Notice of adoption of a Substantial Amendment shall be provided in accordance with ORS 457.095 and 457.115. Substantial Amendments are amendments that: 1. Add land to the urban renewal area, except for an addition of land that totals not more than 1%of the existing area of the urban renewal area; or 2. Increase the maximum amount of indebtedness that can be issued or incurred under the Plan. B. Minor Amendments Minor Amendments are amendments that are not Substantial Amendments as defined in this Plan and in ORS 457. Minor Amendments require approval by the Agency by resolution. C. Amendments to the Tigard Comprehensive Plan and/or Tigard Community Development Code. Amendments to the Tigard Comprehensive Plan and/or Tigard Community Development Code that affect the Plan and/or the Area shall be incorporated automatically within the Plan without any separate action required by the Agency or City Council. Unless otherwise permitted by state law,no land equal to more than 20 percent of the total land area of the original Plan shall be added to the urban renewal area by amendments,and the aggregate amount of all amendments increasing the maximum indebtedness may not exceed 20 percent of the Plan's initial maximum indebtedness,as adjusted,as provided by law. Tigard Triangle Urban Renewal Plan 16 Figure 2—Comprehensive Plan Designations Tigard Triangle Urban Renewal Area Comprehensive Plan Designations �5 F� 15 .r • ■seam/•■ass. ■ r hS' ■ 0■■■■A■/■■■MAP • t•a 5� • m ■ c ■ SAY � y4��ke` Rd Comprehensive Plan General Commercial ,'' ■ Professional Commercial •• � Medium Density Residential i Mixed Use Employment - Light Industrial r' •memo y ■ ■ Tigard Triangle URA _W *most Source:ECONorthwest Tigard Triangle Urban Renewal Plan 17 X. RELATIONSHIP TO LOCAL OBJECTIVES ORS 457.085 requires that the Plan conform to local objectives. This section provides that analysis. Relevant local planning and development objectives are contained within the Tigard Comprehensive Plan, Tigard Community Development Code Chapter 18.500 Zoning Districts, Tigard Transportation System Plan, and Tigard Park System Master Plan. The following section describes the purpose and intent of these plans,the main applicable goals and policies within each plan, and an explanation of how the Plan relates to the applicable goals and policies. The numbering of the goals and policies within this section reflects the numbering that occurs in the original document.Italicized text is text that has been taken directly from an original document. Comprehensive Plan designations for all land in the Area are shown in Figure 2.All proposed land uses conform to Figure 2. Maximum densities and building requirements for all land in the Area are contained in the Tigard Community Development Code. A. Tigard Comprehensive Plan Citizen Involvement Goal 1.1: Provide citizens, affected agencies, and other jurisdictions the opportunity to participate in all phases of the planning process. Policies: 3. The City shall establish special citizen advisory boards and committees to provide input to the City Council, Planning Commission, and City staff. 4. The City shall provide staff and financial support to the Committee for Citizen Involvement and any other appointed board or committee. 5. The opportunities for citizen involvement provided by the City shall be appropriate to the scale of the planning effortand shall involve a broad cross-section of the community. Goal 1.2 Ensure all citizens have access to: A) opportunities to communicate directly to the City; and B) information on issues in an understandable form. Policies: 1. The City shall ensure pertinent information is readily accessible to the community and presented in such a manner that even technical information is easy to understand. 2. The City shall utilize such communication methods as mailings,posters, newsletters, the internet, and any other available media to promote citizen involvement and continue to evaluate the effectiveness of methods used. 3. The City shall work to maximize citizen involvement through education and accessibility. 4. The City shall ensure citizens receive a timely response from policy-makers regarding recommendations made through the citizen involvement program. Tigard Triangle Urban Renewal Plan 18 S. The City shall seek citizen participation and input through collaboration with community organizations, interest groups, and individuals in addition to City sponsored boards and committees. 6. The City shall provide opportunities for citizens to communicate to Council, boards and commissions, and staff regarding issues that concern them. The Plan conforms to Citizen Involvement Goals 1.1 and 1.2, as a Citizen Advisory Council (CAC)was formed to help develop the Plan. The CAC included representatives from neighborhood organizations, the business and development community, and standing city advisory committees on land use,transportation,etc. They met four times to review the boundary, goals and objectives, finances, and draft Plan and Report. There was also an open house where citizens were given information on the proposed Plan and public meetings and hearings before the Planning Commission and City Council where citizens had the opportunity to comment on the proposed Plan. The Plan was voted on by the citizens of Tigard in May of 2017. Parks,Recreation, Trails, and Open Space Goal 8.1: Provide a wide variety of high quality park and open spaces for all residents, including both: A) developed areas with facilities.for active recreation; and B) undeveloped areas for nature-oriented recreation and the protection and enhancement of valuable natural resources within the parks and open space system. Policies: . 1. Tigard shall acquire, develop, and maintain a diverse system of parks, trails, open space, and recreational facilities that are safe,functional, and accessible to all of its population. 2. The City shall preserve, and where appropriate, acquire and improve natural areas located within a half mile of every Tigard resident to provide passive recreational opportunities. 3. The City shall seek to achieve or exceed the ideal park service level standard of 11.0 acres of parkland per thousand population. 4. The City shall endeavor to develop neighborhood parks[or neighborhood park facilities within other parks, such as a linear park]located within a half mile of every resident to provide access to active and passive recreation opportunities for residents of all ages. S. The City shall develop other parks, including linear parks, special use facilities, urban plazas, skate parks, and pet arenas, consistent with the descriptions and standards contained in the park system master plan. 9. The City shall integrate green concepts into park and open space design, maintenance, and operations. 20. The City shall continue to improve access to neighborhood parks and other facilities in order to serve all citizens, regardless of ability. Tigard Triangle Urban Renewal Plan 19 Goal 8.2: Create a Citywide network of interconnected on-and off-road pedestrian and bike trails. Policies: 1. The City shall create an interconnected regional and local system of on-and off-road trails and paths that link together neighborhoods,parks, open spaces, major urban activity centers, and regional recreational opportunities utilizing both public property and easements on private property. The Plan conforms to Parks,Recreation, Trails, and Open Space Goals 8.1 and 8.2, as there are projects in the Plan to develop plazas, parks, greenways,and public restrooms in the Area. There are also plans for the development of a trail system along Red Rock Creek parallel to and south of 99W. Economy Goal 9.1: Develop and maintain a strong, diversified, and sustainab ertl economy. Policies: S. The City shall promote well-designed and efficient development and redevelopment of vacant and underutilized industrial and commercial lands. Goal 9.2:Make Tigard a center and incubator,for innovative businesses, including those that focus on environmental sustainability. 1. The City shall institute appropriate land use regulations to accommodate a contemporary mix of economic activities. Goal 9.3: Make Tigard a prosperous and desirable place to live and do business. Policies: 1. The City shall focus a significant portion offuture employment growth and high-density housing development in its Metro-designated Town Center(Downtown); Regional Center (Washington Square); High Capacity Transit Corridor(Hwy 99W); and the Tigard Triangle. 3. The City shall commit to improving and maintaining the quality of community life (public safety, education, transportation, community design, housing,parks and recreation, etc.) to promote a vibrant and sustainable economy. The Plan conforms to Economy Goals 9.1, 9.2 and 9.3, as there are projects in the Plan to provide financial and technical assistance to new and existing businesses and housing developments to help with the development of vacant and underutilized lands in the Area. Development assistance will include, but is not limited to, fagade improvement grants/loans, streetscape improvements,technical assistance, site assembly, site clean-up/preparation, site acquisition, and/or partnerships that facilitate housing and mixed-use developments. The Plan was developed with the guidance of a Technical Advisory Committee,comprised of partners from various organizations including the Tigard Chamber of Commerce. Tigard Triangle Urban Renewal Plan 20 Housing Goal 10.1: Provide opportunities for a variety of housing types to meet the diverse housing needs of current and future City residents. Policies: 1. The City shall adopt and maintain land use policies, codes, and standards that provide opportunities to develop a variety of housing types that meet the needs,preferences, and financial capabilities of Tigard's present and future residents. 3. The City shall support housing affordability, special-needs housing, ownership opportunities, and housing rehabilitation through programs administered by the state, Washington County, nonprofit agencies, and Metro. S. The City shall provide for high and medium density housing in the areas such as town centers (Downtown), regional centers (Washington Square), and along transit corridors where employment opportunities, commercial services, transit, and other public services necessary to support higher population densities are either present or planned for in the future. Goal 10.2: Maintain a high level of residential livability. 1. The City shall adopt measures to protect and enhance the quality and integrity of its residential neighborhoods. 2. The City shall provide multi-modal transportation access from residential neighborhoods transit stops, commercial services, employment, and other activity centers. S. The City shall encourage housing that supports sustainable development patterns by promoting the efficient use of land, conservation of natural resources, easy access to public transit and other efficient modes of transportation, easy access to services and parks, resource e f tient design and construction, and the use of renewable energy resources. The Plan conforms to Housing Goals 10.1 and 10.2, as there are projects in the Plan to facilitate workforce and affordable housing and transit-oriented and mixed-use development. The Plan was developed with the guidance of a Technical Advisory Committee,comprised of partners from various organizations including Community Partners for Affordable Housing and REACH Community Development. Transportation Goal 12.1: Develop mutually supportive land use and transportation plans to enhance the livability of the community. 1. The City shall plan for a transportation system that meets current community needs and anticipated growth and development. 2. The City shall prioritize transportation projects according to community benefit, such as safety,performance, and accessibility, as well as the associated costs and impacts. 3. The City shall maintain and enhance transportation functionality by emphasizing multi- modal travel options for all types of land uses. Tigard Triangle Urban Renewal Plan 21 4. The City shall promote land uses in transportation investments that promote balanced transportation options. S. The City shall develop plans for major transportation corridors and provide appropriate land uses in and adjacent to those corridors. 6. The City shall support land use patterns that reduce greenhouse gas emissions and preserve the function of the transportation system. 9. The City shall coordinate with private and public developers to provide access via a safe, efficient, and balanced transportation system. 10. The City shall require all development to meet the ado transportation standards or provide appropriate mitigations. Goal 12.2: Develop and maintain a transportation system for the efficient movement of goods. 2. The City shall manage the transportation system to support desired economic development activities. 3. The City shall design streets to encourage a reduction in trip length by improving arterial, collector, and local street connections. 4. The City shall design arterial routes, highway access, and adjacent land uses in ways that facilitate the efficient movement of people, goods and services. 6. The City shall develop and maintain an efficient arterial grid system that provides access within the City, and searched through traffic in the City. 9. The City shall require the provision of appropriate parking in balance with other transportation modes. 11. The City shall design the transportation system to provide connectivity between Metro designated centers, corridors, employment and industrial areas. Goal 12.3: Provide an accessible, multi-modal transportation system that meets the mobility needs ofthe community. 3. The City shall design and construct transportation facilities to meet the requirements of the Americans with Disabilities Act. 4. The City shall support and prioritize bicycle,pedestrian, and transit improvements for transportation disadvantaged populations who may be dependent on travel modes other than private automobile. S. The City shall develop and maintain neighborhood and local connections to provide efficient circulation in and out of the neighborhoods. 6. The City shall require development adjacent to transit routes to provide direct pedestrian accessibility. 7. The City shall develop and implement public street standards that recognize the multi- purpose nature of the street right-of-way. 8. The City shall design all projects on Tigard city streets to encourage pedestrian and bicycle travel. Tigard Triangle Urban Renewal Plan 22 9. The City shall require sidewalks to be constructed in conjunction with private development and consistent with adopted plans. 10. The City shall require and/or facilitate the construction of off-street trails to develop pedestrian and bicycle connections that cannot be provided by a street. 11. The City shall require appropriate access to bicycle and pedestrian facilities for all schools,parks,public facilities, and commercial areas. Goal 12.4:Maintain and improve transportation system safety. 1. The City shall consider the intended uses of street during the design to promote safety, efficiency, and multi-modal needs. 2. The City shall ordinate with appropriate agencies to provide safe, secure, connected, and desirable pedestrian, bicycle, and public transit facilities. 3. The City shall require new development to provide safe access for all modes to and from a publicly dedicated street. S. The City shall prioritize intersection imiirovements to address safety deficiencies. 9. The City shall require new transportation facilities to meet adopted lighting standards. Goal 12.6: Fund an equitable, balanced, and sustainable transportation system that promotes the well-being of the community. 2. The City shall seek to invest in capital projects that leverage other infrastructure investments. 3. The City shall seek opportunities for transportation investments that support transportation goals of efficiency, multi-modal access, and safety. The Plan conforms to Transportation Goals 12.1, 12.2, 12.3, and 12.4, as there are projects in the Plan to improve the transportation system for all modes of travel and to create better access to, from, and within the Area. The specific projects include modifying existing streets, constructing new streets, providing better pedestrian and bicycle access, intersection improvements, overpass connections, parking solutions for vehicles and bicycles, and trail development along Red Rock Creek. The Plan was developed with the guidance of a Technical Advisory Committee, comprised of partners from various agencies including Metro,TriMet, Washington County, and the Oregon Department of Transportation. B. Tigard Community Development Code The land uses in the Area will conform to the zoning designations in the community development code, including maximum densities and building requirements, and are incorporated by reference herein. The following zoning districts are present in the Area. C-G: General commercial district. The C-G zoning district applies to roughly half of the land in the Area. This zoning district is designed to accommodate a full range of retail, office and civic uses with a citywide and regional trade area. Except where nonconforming, residential uses are limited to single-family residences that are located on the same site as a permitted use. A wide range of uses, including but not limited to adult entertainment, automotive equipment repair and Tigard Triangle Urban Renewal Plan 23 storage,mini-warehouses, utilities,heliports,medical centers,major event entertainment, and gasoline stations, are permitted conditionally. MUE: Mixed-use employment. The MUE zoning district applies to roughly half of the land in the Area and is the city's only regional mixed-use employment district. This zoning district permits a wide range of uses including major retail goods and services,business/professional offices, civic uses and housing;the latter includes multi-family housing at a maximum density of 25 units/acre, equivalent to the R-25 zoning district. A wide range of uses, including but not limited to community recreation facilities, medical centers, schools, utilities and transit-related park-and-ride lots, are permitted conditionally. Although it is recognized that the automobile will accommodate the vast majority of trips to and within the Triangle, it is still important to: (1) support alternative modes of transportation to the greatest extent possible, and (2)encourage a mix of uses to facilitate intra-district pedestrian and transit trips even for those who drive. R-12: Medium-density residential district. The R-12 zoning district is designed to accommodate a full range of housing types at a minimum lot size of 3,050 square feet.A wide range of civic and institutional uses are also permitted conditionally. C-P: Professional/administrative commercial district. The C-P zoning district is designed to accommodate civic and business/professional services and compatible support services, e.g., convenience retail,personal services, and restaurants in close proximity to residential areas and major transportation facilities. Residential uses at a minimum density of 32 units/net acre, i.e., equivalent to the R-40 zoning district,are permitted in conjunction with a commercial development. Heliports, medical centers, religious institutions and utilities are permitted conditionally. Development in the C-P zoning district is intended to serve as a buffer between residential areas and more-intensive commercial and industrial areas. C. Tigard Transportation System Plan Goal 1: Land use and transportation coordination—develop mutually supportive land use and transportation plans to enhance the livability of the community. The city shall plan for a transportation system that meets current community needs and anticipated growth and development. Goal 2: Transportation efficiency—develop and maintain a transportation system for the efficient movement of people and goods. Goal 3:Multi-modal tran., ation system—provide an accessible, multi-modal transportation system that meets the mobility needs of the community. Goal 4: Safe transportation system—maintain and improve transportation system safety. Goal S:Inter-agency coordination—coordinate planning, development, operation and maintenance of the transportation system with appropriate agencies. Goal 6: Transportation funding—fund and equitable, balanced and sustainable transportation system that promotes the well-being of the community. Tigard Triangle Urban Renewal Plan 24 In addition to the above applicable goals,the Tigard Triangle is identified as one of three special areas within the city with significant growth opportunities and transportation challenges. The Tigard Triangle is a priority opportunityfor community development and economic activity. The triangle has long been a retail and commercial hub within the city. Today, the triangle is zoned for commercial and mixed-use development and is identified as an area of significant future growth in housing and jobs. Although the area is bordered by three major regional roadways, in many ways those roadways function as barriers to access the triangle. Travel to and from the Tigard Triangle is funneled from Pacific Highway via 72nd Avenue, Dartmouth Street and 68th Parkway; the Highway 217172nd Avenue interchange; the northbound 1-5 interchange with Haines Street; and the southbound 1-5 interchange with Dartmouth Street. Access to and from the Tigard Triangle area is, and will remain, a critical issue to the success of the Tigard Triangle area. The majority of employees and customers traveling to the area on city streets access the Tigard Triangle area off of Pacific Highway. There is considerable congestion on Pacific Highway in the vicinity of the Tigard Triangle and this congestion is forecast to worsen with future development and regional growth. A second issue with the Tigard Triangle relates to non-auto mobility/circulation to/from and within the area. The triangle area as a whole is generally sloping downward from Pacific Highway and 1-5 to Highway 217. The topography makes pedestrian and bicycle transportation more difficult. These conditions are worsened by incomplete bicycle and pedestrian systems within the Triangle.At the broadest level, options for improving access to the Tigard Triangle area fall into the following categories: • Provide additional intersection and roadway capacity improvements to improve traffic operations at the boundary streets. • Minimize additional roadway capacity infrastructure investment and focus on travel demand management('IDM)programs. • Provide better facilities for alternative modes (transit, bicycles,pedestrians, etc.). • Create a mix of critical additional capacity and implementing TDMprograms. The Plan conforms to the Transportation System Plan goals and recommendations, as there are projects in the Plan to improve the transportation system for all modes of travel and to create better access to, from, and within the Area. The specific projects include modifying existing streets, constructing new streets,providing better pedestrian and bicycle access, intersection improvements,overpass connections,parking solutions for vehicles and bicycles, and trail development along Red Rock Creek. The Plan was developed with the guidance of a Technical Advisory Committee, comprised of partners from various agencies including Metro, TriMet, Washington County,and the Oregon Department of Transportation. Tigard Triangle Urban Renewal Plan 25 D. Tigard Park System Master Plan Goal 1: Provide a wide variety of high quality park and open spaces for all residents, including both: 1)Developed areas with facilities for active recreation; and 2) Undeveloped areas for nature-oriented recreation and the protection and enhancement of valuable natural resources within the parks and open space system. Goal 2: Create a citywide network of interconnected on-and off-road pedestrian and bicycle trails. Goal 3:Provide Tigard residents with a broad range of recreational, cultural and educational activities. The Plan conforms to the Park System Master Plan,as there are projects in the Plan to develop plazas,parks, greenways, and public restrooms in the Area.There are also plans for the development of a trail system along Red Rock Creek parallel to and south of 99W. Im Tigard Triangle Urban Renewal Plan 26 XI. APPENDIX A: LEGAL DESCRIPTION INSERT TEXT LEGAL DESCRIPTION OF URBAN RENEWAL DISTRICT BOUNDARY THAT IS CONSISTENT WITH THE ENCLOSED MAP Tigard Triangle Urban Renewal Plan 27 Report Accompanying the Urban Renewal Plan Adopted by the City of Tigard DATE Ordinance No. Tigard Triangle Urban Renewal Area Consultant Team Elaine Howard Consulting, LLC Elaine Howard Scott Vanden Bos Tiberius Solutions LLC Nick Popenuk Rob Wyman ECONorthwest Kate Macfarlane TABLE OF CONTENTS I. INTRODUCTION ...............................................................................................................1 II. EXISTING PHYSICAL, SOCIAL,AND ECONOMIC CONDITIONS AND IMPACTS ON MUNICIPAL SERVICES ..........................................................................3 III. REASONS FOR SELECTION OF EACH URBAN RENEWAL AREA IN THE PLAN.................................................................................................................................20 IV. THE RELATIONSHIP BETWEEN URBAN RENEWAL PROJECTS AND THE EXISTING CONDITIONS IN THE URBAN RENEWAL AREA..................................20 V. THE ESTIMATED TOTAL COST OF EACH PROJECT AND THE SOURCES OF MONEYS TO PAY SUCH COSTS..................................................................................24 VI. THE ANTICIPATED COMPLETION DATE FOR EACH PROJECT...........................27 VII. THE ESTIMATED AMOUNT OF TAX INCREMENT REVENUES REQUIRED AND THE ANTICIPATED YEAR IN WHICH INDEBTEDNESS WILL BE RETIRED...........................................................................................................................32 VIII. FINANCIAL ANALYSIS OF THE PLAN.......................................................................37 IX. IMPACT OF THE TAX INCREMENT FINANCING.....................................................39 X. COMPLIANCE WITH STATUTORY LIMITS ON ASSESSED VALUE AND SIZE OF URBAN RENEWAL AREA.......................................................................................43 XI. RELOCATION REPORT..................................................................................................43 Report on Tigard Triangle Urban Renewal Area I. INTRODUCTION The Report on the Tigard Triangle Urban Renewal Plan(Report)contains background information and project details that pertain to the Tigard Triangle Urban Renewal Plan (Plan). The Report is not a legal part of the Plan, but is intended to provide public information and support the findings made by the City Council as part of the approval of the Plan. The Report provides the analysis required to meet the standards of ORS 457.085(3), including financial feasibility. The format of the Report is based on this statute. The Report documents the existing conditions in the Tigard Triangle Urban Renewal Area(Area) as they relate to the proposed projects in the Plan. The Report provides guidance on how the urban renewal plan might be implemented. As the Tigard City Center Development Agency(Agency) reviews revenues and potential projects each year, it has the authority to make adjustments to the implementation assumptions in this Report. The Agency may allocate budgets differently, adjust the timing of the projects, decide to incur debt at different timeframes than projected in this Report, and make other changes as allowed in the amendments section of the Plan. Report on Tigard Triangle Urban Renewal Area 1 Figure I —Tigard Triangle Urban Renewal Plan Area Boundary Tigard Triangle Urban Renewal Area r . l ■ .■■■■■■.■•■r•••nQa�`n�Nwy i r , • ■ • 9 TIT ■ ♦♦ l � SW Dartmouth St '� ■ j j ■ L �_. �c �j ■ ■ • • ■ v �yunziker Rd�♦ �� %y • d � •r■rr •• ' �`sc� �■ ■� Tigard Triangle URA •0 ky2 • 0 500 1,000 feet ye Source:ECONorthwest Report on Tigard Triangle Urban Renewal Area 2 II. EXISTING PHYSICAL, SOCIAL, AND ECONOMIC CONDITIONS AND IMPACTS ON MUNICIPAL SERVICES This section of the Report describes existing conditions within the Tigard Triangle Urban Renewal Area and documents the occurrence of"blighted areas,"as defined by ORS 457.010(1). A. Physical Conditions 1. Land Use The Area measures 547.9 total acres in size,encompassing 383.04 acres included in 327 individual parcels, and an additional 164.86 acres in public rights-of-way. An analysis of FYE 2016 property classification data from the Washington County Department of Assessment and Taxation database was used to determine the land use designation of parcels in the Area. By acreage, commercial accounts for the largest land use within the area(83%). This is followed by vacant(9%), and exempt(6%). The total land uses in the Area,by acreage and number of parcels, are shown in Table 1. Table I —Existing Land Use in Area Land Use Parcels Acres %Total Acres Commercial 263 321.15 83.84% Vacant 41 35.08 9.16% Exempt 18 2. 1.82 5.70% Multi-Family Residential 5 4.99 1.30% Total 327 383.04 100% Source:Compiled by Tiberius Solutions LLC with data from the Washington County Department of Assessment and Taxation(FYE 2016) Report on Tigard Triangle Urban Renewal Area 3 2. Zoning and Comprehensive Plan Designations The zoning and comprehensive plan designations in the Area are the same. As illustrated in Table 2 and Figure 2,the majority(52%)of the Area by acreage is zoned and designated in the comprehensive plan as General Commercial. The second most prevalent zoning and comprehensive plan designation is Mixed-Use Employment,representing 45%of the Area. There are two lots that are split zoned/designated. The data uses the most prevalent category. Table 2—Existing Zoning/Comprehensive Plan Designations of Area DesignationZoning/Comprehensive Plaii Pa reels Acres % Total General Commercial 113 200.98 52.47% Mixed Use Employment 204 173.54 45.31% Medium Density Residential 1 77 1.51% Professional Commercial 9 1 �"2.75 0.72% Total 327 383.04 100.00% Source:Compiled by Tiberius Solutions LLC with data from the Washington County Department of Assessment and Taxation(FYE 2016) NQL Report on Tigard Triangle Urban Renewal Area 4 Figure 2 —Area Zoning and Comprehensive Plan Designations Tigard Triangle Urban Renewal Area Zoning and Comprehensive Plan Designations ASF .r J� f•r1 ■ ■ `� M ■ ■ r • • SV/Dartmouth St • ♦ > m syy �`` ■ NVhZ*91'Rd t Zoning ♦� General Commercial ♦♦ r i jProfessional Commercial �♦ • Mixed Use Employment •:a Medium Density Residential (R-12) .v IF - Light Industrial ■ ■ Tigard Triangle URA a �■■■r 0 500 1,000 1,500 feet I I I I Source:ECONorthwest with data from the City of Tigard and Metro RLIS 2016 Q1 Report on Tigard Triangle Urban Renewal Area 5 B. Infrastructure This section identifies the existing conditions in the Area to assist in establishing blight. There are projects listed in several City of Tigard infrastructure master plans and the Tigard Triangle Strategic Plan that relate to these existing conditions. This does not mean that all of these projects are included in the Plan. The specific projects that are included in the Plan are listed in Sections IV and V of this Report. 1. Transportation The Tigard Transportation System Plan (TSP)details the transportation needs within the Area. Streets and Intersections There are significant transportation needs within the Area: "The Tigard Triangle is a priority opportunity for community development and economic activity. The triangle has long been a retail and commercial hub within the city. Today,the triangle is zoned for commercial and mixed-use development and is identified as an area of significant future growth in housing and jobs. Although the area is bordered by three major regional roadways, in many ways those roadways function as barriers to access the triangle. Travel to and from the Tigard Triangle is funneled from Pacific Highway via 72nd Avenue, Dartmouth Street and 68th Parkway;the Highway 217/72nd Avenue interchange;the northbound 1-5 interchange with Haines Street; and the southbound I-5 interchange with Dartmouth Street. Access to and from the Tigard Triangle area is, and will remain,a critical issue to the success of the Tigard Triangle area. The majority of employees and customers traveling to the area on city streets access the Tigard Triangle area off of Pacific Highway. There is considerable congestion on Pacific Highway in the vicinity of the Tigard Triangle and this congestion is forecast to worsen with future development and regional growth. A second issue with the Tigard Triangle relates to non-auto mobility/circulation to/from and within the area. The triangle area as a whole is generally sloping downward from Pacific Highway and 1-5 to Highway 217. The topography makes pedestrian and bicycle transportation more difficult. These conditions are worsened by incomplete bicycle and pedestrian systems within the Triangle. At the broadest level, options for improving access to the Tigard Triangle area fall into the following categories: • Provide additional intersection and roadway capacity improvements to improve traffic operations at the boundary streets. • Minimize additional roadway capacity infrastructure investment and focus on travel demand management(TDM)programs. • Provide better facilities for alternative modes(transit, bicycles,pedestrians, etc.). • Create a mix of critical additional capacity and implementing TDM programs."I ' Tigard 2035 Transportation System Plan,November 23, 1010,p.5.73 Report on Tigard Triangle Urban Renewal Area 6 Infrastructure Investments As identified in the Tigard TSP: "Within the Triangle,the improvement projects include several capacity enhancements to existing roadways, extension of Atlanta Street to connect 68th Avenue and Dartmouth, and a new Highway 217 overcrossing connecting Hunziker Street to Hampton Street. The Atlanta Street extension and Hunziker Street overcrossing would provide needed additional circulation options for auto and non-auto modes of transportation within the Tigard Triangle. In addition,the Hunziker Street overcrossing would provide an additional access to the Tigard Triangle area from the south and west. The plan also includes widening 72nd Avenue (arterial)and Dartmouth Street(collector)to five lanes. Without careful design of both facilities,these could end up functioning as a surrogate for 1-5 travel and could become significant pedestrian and bicycle barriers within the Tigard Triangle. An initial step toward realizing these projects is a corridor study to review street cross sections and potential parallel routes."2 Specific project considerations from the TSP for the Area are listed in Table 3 on the following page. a '.. 2 Tigard 2035 Transportation System Plan,November 23, 1010,p.5.74 Report on Tigard Triangle Urban Renewal Area 7 Table 3—Transportation Project Needs as Identified in the Tigard TSP Name I)escription Time Cost Frame ['stimate OR 217/72nd Avenue Complete interchange reconstruction with Near-term $19,500,000 Interchange improvements additional ramps and overcrossings Atlanta Street extension Extend Atlanta Street west to Dartmouth Street Mid-term $3,300,000 68th Avenue Widen to 2/3 lanes between Dartmouth Mid-term $10,000,000 Street/I-5 Ramps and south end 72nd Avenue widening: Widen to 4/5 lanes Mid-term $8,000,000 ORE 99W to Dartmouth �w max: 72nd Avenue widening: Widen to 4/5 lanes,including bridge 'd-term $7,000,000 Dartmouth to Hunziker Complete 4/5-lane section from Costco to Dartmouth Street widening 72nd Avenue(small section missing in Near-te $320,000 eastbound direction only) Dartmouth Street widening Widen to 4 lanes plus turn lanes and sidewalks Near-term $3,000,000 between 72nd Avenue and 1-5 (68th Avenue) 68th/Atlanta/Haines Traffic signal and turn lanes where necessary Near-term $500,000 68th Ave/Dartmouth Street Install traffic signal and turn lanes where Near-term $500,000 necessary 72nd Ave/Dartmouth Street Traffic signal and intersection widening Near-term $1,100,000 Intersection improvements such as dual Pacific Hwy/1-5 SB northbound through lanes on pacific highway Near-term $5,000,000 and dual lanes for I-5 ramps to reduce 4 confusion,congestion and related accidents Pacific Hwy/68th Ave Intersection improvements such as added turn Near-term $1,000,000 lanes,protected left-turns at 68th Pacific Hwy/72nd Ave Intersection improvements such as added turn Near-term $2,000,000 lanes,a southbound right turn pocket Pacific Hwy/Dartmouth St Intersection improvements such as turn lanes Near-term $6,000,000 and auxiliary lanes Source:City of Tigard Transportation System Plan Report on Tigard Triangle Urban Renewal Area 8 Z Water Water is provided by the Tualatin Valley Water District(TVWD). The TVWD Capital Improvement Plan for the adopted 2015-17 budget lists no specific projects in the Tigard Triangle Area,3 though general improvements such as replacement of aging infrastructure upgrades and renewal are anticipated through the entire TVWD service area. 3. Stormwater The city maintains the stormwater system in the Area.There are two concentrations of stormwater mains with the Area, including one in the vicinity of SW Dartmouth Street/SW Clinton Street/SW 68th Avenue/SW 69`"Avenue and another at the southern corner of the Area. Although there are no identified improvement projects for the Area in capital improvement plans, future development will need to consider stormwater improvements. The majority of stormwater runoff from the Area drains into Red Rock Creek. This runoff scours the creek bed and undermines the sanitary sewer line located in the stream corridor. More information concerning the blighting conditions concerning stormwater are detailed in a memo from the City Engineer as follows: "The city does not currently have a Stormwater Master Plan but is in the process of developing one, scheduled for completion summer of 2017. Initial work on the plan has included an identification of known issues, which are shown on the attached maps, Exhibits B and C respectively. [See Figures 3 and 4.1 Issues are grouped into one of four categories, namely water quality, flooding, erosion, and maintainability. As the two maps show, issues in the Tigard Triangle are centered around Red Rock Creek, which serves as the main stormwater conveyance corridor for the area. In addition to the known issues discussed above,the Department of Environmental Quality (DEQ)recently issued a new National Pollution Discharge Elimination System (NPDES) permit to Clean Water Services for storm water and sanitary sewer/treatment systems. The City of Tigard is a co-implementer of these permit requirements within city limits. As a result of the new permit, the city expects that the Stormwater Master Plan will need to include identification of capital projects and design standards that provide additional water quantity management throughout areas of the city, including the Triangle. The city currently plans to consider a regional approach to stormwater management in this area, similar to the approach used in River Terrace, which will require the acquisition of land or easements and construction of detention ponds and conveyance infrastructure. For the purposes of this memo,the city will assume that at least three regional detention ponds will be needed in the Triangle area."4 s Tualatin Water District CIP Overview 2015-17 Budget,Section 17 4 Memo Re:Existing Conditions in Tigard Triangle:Sewer and Stormwater,August 8,2016 Report on Tigard Triangle Urban Renewal Area 9 Figure 3—Stormwater Issues Stormwttftt DRAFT Exhibit B •� a • , = :■/�M� L• •q ■ ■r■u■r■eall! - LooalorMap . • ' i ■ . e •8 • t all ' d ■ • tt i ■�. ... ° tr"• .ell • ♦�• 1 ■i■• i 2 3 l�lq■• ,�PSs`r:, lasia, aaff • �■+ate■11 .�y � ; 00—" alp ft 1 ♦� �a� l � r'. 8 7 �- a '• 4 is wed t# �.. a �,. •a" G "■"� . ra■�+. let r`■� ■•s■+� I. for/aril. ..' -7I VA walk ■� 12 _ �1 -J � s. .ar7r■■rar i. s■fd i 1t••y • • *• •a. r �' ;1 �lmimil ofm ■ asmoi.`•••i • M pen ras7 Yres•tillyr+lLa P _ r ..■a■. ., ,.! ■ s .Rae . are r..�1r• ■ • .• ' .•• - _..Dun■r uo■u r■w.•.rr■u■u•uir STORMWQTER ` 7 ' Asn •�•.•• j ssos :.........••.• r-: Rad Rad` a • r........ ••■•.• •� sae .• all ry „"X10, ` �. • i Legend yuu■rV Tigard City Boundary Slormwator Outfall Stonnwabr Swalo O Water Quality issue Point • Flooding Issue Point • Erosion Issue Point O Maintarnebility,lawn Point saaaas �.•••+SludyArea S Slormweter Vault Starmweler DeMnaon Pipe Water Quality Issue Area - Flooding Issue Lme Erosion Issue Line Maintamebeay Issue Line Trails Stormwater Culvert Stormwatar Water Quality Pipe Flooding Issue Area Eroslon Issue Area Mamtainabillty Uwe Area Sheama Stormwater Mein Stormwater Water Quality Pond Datc-C+C0�535190 pm Source:City of Tigard memo on conditions 8/20/,Exhibit B Report on Tigard Triangle Urban Renewal Area 10 Figure 4—Stormwater Issues Stormwater Known Issues DRAFT Exhibit C $100 - 6 7 0+05 5101 r� 5007 H.i . a � 11 12 + s,os • • s7ii+ �� t 16 17 i • -- - STORMWOER INAAS"It PLAN Red ROCk ....:. N ■■u e a- • Ligand ur•r■+u �u■r•P Tigard City Boundary Stormwater Outfall -- Stormwater Swale O Water Quality Issue Point • Flooding Issue Point • Erosion Issue Point O Maintainability Issue Point •Study Area M Stormwater Vault W111111 Stormwater Detention Pipe Water Quality Issue Area Flooding Issue Line Erosion Issue Line Maintainability Issue Line Trails Stormwater CUWeA Stormwater Water Quality Pipe Flooding Issue Area Erosion Issue Area Maintainability Issue Area ✓�.^- Streams Stormwater Main -.�{:.'�Stormwator Water Quality Pond Date.7212016 3 T 43 Psi Source:City of Tigard memo on conditions 8/20/.Exhibit C Report on Tigard Triangle Urban Renewal Area 1 I 4. Sanitary Sewer The city maintains the sanitary sewer system in the Area.Although there are no projects listed in the Five Year Capital Improvement Plan,there is acknowledgement that there are sanitary sewer needs in the Area. These needs have been documented in a memo from the City Engineer as follows: "There are two areas in the Tigard Triangle that are not currently served by the public sewer system. These areas contain single-family residential uses on private septic systems that pre- date the area's current zoning. Redevelopment of these areas would likely trigger the requirement to extend the nearby sewer mains and connect to the public sewer system. The city's Sanitary Sewer Master Plan does not identify these as capital sewer projects because they are generally considered the responsibility of the property owner(s). One of the unsewered areas is around 691h Avenue north of Dartmouth, and the other area is around Elmhurst Street east of 72nd Avenue. In addition to these unsewered areas,there is an existing sewer main that runs the length of Red Rock Creek corridor in the Tigard Triangle. This main has had two breaks in the recent past that have been caused by erosive storm water flows that have undercut the ground around the main. The city has completed emergency repairs but a permanent fix remains unfunded."5 Figures 3 and 4 on the previous pages show where the sewer line in Red Rock Creek has been compromised. Line 5201 identifies the general area of erosion, and Points 5106 and 5107 identify the location of the two breaks and subsequent repairs. Figure 5 on the following page shows the areas that are currently not served by the public sewer system. 5 Memo Re:Existing Conditions in Tigard Triangle:Sewer and Stormwater,August 8,2016 Report on Tigard Triangle Urban Renewal Area 12 Figure 5 —Sanitary Sewer Deficiencies / EXHIBIT A:Tigard a wi ATLANTA ST Triangle Sewer > y� Infrastructure Yri irV� �+9 � ■ 1 � < fBAYL-ORIS T Lu ujO t � � \S _-; TON S,T CLINT f _ � w ILUnsewered Areas l DARTMOU�TH-S7 � a _ W ,.. ip IW < w > r �> 111111 EL�MHURST ST ELMHURST Silk=—♦ — -- = Q u J= =H�MOS0,w FRANKLIN'S17 Or L r 1 ` Source:City of Tigard memo on conditions 820 16 S. Parks and Open Space The Tigard Park System Mater Plan provides the following information: The level of service standard for community and neighborhood parks is 3 acres and 1.5 acres per 1000 persons respectively in Tigard. The existing level of service in Tigard for community and neighborhood parks is 2.24 acres and .77 acres per 1000 persons respectively. Recommendations for park facilities in the Area are as follows: • Address park and recreation needs for this area in the final Tigard Triangle Strategic Plan; • Develop an on and off-street trail loop in the area with benches and other trail amenities; and • Explore the potential for a small plaza with seating for employee breaks.b 6 Tigard Park System Master Plan,p.59 Report on Tigard Triangle Urban Renewal Area 13 The Tigard Triangle Strategic Plan augments the recommendations of the city's Park System Master Plan as follows: • Develop two neighborhood parks in the Area. Consider opportunities for incorporating regional stormwater facilities within park locations • Improve Red Rock Creek as both a natural and recreational amenity to make it a defining feature for the Triangle.A paved multi-use trail could connect this feature to the larger bicycle network. • Locate parks and plazas in the central and southern parts of the Triangle to take advantage of existing trees and vegetation.7 6. Other Utilities There is no fiber optic infrastructure in the Area. Tigard Triangle Strategic Plan,p.33-34 Report on Tigard Triangle Urban Renewal Area 14 C. Social Conditions Data from the US Census Bureau is used to identify social conditions in the Area. The geographies used by the Census Bureau to summarize data do not strictly conform to the Plan Area. As such,the Census Bureau geographies that most closely align to the Plan Area are used, which, in this case, is Block Group 1 of Census Tract 307. Within the Area,there are 14 tax lots shown as multifamily residential use. According to the US Census Bureau, American Community Survey(ACS)2010-14, the block group has 579 residents, 91%of whom are white. Table 4—Race in the Area White Alone 529 91% Black or African American Alone 0 0% American Indian and Alaska Native Alone 0 0% Asian Alone 33 6% Native Hawaiian and Other Pacific Islander Alone 6 1% Some Other Race Alone 6 1% Two or More races 5 1% Folal ' 11' . Source:US Census Bureau,Soci Explorer,American Community Survey 2010-2014.5-Year Estimates a Report on Tigard Triangle Urban Renewal Area 15 The largest percentage of residents in the block group is between 25-34 years of age(20%). Table 5 —Age in the Area Number Under 5 Years 24 4% 5 to 9 Years 37 6% 10 to 14 Years 40 7% 15 to 17 Years 19 3% 18 to 24 Years 51 9% 25 to 34 Years 114 20% 35 to 44 Years 87 15% 45 to 54 Years 85 15% 55 to 64 Years 55 9% 65 to 74 Years 55 9% 75 to 84 Years - 0% 85 Years and over 12 2% 11'. Source:US Census Bureau,Social Explorer,American Community Survey 2010-2014.5-Year Estimates In the block group, 33%of adult residents have earned a bachelor's degree or higher. Another 27%have some college education without a degree, and another 29%have graduated from high school with no college experience. Table 6—Educational Attainment in the Area Educational Attainment Number Percent Less Than High School 45 11% High School Graduate(includes equivalency) 117 29% Some college 112 27% Bachelor's degree 119 29% Master's degree 0 0% Professional school degree 0 0% Doctorate degree 15 4% 11' Source:US Census Bureau,Social Explorer,American Community Survey 2010-2014,5-Year Estimates Report on Tigard Triangle Urban Renewal Area 16 In the block group, 33%of commuters drove less than 10 minutes to work, and another 24% of commuters drove 10 to 19 minutes to work. Table 7—Travel Time to Work in the Area Less than 10 minutes 111 36% 10 to 19 minutes 72 24% 20 to 29 minutes 55 18% 30 to 39 minutes 20 7% 40 to 59 minutes 15 5% 60 to 89 minutes 12 4% 90 or More minutes 5 2% Worked at home 15 5% Total1 Source:US Census Bureau,Social Explorer,American Community Survey 2010-2014,5-Year Estimates Of the means of transportation used to travel to work, the majority, 64%, drove alone with another 21%carpooling. Table 8—Means of Transportation to Work in the Area - Means of rtation to Work Number Percent Drove Alone 194 64% Carpooled 65 21% Public transportation(Includes Taxicab) 11 4% Motorcycle 0 0% Bicycle 0 0% Walked 20 7% Other means 0 0% Worked at home 15 5% Source:US Census Bureau,Social Explorer,American Community Survey 2010-2014,5-Year Estimates Report on Tigard Triangle Urban Renewal Area 17 D. Economic Conditions 1. Taxable Value of Property within the Area The estimated total assessed value of the Area calculated with data from the Washington County Department of Assessment and Taxation for FYE 2016, including all real,personal, manufactured, and utility properties, is estimated to be$413,798,185. 2. Building to Land Value Ratio An analysis of property values can be used to evaluate the economic condition of real estate investments in a given area. The relationship of a property's improvement value(the value of buildings and other improvements to the property)to its land value is generally an accurate indicator of the condition of real estate investments. This relationship is referred to as the "Improvement to Land Value Ratio," or"I:L." The values used are real market values. In urban renewal areas,the I:L is often used to measure the intensity of development or the extent to which an area has achieved its short- and long-term development objectives. Table 9 below shows the improvement to land ratios for properties within the Tigard Triangle Area. The majority of parcels in the area (53%of the acreage)have I:L ratios of less than 1.0. In other words,the improvements on these properties are worth less than the land they sit on. A reasonable I:L ratio for properties in the Area is 2.0. Only 41 parcels in the Area,totaling 16.68%of the acreage have I:L ratios of 2.0 or more in FYE 2016. In summary, the Area is underdeveloped and not contributing significantly to the tax base in Tigard. Table 9-I:L Ratio of Parcels in the Area Im provement/Land Percent of Ratio Parcels Acres Acres Exempt 18 21.82 5.70% Condos 14 2.94 0.77% No Improvement Value 47 41.09 10.73% 0.01-0.50 113 107.60 28.09% 0.51-1.00 43 55.51 14.49% 1.01-1.50 32 56.88 14.85% 1.51-2.00 19 33.28 8.69% 2.01-2.50 ""',;:x 12 16.40 4.28% 2.51-3.00 13 30.41 7.94% 3.01-4.00 10 8.31 2.17% >4.00 6 8.79 2.29% Total 327 383.04 100.00% Source:Calculated by Tiberius Solutions LLC with data from Washington County Department of Assessment and Taxation(FYE 2016) Report on Tigard Triangle Urban Renewal Area 18 E. Impact on Municipal Services The fiscal impact of tax increment financing on taxing districts that levy taxes within the Area(affected taxing districts) is described in Section IX of this Report. This subsection discusses the fiscal impacts resulting from potential increases in demand for municipal services. The projects being considered for future use of urban renewal funding are transportation; public utilities; public spaces, facilities and installations; and re/development assistance and partnership projects. The use of urban renewal funding for these projects allows the city to match other funding sources to construct the improvements. It also allows the city to tap into different funding source besides the City of Tigard general fund or system development charges (SDC) funds. It is anticipated that these improvements will catalyze development on the undeveloped and underdeveloped parcels in the Area. This development would not occur were the infrastructure not upgraded. This development will require city services. However, since the property is within the city limits,the city has anticipated the need to provide services to the Area. As the development will be new construction or redevelopment, it will be up to current building code and will aid in any fire protection needs. An upgraded transportation system will also assist in fire prevention to the Area. The financial impacts from tax increment collections will be countered by providing future jobs in the Tigard Triangle Area and, in the future,placing property back on the property tax rolls with future increased tax bases for all taxing jurisdictions, including the city. w Report on Tigard Triangle Urban Renewal Area 19 III. REASONS FOR SELECTION OF EACH URBAN RENEWAL AREA IN THE PLAN The reason for selecting the Area is to provide the ability to fund improvements necessary to cure blight within the Area. IV. THE RELATIONSHIP BETWEEN URBAN RENEWAL PROJECTS AND THE EXISTING CONDITIONS IN THE URBAN RENEWAL AREA The projects identified for the Area are described below, including how they relate to the existing conditions in the Area. A. Infrastructure Improvements I. New Hwy 217 Overpass—Extend Beveland Rd south over Hwy 217 to Hunziker/Wall with car, ped, and bike facilities. Existing conditions: Currently Beveland Rd ends on the west side of 217 near Lowe's Home Improvement, and there is no overpass or ped/bike facilities. 2. New Street(74th Ave)—Extend 74th Ave south from 99W to Hermoso or Beveland. Existing conditions: Currently 74th Ave only exists between SW Spruce and SW Torchwood Streets, north of 99W; 74th Ave south of 99W does not exist. 3. New Street (Atlanta St)—Extend Atlanta St west from 69th Ave to Dartmouth or future 74th Ave. Existing conditions: Currently Atlanta St has a westward boundary of SW 69th Ave. 4. New Hwy I-5 Overpass (Beveland)—Provide ped/bike bridge across Hwy I-5 from Beveland Rd to Southwood Dr. Existing conditions: Currently Beveland has an eastward boundary of 68th Pkwy. 5. New Hwy I-5 Overpass(Red Rock Creek)—Provide pedestrianibike bridge across Hwy I-5 between the Triangle and PCC Sylvania around location of Red Rock Creek. Existing conditions: Currently there is no bike/pedestrian overpass in this location. 6. Modified Intersection (Atlanta/68th)—Install traffic signal and turn lanes where needed. Existing conditions: Currently the Atlanta/68th intersection is a four way stop. Report on Tigard Triangle Urban Renewal Area 20 7. Modified Intersection (99W/68th)—Add protected left turn and transit improvements on 68th Pkwy at 99W. Existing conditions: Currently the left turn on 68th Pkwy yields to oncoming traffic. 8. Modified Streets (Various)—Develop comfortable, interesting, and attractive streetscapes, especially along designated pedestrian streets. Existing conditions: For the most part,the streets in the Area have limited or no pedestrian amenities and bike facilities. 9. New Trail(Red Rock Creek)— Build a trail alon Red Rock Creek parallel to and south of 99W. Existing conditions:No trail currently exists. 10. New Streets (Various)—Improve connectivity,circulation,and access with new or extended local streets. � s Existing conditions: There is a lack of connectivity in the Area, with many parcels lacking internal local streets. Internally,the street network in the Triangle is somewhat of a grid, although some larger developments limit extending the street grid without impacts to either buildings or parking areas. The Triangle is also surrounded by highways, with primary access from OR 99W on the north side of the Triangle. The primary arterial through the Triangle is SW 72nd Avenue, linking OR 99W and OR 217. There is no direct access between downtown Tigard and the Triangle.$ 11. Modified Street (72nd Ave)— Improve 72"d Ave corridor, including intersections/interchanges. Design dependent upon 72nd Ave Corridor Study recommendations. Existing conditions: 72"d Ave is the primary arterial through the Area, linking OR 99W and OR 217. 72nd Ave does not have bicycle lanes or sidewalks on the full length of the street. The street is congested And is not comfortable, interesting, or attractive to pedestrians. 12. Modified Street(99W)—Implement access management strategies and median projects in Hwy 99W Plan, including additional pedestrian crossing locations. Existing conditions: Highway 99W is an arterial on the northern edge of the Area. It is currently without bike lanes. The number of trips and speed of vehicles makes it difficult to develop a pedestrian oriented environment. 8 Tigard Triangle Strategic Plan,p.6 Report on Tigard Triangle Urban Renewal Area 21 13. Modified Interchange(99W/Hwy 217)—Add second left turn lane on Hwy 217 northbound ramp to 99W. Existing conditions: Currently there is one left turn lane at this location. An additional turn lane would alleviate congestion at this interchange. 14. Modified Signals (Various)—Upgrade signals with adaptive signal coordination technology. Existing conditions: Currently the signals in the A;&e not been upgraded with adaptive signal technology. 15. Parking Management Plan —Develop a plan and implement strategies for managing parking. Existing conditions: Currently there is no plan in place to manage or develop appropriate parking options to help facilitate the Area's transitions into a dense, pedestrian-oriented, and mixed-use district. 16. Transportation Study (Various)—Periodically evaluate the functioning of the transportation system to refine project scope and inform project prioritization. Existing conditions: Currently there is no study that provides this information. 17. Stormwater/Sewer— Develop a stormwater master plan for the Triangle and a greenway plan for Red Rock Creek that includes stormwater, sewer, and recreational needs. Existing conditions: The city does not currently have a Stormwater Master Plan but is in the process of developing one. Initial work on the plan has included an identification of known issues, which are shown on Figures 4 and 5. Issues are grouped into one of four categories, namely water quality, flooding,erosion,and maintainability. As the two maps show, issues in the Tigard Triangle are centered around Red Rock Creek, which serves as the main stormwater conveyance corridor for the area. 18. Stormwater—Construct approximately three regional stormwater facilities to meet new DEQ regulations for water quantity management. Existing conditions: The stormwater facilities in the Area are described in the physical conditions section of this Report and shown in Figures 4 and 5. They are presently deficient. 19. Sewer—Extend public sewer system to areas served by private septic systems. Report on Tigard Triangle Urban Renewal Area 22 Existing conditions: There are two areas in the Tigard Triangle that are not currently served by the public sewer system. These areas contain single-family residential uses on private septic systems that pre-date the area's current zoning. Redevelopment of these areas would likely trigger the requirement to extend the nearby sewer mains and connect to the public sewer system. The city's Sanitary Sewer Master Plan does not identify these as capital sewer projects because they are generally considered the responsibility of the property owner(s). See Figure 5 for a map showing the unsewered areas. One area is around 69th Ave north of Dartmouth, and the other area is around Elmhurst St. east of 72nd Ave. These are shown on Figure 6 of this Report. 20. Stormwater/Sewer—Permanently fix compromised sewer lines in Red Rock Creek and restore creek channel and riparian buffer. .4 Existing conditions: There is an existing sewer main that runs the length of the Red Rock Creek corridor in the Tigard Triangle. This main has had two breaks in the recent past that have been caused by erosive stormwater flows that have undercut the ground around the main. The city has completed emergency repairs but a permanent fix remains unfunded. See Figures 3 and 4 for two maps showing the areas of concern. Line 5201 identifies the general area of erosion, and Points 5106 and 5107 identify the location of the two breaks and subsequent repairs. 21. Water—Install new water mains as needed. Existing conditions: The TVWD Capital Improvement Plan for the adopted 2015-17 budget lists no specific projects in the Tigard Triangle Area9,though general improvements such as replacement of aging infrastructure upgrades and renewal are anticipated through the entire TVWD service area. 22. Public Spaces,Facilities,and Installations—Create a clear identity for the Triangle as a fun and diverse place to live and visit through the development of parks, plazas, greenways,public restrooms,recreational facilities,public art,wayfinding, gateway installations, and/or district signage. Existing conditions: There is currently no funding to do these improvements. 23. Re/Development Assistance and Partnerships—Provides assistance to new and existing businesses and housing developments through fagade improvement grants/loans, streetscape improvements,technical/code/fee assistance, site assembly, site cleanup/preparation, site acquisition, and/or partnerships that facilitate housing and mixed-use developments. Existing conditions: There is currently no funding to do these activities. 9 Tualatin Water District CIP Overview 2015-17 Budget,Section 17 Report on Tigard Triangle Urban Renewal Area 23 24. Finance Fees and Administration -This project will allow for the repayment of costs associated with the implementation of the Tigard Triangle Urban Renewal Plan. It also includes ongoing administration and any financing costs associated with issuing long-and short-term debt, relocation costs and other administrative costs. Existing Conditions: As there is currently no urban renewal program in this Area, these activities do not exist. V. THE ESTIMATED TOTAL COST OF EACH PROJECT AND THE SOURCES OF MONEYS TO PAY SUCH COSTS The total urban renewal fund expenditures for all proposed projects by category are shown in Table 10a. Individual projects and cost estimates are shown in Table 10b. All cost estimates shown are the most current figures available at the time of the preparation of the Plan. The Plan assumes that the city will seek out other funding sources to pay for many of the urban renewal projects listed and use urban renewal funds as leverage. These sources include City of Tigard general funds and system development charges. The city may also pursue regional, County, State, and federal funding and private developer contributions. The Agency will be able to review and update fund expenditures and allocations on an annual basis when the annual budget is prepared. Table I Oa—Projects to be Completed Using Urban Renewal Funds by Category (nominalProject Funding Categories Expenditures Percent Transportation ($87,803,000) ($40,000,000) 42% Public Utilities ($21,410,600) ($13,000,000) 14.25% Public Spaces,Facilities,and Installations ($30,369,400) ($15,000,000) 16% Re/Development Assistance and Partnerships ($39,211,300) ($22,000,000) 23% Project Administration ($6,607,100) ($3,500,000) 3.7% Finance Fees ($1,648,100) ($1,000,000) 1.05% Total Expenditures 7 5 94 S 100% Source:City of Tigard,Tiberius Solutions LLC forecasts "'WW Report on Tigard Triangle Urban Renewal Area 24 Table l Ob—Projects to be Completed Using Urban Renewal Funds FundingTotal Proposed Project I'miect IN pe Project Description Cost URA in SM I New Hwy 217 Overpass Extend Beveland Rd south over Hwy 217 to Hunker Rd/Wall St area 50 5 (Beveland) with car,ped,and bike facilities. 2 New Street(74th Ave) Extend 74th Ave south from 99W to Hermoso Way or Beveiand Rd. 5 5 3 New Street(Atlanta) E-de d Atlanta St west from 69th Ave to Dartmouth St or future 74th 4 3 Ave. 4 New Hwy I-5 Overpass(Beveland) Provide ped/b&e bridge across Hwy I-5 from Beveland Rd to 6 1 Southwood Dr. 5 New Hwy I-5 Overpass(Red Rock Creek) Provide ped/b&e bridge across Hwy 1-5 between the Triangle and 6 1 PCC Sylvania around location of Red Rock Creek. 6 Modified Intersection(Atlarta/68th) Install traffic signal and tum lanes where needed at Atlanta St/68th Ave 0.5 0.5 intersection 7 Modified Intersection(99W/68th) Add protected left turn and transit miprovements on 68th Pkwy at 4 1 99W. 8 Modified Streets Develop comfortable,interesting,and attractive streetscapes TBD 3.5 throughout the Area,especially along designated pedestrian streets. 9 New Trail(Red Rock Creek) Bmkl a new trail along Red Rock Creek parallel to and south of99W. 3 3 10 New Streets Improve connectivity,circulation,and access throughout the Area with 5 4 new or extended local streets. TBD.Improve 72nd Ave corridor,including intersections/interchanges. 11 Modred Street(72nd Ave) Dependent on 72nd Ave Corridor Study recommendations. TBD 8 Implement access management strategies and median projects in Hwy 12 Modified Street(99W) TBD 0.6 99WPlan,includngadditionalpedestriancrossinglocations. 13 Modified Interchange(99 W/fiwy 217) Add second left turn lane on Hwy 217 northbound ramp to 99W. 3 0.6 14 Modified Signals Upgrade signals throughout the Area with adaptive signal coordination 1.2 0.3 technology. 15,mv Parking Management Plan Develop a plan and mgnlement strategies for managing parking. TBD 3 Periodically evaluate the finetionmg ofthe transportation system to 16 Transportation Study 0.5 0.5 refine project scope and inform project prioritization Source:City of Tigard,Tiberius Solutions LLC forecasts Report on Tigard Triangle Urban Renewal Area 25 Table l Ob—Projects to be Completed Using Urban Renewal Funds,page 2 Project Total Proposed Number Pruiect Type Project Description Cost URA Estimate Funding Develop a stormwater master plan for the Triangle and a greenway 17 Storrmvater/Sewer plan for Red Rock Creek that addresses stormwater,sewer,and 0.3 0.3 recreational needs. 18 Stonrrnater Construct approximately three regional stormwater facilities to meet TBD 6 new DEQ regulations for water quantity management. 19 Sewer Extend public sewers stem to areas served by private septic sterns. 5 3 20 Stomtwater/Sewer Permanently fix compromised sewer lanes in Red Rock Creek and 3 3 restore creek channel and riparian buffer. 21 Water Install new water mains as needed. 4 0.7 Creates a clear identity for the Triangle as a fun and diverse place to 22 Public Spaces,Facilities,and Installations live and visit through the development of parks.plazas.greenways, TBD 15 public restroors,recreational facilities,public art,wayfunding,gateway installatio and/or district signage. Provides assistance to new and existing businesses and housing developments through fagade improvement grants/bans,streetscape 23 Re/Development Assistance and Partnerships innprovemerts,technical/code/fee assistance,site assembly,site clean- TBD 22 up/preparation,site acquistion,and/or partnerships that facilitate housing and mixed-use developments Allows for repayment ofcosts associated with implementation ofthe 24 Finance Fees and Plan Administration Tigard Triangle Urban Renewal Plan.Includes ongoing administration 4.5 4.5 and any financing costs associated with issuing long-and short-term debt,relocation costs,and other administrative costs. Total TBD i E94.50 Source:City of Tigard,Tiberius Solutions LLC forecasts Report on Tigard Triangle Urban Renewal Area 26 VI. THE ANTICIPATED COMPLETION DATE FOR EACH PROJECT The schedule for construction of projects will be based on the availability of funding. The projects will be ongoing and will be completed as directed by the Agency. Rather than identify the specific timing and dollar amount of individual projects,the forecast for the allocation of funding over time is shown for four broad categories of projects: transportation; public utilities;public spaces, facilities, and installations; and re/development assistance and partnerships. Annual expenditures for project administration and finance fees are also shown. The Area is anticipated to complete all projects and have sufficient tax increment finance revenue to terminate the district in FYE 2053. The projections in the financial model assume 4.5%annual growth in the assessed value of real property in the urban renewal area, and no change in the value of personal, utility, or manufactured property value. Estimated annual expenditures by project category are shown in Table 11. All costs shown in Table 11 are in year-of-expenditure dollars, which are adjusted by 3%annually to account for inflation. The Agency may change the completion dates in their annual budgeting process or as project decisions are made in administering the Plan. The first year of tax increment collections is anticipated to be FYE 2019. Report on Tigard Triangle Urban Renewal Area 27 Table 11 -Projects and Costs in Year of Expenditure Dollars 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 21)2 4-214; 2025-26 PRO.ILCI FI ND Resources Beginning Fund Balance $0 $189 $9.051 $12.808 $18,545 $22,168 $21,306 $26,804 Pay-as-you-go(Transfer from TEF Fund) $167,538,676 $382,689 $195,861 $409,412 $632.573 $420,430 $664,127 $918,791 $671,361 Bond/Loan Proceeds $73,525,000 $0 $4,875.000 $0 $0 $5,550,000 $0 $0 $6,400,000 Interest Earnings $264,968 $0 $1 $45 $64 $93 $111 $107 $134 Total Resources $241,328,644 $382,689 $5,071,051 $418,508 $645,445 $5,989,068 $686,4061 $940,204 $7,098,299 Expenditures(nominal$) Project Administration -$6,607,100 -$109.300 -$112,600 -$1151900 -$119.400 -$123,000 -$126,700 -$130,500 -$134,400 Transportation -$87,803,000 -$2,251,000 -$1,229,900 -$652,400 -$3,359,800 Utilities -$21,410,600 -$337,700 -$3,689,700 -$1,343,900 Public Spaces,Facilities,and Installations -$30,369,400 -$1.125.500 -$1,343,900 Re/Development Assistance and Partnerships -$39,211,300 -$273,200 -$1.125.500 -$289.800 4507,500 -$799,400 -$538,400 4130,500 -$739,100 Finance Fees -$1.648,100 -$109,700 -$124,900 -$144,000 Total Expenditures -$187,049„500 -$382„500 -$5,062,000 -$405,700 -$626,900 -$5,966,900 -$665,100 -$913,400 -$7,065,100 Ending Fund Balance 1 $1891 S9,0511 $12,8081 $18,545 $22,1681 $21,3061 $26,804 $33,199 Source:Tiberius Solutions LLC Report on Tigard Triangle Urban Renewal Area 28 Table 11 -Projects and Costs in Year of Expenditure Dollars, page 2 2026-27 2027-28 2028-29 2029-30 2030-31 203 1-32 2032-33 2033-34 2034-35 PROJECTt Resources Beginning Fund Balance $33,199 $13,925 $6,569 $7.219 $4,829 $22,866 $34,766 $6,583 $8,013 Pay-as-you-go(Transfer ftom TV Fund) $949,460 $1,240,074 $966,017 $1.283,374 $1.615.013 $1,303,586 $1,665,743 $2,044,197 $1,678,428 Bond/Loan Proceeds $0 $0 $7,200,000 $0 $0 $8,200,000 $0 $0 $9,200,000 Interest Earnings $166 $70 $33 $36 $24 $114 $174 $33 $40 Total Resources $982,825 $1,254,069 $8,172,619 51,290,629 $1,619,866 S9,526,566 $1,700,683 $2,050,813 $10,886,481 Expenditures(nominal$) Project Administration -$138,400 -$142,600 -$146,900 -$151,300 -$155,800 -$160.5(x) -$165,300 -$170.200 4175,400 Transportation -$779,000 -$8,023,500 Utilities -$2,937,000 -$5,260,500 Public Spaces,Facilities,and Installations -$2.716,700 -$3,507,000 Re/Development Assistance and Partnerships -$830,500 -$1,104,900 41202,800 -$1,134.500 4662,200 -$1,123,300 -$1,528,800 -$1,872,600 -$1.709,700 Finance Fees -$162.000 -$184,500 -$207,000 Total Fx nditures -$968,900 41,247„500 48,165,400 -51,28.5,800 -51597,000 -$9,491,800 -$1,694,100 -$2,042,800 -$10,859,600 Ending Fund Balance 513,925 $6,5691 57,219 $4,829 $22,866 $34,7661 $6583 $8,0131 $26,881 Source:Tiberius Solutions LLC Report on Tigard Triangle Urban Renewal Area 29 Table 11 —Projects and Costs in Year of Expenditure Dollars,page 3 2035-30 2036-37 I204243 2043-44 PROJECTFUND Resources Beginning Fund Balance $26,881 $41.724 $7,622 $5,952 $28,697 $41,240 $14,770 $5,568 $43,085 Pay-as-you-go Transfer from TIF Fund $2,091,709 $2,523,589 $2,116,792 $2,588.415 $2,442,000 $2,957,024 $3,495,224 $2.986,089 $3,573,817 Bond/Loan Proceeds $0 $0 $9,300.000 $0 $10,200.000 $0 $0 $12,600,000 $0 Interest Earnings $134 $209 $38 $30 $143 $206 $74 $28 $215 Total Resources $2,118,724 $2,565,522 $11,424,452 $2,594,397 $12,670,840 $2,998,470 $3,510,068 $15,591,685 $3,617,117 Expenditures(nominal$) Project Administration -$180,600 4186,000 -$191,600 -$197.400 -$203,300 -$209,400 -$215,700 -$222,100 4228,800 Transportation 49,580,500 -$680,500 41,132,200 49,051,800 -$2,802,700 Utilities -$4,065,600 43,776,200 Public Spaces,Facilities,and Installations -$6,098,400 Re/Develo trent Assistance and Partnerships -$1,896,400 -$2,371,900 -$1.437.100 -$2.368.300 -$2,032,800 -$2,093,800 -$2,156,600 P -$2,221,300 4571000 Finance Fees 4209.300 -$229,500 4277,200 Total Fx nditures -$2,077,000 -$2,557,900 -$11,418,.500 -$2,565,700 -$12,629,600 -$2,983,700 -$3,504,500 -$15,548,600 -$3,603,500 Ending Fund Balance $41,7241 $7,622 S5,9521 S28,6971 $41,2401 $14,770 $5,5681 $43,0851 $13,617 Source:Tiberius Solutions LLC Report on Tigard Triangle Urban Renewal Area 30 Table 11 — Projects and Costs in Year of Expenditure Dollars, page 4 204445 204546 2046-47 PROJECTFUND —LL Resources Beginning Fund Balance $13,617 $18,878 $22,531 $36.699 $56,713 $58,891 $39,254 $62,436 $60,831 Pay-as-you-go(Transfer fromTlF Fund) $4,187,993 $5,343,359 $6,014,055 $6,714,931 $8,025,094 $8,790,469 $9,590,286 $11,084,083 $11,957,502 Bond/Loan Proceeds $0 $0 $0 $0 $0 $0 $0 $0 $0 Interest Earnings $68 $94 $113 $183 $284 $294 $196 $312 $304 Total Resources $4,201,678 $5,362331 $6,036,699 $6,751,813 $8,082,091 $8,849,654 $9,629,736 $11,146,831 $12,018,637 Expenditures(nominal$) Project Administration 4235,700 4242,700 -$250,000 -$257,500 -$265,200 -$273,200 -$281,400 -$289,800 4298,500 Transportation 44,490,300 -$5,793,800 -$7,990,800 -$8,723,100 -$10,216,500 -$11,045,200 Utilities Public Spaces,Facilities,and Installations -$3,358,000 -$5,125,000 -$7,094,900 Re/Development Assistance and Partnerships 4589,100 -$606,800 -$625,000 -$643,800 -$663,100 4546,400 -$562,800 -$579,700 -$671,700 Finance Fees Total Expenditures -$4,182,800 -$5,339,800 -$6,000,000 -$6,695,100 -$8,023,200 -$8,810,400 -$9,567,300 -$11,086,000 -$12,015,400 Endng Fund Balance 1 $18,8781 $22,5311 $36,6991 $56,713 $58,8911 $39,254 $62,436 $60,8311 $3,237 Source:Tiberius Solutions LLC Report on Tigard Triangle Urban Renewal Area 31 VII. THE ESTIMATED AMOUNT OF TAX INCREMENT REVENUES REQUIRED AND THE ANTICIPATED YEAR IN WHICH INDEBTEDNESS WILL BE RETIRED Table 12 shows the allocation of tax increment revenues to debt service and transfers to the project fund. It is anticipated that all debt will be retired by FYE 2053 (any outstanding bonds will be defeased). The maximum indebtedness is $188,000,000(one hundred and eighty-eight million dollars). Akk The estimated total amount of tax increment revenues required to service the maximum indebtedness of$188 million is $278,560,738 and is made up of tax increment revenues from permanent rate levies. The interest rate for the loans and bonds are estimated at 5%with varying terms. The assumed financing plan maintains a debt service coverage ratio of at least 1.5 x total annual debt service payments. The time frame of urban renewal is not absolute; it may vary depending on the actual ability to meet the maximum indebtedness. If the economy is slower, it may take longer; if the economy is more robust than the projections, it may take a shorter time period. The Agency may decide to issue bonds or take on loans on a different schedule, and that will alter the financing assumptions. These assumptions show one scenario for financing and that this scenario is financially�feasible. bh gd dg's Report on Tigard Triangle Urban Renewal Area 32 Table 12—Tax Increment Revenues and Allocations to Debt Service 1(11:11 21118-19 2019-20 2020-21 2021-22 2022-23 2023-24 I2025-26 DEB TSER IICE FUND Resources Beginning Fund Balance $0 $0 $0 $0 $0 $0 $0 $0 TIF for LIRA $278,560,738 $382,689 $587,044 $800,595 $1,023,756 $1,256,959 $1,500,656 $1,755,320 $2,021,443 Total Resources $278,560,738 $382,689 $587,044 5800,595 $1,023,756 $1,256,9591 $1,500,656 $1,755,320 $2,021,443 Fxpenditures Debt Service New Loan 2020 -$7.823,660 -$391,183 -$391.183 -$391,183 4391.183 4391,183 4391,183 -$391,183 New Loan 2023 48,906,920 4445,346 4445,346 -$445,346 -$445,346 New Loan 2026 410,271,060 4513.553 New Loan 2029 -$11,554,940 New Loan 2032 -$13,159,780 New Loan 2035 -$14,463,826 New Loan 2038 413,729,760 New Loan 2040 -$14,426,216 New Loan 2043 -$16,685,900 Total Debt Service -$111,022,062 $0 -5391,183 -5391,183 -5391,183 -$836,529 -$836529 -$836„529 -$1,350,082 Coverage Ratio $0 $2 $2 $3 $2 $2 $2 $1 Transfer to Project Fund -$167,538.676 -$382,689 4195,861 4409,412 -$632,573 -$420,430 4664,127 4918,791 -$671,361 Total Expenditures -$278,560,738 -$382,689 -$587,044 -$800,595 -$1,023,756 -$1,256,959 -$1,500,656 -$1,755,320 -$2,0219443 Ending Fund Balance $0 SO $0 $01 $0 $0 $0 $0 Cumulative D/S Remaining -$111,022,062 -$110,630,879 -$110,239,696 -$109,848.5131 4109,011,984 $108,175,45514107,338.9261 -$105,988,844 TIF Sufficient to Pay Off D/S NO NO NO NO NO NO NO NO Source:Tiberius Solutions LLC Report on Tigard Triangle Urban Renewal Area 33 Table 12-Tax Increment Revenues and Allocations to Debt Service, page 2 2026-27 2027-2N 2028-29 2029-30 2030-31 DEB TSER VICE FUND Resources Beginning Fund Balance $0 $0 $0 $0 $0 $0 $0 $0 $0 TIF for URA $2,299,542 $2,590,156 $2,893,846 $3.211,203 $3,542.842 $3,889,404 $4,251,561 $4,630,015 $5,025,500 Total Resources $2,299,542 $2,590,156 $2,893,846 $3,211,2031 $3,542,842 $3,889,404 $4,251,561 $4,630,015 $5,025,500 Fxpenditures Debt Service New Loan 2020 -$391,183 4391,183 -$391,183 -$391,183 -$391,183 -$391,183 -$391,183 -$391,183 -$391,183 New Loan 2023 -$445,346 -$445,346 -$445,346 -$445.346 -$445,346 4445,346 -$445,346 -$445,346 -$445,346 New Loan 2026 4513,553 -$513,553 4513,553 -$513,553 -$513,553 -$513,553 -$513,553 -$513,553 -$513,553 New Loan 2029 -$577.747 -$577,747 -$577,747 -$577,747 -$577,747 -$577,747 -$577,747 New Loan 2032 -$657,989 4657,989 -$657,989 -$657,989 New Loan 2035 -$761,254 New Loan 2038 New Loan 2040 New Loan 2043 Total Debt Service -51,350,082 -51,350,082 -$1,927,829 -$1,927,829 -$1,927,829 -$2,585,818 -$2,585,818 -$2,585,818 -$3,347,072 Coverage Ratio $2 $2 S2 $2 $2 $2 $2 $2 $2 Transfer to Project Fund 4949.460 -$1,240.074 -5966,017 -$1,283,374 -$1,615,013 -$1,303,586 -$1,665,743 -$2,044,197 -$19678,428 Total Fac nditures -52,299,542 -$2,590,156 -52,893,846 -S3,211,203 -$3,542,842 -$3,889,404 -$4,251,561 -$4,630,015 -$5,025,500 Fnding Fund Balance SO $0 Sol $0 $0 $0 $0 $0 $0 Cumulative D/S Remaining -5104.638.762 -$103.288,680 -$101,360,851 -$99,433,022 -$97,505,1931 494,919,375 -$92,333,557 -$89,747,739 -$86,400,667 TIF Sufficient to Pay Off D/S NO NO NO NO NO NO NO NO NO Source:Tiberius Solutions LLC Report on Tigard Triangle Urban Renewal Area 34 Table 12-Tax Increment Revenues and Allocations to Debt Service,page 3 2035-36 2036-37 2037-38 2038-39 2039-40 2040-41 2041-42 204243 2043-44 DEBT SERVICE FUND Resources Beginning Fund Balance $0 $0 $0 $0 $0 $0 $0 $0 $0 TIF for URA $5,438,781 $5,870,661 $6,321,974 $6,793,597 $7.286,443 $7,801,467 $8,339,667 $8,902,086 $9,489,814 Total Resources $5,438,781 $5,870,661 $6,321,974 $6,793,597 $7,286,443 $7,801,467 $8,339,667 $8,902,086 $9,489,814 Expendtures Debt Service New Loan 2020 -$391,183 -$391,183 -$391,183 4391,183 New Loan 2023 -$445,346 -$445,346 -$445.346 -$445,346 4445,346 -$445,346 -$445,346 New Loan 2026 -$513,553 -$513,553 -$513,553 -$513,553 4513,553 -$513,553 -$513,553 -$513,553 -$513,553 New Loan 2029 -$577,747 -$577,747 -$577.747 -$577.747 -$577,747 -$577,747 4577,747 -$577,747 4577,747 New Loan 2032 -$657,989 4657,989 -$657,989 -$657.989 -$657,989 4657,989 4657,989 -$657,989 -$657,989 New Loan 2035 -$761,254 -$761,254 -$761,254 -$761,254 -$761,254 4761,254 -$761,254 -$761,254 -$761,254 New Loan 2038 -$858,110 4858.110 -$858.110 4858,110 -$858,110 4858,110 -$858,110 New Loan 2040 -$1,030,444 -$1,030,441 41,030,444 -$1,030,444 -$1,030,444 New Loan 2043 -$1,516,900 -$1,516,900 Total Debt Service -$3,347,072 -53,3.17,072 -$4,205,182 -$4,205,182 -$4,844,443 -$4,844,443 -$4,844,443 -$5,915,997 -$5,915,997 Coverage Ratio $2 $2 $2 $2 $2 $2 $2 $2 $2 Transfer to Project Fund -$2,091.709 -$2.523,589 -$2,116,792 -$2,588,415 -$2,442,000 -$2,957,024 -$3,495,224 -$2,986,089 -$3,573,817 Total Fx nditures -$5,438,781 -$5,870,661 46,321,974 -$6,793,597 -$7,286,443 -$7,801,467 -$8,339,667 -$8,902,086 -$9,489,814 Ending Fund Balance $0 $0 $0 $0 $0 $0 $0 $01 0 Cumulative D/S Remaining -$83.053,595 -$79,706,523 -$75,501,341 -$71,296,159 -$66,451,716 461,607,273 -$56,762,830 -$50,846,833 -$44,930,836 TIF Sufficient to Pay Off D/S NO NO NO NO NO NO NO NO NO Source:Tiberius Solutions LLC Report on Tigard Triangle Urban Renewal Area 35 Table 12—Tax Increment Revenues and Allocations to Debt Service, page 4 2044 4; 21)4;-4(, 2046-4- 2114-48 204849 2049-50 2050-51 2051-52 2052-53 DEB TVR VICE FUND Resources Beginning Fund Balance $0 $0 $0 $0 $0 $0 $0 $0 $0 TIF for URA $10,103,990 $10,745,803 $11,416,499 $12.117,375 $12,849,791 $13,615,166 $14,414,983 $15,250,791 $16,124,210 Total Resources $10,103,990 $10,745,803 $11,416,499 $12,117375 512,849,791 513,615,166 $14,414,983 $15,250,791 $16,124,210 Fxpendtures Debt Service New Loan 2020 New Loan 2023 New Loan 2026 -$513,553 New Loan 2029 -$577.747 -$577,7471 4577,747 -$577,747 New Loan 2032 -$657,989 -$657,989 -$657,989 -$657,989 -$657,989 -$657,989 4657,989 New Loan 2035 -$761,254 4761,254 4761,254 -$761,254 -$761,254 -$761,254 4761,254 4761,254 -$761,254 New Loan 2038 -$858,110 -$858,1101 4858,110 -$858,110 -$858,110 -$858,110 4858,110 4858,110 4858,110 New Loan 2040 -$1,030,444 41,030,444 -$1,030,444 -$1,030,444 -$1,030,444 -$1,030,444 -$1,030,444 -$1,030,444 -$1,030,444 New Loan 2043 -$1,516,900 -$1,516,900 -$1,516,900 -$1,516,900 -$1,516,900 41,516,900 -$1,516,900 -$1,516,900 -$1,516,900 Total Debt Service -$5,915997 -$5,402,444 -$5,402,444 -$5,402,444 -$4,824,697 44,824,697 -$4,824,697 -$4,166,708 -$4,166,708 Coverage Ratio $2 $2 $2 $2 $3 $3 $3 $4 $4 Transfer to Project Fund -$4,187,993 45.343.359 46,01055 -$6,714,931 -$8,025,094 -$8,790,469 -$9,590,286 -$11,084,083 -$11,957,502 Total Fac nditures -$10,103,990 -$10,745,803 -Sl 1,416,499 -$12,117,375 -$12,849,791 -$13,615,166 -$14,414,983 -$15,250,791 -$16,124,210 Ending Fund Balance SO 50 50 $0 $0 $0 $0 $0 $0 Cumulative D/S Remaining539,014,839 -$33,612,395 $28,209.951 -$22.807,507 -$17,982,810 -$13,158,1131 48,333,416 44,166,708 $0 TIF Sufficient to Pay OffD/S ANO NO NO NO NO NO NO NO YES Source:Tiberius Solutions LLC Report on Tigard Triangle Urban Renewal Area 36 VIII. FINANCIAL ANALYSIS OF THE PLAN The estimated tax increment revenues through FYE 2053,as shown above, are based on projections of the assessed value of development within the Area and the consolidated tax rate that will apply in the Area. The assumptions include assumed growth in assessed value of 4.5%for real property, derived from a combination of appreciation of existing property values and new construction.No change in value for personal,utility, and manufactured property is assumed. Table 13 shows the projected incremental assessed value,tax rates and tax increment revenues each year, adjusted for discounts, delinquencies, and compression losses. These projections of increment are the basis for the projections in Tables 11 and 12. The first year of tax increment collections is FYE 2019. Gross TIF is calculated by multiplying the tax rate times the excess value. The tax rate is per thousand dollars of value, so the calculation is "tax rate times excess value divided by one thousand." The consolidated tax rate includes permanent tax rates only, and excludes general obligation bonds and local option levies which would not be impacted by this Plan. Report on Tigard Triangle Urban Renewal Area 37 Table 13 -Projected Incremental Assessed Value, Tax Rates, and Tax Increment Revenues Tax Increment Finance Revenue l-')I Assessed Value Fro7en Base Fxcess Value Tax Rate Gross TIF Adjustments Net TIF TIF 2019 $463,541,305 $429,654,966 $33,886,339 11.8877 402,831 20142 382,689 382,689 2020 $481,636,527 $429,654,966 $51,981,561 11.8877 617,941 30,89 587,044 969,733 2021 $500,546,034 $429,654,966 $70,891,068 11.8877 842,732 42,13 800,595 1,770,328 2022 $520,306,469 $429,654,966 $90,651,503 11.8877 1,077,638 53,882 1,023,756 2,794,084 2023 $540,956,123 $429,654,966 $111,301,157 11.8877 1,323,115 66,156 1,256,959 4,051,043 2024 $562,535,012 $429,654,966 $132,880,046 11.8877 1,579,638 78,982 1,500,656 5,551,699 2025 $585,084,951 $429,654,966 $155,429,985 11.8877 1,847,705 92,385 1,755,320 7,307,019 2026 $608,649,637 $429,654,966 $178,994,671 11.8877 2,127,835 Q06392 2,021,443 9,328,462 2027 $633,274,734 $429,654,966 $203,619,768 11.8877 2,420,571 121,029 2,299,542 11,628,004 2028 $659,007,960 $429,654,966 $229,352,994 11.8877 2,726,480 136,324 2,590,156 14,218,160 2029 $685,899,181 $429,654,966 $256,244,215 11.8877 3,046,154 (152,308 21893846 17,112,006 2030 $714,000,507 $429,654,966 $284,345,541 11.8877 3.380,214 (169,011) 3,211,203 20,323,209 2031 $743,366,393 $429,654,966 $313,711,427 11.8877 3,729.307 186,465 3,542,842 23,866,051 2032 $774,053,744 $429,654,966 $344,398,778 11.8877 4,094,109 204,705 3,889,404 27,755,455 2033 $806,122,026 $429,654,966 $376,467,060 11.8877 4,475,327 (223,766) 4,251,561 32,007,016 2034 $839,633,380 $429,654,966 $409,978,414 11.8877 4,873,700 (243,685) 4,630,015 36,637,031 2035 $874,652,745 $429,654,966 $444,997,779 11.8877 5,290,000 264,500 5,025,500 41,662,531 2036 $911,247,982 $429,654,966 $481,593,016 11.8877 5,725,033 286,252) 5,438,781 47,101,312 2037 $949,490,004 $429,654,966 $519,835,038 11.8877 6,179,643 308,982 5870,661 52,971,973 2038 $989,452,917 $429,654,966 $559,797,951 11.8877 6,654,710 (332,736)1 6,321,974 59,293,947 2039 $1,031,214,161 $429,654,966 $601,559.195 11.8877 7,151,155 357,558 6,793,597 66,087,544 2040 $1,074,854,661 $429,654,966 $645,199,695 11.8877 7,669,940 383,49 7,286,443 73,373,987 2041 $1,120,458,984 $429,654,966 $690,804.018 11.8877 8.212,071 410604 7,801,467 81,175,454 2042 $1,168,115,501 $429,654,966 $738,460,535 11.88771 8.778,597 438,930 8,339,667 89,515,121 2043 $1,217,916,562 $429,654,966 $788,261,596 11.8877 9.370,617 (468,531) ,902,086 98,417,207 2044 $1,269,958,670 $429,654,966 $840,303,704 11.8877 9,989,278 (499,464) 9,489,814 107,907,021 2045 $1,324,342,673 $429,654,966 $894,687,707 11.8877 10,635,779 531,789 10,103,990 118,011,011 2046 $1,381,173,956 $429.654,966 $951,518,990 11.8877 11,311,372 565,569 10,745,803 128,756,814 2047 $1,440,562,647 $429.654.966 $1,010,907,681 11.8877 12,017,367 600,868 11,416,499 140,173,313 2048 $1,502,623,829 $429.654966 $1,072,968,863 11.8877 12 755,132 (637,75 12,117,375 152,290,688 2049 $1,567,477,764 $429,654,966 $1,137,822,798 11.8877 13,526,096 676,305 12,849,791 165,140,479 2050 $1,635,250,126 $429,654,966 $1,205,595,160 11.8877 14,331,754 716,588 13,615,166 178,755,645 2051 $1,706,072,245 $429,654,966 $1,276.417.279 11.8877 15,173,666 758683 14,414,983 193,170,628 2052 $1,780,081,359 $429,654,966 $1,350,426,393 11.8877 16,053,464 802,673 15,250,791 208,421,419 2053 $1,857,420,883 $429,654.966 $1'427,765,917 11.8877 16,972,853 848643 16,124,210 224,545629 Source:Tiberius Solutions LLC Notes:TIF is tax increment revenues.Tax rates are expressed in terms of dollars per$1,000 of assessed value. Revenue sharing is part of the 2009 legislative changes to urban renewal and means that, at thresholds defined in ORS 457.470,the impacted taxing jurisdictions will receive a share of the incremental growth in the area. The share is a percentage basis dependent upon the tax rates of the taxing jurisdictions. The first threshold is 10%of the original maximum indebtedness. At the 10%threshold,the Agency will receive the full 10%of the initial maximum indebtedness plus 25%of the increment above the 10%threshold and the taxing jurisdictions will receive 75%of the increment above the 10%threshold. The second threshold is set at 12.5%of the maximum indebtedness. If this threshold is met, revenue for the district would be capped at 12.5%of the maximum indebtedness,with all additional tax revenue being shared with affected taxing districts. Report on Tigard Triangle Urban Renewal Area 38 This 12.5%threshold is not anticipated to be reached prior to the termination of this district. Revenue sharing targets are not projected to be reached during the life of the Area. If assessed value in the Area grows more quickly than projected,the revenue sharing triggers could be reached. IX. IMPACT OF THE TAX INCREMENT FINANCING This section describes the impact of tax increment financing of the maximum indebtedness, both until and after the indebtedness is repaid, upon all entities levying taxes upon property in the Area. The impact of tax increment financing on overlapping taxing districts consists primarily of the property tax revenues foregone on permanent rate levies as applied to the growth in assessed value in the Area. These projections are for impacts estimated through FYE 2053, and are shown in Tables 14a and 14b. The Tigard-Tualatin School District and the Northwest Regional Education Service District are not directly affected by the tax increment financing, but the amounts of their taxes divided for the urban renewal plan are shown in the following tables. Under current school funding law, property tax revenues are combined with State School Fund revenues to achieve per-student funding targets. Under this system, property taxes foregone,due to the use of tax increment financing, are substantially replaced with State School Fund revenues, as determined by a funding formula at the State level. Tables 14a and 14b show the projected impacts to permanent rate levies of taxing districts as a result of this Plan. Table 14a shows the general government levies, and Table 14b shows the education levies. General obligation bonds and local option levies are impacted by urban renewal only if they were originally approved by voters in an election prior to October 6, 2001. There are no local option levies or general obligation bonds approved prior to October 6, 2001 that will still be in effect in the Area at the time that tax increment revenues begin to be collected. Report on Tigard Triangle Urban Renewal Area 39 Table 14a-Projected Impact on Taxing District Permanent Rate Levies- General Government General GoNernineni WashingtonCounty CityofTigard TN'FR Port of Portland Metro Aquatic District Fly, Perm Perm Perm Perm Perm Perm Subtotal 2019 $72,381 $80,902 $49,099 $2,25 $486 $2,89 $208,022 2020 $111,032 ($124,103) ($75,318 $3462 $7 $4,444 $319,105 2021 $151,422 $169,248 $102,71 $4,721 $1,01 $6,061 $435,186 2022 $193,630 $216425 $131,349 $6,03 $1,300 $7751 156,492 2023 ($237,737) ($265,725) ($161,269) $7,412) $1,59 ($9,516)1 $683,256 2024 ($283,829) $317,244 $192,535 ($8.849) ($1,906 $11361 $815,724 2025 $331,995 $371081 $225,209 ($10,351) ($2,230 $13289 $954,155 2026 $382,329 $427,340 $259,353 ($11,920) ($2,568 $15,304 ($1,098,814 2027 $434,928 $486,131 ($295,033) ($13.560) ($2,921 $17,409 $1,249,982 2028 $489,893 $547,568 $332,319) ($15,274) ($3,290) $19,610 $1,407,954 2029 $547,332 $611,769 $371,282 ($17,065) ($3,676) ($21,909 $1,573,033 2030 $607,356 $678,859 $412,000 $18,936 $4,079) $24,312 $1,745,542 2031 ($670,081) ($748,969) $454,549 $20,892 ($4,500) ($26,822) ($1,925,813) 2032 $735,629 $822,233 $499,013) ($22,935) ($4,940 ($29,446) ($2,114,196 2033 $804,126 $898,794 ($545,478) ($25.071) $5400 $32,188 $2,311,05 2034 $875,706 $978,801 ($594,034) ($27,303) $5,881 $35,053 $2,516,778 2035 $950,506 $1,062,408 ($644,775) ($29,635) $6,383 $38,04 $2,731,754 2036 $1,028,673 $1,149,77 ($697,799) ($31072). $6,908 $41,176 $2,956,405 2037 $1,110,35 $1,241,078 $753.210 ($34.618) ($7.45 $44446 $3,191,166 2038 $1,195,717) $1.336,487 $811.114) $37.280) $8.030 $47,863 ($3,436,491) 2039 ($1,284,918) $1,436,189 $871,623) ($40,061) ($8,629) $51,433) ($3,692,853 2040 $1378,134 $1,540379 $934,856) $42,96 $ 255 $55165 $3960756 2041 $1,475,543) $1,649,257 ($1,000,934) ($46,004) $9910 $59064 $4,240,712 2042 $1,577,337) $1,763,034) $1,069,985) ($49,178 $10,593 $63,138 $4,533,265 2043 ($1,683,711) ($1,881.931 ($1,142.144) ($52,494) ($11308 $67,396 $4,838,984 2044 ($1,794,872) ($2,006,179) ($1,217-550) $55,960 $12,054 $71,846 $5,158,461 2045 ($1,911,035) ($2,136,018) ($1,296,349) ($59,582) ($12834 $76,496 $5,492,314 2046 $2,032,425) ($2.271,699) ($1,378,694) $63,366 $13,650 $81,355 $5,841,189 2047 ($2,159,279) $2.413.487 ($1,464,745) ($67,321) ($14,501) ($86,433) $6205766 2048 $2,291840 $2,561.654) ($1,554667) ($71,454 $15392 $91739 $6,586,746 2049 ($2,430,36 $2,716.489 ($1,648,63 $75,773 $16,322 $97,284 $6,984,872 2050 ($2,575,12 ($2,878,292) ($1,746,835) ($80,28 $17,294 $103,078 $7,400,913 2051 ($2,726,402) ($3,047,376) ($1,849,452 $85,003 $18,310 $109,134 ($7,835,677) 2052 $2,884,484) ($3,221069 $1,956,68 $89.932 $19,372 $115,461 $8,290,005 2053 $3,049,679 ($1408,713) ($2,068,74 $95,082 $20,481 $122,074 $8,764,776 Total ($42,469,812)1($4 7,469,708 $28,809,360 $1,324,114 $285,220 $1,700,000 $122,058,214 Source:Tiberius Solutions LLC Report on Tigard Triangle Urban Renewal Area 40 Table 14b-Projected Impact on Taxing District Permanent Rate Levies -Education Education NW Regional TigardESD Tualatin SD 1") Perm Perm Perm Subtotal Total 2019 $9,104 ($4,951) ($160,612) ($174,667) ($382,689 2020 $13,965 $7,595 $246,379 $267,939 ($587,044 2021 $19,046 $10,358 ($336,005 $365,409 $800,595 2022 $24,354 ($13,245) ($429,665) ($467,264) ($1,023,756) 2023 ($29,902) ($16,262) ($527,539) ($573,703) ($1,256,959 2024 $35,700 ($19,415)_ ($629,817) ($684,932) ($1,500,656 2025 $41,758 ($22,710) ($736,698) ($801,166) ($1,755,321 2026 $48,089 $26,153 ($848,388) ($922,630) ($2,021,444 2027 $54,704 ($29,751)_ ($965,105) ($1,049,560) ($2,299,542 2028 $61,618 ($33,511) ($1,087,074 $1,182,203 ($2,590,157 2029 ($68,843) ($37,440) ($1,214,531) ($1,320,814) ''; ($2,893,847 2030 $76,392 $41,546 $1,347,724) ($1,465,662) ($3,211,204 2031 $84,282 ($45,836)_ ($1,486,911) ($1,617,029) ($3,542,842 2032 ($92,526) $50,320) ($1,632,361) ($1,775,207) ($3,889,403) 2033 $101,142 $55,006) $1,784,356 ($1,940,504 ($4,251,561 2034 ($110,145) ($59,902) ($1,943,191) ($2,113,238) ($4,630,016 2035 ($119,553) ($65,019)_ ($2,109,174) ($2,293,746) ($5,025,500 2036 ($129,385) ($70,366) ($2'282'625) ($2,482,376) ($5,438,781 2037 ($139,659) ($75,953) ($2,463,883) ($2,679,495) ($5,870,661 2038 ($150,395) ($81,792) ($2,653,296) ($2,885,483) ($6,321,974 2039 ($161,615) ($87,894) ($2,851,234) ($3,100,743) ($6,793,596 2040 ($173,339) ($94,270) ($3,058,079) ($3,325,688)_ ($7,286,444 2041 ($185,591) $100,933 $3,274,231 $3,560,755 $7,801,467 2042 ($198,395) ($107,896) ($3,500,111) ($3,806,402 ($8,339,667 2043 ($211,774) ($115,173) ($3,736,155) ($4,063,102) ($8,902,086 2044 ($225,756) ($122,777 ($3,982,821) ($4,331,354 $9,489,815 2045 ($240,367) ($130,723) ($4,240,587) ($4,611,677) ($10,103,991 2046 ($255,635) ($139,026) ($4,509,952) ($4,904,613 $10,745,802 2047 ($271,590) ($147,704)_ ($4,791,440) ($5,210,734 $11,416,500 2048 $288,264 ($156,771)_ ($5,085,593) ($5,530,628) ($12,117,374 2049 ($305,687) ($166,247) ($5,392,984) ($5,864,918) ($12,849,790 2050 $323,895 $176,150 $5,714,208 ($6,214,253) ($13,615,166 2051 ($342,922) ($186,497) ($6,049,886) ($6,579,305) ($14,414,982 2052 $362,806 ($197,311 $6,400,670 ($6,960,787) ($15,250,792 2053 $383,584 $208,611 $6,767,239 $7,359,434 $16,124,210 Total $5,341,782 $2,905,114 $94,240,524 $102,487,420 $224,545,634 Source:Tiberius Solutions LLC Please refer to the explanation of the schools funding in the preceding section Report on Tigard Triangle Urban Renewal Area 41 Table 15 shows the projected increased revenue to the taxing jurisdictions after tax increment proceeds are projected to be terminated. These projections are for FYE 2054. Table 15 —Additional Revenues Obtained after Termination of Tax Increment Financing Tax Revenue in FYL2054(year after exoration) From Frozen Taxing District General Government Washington County 2.2484 $ 966,036.00 $ 3,391,904.00 $ 4,357,940.00 City of Tigard 2.5131 $ 1,079,766.00 $ 3,791,227.00 $ 4,870,993.00 TVFR 1.5252 $ 655,310.00 $ 2,300,895.00 $ 2,956,205.00 Port of Portland 0.0701 $ 30,119.00 $ 105,752.00 $ 135,871.00 Metro 0.0151 $ 6,488.00 $ 22,780.00 $ 29,268.00 Tigard/Tualatin Aquatic District 0.0900 $ 38.669.00 $ 135,773.00 $ 174,442.00 Subtotal 6.4619 $ 2.776.387.00 $ 9.748.330.00 $ 12,524,719.00 Education PCC 0.2828 $ 121.506.00 $ 426,628.00 $ 548,134.00 NW Regional ESD 0.1538 $ 66.081.00 $ 232,020.00 $ 298,101.00 Tigard-Tualatin SD 4.9892 $ 2.143.635.00 $ 7,526,636.00 $ 9,670,271.00 Tigard-Tualatin SD 00 Bond 0.0000 $ - $ - $ - Subtotal 5.4258 $ 2,331,222.00 $ 8,185,284.00 $ 10,516,506.00 Total 1 11.88771 $ 5,107,610.00 $ 17,933,615.00 $ 23,041,225.00 Source:Tiberius Solutions LLC Report on Tigard Triangle Urban Renewal Area 42 X. COMPLIANCE WITH STATUTORY LIMITS ON ASSESSED VALUE AND SIZE OF URBAN RENEWAL AREA State law limits the percentage of both a municipality's total assessed value and the total land area that can be contained in an urban renewal area at the time of its establishment to 15%for municipalities over 50,000 in population. As noted below,the frozen base(assumed to be FYE 2017 values), including all real,personal,personal,manufactured, and utility properties in the Area, is projected to be$429,654,966. The total assessed value of the City of Tigard, minus excess value of the city's existing urban renewal area is $5,875,954,608. Excess value is the assessed value created above the frozen base in an urban renewal area. The total urban renewal assessed value of the two urban renewal areas is 8.49%of the total assessed value of the city, minus excess value,which is below the 15% statutory limitation. The Area contains 547.9 acres, including public rights-of-way, and the City of Tigard contains 8,129 acres.After accounting for the acreage in the city's other urban renewal area, 9.12 %of the city's acreage is in an urban renewal area,which is below the 15%statutory limitation. Table 16—Urban Renewal Area Conformance with Assessed Value and Acreage Limits Assessed Value UR Excess Acreai,-e City of Tigard $5,907,591,736 8,129 City of Tigard minus Urban Renewal (UR)excess $5,875,954.608 _ Existing Tigard City Center UR Area $69.207,378 $31,637,128 193.71 Proposed Tigard Triangle UR Area _ $429.654,966 547.90 City Center and Tigard Triangle UR Areas $498,862,344 741.61 Percentage in UR Areas 8.49% 9.12% Source:Compiled by Elaine Howard Consulting,LLC with data from City of Tigard and Washington County Department of Assessment and Taxation(FYE 2016) XI. RELOCATION REPORT There is no relocation report required for the Plan. No specific acquisitions that would result in relocation benefits have been identified, however,there are plans to acquire land for infrastructure which may trigger relocation benefits in the future in the Area. Report on Tigard Triangle Urban Renewal Area 43 AIS-2840 4. CCDA Agenda Meeting Date: 10/04/2016 Length (in minutes): 15 Minutes Agenda Title: Public Review of City Center Urban Rcncwal Plan Substantial Amendment Submitted By: Sean Farrelly, Community Development Item Type: Update, Discussion, Direct Staff Meeting Type: City Center Development Agency Public Hearing: No Publication Date: Information ISSUE Should CCDA forward the draft substantial amendment of the City Center Urban Rcncwal Plan and accompanying report for public review? STAFF RECOMMENDATION / ACTION REQUEST Staff recommends that the CCDA initiate the public review process for the draft Substantial Amendment of the City Center Urban Renewal Plan and accompanying report. KEY FACTS AND INFORMATION SUMMARY The City Center Urban Renewal district does not have the financial capacity originally estimated when approved by voters in 2006. The urban renewal financial analysis, done prior to the Great Recession of 2008, projected that $22 million in tax increment would be generated by 2026. The recession greatly reduced growth in property values and development. Current estimates are that the current district will generate about$6 million less tax increment than originally projected. Without new resources, there will be insufficient funds for several City Center Urban Renewal Plan projects At the direction of the City Center Development Agency Board, staff worked with consultants to prepare a draft Substantial Amendment to the City Center Urban Renewal Plan. The proposed expanded district would allow for the collection of tax increment revenue closer to the amount envisioned for the urban renewal area time period. State law ORS 457.220(3) limits increases to the size of an urban renewal district to 20% of a district's original size. The City Center Urban Renewal District is 191.22 acres. It can be increased 38.24 acres in size. The City Center Advisory Commission has been briefed on the substantial amendment. I tie purpose of urban renewal is to improve specific areas or the city that are poorly developed or underdeveloped and meet the ORS 457 definition for blight. Downtown Tigard meets the definition due to its many underdeveloped lots and lack of a mix of high quality commercial, office, residential and public uses in the area. Pursuant to ORS 457, the city's Urban Renewal Agency (the CCDA) shall initiate the public review process for all proposed urban renewal plans and substantial plan amendments. Initiation of the public review processes for the attached draft plan amendment and accompanying report require the following actions to be taken: •Staff will forward a copy of the draft plan amendment and report to all overlapping taxing districts and formally solicit their comments on October 5. •Staff will brief the Washington County Board of Commissioners on the draft plan amendment and report on October 18. •Planning Commission will hold a hearing on November 14 for their review of the draft plan amendment's conformance to the Tigard Comprehensive Plan. •City Council will hold a hearing on December 13 for the purpose of considering adoption of the draft plan and report. Staff will send out a notice advertising this hearing to all Tigard registered voters pursuant to ORS 457. •City Council will forward the adopted plan and report to the voters for their consideration at the May 2017 election. The draft report may change between now and the City Council hearing in December. Changes will be minor and limited to the financial analysis. OTHER ALTERNATIVES Council may suggest revisions to the plan amendment or could chose not to initiate the public review process. The latter may prevent a public vote on the plan in May 2017. COUNCIL GOALS, POLICIES, APPROVED MASTER PLANS Tigard City Council 2015-17 Goals and Milestones Goal #2. Make Downtown Tigard a Place Where People Want to Be City Center Urban Renewal Plan Tigard Comprehensive Plan Special Planning Areas- Downtown Goal 15.2 Facilitate the development of an urban village. City Strateg!c Plan Goal 1: Facilitate walking connections to develop an identity. City Strategic Plan Goal 2: Ensure development advances the vision. DATES OF PREVIOUS COUNCIL CONSIDERATION beptemoer zu, Zuio: Liscuss Aaopuon rrocess for oubstannai hmenament to Lowntown City Center Urban Renewal Plan May 3, 2016 : Discuss Potential Substantial Amendment to City Center Urban Renewal Plan. Attachments City Center Urban Renewal Plan Amended Language Report Accompanying the Tigard City Center Urban Renewal Plan Substantial Amendment Proposed new text is shown in double-underline. Deleted text is shown in laugh. CITY CENTER URBAN RENEWAL PLAN I. Introduction The Plan has a duration of 20 years(see Chapter XI),meaning that no new debt will be incurred after Fiscal Year 2025/2026.The maximum amount of indebtedness(amount of tax increment financing for projects and programs)that may be issued for the Plan is Twenty- Two Million Dollars and No Cents($22,000,000). The first substantial amendment was developed in 2016 and went to voters in the May 2017 election. It amended the boundary and updated the plan as needed. II. Goals and Objectives No changes to this section III. Outline of projects No changes to this section IV. Map and Legal Description of Urban Renewal Area Map and Legal Description are replaced in their entirety. V. Urban Renewal Projects No changes to this section VI. Relationship to Local Objectives B. Tigard Comprehensive Plan Goals and Policies (Comprehensive Plan has been updated since original City Center Urban Renewal Plan adoption) Pelie),3.4.-2 The City Shall- a. D ♦ t fish and wildlife habitat along steam., nide«..by Hianaging the h biter and .,4811ing er-esion, and byr-equir-ing th.,t aFeas of stands ,,. tfees ,7 et, a4 et; el,. e „ e .7« and .,te be vast �a� tl o _ peliey 3.6.4 The Cit., shell eneeur-agepr-ivere sate and ..te e.,tel agr-eeme..t.. 40"W01;NVill PFOVide for-open > lands, e and pr-esef-,,e t 1' seenie d h' e t intent with the availability of r,esetiFees. '-v=icT nerve., G �4 The-City has designated the 100 Yea Fleedplain of Fanne G ek is 4r-ibwar-icr, and the Tuala4in River-as e whieh will be the h--Rekbene efthe open to the 100 Ve Fleedplain,the CitT��shall theeensiader-atien of dediemieff of su f:eient open 1^..a area for-g adjoining,,.,ayOishin the fleedplain. Del;e., 2 G A � J�T TheCity shell p ,;ae ., „t„r,.,..,.,e,.te a „eaest.-;.,. 1 l.'I, „tl, tl,.•,,.,,,l,eat t4, CitYi peliey 3.7.4 The City shall idenfif�, and promote the pr-esei-�,a4ien and PFOteetien of hister-ieauy a a'.,t,.:ets within T a � lt>:►rall�Sigi3i�Eaiit Str�tEttii'e, Site-al3jeets uixcraiocxxcco e�ianxrrr�urtx. NATURAL RESOURCES AND HISTORIC AREAS. Goal 5.1:Protect natural resources and the environmental and eeolagieal fin tions th v provide. and to the extent feasible,restore natural resources to create naturally fan tioning ,U&ms and high levels ofbiodiversity, Policy 7: The City shall protect and restore rivarian and upland habitats to the maximum extent feasible on Public and private lands Goal 5.2: Promote the preservation and prate tion of histori cull,and cultura&signif ant resources. The Plan identifies Parks,Public Spaces and Bicycle/Pedestrian Facilities projects,including but not limited to the Fanno Park Improvements,Urban Creek/Green Corridor and Urban Green Spaces projects,which will further the Comprehensive Plan's Natural Areas policy objectives. In addition to preserving and upgrading existing parks and natural areas such as Fanno Creek Park,the Plan will facilitate the creation of"green"amenities and pedestrian/bicycle facilities that will provide new active and passive recreational opportunities for residents,downtown workers and visitors and improve connectivity between downtown and adjacent neighborhoods. peliey 5.1 The Git.,shall promote vetiyities aimed et the diye%ifit' f th appeAunities available to Tigan-d residents with paoieaulaf emphasis pl..eea on the grwmh of the le el eh.,, ..Let peliey 5.3 The City shallimpr-eveand e„hanee the pei4iens efthe,ee.#-M bussi,ess dist t as the feeel peipA f e ..1 high den-i#"« side«t' 1 business,eivie an a ECONOMIC DEVELOPMENT Goal 91•Develop and maintain a strong dirersilied and sustainable local ec•onomv. Policy 1: The City shall establish strategies to retain and encourage the growth of existing businesses. Policy 5 The City shall promote well-designed and efficient development and redevelovnwut of vacant and underutilized industrial and commercial lands. One of the Plan's stated goals is to"Promote high quality development of retail,office and residential uses that support and are supported by public streetscape,transportation, recreation and open space investments."The Plan identifies intersection improvements, such as the Hall Blvd/99 W Intersection Improvements project,road widening and realignment projects and other street projects that will improve circulation and access in and around downtown. In addition,the Plan authorizes streetscape projects and pedestrian/bicycle improvements that will make downtown safer and more accessible to pedestrians and bicyclists by filling in gaps in the existing sidewalk system,providing new or upgraded bike lanes,and establishing new multiuse trails and pedestrian crossings. Finally,the Plan includes parks, public spaces and public facilities projects that will make downtown a more appealing place to do business and facilitate the transition of existing industrial and auto-oriented uses to locations outside of the Central Business District. Pelir.),6.1.4 r-esidepAiai types atyar-i us pr-iraes and Font levels. HOUSING Goal 10.1:Provide opportunities for a variety of/rousing"es to meet the diverse housing needs of current and future City residents. Policy 1• The City shall adopt and maintain land use policies, coda and standards that provide opportunities to develop a variety ofhousing types that meet the needs, preferences. and financial capabilities_ofTigard's present and future residents. Policy 5• The City shall provide for high and medium density housing in areas such as town centers Downtown) gional centers (Washington Sauare), and along transit corridors ere employment opportunities commercial services transit and other public services necessary to support higher population densities are either present or vlanned for in the In addition to financing the programs described in Section IV,the Plan includes public improvements projects that will make the Area a more attractive and viable location for new,high quality medium-and high-density residential development in downtown Tigard. Peliey 8.1.4 thea IA,-Abilify ef:Figar-d b5- pedestrian r-eates. Poliesy 8.14 fnedes)b5- a. The development of and implementation efpublie stfeet stEffidafds th - . the multi purpose nature of the stfeet right ofway feF utifi4y-, ; b. CoEwdination with T-A met,andiEW an), other-tfansit pfe-videfs sefwing , e. !`enst......tion efbieyele A- -Al e.we.•-RIS .,...i 0-ARAIe..t.,r- ...:tl.:.f T-igaFd eensisteetwith the -Plaefl.All >pafks, , e. Development of bieyele and pedestr-im plans whie-A link to r-ee-weatiefial ; r.onneetionsi and L. Design SeC e..,7 seew-we pedest.•:.,n and bikeways betwee., p.fks e d ethe.. peliey 8.24 The Goy shell «le« for-e of and eff:e a«t street and.eed«,e.,system thet fneets Pokey 8.3.4- The Cit., ..1,.,11 ,. e..d:«ete with T.: met to p ,:de f«e publ:e t..e«e:t system a. Meets the needs of-beth the e e«t e«d « °rated f_the_T-igafd_eemffi..«:t..• � e h Add.• the dtransit d .le«t« .leti . e e te e eneeds of a e « «; d. Reduees energy reens I:eliray 8.3.2 The!`:t., shell a theexpansien «d use of pubiie transit h. e. C e..t:« effefts by T« et and ethe gr-oupsto pFev:de f..the needs of the tr-anspeftmiea disadvantaged. Pokey 8.5.4 Th Git.. hell 1 to Ne.,eWpede t.•:e« ide.•s i x,l iE?h pr-e.��:dee�= 7-t•1�i-C'1TTe.7i'[i[n�vcsee�7vTe7v7'(.'7Ge7a�ammrGvr7�"�ICTvrS'in-'a x i�ieixi�c i'v i� �e��-Px y r ra 7 f by developing the pa4hweey system shewn en the adepted Pedes4r4afVBikeway Plan, TRANSPORTATION Goal 12.3: Provide an accessible,multi-modal transportation stem that meets the mobift needs ofthe community. Policy 4: The City shall support and prioritize bicycle. pedestrian. and transit improvements for transportation disadvantaged populations who may be dependent on travel modes other than private automobile. Policy 6: The City shall require development adiacent to transit routes to provide direct pedestrian accessibility. Policy 8: The City shall design all Moiects on Tigard city streets to encourage pedestrian and bicycle travel. Goal 12.4:Maintain and improve transportation sv. Policy 2: The City shall coordinate with appropriate agencies to provide safe, secure. connected and desirable pedestrian. bicycle and public transit facilities. In conjunction with proposed street improvements,the Plan provides for new bike lanes and sidewalks as well as upgrades to inadequate bicycle and pedestrian facilities. These projects will increase multimodal access and circulation throughout the Area. Further,to improve neighborhood livability and create a visually appealing streetscape environment that draws residents and visitors to downtown and promotes more active commercial, recreation and entertainment uses, landscape improvements, street trees,street furniture and other streetscape improvements are identified as key components of the Plan. Pelie), 11.44 The«e.deyelopmew e f downt,,wn T:...,«.d ..1...11 be a plishe,d ina«,de«to m1aake :t of the shopping publie should be pr-ifnai-y eensider-ati Pelie., 11.64 Require that all development peFmioed in Aefien AFeas be designed to f6eilit pedestrian m nt, ,:thin the a „te«aR d to t«e„s:t SPECIAL PLANNING AREAS-DOWNTOWN Goal 15.1: The City will promote the creation of a vibrant and active urban villas at tIz heart ofthe community that is pedestrian oriented,accessible by many mod c of resources as an asset, and features a combination of uses that enable people to live, work,ttlay,and shay in an environment that is ttniat� ly Goal 15.2:Facilitate the development ofan urban village. PoliCy 5:Downtown design development and provision shall emphasize public safety ility, and attractiveness as primary obiective Goal 15.4:Develop comprehensive slaet and circulation improv m nts for ped striunc. automobiles, bicycles, and transit. Policy 1: The downtown shall be served by a complete array ofmulti-modal transportation services including auto, transit, bike, and pedestrian facilities. Policy 5:Streetscape and public area design shall focus on creating a pede trian friendly environment without the visual dominance by automobile-oriented u e Proposed pedestrian and bicycle improvements, such as the Commuter Rail Access and Tigard Street/Grant Pedestrian/Bicycle Crossing projects,will provide safe and convenient pedestrian access to local shops and transit. In addition, streetscape improvements along Main Street,Burnham Street,Commercial Street and other Area roadways will make downtown a more accommodating,pedestrian-oriented commercial district than it is today. Lastly,public facilities projects such as the Performing Arts Center and Public Market will generate support for new and existing businesses that provide entertainment and recreational options for downtown visitors. Goal 1! Livability Plan d a t« t tFan Ftat:en f •I•t > I � »....��xa oeixsa uec nmxsPvrccscrorr-racnTrxc�-nrcrrrrarirrcai-rrcrr enhanoes the livability of T-igefd. Peliey-2 €aRearage-pedestrian aeeessibility by pr-evidifig safe,seetife and desirable pedestrian Feates. i-_eal 7. nalaneea Trannnertat:en System 8tbef FAedes) pedestrian,the multi pur-pose natur-e ofthe street Fight ef way fer-utility, bie„elef♦Fans:♦1 l.tF„eand a,.te. 1�eliE)3 Ric,,yele lanes must be eenstnieted en all aiEerials and rollevirno within T.bar-d ......ntentwith the-nicreTeMmst crDI / ith art ravt vn e PeNey 4 Sidewalks must be ”t 4vteaoi-all streetsr4hirrTr'gcxa(with publie e peAs, f:,eil:t' a retail aFeaS Shall L. .l' t t a sidewalk. lene+4, by n ,iding„ eet:.,:t„ and limiting out of .l' t'efi t 1 Peliesy 8 Tigar-d will suppef4 the development of a eommuter-Fail system as art of ther-egiefial transit netwer-L Geal 3- Safety standards,aeeess management e.en n .7 nspeed an ret«el h en ran+ ehe ia of a fig, ea, t' ,l f t Pelie.y 3 Safe and seeur-e pedestf:iaR and bikeways shall be designed between narLs and other aet:..:t., e ntefs :n T-iga F,l !_e a� eeessibilit J Develop t«ansneFtat:en F e:l:t:es whieh a oeeessibi t ll members f t., a t fa t t l r..?sr-r,,�,,, 'ixic7-uixv-iniimiriz'.c�crex-cTxrcvcxvn-cmrcr. Polie), 1 Design and-eel3stfuet Ifanspef4atiea faeili'cies to meet the Ms of the AfneF:eans with Disabilities A t .vow.. v.aw va ....v,>.,aava,v • adequate eir-esulation in and out of the neighber-heeds, Goal 6- Goods MevomeW DFeyide C F efferent movement of goods and Pelioy 1 Design aiteCial rAHics,highway areess aneent jand uws C. Transportation System Plan Goals and Policies TRANSPORTATION SYSTEM PLAN Goal 2• Trancnortation Fffci nCv—Develan and maintain a transportation cr.ctem for the efficient movement of people and goods. Policy 4 The city shall design arterial routes, highway access and ad iacent land uses in ways that facilitate the efficient movement of people. goods. and services. Goal 3:Multi-modal Transportation System—Provide an accessible, multi-_modal at meets the mobility needs ofthe contnu!nity. Policy S• The city shall require development adjacent to transit routes to provide direct pedestrian accessibility. Policy 7• The city shall design all proiects on Tigard city streets to encourage pedestrian and bicycle travel. Goal 4. Safe Transportation Srctem—Maintain and improre transportation system safety. Policy 2• The city shall coordinate with appropriate agencies to provide safe. secure. connected and desirable pedestrian, bicycle. and public transit facilities. The Plan includes streetscape improvements and bicycle/pedestrian system improvements designed to encourage alternative modes of transportation to the automobile. By filling gaps in the existing sidewalk system, installing new bike lanes and upgrading existing bikeways to standard,the Plan will help create a complete system of bicycle and pedestrian facilities that enables pedestrians and bicyclists to commute safely and efficiently to and within downtown. The Plan includes street improvements that will address motor vehicle needs in and around downtown Tigard. Projects such as the Scoffins Street/Hall Boulevard/Hunziker Realignment and Highway 99W intersection improvements will reduce congestion and improve circulation while creating a safer environment for drivers,pedestrians and bicyclists. "TL.,..,ugh building a eetions,the City of Tigard will p .:.de a par-Ii system..the i -B lanees the: ..et.. a fgFewth afid g de.,sity with......L.. .."d C'eenspaees; e at eni4y destinations, ad n neighbor-hoods with trails a«.1 e esu.. gr-eenwaysT. Fosters stewardship of natural Feseur-ees sueh as fleedplains and e the City; . D«eyi des safe and well maintained paFks and r if.-._:.lifies ,td e eaten �. a - Provides f-.q-r-effreetive Rand eeenemiealb,sound management 4 publies Feseur-Ges. inefease , renters, eemmer-eial areas." D. City of Tigard Park System Master Plan PARKS,RECREATION TRAILS AND OPEN SPACE Goal 8.2: Create a Citywide network of interconnected on-and off-road pedestrian and cycle trails. Policy 1: The City shall create and interconnected regional and local system ofon-and off- road trails and baths that link together neighborhoods.Parks, open spaces, maior urban activity centers and regional recreational opportunities utilizing both public property and easements on private property. The Plan includes multiple projects that support the City's park system vision and recommendations. In particular,the Fanno Creek Park Improvements and Enhanced Pedestrian Bridge,Urban Creek/Green Corridor and Urban Green Spaces projects will upgrade and increase multimodal access to existing parks and open space areas and create new green space and recreational areas that will draw residents,shoppers and visitors to downtown Tigard. VII. Proposed Land Uses No changes to this section VIII. Property Acquisition and Disposition No changes to this section IX. Relocation Methods No changes to this section X. Tax Increment Financing of Plan No changes to this section XI. Duration of Plan No changes to this section XII. Future Amendments to Plan Report Accompanying the Tigard City Center Urban Renewal Plan Substantial Amendment Adopted by the City of Tigard DATE Ordinance No. Approved by Voters DATE Consultant Team Elaine Howard Consulting,LLC Elaine Howard Scott Vanden Bos Tiberius Solutions LLC Nick Popenuk Rob Wyman ECONorthwest Ali Danko Kate Macfarlane Faik'`"rh.`c`Lk Jr$:•:i�:y:.: v'l 4:Y {: 4:•: dr f rr .:4Y:Yn r{! • {FFA $. %AW wom,. TABLE OF CONTENTS I. INTRODUCTION.............................................................................................................. 1 11. EXISTING PHYSICAL, SOCIAL,AND ECONOMIC CONDITIONS AND IMPACTS ON MUNICIPAL SERVICES..................................................................................................4 III. REASONS FOR SELECTION OF EACH URBAN RENEWAL AREA IN THE PLAN 15 IV. THE RELATIONSHIP BETWEEN URBAN L PROJECTS AND THE EXISTING CONDITIONS IN THE URBAN RENT ....................................... 15 V. THE ESTIMATED TOTAL COST OF EACI-�OROJECT JHESOURCESOF MONEYS TO PAY SUCH COSTS............. ............................... ............................ 16 VI. THE ANTICIPATED COMPLETION DATE,FOR EACH PROJE .................... 17 VII. THE ESTIMATED AMO TAX IN< IVI£NT REVENUES UIRED AND THE ANTICIPATED YEAIC. H INDEBTEDNESS WILL BE RETIRED..20 VIII. FINANCIAL ANALYSIS OF PL ...........................................................25 IX. IMPACT OF RE FINtT1` 2 X. COMPLIANC H ST TORY LIMITS ON ASSESSED VALUE AND SIZE OF URBAN RENEW ,. .............................................................29 .:>. ;::.: %N�.- :REPORT— X1. . . ............................................................. 29 ' ••mak Report on Tigard City Center Urban Renewal Area Amendment I. INTRODUCTION The Report on the Tigard City Center Urban Renewal Plan Amendment(Report)contains background information and project details that pertain to the Tigard City Center Urban Renewal Plan (Plan)Amendment(Amendment). The Report is not a legal part of the Plan, but is intended to provide public information and support the findings made by the City Council as part of the approval of the Plan. The Report provides the analysis required to meet the standards of ORS 457.085(3), including financial feasibility. The format of the Report is based.on this statute. The Report documents not only the proposed projects in the Plan, but also documents the existing conditions in the Tigard City Center Urban Renewal Area (Area). The Report provides only guidance on how the Plan inight be i:<.: lemented.As the Tigard City Center Development Agency (Agency) co # its annual .�.- et process each year, it has the authority to make adjustments to the, tptions in this R particularly in c.O.' :.}. regards to forecast revenues and planned exitures. The Agency a allocate budgets differently,adjust the timing of the projects,d ':. to incur bt at different timeframes than projected in this Report, and make other changes; to the amendments section of the Plan. � Com' Y:t}: Report on Tigard City Center Urban Renewal Area Amendment 1 Figure 1 —Tigard City Center Urban Renewal Plan Area with Amendment Properties Tigard City Center Urban Renewal Area Boundary of Amendment Area Slr✓C'�e am NOR av* e� • W j•• a s• •••• •• P9a�� a •' a i •• • `' i ••IO ••♦ ••• so Rose •• S� ■i ■ •i ■ %*o#' l:•�. A/I'2:�Q • s • �R ..in -1 ■ i.•• �drn St+ � r ■ �. a ■ ■ Its ■■■ ■ Boundary of Amendment Area ■ ■ Existing Tigard City Center URA •■■■* 0 500 1,000 1,500 feet I I I I Source:ECONorthwest Report on Tigard City Center Urban Renewal Area Amendment 2 Figure 2—Tigard City Center Urban Renewal Plan Area After Amendment Tigard City Center Urban Renewal Area Boundary as Amended e� N • N/C ♦ S� • � tJ ■ m � ♦♦• ♦• �I1 P a ♦♦♦ 3 ♦ -o ♦•♦: •■arm •••■■••■■■■•■�i :♦♦ •� N♦ ♦ ♦ S t �'yo • ■ 'Qd ■ w♦♦ dam St+♦ i ■ .1 ■ ♦■ 1•■■■ ■ M ■ ■ Tigard City Center URA 0 500 1,000 1,500 feet I I I I Source:ECONorthwest Report on Tigard City Center Urban Renewal Area Amendment 3 II. EXISTING PHYSICAL, SOCIAL,AND ECONOMIC CONDITIONS AND IMPACTS ON MUNICIPAL SERVICES This section of the Report describes existing conditions within the Tigard City Center Urban Renewal Area and the Amendment Area and documents the occurrence of"blighted areas," as defined by ORS 457.010(1). A. Physical Conditions 1. Land Use The existing Tigard City Center Area is 191.22 acres in size`containing 191 tax lots consisting of 147.91 acres. The Amendment area is 37.74 acres in size, containing 7 tax lots consisting of 37.69 acres.After the Amendment thei total Area `' kbe 228.96 acres, including 198 tax lots consisting of 185.60 acres and 43.36 acres of right o for a total of 228.96 acres. " }y An analysis of property classification data for FYE 2016 fro M.- the Was ,11 County Department of Assessment and Taxation was used to deterrmiKe the land us gnation of tax lots in the Area as amended. l3 ` creage, commercial use accounts for the `gest land use within the area(51.51%). This is followed by exempt(28.11%), and multifamily residential (11.73%). The total land uses of the Area. by acreage and parcel, are shown in Table 1. Table 1 —Existing Lan „se:of Area I", � .. Land t se Existing Exisitng Amendment Amendment Total Total Percent of Taxiots Acres Taxiots Acres Taxiots Acres Acres Commercial s 4 :3.16 Ss :: 22.45 125 95.61 51.51% Exempt 0.00 30 52.18 28.11% Industria0 .:. 0.00 1 6.41 3.45% Multi- ;residential""`< 10 `: 6.68 "% :;. "' 15.10 11 21.78 11.73% Sin Residential 5 0.00 18 5.45 2.94% Vacant ML 1 0.15 13 4.17 2.25% Total 19 147. 7 37.70 198 185.60 100.00% 2Source:Compiled rius Solutions LL data fro the Washington County Department of Assessment and Taxation(FYE 2016) az;? Report on Tigard City Center Urban Renewal Area Amendment 4 2 Zoning and Comprehensive Plan Designations As illustrated in Table 2 and Figure 2,the majority (67.56%)of the Area by acreage is zoned as Mixed Use Central Business District. Table 2—Existing Zoning Designations of Area Zoning Existing Existing Amendment Amendment Total Yotal Perce fit of Tailots Acres Taxlots Acres Taxiots Acres Acres IMixed Use Central Business District 1 187 125.40 0 187 125.40 1 67.56% 'M/U CBD-Planned Development Overlay 0 0.00 1 1 15.1 8.14% General Commercial 0 0.00 5 5 21.61 11.64% Parks and Recreation 4 22.50 0 .00 4 2150 12.12% 1 0.99 0.53% Industrial Park 0 0.00 1 Total 191 147790 , 198 185.60 100.00% Source:Compiled by Tiberius Solutions LLC with data from the Wash"" -Aksessment and Taxation(FYE 2016) bounty Departure`' and Metro RLIS 2016 Ql. As illustrated in Table 3, 67.47%of the acrQ4s designated as Mixe' a Central Business District in the City of Tigard Comprehensive Table 3 —Existing Comprehensivq-.�:.P.Jan Designat%4M�`-'---'-"'.-. Comprehensive Plan Designation Existing Existing Amendment Amendment Total Total Pe rce nt of Tax"ts Acres Taxiots Acres Taxiots Acres Acres Mixed Use Central Business District 179 i� .1 0 1 180 1 125.22 67.47% General Commerical 0 5 21.61 11.64% Open Space 12 0.�M 12 37.78 20.36/6 . ............. Light Industrial ...... 0.99 1 0.99 0.53% 1rotal1 147.00: ?•v ;�'i=<7o 198 185.60 100.00% Source:Compiled by Tiberi"" ions LLC wN.W"ta from the bri County Depa ent of Assessment and Taxation(FYE 2016) and Metro RLIS 2016 Q1. :X. X: X. Report on Tigard City Center Urban Renewal Area Amendment 5 Figure 3 —Area Zoning Designations Tigard City Center Urban Renewal Area Zoning Designations ti ♦ 7 V ,^ L v Zonin • • - Mixed Use CBD- . Planned Development ••M,�, - Mixed Use CBD - General Commercial Industrial Park Parks and Recreation ■ City Center URA r F 0 500 1,000 1,500 feetki Source:ECONorthwest with data from the City of Tigard and Metro RLIS 2016 Q1. Report on Tigard City Center Urban Renewal Area Amendment 6 Figure 4—Area Comprehensive Plan Designations Tigard City Center Urban Renewal Area Comprehensive Plan Designations r 40 • yjT •• r � y �: \ \,Y� ■ r � ■ r Comprehensive Plan ■•M: r - Mixed Use CBD General Commercial 14`� , f 1_. zz I - Light Industrial r a Open Space f t i )moi ■■■ City Center URA •■■.• ,:�-fit 0 50G 1,000 1,500 feet I i Source: ECONorthwest with data from the City of Tigard and Metro RLIS 2016 Q 1. Report on Tigard City Center Urban Renewal Area Amendment 7 B. Infrastructure This section identifies the existing conditions in the Area to assist in establishing blight. There are projects listed in City of Tigard master plans and Tigard Transportation Systems Plan that identify these existing conditions. This does not mean all of these projects are included in the urban renewal plan. The specific projects to be included in the urban renewal plan are not changed by this Amendment. They are listed in Table 11. 1. Transportation .tA The Tigard Transportation Systems Plan details the transp r needs within the Area. Streets and Intersections There are significant transportation needs within th `: Table 4—Transportation Needs in the Area :.. Cost Name Description Time Frame Estimate Ash Ave railroad Extend Ash Avenue across ilroa crossing( >: .• �Burnham tracks from am to Com <>::�.ear-term ,000,000 to Commercial Street _ > :. Hall Boulevard widening,Pacific Widen to up to an riding o Highway to Fanno corridor plan ar-term $2,500,000 Creek ,.:. to is signal at Main '$treet/Ti Street. Project need Main Street/Tigard uld be ' 'aluated after Pacific Near-term $350,000 Street „ayI ea-burg Road/Hall Bo evard improvements and Main treet improvements are completed Source''?of Tigard Transports te-, 'inn tv. i'• :v 4 ..{i Report on Tigard City Center Urban Renewal Area Amendment 8 Table 4 Continued—Transportation Needs in the Area Cost Name Description Time Frame Estimate Provide 2 travel lanes,turn lanes where Main Street Green necessary,on-street parking,good Street(Phase II) sidewalks,and lots of pedestrian-friendly Near-term $2,000,000 amenities on Main Street from the railroad tracks south to Pacific Highway Tigard Transit Provide bicycle hub at Tigard Transit riWar-term $50,000 Center bicycle hub Center Convert a segment of inactive railroad t"':,.:;:::.. right-of-way adjacent to Tigard Street Tigard Street Trail Near-term $1,250,000 from Tiedeman Avenue to Main Street to a multiuse path Commercial Street Install sidewalks on bothr of the Near-term $400,000 street from Main Street to L Street Source:City of Tigard Transportation Systems Pla 2. Water There are no water needs in the Area..:., 3. Storm Water ?� :r�`M . There are two storm 1Nater projects in the Area: <'z a. 94028—Main Street Storm Rehabilitation (Fanno Creek) Project Need: Upgrade mitltiple`stdrmwater outfalls in a way that promotes visual appeal in the downtown area. Project Description: The projeet'w ill upgrade functional stormwater outfalls and abandon inactive stormwater outfalts along;Fanno Creek in the vicinity of Main Street. The goal of the projo dAimill be to develm" a plan-for outfall design that improves the aesthetics of downtownird and takdvantages of this well-used location to provide public education ab a creek Fe plan will develop a vision to be used to attract grant N. funding. k.l.'•4. Total Project Cost: h .k 00 (conceptual planning and grant application only) b. 95042—Commercial Street Sidewalk and Storm Detention Facility(Main to Lincoln) Project Need: Commercial Street currently lacks sidewalks west of Main Street. This project would connect a large residential neighborhood to downtown Tigard and the Tigard Transit Center. Rather high pedestrian volumes are observed despite the lack of adequate pedestrian facilities. Commercial Street is particularly narrow under this reach of the Pacific Highway overcrossing. There is also a lack of sidewalk along Pacific Highway between Naeve Street and Beef Bend Road. Report on Tigard City Center Urban Renewal Area Amendment 9 Project Description: This project will construct a sidewalk along one side of Commercial Street from Main Street under the Pacific Highway overcrossing to Lincoln Avenue. The railroad and ODOT may dictate the location of the sidewalk which could result in the roadway being shifted to the southwest so that the sidewalk can be added on the northeast side of the roadway. While the street is under construction,a stormwater facility will be added to treat the stormwater runoff from 47 acres that discharges into Fanno Creek. This project meets outfall retrofitting goals identified in the regional Healthy Streams Plan. A pedestrian path connecting Commercial Street to Center Street and sidewalk along east side of Pacific Highway from Naeve Street to Beef Bend Road will be constructed. This is part of a larger TriMet-managed project to improve a to transit along the Pacific wa Hig hcorridor. Y Y Total Project Cost: $1,975,000 4. Sewer f .,� ... ''.:`.. :i There is one sanitary sewer project in the A 93056—Commercial Street Sanitary Sewer L _ Project Need: The sanitary sewer lige was const r` .j"` .i 50s and after " s of monthly and quarterly cleaning,t*::' walls have` thin. There is al 1 long sag within the line that requires frequeri ' :`"' This line entified in the master plan to be upsized to 12". `.> i X Project Description: Approximately 35 ' earfe��t w 12"Will be constructed. Total Project Cost: $135.000. . .w v., n S. Parks and Open Space }„ Fanno Cre C j the center o Tigard s downtown redevelopment and revitalization. The park is `' ss of being expanded in multiple directions,toward downtown with the up)atid park and rojecls and south at the creek past the library. The upland park and pY-za area will fea veloped athermg and play areas to be implemented along with major redevelopment proj The dCplain area is a grassy,wooded wetland that provides habitat for a variety of wildli The Fa` o Creek Park Extension will be developed as a "natural environment”park w 'open spaces,wetlands, flora and fauna, and limited bridges, boardwalks and soils. Tlw library is located here,as well as a large, meadow field where public gathers h .; nynts can take place. Recommendations for this park include: ;.... : • Upland Park and a—Continue to follow the recommended"catalyst project" in the Downtown Improvement Plan to recognize and improve a central open space resource and gathering place adjacent to Fanno Creek, supporting a range of passive and active open space and public uses, including a farmers market. The projects and phasing of implementation are described in the Fanno Creek Park& Plaza Master Plan; • Lower Park—In addition to the trail and restoration improvements in the site master plan,the City should consider adding additional local park amenities (play area, picnic site)to serve the area south east of Highway 99 and north of McDonald. Report on Tigard City Center Urban Renewal Area Amendment 10 Consider a nature themed play area in this area. Potential locations include in the entrances to the park and Ash street or adjacent to the Senior center; • Park Gateway—The master plan also calls for an improved park gateway with a cantilevered deck and a pathway into the park; and C. Social Conditions Data from the US Census Bureau is used to identify social conditions. The geographies used by the Census Bureau to summarize data do not strictly confgn-n to the boundary of the Tigard City Center Urban Renewal Area. As such,the Census abreau geographies that most closely align with the Urban Renewal Area boundary ar....used. The Area is situated at the intersection of seven different Census block groups,tach ole w h.ich extend a great distance beyond the boundary of the Area, including significant residential populations that live adjacent to, but outside of the Area. Within the Tigard City Center Urban Renewal Area, there are 18 to shown as single- family residential use, and another 11 tax lots_:witli multifamilv reside ri e. Only three of the seven overlapping Census block groups include a.significant amount o ": 'dential land uses within the Area. Thus,we lir fur demographic`analysis to those three' k groups: block groups 1 and 2 in Census T"`': -%and block groin 4 in Census Tract 308.01. These � block groups have a total residential ":. i of 3,006`as;., picted in Tables 5 and 6. Again,the majority of this population' gs i radjacer ' ut outside of the Area. z s qkiiY�tf:. :i i' ii:{,{;i...... tai .•.�. �v 41111 t •i' Report on Tigard City Center Urban Renewal Area Amendment 11 The majority of the Area, 78%, is White Alone, followed by Some Other Race Alone, 1 I%. Table 5 —Race in the Area Race Nuniber Percent 1 White Alone 2,348 78% Black or African American Alone 59 2% American Indian and Alaska Native Alone 82 3% Asian Alone 67 2% Native Hawaiian and Other Pacific Islander Alone 32 1% Some Other Race Alone 336 11% Two or More races 82 3% Total 3.00611' Source:US Census Bureau,Social Explorer,American Community S '10-2014,5-Year s The largest age group in the area is 25 to 3 , 25%, followed b3,;to 24 years and 35 to 44 years, each at 13%. Table 6—Age in the Area Under 5 Years 240 8% h 5 to 9 Years 150 5% : :.:. %>.,. 4 {� 10 to 14 Years 103 3% V xyvvn�•. *,. w:< , 15 to 17 Years 64 2% 18 to 24 Years 396 13% J 25 to 34 Years 737 25% 35 to 44 Years 389 13%, 45 to 54 Years 366 12% 55 to 64 Years 243 8% 65 to 74 Years 160 5% 75 to 84 Years 108 4% 85 Years and over 50 2% Total 11 Source:US Census Bureau,Social American Community Survey 2010-2014,5-Year Estimates Report on Tigard City Center Urban Renewal Area Amendment 12 A relatively large portion of the adult population in the Area has not achieved a high school diploma, 20%. However, 30%of adult residents in the area have earned a bachelor's degree or higher, another 28%have some college experience without a degree,and an additional 21%have graduated from high school with no college experience. Table 7—Educational Attainment in the Area Educational Attainment Number Less Than High School 420 20% High School Graduate (includes equivalency) 429 21% Some college 584 28% Bachelor's degree 415 20% Master's degree 114 6% Professional school degree 51 2% Doctorate degree 40 2% Total 2,0 5 3 100% Source:US Census Bureau,Social Explorer,American Community Su :.... 10-2014, r Estimates ` The majority of residents, 64%,tr ...fess than 30 r work, includin'` � se who worked at home. Table 8—Travel Time to Work in th'' ea Travel Time to Work NLIn-lber Percent Less than 10 minutes 281 17% 10 to 19 minutes 525 31% 20 to 29 minutes 274 16% 30 to 39 minutes 230 14% 40 to 59 minutes 103 6% 60 to 89 minutes 142 8% 90 or More minutes 56 3% Worked at home 61 4% Votal 1.672 100% Source:US Census Bureau, N` Explorer: rican Community Survey 2010-2014,5-Year Estimates Report on Tigard City Center Urban Renewal Area Amendment 13 The majority of residents, 58%, drove alone to work. Table 9—Means of Transportation to Work in the Area Means ofl-ransI)ortation to Work NLImber Percent Drove Alone 971 58% Carpooled 285 17% Public transportation (Includes 206 12% Taxicab) Motorcycle 0 0% Bicycle 66 4% Walked 83 5% Other means 0 0% Worked at home 61 4% Source:US Census Bureau,Social Explorer,American Communi 2010-2014,5-Year Estimates D. Economic Conditions;;;:.. 1. Taxable Value of Property within the Area The estimated total a....- W ue of the Existing Area calCUlated with data from the Washington Cou art "f Assess ment and Taxation for FYE 2016, including all real, personal, man ured, an hility properties, is estimated to be $100,844,506. The N' estimated total assess lue 0 Amendm�'ent Area is estimated to be $46,413,073. 2. Building to La ue 0 An analysis of prr%r%,- 1es C 0 Bused o 0 evaluate the economic condition of real estate investments in a given are e r _.hip of a property's improvement value (the value of buildings and other improve is to t roperty)to its land value is generally an accurate indicator of the condition of MM%estate investments. This relationship is referred to as the "Improvement to Land Value,-.".".io," or"LL."The values used are real market values. In urban renewal areasj.,, I:L::::::- en used to measure the intensity of development or the extent to which an are e its short-and long-term development objectives. Table 10 below shows the improvement to land ratios for properties within the Area. The majority of tax lots in the area that are not exempt(41.66%of the total acreage)have LL ratios of less than 1.0. In other words,the improvements on these properties are worth less than the land they sit on. We identify a target LL ratio of 2.0 for properties in this Area. Only 31 tax lots in the area, including 16.61%of the acreage have LL ratios of 2.0 or more in FYE 2016. The Area as a whole, is underdeveloped and not contributing its full potential to the tax base in Tigard. Report on Tigard City Center Urban Renewal Area Amendment 14 Table 10-I:L Ratio of Parcels in the Area Aniend Taxitits Acres ment Acres Taxiots Acres Acres Exempt 30 52.18 0 0.00 30 52.18 28.11% No Improvement Value 13 7.96 1 0.15 14 8.11 4.37% 0.01-0.50 41 25.49 2 5.98 43 31.47 16.96% 0.51-1.00 29 22.25 2 15.48 31 37.73 20.33% 1.01-1.50 25 17.77 0 0.00 25 17.77 9.57% 1.51-2.00 22 7.51 0 0.00 #%& 22 7.51 4.05% 2.01-2.50 2 1.04 1 0.MWf 3 2.03 1.09% 2.51-3.00 9 4.32 09 4.32 2.33% 3.01-4.00 13 8.26 0 :: '€ >. 13 8.26 4.45% >4.00 7 1.12 1 5.10 8 16.22 8.74% Total 191 147.9 7. ' 37.7 185.6 100.00% Calculated by Tiberius Solutions LLC with source data from Wa "''County Office of Assessm' Taxation(FYE 2016). E. Impact on Municipal Services: The fiscal impact of tax increment financing on taxin icts that levy taxes within the Area(affected taxing districts) is described in Section pct of Tax Increment Financing of this Report. This subsection discusses the fiscal impacts resulting from potential increases in demand for munici . ces. Since the properties bein(, added in the Amendment are all in the city limits ane .:..,, wing ni I ttoicipal'servio.q, there will be no negative impact on municipal sery `;; s a res bringing the properties1into the urban renewal area. III. REASON OR SELECTION OF EACH URBAN RENEWAL AREA IN THE PLAN ;t w The i *: _ for selecting the Area is to provide additional revenue to enhance the ability to fund imoftments necessary-to cure blight within the Area. 'ti :r IV. THE RELATIONSHIP BETWEEN URBAN RENEWAL PROJECTS AND THE EXISTING CONDITIONS IN THE URBAN RENEWAL AREA This section does not change as there are no new projects. Report on Tigard City Center Urban Renewal Area Amendment 15 V. THE ESTIMATED TOTAL COST OF EACH PROJECT AND THE SOURCES OF MONEYS TO PAY SUCH COSTS The estimated allocation of funds to specific projects shown in this Report are the best estimates of future expenditures at the time of preparation of the Amendment. The Agency will be able to review and update the allocations on an annual basis when they prepare the annual budget.Nominal dollars are year of expenditure doll a nclusive of inflation, which is assumed to be 3.0%per year. Table 11 —Projects to be Completed Using Urban Renewal Area Funds Projects (nominal S) (constant l6 Si Potential Saxony Purchase $515 . :' $5 Saxon demo/clean/prep $ ': 0 $525, Other budgeted projects $2 ' 0 $223,000 Ti and Street Trail Match $154, :`> :150,000 Street Improvements $1,800,000 . ,.'1,380,000 Streetsca a Improvements $600,000 $533,000 Bike/Ped Facilities $400;000 355,000 Parks ':;'$400,000 000 Public Spaces h - 100,000 ` :::.:._$1,8 00 ;;.. Public Facilities ` $3;090.000:` 68,000 Planning and Devel -. t Assist `': $2265.0,000 $2,278,000 PropertyAc uisition `* $4,500;flQEQ. $3,998,000 �.;:>.>«.. Financ . Win: ;�:� 62,ft : $221,000 ToW Ex eftks ;. $1 +` .,'> .0" $14,767,000 Source:Com *led by Tiberius Solutions LLC withNtfrCityof Tigard. Report on Tigard City Center Urban Renewal Area Amendment 16 VI. THE ANTICIPATED COMPLETION DATE FOR EACH PROJECT The projects will be ongoing and will be completed as directed by the Agency. The Area is anticipated to complete all projects on or before FYE 2026 and have sufficient tax increment finance revenue to terminate the district in FYE 2034. Changes in market conditions could affect the assumed development schedule. Anticipated project completion dates are shown in Table 12. The" Agency may change the completion dates in their annual budgeting process or as project decisions are made in administering the urban renewal plan. The first year.of tax increment collections for the property being added in the Amendment is FYE 201 �:•:•::vi v•�n t iv, kk •••�^: ..'.$•iii„ 4i::'•i : ii�ii:•. xi`z,•.'z•:•.>::. :mss: Report on Tigard City Center Urban Renewal Area Amendment 17 Table 12—Projects and Costs in Year of Expenditure Dollars 2016-17 2017-18 2018-19 2019-20 2020-2 1 PROJECTFUND Resources .......... c� Beginning Fund Balance 140,333 299,306 244,584 44,395 Pay-as-you-go(Transfer from TIF Fund) $2,732,884 590,119 06 M98,781 53,588 144,836 Bond/Loan Proceeds $13,100,000 0 0 0 0 8,300,000 Rental Income $741,314 78,1571--V.--,. 78,157 NO 95,000 95,000 Proceeds from Property Sales $0 0 0 0 Intergovernmental Revenues $500,000 500,000 Interest Eamings $5,569 702 1,497 1,223 222 Total Resources Resources $17,079,767 1 -1- *94,395 8,584,453 594,584 Expenditures(nominal$) —V Potential Saxony Purchase ($515,000) -ft...00 I Saxony demo/clean/prep (Wimew. -5OW . .....;..09 Other budgeted projects "Aw"'M Nk -223,6w Tigard Street Trail Match : 54,500) < .IV f:'>>'`154,500`'' Street Improvements ( ocicl) Streetscape Improvements -600,000 Bike/Ped Facilities $400 -400,000 Parks •M 0,00 ..'. -400,000 Public Spaces ..F... -2,100,000 '.00) Public Facilities ($3,096w) Planning and Development Assistance'`:"•.::::: -350,000 -350,000 -350,000 Property Acquisition ($4,500,00 -4,500,000 Finance Fees ($262,000) -166,000 Total Expendftures 20,100. -1,243,000 -175,100 -350,000 -350,000 -8,516,000 iource:Tiberius Solutions LLC with input from City offigard. [deport on Tigard City Center Urban Renewal Area Amendment 18 Table 12—Projects and Costs in Year of Expenditure Dollars,page 2 2021-22 2022-23 2023-24 2024-25 2025-26 Resources Beginning Fund Balance 68,453 35,958 915 86,882 Pay-as-you-go(Transfer fromTIFFund) 217,163 292,293 2 72 98,684 Bond/Loan Proceeds 0 00 4,800,000 Rental Income 100,000 100,000 100.000 0 Proceeds from Property Sales 0 0 0 0 0 Intergovemmental Revenues . ...... , "."ft Interest Eamings 342 80 �495. V 434 Total Resources 385,958 498,9 536,882 4,986,000 Expenditures(nominal$) Potential Saxony Purchase Saxony demo/clean/prep Other budgeted projects Tigard Street Trail Match Street Improvements -1,800.000 Streetscape hMrovements Bike/Ped Facilities Parks Public Spaces 44= Public Facilities -3,090,000 Planning and Development Assistance -350,006 IM -400.00,0 -400,(X)0 -450.000 Property Acq ishion s. Finance Fees -96000 Total Expenditures -3r'O'OOO 400,0001 450,0001 4,98�6�, 00 Source:Tiberius Solutions LLC with input from City of Tigard. Report on Tigard City Center Urban Renewal Area Amendment 19 VII. THE ESTIMATED AMOUNT OF TAX INCREMENT REVENUES REQUIRED AND THE ANTICIPATED YEAR IN WHICH INDEBTEDNESS WILL BE RETIRED Table 13 shows the allocation of tax increment revenues to debt service and the debt service reserve fund. Table 13 shows no new debt being incurred after FYE 2026, as required by the Plan. It is anticipated that the Agency will have sufficient res ces to retire all debt by FYE 2034,which would then allow the Agency to cease collec r x increment revenues and close down the Area. .� ' The time frame for retiring all debt for the Area is net sol may vary depending on the actual terms of the indebtedness incurred, and the fuel tax in nt revenues received. If the economy is slower, it may take longer to I1 debt; if the my is more robust than the projections, it may take a shorter ti rind. The Agency ecide to issue bonds or take on loans on a different schedul `; that will Iter the fi g assumptions, however the existing Plan prohibits any new de r F1 26. The maximum indebtedness of the Plan is $22,000, my-two million do ars), and is not being increased by this Amendment. The City of Ti` estimates that$3,244,382 of indebtedness has been incurred by the Agency for the Are `date,through the end of FYE 2016, resulting in $18.755.618 in remaining capacity for additional indebtedness for the Area. Information on scheduled debt service payments for all ext debt was provided by the City of Tigard Finance Department. Additionally. we assume the Agency will undertake two additional loans in future years to finance the costs of projects identified in the Plan. For speculative future borro"ings,the amounts, timing. and terms of the debt are unknown. The assumptions used in this Report are for planning purposes only, and subject to change based on "t conditions. These assumptions were developed by Tiberius Solutions LLC and inform '+> conversations with staff from the City of Tigard Finance Department. Specific key assu`n '' s for the financial analysis include: • DebtIce Coveraoe Ratio: Payments for future indebtedness are structured so that annual ta >increment revenues are projected to equal or exceed 1.25 x total annual debt service payments``in all years,with one exception. In FYE 2026, final year allowed by the Plan to incur new debt,the projected debt service coverage ratio is reduced to 1.10 to maximize the borrowing potential of the Area. • New Loan FYE 2021: Assumes principal amount of$8,300,000 with 3.0% interest rate, 20-year amortization period, level annual debt service payments,and no prepayment penalties. • New Loan FYE 2026: Assumes principal amount of$4,800,000 with 5.0%interest rate, 20-year amortization period, level annual debt service payments, and no prepayment penalties. Report on Tigard City Center Urban Renewal Area Amendment 20 Without the Amendment,the Area is forecast to be able to incur$16,300,000 in indebtedness through FYE 2026,which would be $5,700,000 less than the total maximum indebtedness of the Area. With the Amendment,the Area is forecast to be able to incur$19,100,000 in indebtedness through FYE 2026,which would be $2,900,000 less than the total maximum indebtedness of the Area. Thus,the increased tax increment revenue that will be generated due to the amendment is projected to increase the borrowing capacity of the Area by $2,800,000 through FYE 2026, helping the Agency fund more of the projects identified in the Plan. The assumptions used in this analysis present just one poten ' cenario for the long-term cash flow of the Area. If actual results differ from the a `tions, it could affect the ability of the Agency to achieve these projects at these, . amounts on this schedule. Based on these assumptions,we find the Plan Amenf` cially feasible. •.4 h• 4:y. ti ii:f::i. ` •:r. Qi• ii} .... •• :» r.• Report on Tigard City Center Urban Renewal Area Amendment 21 Table 13-Tax Increment Revenues and Allocations to Debt Service and Debt Service Reserve Fund I wal 2016-17 2017-18 2018-19 2019-20 2020-2 1 DER T SER VICE FUND Resources Beginning Fund Balance 359,791 0 0 212,169 0 TIF for URA $106,092,176.00 397,103 492,519 570,001 637,033 706,659 Total Resources $106,664,136.00 756,894 492,519 5709001 849,202 706,659 Expenditures Debt Service 2014 US Bank Loan ($1,268,621.00) -162,842 -15 -155,118 -791,681 Loan#5 Sewer ($109,434.11) -512 ::<: -512 -512 -512 Loan#5 General Fund $42,904.56 -201 ?< l -201 -201 -201 Loan#6 General Fund $389,352.89 1,949 -1,949 -1,949 -1,949 Loan#7 General Fund $273,737.25 -1,27 %%:: >:%4 4, -1,270 -1,270 -1,270 2021 New Loan $11,157,807.46 W -557,890 2026 New Loan ($3,466,479.77) {;" $0.00 $0.00 Total Debt Service $16,708,337.04 ,775 -162,913 -159 795,614 561,823 Coverage Ratio 3.58 0.80 1.26 Transfer toDIS Reserve Fund ($89, -590,11 ,606 -198,781 ••=5'3,588 -144,836 Total&penditures $106,451, 4 >%x.;,..756,894 9 -357,832 -849,202 -706,659 Fndin Fund Balance 'EE ; $0. 12,169.00 $0.00 $0.00 2016-17 2017-18 2018-19 2019-20 2020-21 DebtService Reserve Fund MEW- Resources @ .y. Beginning Fund Balance .. $0 $0 $n $0 $0 Interest Earnings 53 1.00 $0 $0 $0 $0 $0 Transfer from D. - $ 9 $329,606 $198,781 $53,588 $144,836 Total Res o 8,4 i` .._ $596 $329,606 $198,781 $53,588 $144,836 Exp en Trans fet> ,• 'ect Fund For URAa (52, 00) -S3W,l19 -$329,606 -$198,781 -$53,588 -$144,836 Total Fac -$590,119 -$329,606 -$198,781 -$53,588 -$1449836 Fnding Fund Bal ?i:%?:, $0 $0 $0 $0 $0 Cumulative D/S Remainin -$16,541,565 -$16,378,652 -$16,219,601 -$15,423,987 -$14,862,164 TIF Sufficient to Pa OffD/S NO NO NO NO NO Source:Tiberius Solutions LLMo Report on Tigard City Center Urban Renewal Area Amendment 22 Table 13-Tax Increment Revenues and Allocations to Debt Service and Debt Service Reserve Fund,page 2 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 DEBT SERVICE FUND Resources Beginning Fund Balance 0 0 0 0 0 0 TIF for URA 778,986 854,116 932,165 1,013,245 1,097,480 1,184,991 Total Resources 778,986 854,116 932,165 1,013,245 1,097 480 19184,991 Expenditures Debt Service 2014 US Bank Loan Loan#5 Sewer -512 -512 -10,533 -10,533 -10,533 Loan#5 General Fund -201 -201 ^ " -20 -4,130 -4130 4,130 Loan#6 General Fund -1,949 1,. -1,949 -1,949 -37181 -37,181 Loan#7 General Fund -1,270 -1:: ::. ?'' -1,270 70 -1,270 26,104 2021 New Loan -557,890 7$O -557,890 -557,890 -557,890 2026 New Loan <: °':;. -385,164 -385,164 Total Debt Service -56L823 561,823 'E •>..-5 575,773 ,169 -1,021,003 Coverage Ratio 152 � .66 1.76 1.10 1.16 Transfer to D/S Reserve Fund 217 -37 , 437,472 -101,311 163,988 Total Fx nditures :r `. -778,986 a '• -854,116 ':*":K:'•'$3.* 2,165 3,245 -1,097,480 -1,1849991 Fndin Fund Balance 50.00 ;,<: 0 $0.00 $0.00 '21-22 2022-23 2023-24 2024-25 2(12';-2(, 21126-2. Debt Service Reserve Fund Resources 4 Be innin . $tY <:< ::<;.. Interes "s - - $0 "n $0 $0 $0 $13 Trans " D/S Fund s> $217.163 $ $370,342 $437,472 $101,311 $163,988 Total R:.::"" 5217,163 $292,293 $370,342 $437,472 $101,311 $166,628 Expenditures sx:>:;; Transfer to Pro 8%gjdForURA admin $217,163 `' -$292,293 -$370,342 -$437,472 -$98,684 $0 Total Expenditures '' `•: 217,163 4292,293 -$370,342 -$437,472 -$98,684 $0 Emlin F)und Balance A& $0 $0 $0 $0 $2,627 $166,628 Cumulative D/S Remaining -$14,300,341 -$13,738,518 -$13,176,695 -$12,60Q922 -$11,604,753 -$10,583,750 TIF Sufficient toPay Off D/S NO NO NO NO NO NO Source:Tiberius Solutions LLC Report on Tigard City Center Urban Renewal Area Amendment 23 Table 13-Tax Increment Revenues and Allocations to Debt Service and Debt Service Reserve Fund, page 3 202 2028-29 2029-30 2030-31 2031-32 21,32-33 21,33-34 DFB TSER VICF MAD Resources Beginning Fund Balance 0 0 0 0 0 0 0 TIF for URA 1,386,954 1,485,861 1,588629 1,695,414 1,806,374 1,921,676 469,458 Total Resources 1,386 954 1,485,861 1,588,629 1 695 414 19906,374 1 921 676 469,458 Expenditures Debt Service 2014 US Bank Loan Loan#5 Sewer -10,533 -10,533 -10,533 lift -10,533 -10,533 -10,533 Loan#5 Gmera]Fund -4,130 4,130 4,130 4,130 4,130 4,130 Loan#6 General Fund -37,181 -37,181 -37,181 ;181 -37,181 .37,181 -37,181 Wan#7 General Fund -26,104 -26.104 -26,104,:<.'::i:<:':?':::::' ,104 -26,104 .26,104 -26,104 2021 New Loan -557,890 -557,890 -557, 557,890 557,890 557,890 2026 New Loan -385,164 -385,164 -385, -385,164 -385,164 -385,164 .ti Total Debt Serece -1,021,003 1 021 003 003 -10219003 .1,003 1 021 003 -1,021,003 Coverage Ratio 1.36 1.46 1.56 1.66 1.88 0.46 Transfer to DIS Reserve Fund 365,951 464,858 i'7 626 ,l l 785,3 900,673 551,545 Total Et nditures 1 386 954 ,':` 485 61 -1 58816 51 S 414 -1,806,374 1 676 -469,458 Ending Fund Balance $0.00 $0.00 50.00 $0.00 $0.00 $0.00 2027-28 2028-29 2029-34) 20311-31 2031-32 2032-33 2033-34 DebtService Reserve Fund Resources r;;•::;:c>::. Beginning Fund Balance 516.6.6_8 $53 `:` $1 1,573, ,z>' $2,255,847 53,052,497 53,968,432 Interest Fermin s 5$3 $2; 868 $11,279 $15,262 519,842 Transfer from D S Fund 5+65 3::. $464,8 ;626 ",l l 5785,371 5900,673 4551,545 Total Resources $5334 ?i: $1.000.937 73 68 $2 2551147 S3,052,497 $3,968,432 $3,436,729 Expenditures Transfer to Pro' URA admin ` ^: ;•:;:^. $0 60 $0 so s0 s0 Total Ik 'n 4}•z>::':. ,> Moon0 $0 $0 $0 $0 Ihdin " 'ance $53 $1,000,93t<iiiiii- #73,568 $2,255,847 $3,052,497 $3,968,432 $394369729 Cutinudive .:13fdA nin ,562,747 > :fS+$8,541,744 -67,520,741 -56,499,738 -$5,478,735 -$4,457,732 -$3,436,729 TIF Sufficient to D/S k• NO NO NO NO YES Source:Tiberius S LLC > : Report on Tigard City Center Urban Renewal Area Amendment 24 VIII. FINANCIAL ANALYSIS OF THE PLAN The estimated tax increment revenues through FYE 2034 as shown above, are based on projections of the assessed value of development within the Area and the consolidated tax rate that will apply in the Area. The analysis assumes average annual growth in assessed value of 4.0%for real property, 1.0%for personal and utility property, and 0.0%for manufactured property. These growth rates assume both the appreciation of existing property values and new construction activity in the Area. Additionally, in FYE 2018,the forecast includes an incre 'assessed value of$4,877,582 for real property that would be the result of a new 165-unfixed-use development in the Area that is currently under construction. This increase in vhiwould be on top of the projected 4.0%background growth rate for assessed value of r:. ' roperty in the Area. This increase is based on information provided to the City of Tigard bdeveloper regarding the total anticipated construction cost of the;;project. These projectio ect the plans of the developer to take advantage of the State of Oregon Vertical Housing 1" '' atement program, which results in 60%of the value of the project being tax exempt for a per ,qf ten years. Table 14 shows the projected incrinertlal assessed value, tax rates and tax inc' ent revenues each year, adjusted for discounts, delinquencies, and compression losses. These projections of increment are the basis for thefm,sections in Tables 12 and 13. The first year the impact of the Amendment would be rellected in the calculation of tax increment revenues is FYE 2019,with an increase in the frozen base value,'as well as a:;corresponding increase in total assessed value ijf the Area. Gross TIF is calm lated by multiplying the tax rate times the excess value. The tax rate is stated per thousand dollars of assessed value, so the calculation is "tax rate times excess;value divided by one thousand". The consolidated tax rate includes t:: only permanent rates an {� .eral obligation bonds rates approved by voters prior to October 6,2001. 1n FYE 2017.and 2018 the o is forecast to decrease,due to the expiration of thosegeneral obligati' and lvh. Report on Tigard City Center Urban Renewal Area Amendment 25 Table 14-Pro'ected Incremental Assessed Value, Tax Rates, and Tax Increment Revenues Tax Increment Fi nance Revenue FN E' Assessed Value Frozen Base Excess Value Tax Rate Gross TIF Adjustments Net'IIF Cumulative'I'll' 2016 $100,844,506 $69207,378 $31,637,128 12.1668 384,923 (19,246) 365,677 365,677 2017 $104,326,036 $69,207,378 $35,118,658 11.9026 418,003 20,900 397,103 762,780 2018 $112,818,927 $69,207,378 $43,611,549 11.8877 518,441 25,922 492,519 1,255,299 2019 $167,485,234 $117,012,843 $50,472,391 11.8877 600,001 (30,000) 570,001 1,825,300 2020 $173,420,769 $117,012,843 $56,407,926 11.8877 670,561 (33,528) 637,033 2,462,333 2021 $179,586,127 $117,012,843 $62,573,284 11.8877 743,852 1 (37,193) 706,659 3,168,992 2022 $185,990,425 $117,012,843 $68,977,582 11.8877 819,985 40,999 778,986 3,947,978 2023 $192,643,144 $117,012,843 $75,630,301 11.8877 899,070 (44,954) 854,116 4,802,094 2024 $199,554,145 $117,012,843 $82,541,302 11.8877 981,22 . <>s (49,061) 932,165 5,734,259 2025 $206,733,679 $117,012,843 $89,720,836 11.8877 1,066 •:`:>:::> (53,329) 1,013,245 6,747,504 2026 $214,192,409 $117,012,843 $97,179,566 11.8877 1, (57,762) 1,097,480 7,844,984 2027 $221,941,422 $117,012,843 $104,928,579 11.8877 4 ;:; (62,368) 1,184,991 9,029,975 2028 $239,824,845 $117,012,843 $122,812,002 11.887. '` 952 ''-`' 2,998 1,386,954 10,416,929 2029 $248,582,783 $117,012,843 $131,569,940 11.,•,...•:":1,564,064 03) 1,485,861 11,902,790 2030 $257,682,729 $117,012,843 $140,669,886 (? 1 1,672,241 ( 1,588,629 13,491,419 2031 $267,138,280 $117,012,843 $150,125,437 :> $77 1,784,646 89, k695,414 15,186,833 2032 $276,963,577 $117,012,843 $159,950,734 `41&.77 1,901,446 (95,072374 16,993,207 2033 $287,173,323 $117,012,843 $170,160,480 11. _ ..2,022,8 101,141 6 18,914,883 2034 $297,782,813 $117,012,843 $t$Q769,970 11.88 4 (107,447) 2,04 20,956,375 Source:Tiberius Solutions LLC Notes: TIF is tax increment revenues <X.WI3 Tax rates are expressed in terms of dollars per$1, f lue. Changes in total tax rates are due to general obligannds le rates.TH ds are scheduled to be retired in FYE 2017,after which the total tax r or the area will s e as the f all pe :;dates for affected taxing districts. C 4: •..r: :;. � IX. IMPA OFT : V TAX " . ,. .. ` ME1�T`FINANCING This section describespa increltt�,...,, financin of the Amendment(properties being add,e ' ' e Area), t rt Aebtedness is repaid,upon all entities lev ijp �taxeS"upon roe urban Via. The impact of tax increment financing Y .� property rtY .{, , P g on napping taxing districts is prima f the property tax revenues foregone on perma3 empte levies as applied to rowth in assessed value in the Area. These projections are for impacts due le addition of properties in this Amendment, and are shown in Tables 15a and 15b. This Amendment does not change the maximum indebtedness of`tbe flan, nor does it change the allowed duration of the Plan to incur indebtedness, and the"elate to pay off all indebtedness and cease collecting tax increment revenues is anticipated 10 be the same with and without the Amendment. Therefore,the impact of the Amendment,on overlapping taxing districts is measured by the increase in annual tax increment revenues that would be foregone by those districts until all debt is repaid. The Tigard Tualatin School District and the Northwest Regional Education Service District are not directly affected by the tax increment financing,but the amounts of their taxes divided for the urban renewal plan are shown in the following tables. Under current school funding law,property tax revenues are combined with State School Fund revenues to achieve per-student funding targets. Under this system,property taxes foregone,due to the use of tax Report on Tigard City Center Urban Renewal Area Amendment 26 increment financing, are substantially replaced with State School Fund revenues, as determined by a funding formula at the State level. Tables 15a and 15b show the projected impacts to permanent rate levies of taxing districts as a result of this Amendment. Table 15a shows the general government levies and Table l 5b shows the education levies. General obligation bonds will not be impacted by this Amendment, because only bonds approved by voters prior to October 6, 2001 are affected by this Plan,and those bonds will have all expired by the time the Amendment is reflected in the calculation of tax increment revenues by the Washington County Department of Assessme and Taxation, expected in FYE 2019. ��211� � Table 15a-Projected Impact on Taxing District Perm `, ate Levies- General Government General Covernment Count% Tigard TNTR Portland Metro Aquatic Dis(rict U YE' Pern) Perm Perm Pei-III Perin Perin Subtotal 2019 ($6,219) ($6,951) ($4,219) ($1 ($42 2020 ($10,135) ($11,329) ($ ($316) 9,130) 2021 ($14,204) ($15,877) ($443) ($569) ($40,825) 2022 ($18,432 $20,602) ($12, '• ;`' "z:$575) ($1 ($738) ($52,973) 2023 $22,825 ($25,512) ($15,48 ($153)> ($913) ($65,598) 2024 ($27,389) ($30613) ($18.579) `:z %: ($8 ,.. .• 184) ($1,096) ($78,715) 2025 ($32,131) :;:.$21.796) '{ :>:':$1,002) '$1,286) ($92,344) 2026 <:.._ k,• ($37,059) ,421) >;_:5,138) ,1 %_; ($2 ($1,484) ($106,507) :.. 2027 ($42,178) ":' 7,144) ( 12) ( < . ($283) "'>;< ($1,688) ($121,220) 2028 ($47,499) ;•,1) ($ 1) ($1; ;: ($319) ($1,901) ($136,512) 2029 ($53 028) ($5 , :.' .:.. ($1,6 :_ ; ($356) ($2,122) ($152,402) .:: 2030 :>< ; $65,6 $$ )`: > €€€::: 1,83 < _:;($395) ($2,352) ($168,915) 2031 .': ' ,744}`' 366) '<> 919) ($435) ($2,592) ($186,075) 203 ($70,949) ) 8) ($f ($476) ($2,840) ($203,907) 2033 •:. ' 77,397) ($86, ($5 , ($2,413) ($520) ($3,098) ($222,439) 2034 SM,158 $94, 57,0 2,624 $566 $3,369 241,872 Total ($49 $557,528 8,364 ",.-'.`;'-$15,554) $3,349 ($19,965) ($1,433,564 Source:Tiberius Solut C <' .:f. Report on Tigard City Center Urban Renewal Area Amendment 27 Table 15b-Projected Impact on Taxing District Permanent Rate Levies-Education Blucation I'M NNN' Regional END SD 11YE Perm Perm Perm SuNotal Total 2019 ($782) ($426) ($13,799) ($15,007) ($32,881) 2020 ($1,275) J ($694) ($22,490) ($24,459) ($53,589) 2021 ($1,787) ($972) ($31,520) ($3U79) $75,104 2022 ($2,319) ($1,261) ($40,901) 1) ($97,454) 2023 ($2,871) ($1,561) ($50,648) 0) ($120,678) 2024 ($3,445) ($1,873) ($60,775) "w±' 093) ($144,808) 2025 ($4,041) ($2,198) ($71,298) 10- :' ^`W' ) ($169,881) 2026 ($4,661) ($2,535) ($82,233 ($89, ($195,936 2027 $5,305 ($2,885) ($93,5 ($101,78 $223,004) 2028 ($5,975) ($3,249) ($1 4. ($114,625) 1,137) 2029 ($6,670) ($3,628) ($11 ($127,967) ( 69) 2030 ($7,392) ($4,020) ($130,41 � ( ..•831 ($31 2031 ($8,144) ($4,429) ($143,668) . ,241) ($342,3kv 2032 ($8,923 ($4,853) <: $157,436) '' " ' l 71,212 ($375,119) 2033 ($9,735) ($5,294) <::; 744) y (86,773) ($409,212) 2034 $10,585 5,757 <:?z::.. 089 S44.961 Total $62,740 ($34,121) ( 06,8` $1,20 ' $2,637,273 Source:Tiberius Solutions LLC PleA c icJer to the explana . „k.-the sch ` ;,.; :; gin the' "'; ' g section Table 16 shows the projected increased reue..y,.; . 'uric fictions after tax increment . proceeds are projected to be terminated. Thections ° ; 'or FYE 2035. <., . Table 16-Additional R'; nues Obtained afte ' .V.rmination of Tax Increment Financin g Tax Rewnue in F1 E2035(year after expiration) From Frozen Taxing District Tax Rate Base From Excess Value Total Genera`' rnment z: Washin f'`'' ` nt `` $155,606.00 $538,718.00 $694,324.00 City of Ti arm2.5 l $173,925.00 $602,140.00 $776,065.00 TVFR 1.5252 $105,555.00 $365,439.00 $470,994.00 Port of Portland 0.0701 $4,851.00 $16,796.00 $21,647.00 Metro 0.0151 $1,045.00 $3,618.00 $4,663.00 Ti and/Tualatin Aquatic `"#fit;•:::;;::;::':::>' 0.0900 $6,229.00 $21,564.00 $27,793.00 Subtotal ``"`'» '' 6.4619 $447,211.00 $1,548,275.00 $1.995.486.00 Education PCC 0.2828 $19,572.00 $67,759.00 $87,331.00 NW Regional ESD 0.1538 $10,644.00 $36,851.00 $47,495.00 Tigard-Tualatin SD 4.9892 $345,289.00 $1,195,415.00 $1,540,704.00 Subtotal 5.4258 $375,505.00 $1,300,025.00 $1,675.530.00 Total 11.8877 $822,716.00 $2,848,300.00 $3,671,016.00 Source:Tiberius Solutions LLC Report on Tigard City Center Urban Renewal Area Amendment 28 X. COMPLIANCE WITH STATUTORY LIMITS ON ASSESSED VALUE AND SIZE OF URBAN RENEWAL AREA State law limits the percentage of both a municipality's total assessed value and the total land area that can be contained in an urban renewal area at the time of its establishment to 25%for municipalities under 50,000 in population. As noted below,the frozen base, including all real,personal,personal,manufactured,and utility properties in the Area after the Amendment, is projected to be $117,012,843. The total assessed value of the City of Tigard, minus excess value of the existing urban renewal areas is ,954,608. Excess value is the assessed value created above the frozen base in the u• renewal area. The total urban renewal assessed value is 9.30%of the total assessed . ; ?``; ..;the City,minus excess value, below the 25%statutory limitation. The Tigard City Center Urban Renewal Area c .:{ : s 228.96 ac ncluding right-of-way, and the City of Tigard contains 8,129 acres. `''accounting for th eage in the potential Tigard Triangle Urban Renewal Area, 9.56 the City's acreage w e in an urban renewal area, below the 25% statutory limitati >.:. Table 17—Urban Renewal AreaQft rmance with Assessed Value and Acr � Limits .:. . Assessed Value UR Excess Acrea0e Ci of Ti and $ '._'. :7,5 =~ '': :::. 8,129 City of Tigard minus :: excess $5,8' 6 Tigard Ci Cent k : : $117 $ 1 `7,128 228.96 Proposed Tigard Trl <.:,`;k, $429,6L* 6 547.90 City Cen :: las_Tigar >: >:::: < ..... $SAb,b67.80 ': 776.86 Trian <::;::.;:.:;.::.:.:... Pe a in UR :'.<' — 9.30% 9.56% .: Source:C ' by Elaine Howard ting,L '''` data from City of Tigard and Washington County Department of Assessment and Taxation' 016) = XI. R :. ATION REPORT There is no relocatio N'` ired for the Plan.No specific acquisitions that would result in relocation benefits h:" 'n identified, however,there are plans to acquire land for infrastructure which may trigger relocation benefits in the future in the Area. Report on Tigard City Center Urban Renewal Area Amendment 29