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2017-098541 ~ ORDINANCE NO. 16-24 Washington County,Oregon 2017-098541 D-ORD Stn=9 B MAHER 12/18/2017 11:47:20 AM $475.00$11.00$5.00$20.00 $511.00 I,Richard Hobernicht,Director of Assessment and Taxation and Ex- Officio County Clerk for Washington County,Oregon,do hereby certify that the within instrument of writing was received and recorded in the book of records of said county. Richard Hobernicht, Director of Assessment and Taxation, Ex-Officio CITY OF TIGARD, OREGON TIGARD CITY COUNCIL ORDINANCE NO. 16-c?4 AN ORDINANCE MAKING CERTAIN DETERMINATIONS AND FINDINGS RELATING TO AND APPROVING THE TIGARD TIl1ANGLE URBAN RENEWAL PLAN AND DIRECTING THAT NOTICE OF APPROVAL BE PUBLISHED WHEREAS, the Tigard City Center Development Agency (the "Agency"), as the duly authorized and acting urban renewal agency of the City of Tigard, Oregon,is proposing to undertake certain urban renewal activities in a designated area within the City pursuant to ORS Chapter 457;and WHEREAS, the Agency,pursuant to the requirements of ORS Chapter 457,has caused the preparation of the Tigard Triangle Urban Renewal Plan attached hereto as Exhibit A (the "Plan"). The Plan authorizes certain urban renewal activities within the Tigard Triangle Urban Renewal Area (the"Area");and WHEREAS, the Agency has caused the preparation of a certain Urban Renewal Report dated December 13, 2016, attached hereto as Exhibit B (the "Report") to accompany the Plan as required under ORS 457.085(3); and WHEREAS, the Agency forwarded the Plan and Report to the City's Planning Commission (the "Commission") for review and recommendation. The Commission considered the Plan and Report on November 14, 2016 and made a recommendation that the Plan conformed with the Tigard Comprehensive Plan,attached hereto as Exhibit C (the'Planning Commission Recommendation");and WHEREAS, on October 18, 2016, representatives of the City met with the Washington County Board of Commissioners to review the Plan,including proposed maximum indebtedness for the Plan;and WHEREAS,the Plan and the Report were forwarded on October 5,2016 to the governing body of each taxing district affected by the Plan,and the Agency has therefore consulted and conferred with each taxing district;and WHEREAS,A S, the Tigard City Council (the "City Council") received a written recommendation from Tualatin Valley Fire and Rescue accepting a city-proposed change to the Plan to limit Plan duration as provided for in Section VIII (D) of the Plan and to require taxing district concurrence for certain kinds of Plan amendments as provided for in Section IX(B) of the Plan;and WHEREAS, on November 29,2016 the City caused notice of the hearing to be held before the Council on the Plan,including the required statements of ORS 457.120(3),to be mailed to all electors in the City;and WHEREAS, on December 13,2016 the City Council held a public hearing to review and consider the Plan,the Report, the Planning Commission Recommendation, and the public testimony received on or before that date and to receive additional public testimony;and WHEREAS, after consideration of the record presented through this date, the City Council does by this Ordinance desire to approve the Plan. NOW,THEREFORE,THE CITY OF TIGARD ORDAINS AS FOLLOWS: ORDINANCE No. 16-°2`l Page 1 + SECTION 1a The Plan complies with all requirements of ORS Chapter 457 and the specific criteria of 457.095(1) through (7), in that, based on the information provided in the Report, the Planning Commission Recommendation,and the public testimony before the City Council: 1. The process for the adoption of the Plan, has been conducted in accordance with the provisions of Chapter 457 of the Oregon Revised Statutes; 2. The area designated in the Plan as the Tigard Triangle Urban Renewal Area is blighted, as defined by ORS 457.010(1) and is eligible for inclusion within the Plan because of conditions described in the Report in the Section "Existing Physical, Social, and Economic Conditions and Impacts on Municipal Services," including the existence of inadequate streets and other rights-of-way, open spaces, and utilities and underdevelopment of property within the Area(ORS 457.010(1)(e) and(g)); 3. The rehabilitation and redevelopment described in the Plan to be undertaken by the Agency is necessary to protect the public health, safety or welfare of the City because absent the completion of urban renewal projects, the Area will fail to contribute its fair share of property tax revenues to support City services and will fail to develop and/or redevelop according to the goals of the City's Comprehensive Plan; 4. The Plan conforms to the Tigard Comprehensive Plan and documented ancillary documents and provides an outline for accomplishing the projects described in the Plan, as more fully described in the Plan and in the Planning Commission Recommendation; 5. No residential displacement will occur as a result of the acquisition and disposition of land and redevelopment activities proposed in the Plan and therefore the Plan does not include provisions to house displaced persons; 6. The acquisition of real property provided in the Plan is necessary for the development of transportation-related infrastructure improvements in the Area and for the development of public spaces because the Agency does not own all the real property interests (e.g., rights-of-way, easements, fee ownership, etc.) that will be required to undertake and complete these projects as described in Chapter IV of the Plan and Section V of the Report; 7. Adoption and carrying out the Plan is economically sound and feasible in that eligible projects and activities will be funded by urban renewal tax revenues derived from a division of taxes pursuant to section 1c, Article IX of the Oregon Constitution and ORS 457.440 and other available funding as more fully described in the Section "Financial Analysis of the Plan"of the Report; 8. The City shall assume and complete any activities prescribed it by the Plan;and 9. The Agency consulted and conferred with affected overlapping taxing districts prior to the Plan being forwarded to the City Council. SECTION 2: The Tigard Urban Renewal Plan is hereby approved based upon review and consideration by the Tigard City Council of the Plan and Report, the Tigard Planning Commission Recommendation,each of which is hereby accepted,and the public testimony in the record. ORDINANCE No. 16- 2 y Page 2 SECTION 3: The City Manager shall forward forthwith to the Agency a copy of this Ordinance. SECTION 4: The Agency shall thereafter cause a copy of the Plan to be recorded in the Records of Washington County,Oregon. SECTION 5: The City Manager,in accordance with ORS 457.115,shall publish notice of the adoption of the Ordinance approving the Plan,including the provisions of ORS 457.135,in the Tigard Times no later than four days following adoption of this Ordinance. SECTION 6: This ordinance shall be effective upon certification by the County Elections Official that it has received voter approval at an election conducted on May 16,2017. PASSED: By LJM a_,Yt ifl1 Grote of all council members present after being read by number and title only, this i3 day of DV 82,,Y1 ber ,2016. iKe Burgo ,Deputy Rec der APPROVED: By Tigard City Council this 13 day of eek_tn ber' 2016. k „ , t, John . Cook,Mayor Approved to form: City Attorn 191 I 1Ito Date ORDINANCE No. 16- Page 3 EXHIBIT A Tigard Triangle Urban Renewal Plan Adopted by the City of Tigard December 13, 2016 Ordinance No.16-24 Approved by Voters May 16,2017 If Amendments are made to the Plan,the Resolution or Ordinance Number and date will be listed here. The amendment w ill 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, CWS 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 II. INTRODUCTION 3 III. GOALS AND OBJECTIVES 5 IV. URBAN RENEWAL PROJECT CATEGORIES 9 V. URBAN RENEWAL PROJECTS 9 VI. PROPERTY ACQUISITION AND DISPOSITION 13 VII. RELOCATION METHODS 14 VIII. TAX INCREMENT FINANCING OF PLAN 14 IX. AMENDMENTS TO PLAN 16 X. RELATIONSHIP TO LOCAL OBJECTIVES 19 XI. APPENDIX A:LEGAL DESCRIPTION 28 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(1)(A-E)and identified in the ordinance adopting the urban renewal plan. "Board of Commissioners" means the Washington County 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 land use 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 11'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: 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: I. 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 notlimited 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 façade 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 a■. B. e AL, 4 III lill„ 7A -N I a ir•a i •a i• i ,•- ■ i i ' • • • rialeeeeme•ae•we • • , _ • • r • • • • •• • •• SW Dartmouth St. • • a • a a a •• a • a � a • • • ■ • ■ • ■ • j� i• a _ ♦ a �V ••• • • a ♦ ■ bker Rd • ■ • • al • / a • • • ■ ♦• �y ■ • ?,j ■ • • *woe a •e0i a a•♦ at ■ • ■ e>• >. ■ i■■ar • a 's. • •• Tigard Triangle URA *lot.• 2 ; s 'Immo, SI 0 500 1,000 feet I I I � 48... Source:ECONorthwest Tigard Triangle Urban Renewal Plan 8 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 Numher 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. 2 New Street Extend 74th Ave south from 99W to Hermoso Way or (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 1-5 Overpass Provide ped/bike bridge across Hwy 1-5 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 Type 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 11 (72nd Ave) intersections/interchanges.Dependent on 72nd Ave Corridor Study recommendations. Modified Street Implement access management strategies and median 12 (99 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 Description 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: • Facade 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 developments E. Finance Fees and Plan Administration 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. 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 leased,the 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 lc, 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 if revenues are exceeding projections. D.Plan Duration The Agency intends that it not collect tax increment revenues for the Area after FYE 2053. The Agency shall not initiate any urban renewal projects in the Area unless the Agency reasonably projects it will be able to pay for those projects from the proceeds of indebtedness issued on or before FYE 2053, and from other funds available to the Agency. Except as provided in the next sentence, all indebtedness that is secured by the tax increment revenues of the Area shall mature no later than FYE 2053,and the Agency shall structure all its indebtedness so that it can be paid in full from the tax increment revenues of the Area that the Agency reasonably projects it will receive on or before FYE 2053. The Agency may issue refunding indebtedness that matures after FYE 2053,only if issuing that refunding indebtedness is necessary to avoid a default on previously-issued indebtedness. 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. Amendments Requiring Concurrence Amendments requiring written concurrence of taxing districts imposing at least 75%of the amount of taxes imposed under permanent rate limits in the urban renewal area are amendments that: 1. Increase the maximum amount of indebtedness that can be issued or incurred under the Plan. Increasing the maximum indebtedness is also a substantial amendment,as defined above and must also meet the requirements of Section IX (A)of this Plan. 2. Extend the duration provision as defined in Section VIII (D) of the Plan. In addition to obtaining concurrence,extending the duration of the Plan requires approval of the Agency and City Council by resolution. C. Minor Amendments Minor Amendments are amendments that are not Substantial Amendments as defined in ORS 457 or Amendments Requiring Concurrence as defined in this Plan. Minor Amendments require approval of the Agency by resolution. 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 D. 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. Tigard Triangle Urban Renewal Plan 17 Figure 2—Comprehensive Plan Designations Tigard Triangle Urban Renewal Area Comprehensive Plan Designations ‘sFwi to- di •*•••i* IP �q ■ `Q f': r . �� -41,17 • eil ..,i _.„ , -, -.-, sip, 4. Illi( „ t �'t�ar •�St.,.- rs R 3 , : spy t r Comprehensive Plan ` ; Silt General Commercial 'e:e‘z :‘. , _ f IIIProfessional Commercial •e , e . , Medium Density Residential I oaj • a Mixed Use Employment 'fit 4 • Light Industrial z. S' ''ii. wigs. ?No' � as.� Tigard Triangle URA & Source:ECONorthwest Tigard Triangle Urban Renewal Plan 18 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 andf nancial 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 effort and 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 19 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 park,s, 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 20 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 sustainable local 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 of future 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, façade 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 21 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. 5. 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 efficient 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 22 4. The City shall promote land uses in transportation investments that promote balanced transportation options. 5. 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 adopted 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 of the 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. 5. 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 23 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. 5. The City shall prioritize intersection improvements 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 24 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 transportation 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 5: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 25 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 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 217772nd 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(TDM)programs. • Provide better facilities for alternative modes (transit, bicycles,pedestrians, etc.). • Create a mix of critical additional capacity and implementing TDM programs. 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 26 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. Tigard Triangle Urban Renewal Plan 27 XL APPENDIX A: LEGAL DESCRIPTION Tigard Triangle Urban Renewal Area Tigard,Oregon Area=548 Acres A tract of land, including road rights-of-way, located in the Northeast One-Quarter, the Southeast One-Quarter, and the Southwest One-Quarter of Section 36, Township l South, Range 1 West and the Northwest One-Quarter,the Northeast One-Quarter, and the Southeast One-Quarter of Section 1, Township 2 South, Range 1 West, Willamette Meridian, City of Tigard, Washington County, Oregon, and being more particularly described as follows: Beginning at the southeast corner of Lot 1 of the plat of"Villa Ridge No. 2", being on the Willamette Meridian,the easterly line of Washington County, in the Northeast One-Quarter of Section 31,Township 1 South,Range I West, Willamette Meridian, in the City of Tigard, Washington County, Oregon (Assessor's Map 1S 1 36AD): 1. Thence along the Willamette Meridian, being the easterly line of Washington County, Southerly 8,592 feet,more or less,to its intersection with the easterly extension of the south line of Lot 2 of the plat of"Salem Freeway Subdivision" (Assessor's Map 2S 1 01 DD); 2. Thence along said easterly extension, Westerly 585 feet,more or less, to the southwesterly right-of-way line of State Highway 217 (Assessor's Map 2S 1 01 DD); 3. Thence along said southwesterly right-of-way line,Northwesterly 1,471 feet, more or less,to the west line of Lot 3 of the plat of"Varns Acres"(Assessor's Map 2S 1 01DA); 4. Thence along said west line, Southerly 65 feet,more or less,to the southwesterly right-of-way line of State Highway 217,also being the north line of Lot 9 of the plat of"72nd Business Center" (Assessor's Map 2S 1 01DA); 5. Thence along said southwesterly right-of-way line,Northwesterly 773 feet,more or less,to the easterly right-of-way line of SW 72nd Avenue(Assessor's Map 2S 1 01DB); 6. Thence crossing SW 72nd Avenue,Northwesterly 258 feet,more or less,to the intersection of the westerly right-of-way line of SW 72nd Avenue and the southwesterly right-of-way line of SW Hunziker Street(Assessor's Map 2S 1 01DB); 7. Thence along said southwesterly right-of-way line,Northwesterly 549 feet,more or less,to Engineers Station 'H' 453+50, 80 feet right,as shown on Washington County Survey Number 25355 (Assessor's Map 2S 1 01DB); 8. Thence Northwesterly 285 feet, more or less, to the intersection of the northeasterly right-of-way line of SW Hunziker Street and the southwesterly right-of-way line of State Highway 217 (Assessor's Map 2S 1 01 AC); 9. Thence along said southwesterly right-of-way line,Northwesterly 3,627 feet,more or less,to the intersection of the southeasterly right-of-way line of SW Pacific Highway and the southwesterly right-of-way line of State Highway 217 (Assessor's Map 2S 1 01BB); 10. Thence crossing said SW Pacific Highway,Northwesterly 128 feet,more or less,to the intersection of the northwesterly right-of-way line of SW Pacific Highway and the southwesterly right-of-way line of State Highway 217 (Assessor's Map 1 S 1 36CC); 11. Thence crossing said State Highway 217 along the northeasterly extension of the northwesterly right-of-way line of SW Pacific Highway,Northeasterly 505 feet,more Tigard Triangle Urban Renewal Plan 28 or less,to the intersection of the northwesterly right-of-way line of SW Pacific Highway and the northeasterly right-of-way line of State Highway 217 (Assessor's Map 1S 1 36CC); 12. Thence along said northeasterly right-of-way line of State Highway 217, Northwesterly 155 feet,more or less,to the west line of Document Number 2016- 13886 (Assessor's Map 1S 1 36CC); 13. Thence along said west line,Northwesterly 727 feet,more or less,to the southerly right-of-way line of SW Pfaffle Street(Assessor's Map 1 S 1 36CC); 14. Thence along said southerly right-of-way line,Easterly 1,609 feet,more or less,to the southerly extension of the east line of Document Number 2016-18082 (Assessor's Map 1S 1 36CA); 15. Thence along said southerly extension and the east line thereof, Northerly 1,113 feet, more or less,to the south line of the plat of"Tigard Woods,A Condominium Community" (Assessor's Map 1S 1 36CA); 16. Thence along said south line,Easterly 296 feet,more or less,to the west line of the plat of"White Oak Village"(Assessor's Map 1S 1 36CA); 17. Thence along said west line, Southerly 198 feet,more or less,to the north line of Tract 'A' of said plat(Assessor's Map 1S 1 36CA); 18. Thence along said north line,Easterly 4 feet,more or less,to the northeast corner thereof(Assessor's Map 1S 1 36CA); 19. Thence along the east line of said Tract 'A', Southeasterly 304 feet, more or less,to the northwest corner of Lot 26 of said plat(Assessor's Map 1 S I 36CA); 20. Thence along the west line of said Lot 26, Southerly 69 feet,more or less,to the southwest corner thereof(Assessor's Map 1S 1 36CA); 21. Thence along the south line of said Lot 26 and the south line of Lot 27, Easterly 58 feet,more or less, to the southeast corner of said Lot 27 and the west line of Document Number 2001-29328 (Assessor's Map 1S 1 36DB); 22. Thence along the west line of said Deed, Southerly 65 feet, more or less,to the south line of said Deed (Assessor's Map 1S 1 36DB); 23. Thence along said south line,Easterly 160 feet,more or less,to the west line of Document Number 2000-00576 (Assessor's Map 1S 1 36DB); 24. Thence along said west line and the west line of Document Number 2007-115624, Northerly 319 feet, more or less,to the south line of Partition Plat Number 2009-027 (Assessor's Map 1S 1 36DB); 25. Thence along said south line,Easterly 192 feet, more or less,to the southeast corner thereof(Assessor's Map 1S 1 36DB); 26. Thence along the east line of said plat,Northerly 100 feet,more or less, to the south line of Document Number 2000-14791 (Assessor's Map 1S 1 36DB); 27. Thence along said south line,Easterly 21 feet,more or less,to the west line of Document Number 2001-49756(Assessor's Map 1S 1 36DB); 28. Thence along said west line,Northerly 451 feet,more or less,to the south line of the plat of"Metzger Acre Tracts"(Assessor's Map l S I 36AC); 29. Thence along said south line,Easterly 34 feet,more or less,to the west line of Document Number 2001-49756(Assessor's Map 1S 1 36AC); 30. Thence along said west line,Northerly 126 feet,more or less,to the southerly rightof- way line of SW Spruce Street(Assessor's Map IS 1 36AC); Tigard Triangle Urban Renewal Plan 29 31. Thence along said southerly right-of-way line and the easterly extension thereof, Easterly 769 feet, more or less,to the easterly right-of-way line of SW 71st Avenue (Assessor's Map 1S 1 36AD); 32. Thence along said easterly right-of-way line,Northerly 58 feet,more or less,to the north line of Document Number 2016-75996 (Assessor's Map 1S 1 36AD); 33. Thence along said north line, Easterly 380 feet, more or less, to the northwest corner of Document Number 2016-64828(Assessor's Map 1S 1 36AD); 34. Thence along the north line of said Deed and the northeasterly extension thereof, Northeasterly 258 feet,more or less,to the easterly right-of-way line of SW 69th Avenue(Assessor's Map 1S 1 36AD); 35. Thence along said easterly right-of-way line,Northerly 189 feet, more or less,to the south line of Document Number 2005-78796, being a line parallel to and 88 feet southerly of the north line of Lot 1, Block 1 of the plat of"Villa Ridge" (Assessor's Map I S 1 36AD); 36. Thence along said parallel line,Easterly 190 feet, more or less,to the west line of Document Number 2008-19233 (Assessor's Map 1S 1 36AD); 37. Thence along said west line,Northerly 88 feet,more or less,to the northwest corner thereof(Assessor's Map 1S 1 36AD); 38. Thence along the north line of said Deed and the north line of Document Number 2008-74471,Northeasterly 416 feet, more or less,to the west line of Document Number 85-51861 (Assessor's Map 1S 1 36AD); 39. Thence along said west line, Southerly 110 feet,more or less,to the southwest corner of said Deed(Assessor's Map 1 S 1 36AD); 40. Thence along the south line of said Deed and the south line of Deed Book 794,Page 602,Northeasterly 179 feet,more or less,to the west line of Document Number 93- 07010 (Assessor's Map 1S 1 36AD); 41. Thence along said west line,Northerly 249 feet,more or less, to the south line of the plat of"Villa Ridge No. 2"(Assessor's Map 1S 1 36AD); 42. Thence along said south line,Northeasterly 194 feet, more or less,to the Point of Beginning. 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SOU1H LINE OF e I 29-EAS RLY 341t H V 5 G‘ 4s r.,*\044444 44QA 97-0652 SEE SHEET 08 10/17/2016 SCALE 1' - 200 FEET REOISTEPROFESSIONAL _�•91 LAND SURVEYOR 200 0 101201!0200 �,� "- _ TIGARD TRIANGLE EXHIBIT URBAN RENEWAL AREA B COO =gam MS ENC EEMNG&FORESTRY, LLC Ave MIL k-F,0, WOAD. SAMNA CM'CF 11CARD 12965 SW HERMAN RD, S1E 100 OI 13125 SW HALL am 1UALAflN, OR 97062 TEAM OR 97223 P:503.563.6151 F:503.563.6152 aks—eng.00m 411 5570 Oft 3670 NI 55-a l N Tigard Triangle Urban Renewal Plan 39 EXHIBIT B Report Accompanying the Urban Renewal Plan Adopted by the City of Tigard December 13,2016 Ordinance No. 16 - 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 21 IV. THE RELATIONSHIP BETWEEN URBAN RENEWAL PROJECTS AND THE EXISTING CONDITIONS IN THE URBAN RENEWAL AREA 21 V. THE ESTIMATED TOTAL COST OF EACH PROJECT AND THE SOURCES OF MONEYS TO PAY SUCH COSTS 25 VI. THE ANTICIPATED COMPLETION DATE FOR EACH PROJECT 28 VII. THE ESTIMATED AMOUNT OF TAX INCREMENT REVENUES REQUIRED AND THE ANTICIPATED YEAR IN WHICH INDEBTEDNESS WILL BE RETIRED 33 VIII. FINANCIAL ANALYSIS OF THE PLAN 38 IX. IMPACT OF THE TAX INCREMENT FINANCING 40 X. COMPLIANCE WITH STATUTORY LIMITS ON ASSESSED VALUE AND SIZE OF URBAN RENEWAL AREA 44 XL RELOCATION REPORT 44 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), shown on Figure 1, 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 1 —Tigard Triangle Urban Renewal Plan Area Boundary Tigard Triangle Urban Renewal Area �tR a WO 30 n as 04 s . I t r ■ Qtir >r ■• `C_ •R t =•••tttas•ter.■■t11 . • • • • • • • a• •• • • 0. • •• •• j SW Dartmouth St • • • • • •• • ••• • ♦• i7 • •• Aker Rd •• •so i e • •• 4♦+ • • • •• • ■■■♦ 44• Tigard Triangle URA ••• ? > • 0 500 1,000 feet ■■■■tta 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 1—Existing Land Uses in Area % Total Land Use Parcels Acres Acres Commercial 263 321.15 83.84% Vacant 41 35.08 9.16% Exempt 18 21.82 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 in Area Zoning/Comprehensive Plan %Total Pa reels Acres Designation Acres General Commercial 113 200.98 52.47% Mixed Use Employment 204 173.54 45.31% Medium Density Residential 1 5.77 1.51% Professional Commercial 9 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) 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 ‘sFoi :11 ,s•S•• s r ..•..., 2°� s •au U a 34: 441 • s a▪ s `a 2) o xlip a --'-=-,- i • {Fs+r•sp:.itsse. • *Ili t ... • 44 .• Qartmouth St • w 14 • CO y M Rd • Zoning • • •• General Commercial • ••s•• Professional Commercial ;44., Mixed Use Employment 0', ••-s . , Medium Density Residential(R-12) •t4� gm Lightlndustrial u12, �#'f htid • • Tigard Triangle URA A •■■■, 0 500 1,000 1,500 feet 1 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 I-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."' 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 I-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." Specific project considerations from the TSP for the Area are listed in Table 3 on the following page. 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 Dewript inn Time Cost Frame Estimate 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,'S lanes Mid-term $8,000,000 ORE 99W to Dartmouth 72nd Avenue widening: Widen to 4/5 lanes,including bridge Mid-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-term $320,000 eastbound direction only) Dartmouth Street widenin Widen to 4 lanes plus turn lanes and sidewalks Near-term $3,000,000 g 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/I-5 SB northbound through lanes on pacific highway Near-term $5,000,000 and dual lanes for I-5 ramps to reduce 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:Ciry of Tigard Transportation System Plan Report on Tigard Triangle Urban Renewal Area 8 2. Water Water is provided by the Tualatin Valley Water District(TVWD). The TVWD Capital Improvement Plan for the adopted 2015-17 budget lists one specific project in the Tigard Triangle Area.3 In general, improvements, such as replacement of aging infrastructure, are anticipated throughout the entire TVWD service area. The one specific project in the Area is an upgrade to the Metzger North-South Transmission Line. TVWD needs to make various fire flow improvements based on their recent 2014 Master Plan.The project will provide a resiliency function to Tualatin Valley Fire &Rescue facilities and a key commercial area. It is estimated to include the installation of 6,000 feet of 18"transmission line. The area being served, which includes the Area and properties north of the Area in Metzger, expects further growth and development in future years.4 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 69th 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 Iine 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.] 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 3 Tualatin Water District CIP Overview 2015-17 Budget,Section 17 4 Tualatin Valley Water District Adopted Capital Improvement Plan 2015-17.pg. 17-35 Report on Tigard Triangle Urban Renewal Area 9 memo,the city will assume that at least three regional detention ponds will be needed in the Triangle area."5 5 Memo Re:Existing Conditions in Tigard Triangle: Sewer and Stormwater,August 8,2016 Report on Tigard Triangle Urban Renewal Area 10 Figure 3 —Stormwater Issues Stormwater Known Issues I .rr�d Exhibit B --1iiiir fi , �„14 „� �. ,� 2 3 i 64 I y:. .I . `~ l 1 i 12 { � I .IIG dy.o il pi ii .. -.;— . 9. el. 7 • --7/ .t iiii rr.d.r1....rr.lw.lr.rr�s en•101r • r 96R14vcrEB. • ..ii 11111111111 Will .....w.,,,....C.L—r-t) , / Of. : liii .• ....1.... :......... • ...--- J .� cf3) r iii.. •. , . 1 ' ,. , .0.,... . . . ;, -, , (7......„, ...., t ., — Rb .f I IriEi ' y' N .� r r!s.�■r i act tagend &mn.l. LI.n laed City Bounditty Stemw.t.r Cu68 eio.n+.he0wi. 0 Valor Quill*leu.mine 0 Mooting Ing Point 0 EONun how Point 0 M..iekr..ty in..PM. i....•Study AnisnnwrVault Itrimatialar f.I.n.en Pips Mf..r Quality Issue Ani FlooErosion W odin0 Nous tie Erosion haw Linont.YrAYti Iy lama n. .: BknnwM.r Culvert —sr*liter Ow*Pp. fleeting leu.Argo Em.bn lou Argo MilintoiroblIty Mus An. 86..... S.omtr..r Win K::::.:1 Seone.at.r Water Chalky Pond []e.7Q1Q016 33130 P. Source:City of Nord memo on conditions 8/2016,Exhibit B Report on Tigard Triangle Urban Renewal Area 11 Figure 4—Stormwater Issues Stormwatcr Known Issues DRAFT Exhibit C 11 .a-t;4.V X11' . 7 Lri . Lando/kW 4, 0ce,''' -' i1 ) se• , . 11 12 ......... 1 ...„. ......._ • �.�� xo,, ,,„, + ;, 18 17 1 1 1 ; . .....4., ;7 r r - ., .. • r�.9 STORM-MITER. • r ) %., A. 1 ,. a i 1tlo `, J L as S 1 U I fl tl �} j y ice ."�` yuey 3:A I ___________1,1'ad/Um* • T4 N �. . ' • J ► • Rail �� is i rx •'• ., a ,,� ',� • • N � Feer Legend immune • • lipard CRSundryBdwy Stormy/alloyMan Oor•S S[oSwale 0 br Ql y Saw Paley 0 Flooding lama Point 0 Erosion now Point 0 % 1sh bay haw Point •StrdyAwe VI Stonnwalar Mwil r— Stomo alar DaSrmon Pips Miler Gutsy lawn Ana .•:••—•, Flooding Moue Lino Erosion Issue Lino MYinhkabBty Sarre lJw •-- TieAa .. : Stormrral.r Culvert Manometer Wale(away Pym Flooding hem Area Erosion haw Asp MaYntaawbNly harry Ma Saarw Starrm■awr Main r.:' Slonnwbr MSM Qwey Pond Date 7m00163:52:43 PM Source:City of Tigard memo on conditions 82016.Exhibit C Report on Tigard Triangle Urban Renewal Area 12 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 69th 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."6 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. 6 Memo Re:Existing Conditions in Tigard Triangle: Sewer and Stormwater,August 8,2016 Report on Tigard Triangle Urban Renewal Area 13 Figure 5 —Sanitary Sewer Deficiencies EXHIBIT A:Timed A- ATI,AN IA 5 S Tringle Sewer 1 dInfrastructure A -111-bAYt•01111S 7 �sM A �—_ y - re r- e tow 1 P"**/Pa 1 ." ret ell It 4f , , 3. I s Y F Z.:f LI *Vgtl ST.---- .. x _ *-J i-1-4A elio LINeVt? h 77, 7,31' i yr > , _ i .. A lUnsewered Areas 1 ~ ti .'` It _ ,w •� > to 0 it l:yntIURST Si' `L4/ : 4 ill ;.-- wN1 RS I STIM_ co♦ Q ' ' JCz 6- Oilinmini•OVII 1.1.en 44.41 Ghst * a '„ SaMAY42 f a Vi �. �ry . f it __,.. ` s- 2 egv%, ,, . 734 ti .... .1.111... M Source:City of Tigard memo on conditions 8/2016 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. Tigard Park System Master Plan,p.59 Report on Tigard Triangle Urban Renewal Area 14 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.8 6. Other Utilities There is no fiber optic infrastructure in the Area. 8 Tigard Triangle Strategic Plan,p.33-34 Report on Tigard Triangle Urban Renewal Area 15 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 Race Number Percent 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% Total 579 100% Source:US Census Bureau,Social Explorer,American Community Survey 2010-2014,5-Year Estimates Report on Tigard Triangle Urban Renewal Area 16 The largest percentage of residents in the block group is between 25-34 years of age(20%). Table 5—Age in the Area Age Number Percent 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% 75to84Years 0% 85 Years and over 12 2% Total 579 100% 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% Total 408 100% Source:US Census Bureau,Social Explorer,American Community Survey 2010-2014,5-Year Estimates Report on Tigard Triangle Urban Renewal Area 17 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 Travel Time to Work Number Percent 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% Total 305 100% 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 T ransportation 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% Total 305 100% Source:US Census Bureau,Social Explorer,American Community Survey 2010-2014,5-Year Estimates Report on Tigard Triangle Urban Renewal Area 18 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. 7. 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 Improvement/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 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 19 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. Report on Tigard Triangle Urban Renewal Area 20 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. The Area has been the focus of significant planning efforts over the years with the goal of transforming it from an underdeveloped area with substantial infrastructure deficiencies into an active. urban,multimodal,and mixed-use district. The Plan Overview Section in the Introduction to the Tigard Triangle Urban Renewal Plan provides additional background on why urban renewal was selected for this 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 1. 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 pedestrian/bike bridge across Hwy I-5 between the Triangle and PCC Sylvania around location of Red Rock Creek. Report on Tigard Triangle Urban Renewal Area 21 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. 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 along 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. 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.9 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. 9 Tigard Triangle Strategic Plan,p.6 Report on Tigard Triangle Urban Renewal Area 22 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. 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 Area have 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. Report on Tigard Triangle Urban Renewal Area 23 19. Sewer—Extend public sewer system to areas served by private septic systems. 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 69m 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. 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 one specific project in the Tigard Triangle Area10,which is to increase the pipe size of the Metzger North-South Transmission Line to improve fire flow and provide additional capacity for future development. In general, improvements, such as replacement of aging infrastructure, are anticipated throughout 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 façade improvement grants/loans, streetscape improvements,technical/code/fee assistance,site 10 Tualatin Water District C1P Overview 2015-17 Budget,Section 17 Report on Tigard Triangle Urban Renewal Area 24 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. 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 lob.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 10a—Projects to be Completed Using Urban Renewal Funds by Category Project Funding Categories Expenditures Percent (nominal $) (constant$) Altocations Trans•ortation $87,803,000 $40,000,000 42% Public Utilities $21,410,600) $13,000,000 14.25% Public S.aces Facilities,and Installations $30,369,400 $15,000 000 16% Re/Develo•went Assistance and Partnershi es $39,211,300) $22,000,000 23% Pro'ect Administration $6,607.100 $3,500,000 3.7% Finance Fees '.1 648 100 ($1,000,000) 1.05% Total Ex m enditures i t t 1.1 iii 00% Source:City of Tigard,Tiberius Solutions LLC forecasts Report on Tigard Triangle Urban Renewal Area 25 Table 10b—Projects to be Completed Using Urban Renewal Funds Total Proposed Project N Project Tape Project Description Cost Funding Fstimate in 541 New Hwy 217 Overpass Snead Beveled Rd south over Hwy 217 to Milan Rd/Wal St area 1 50 5 (Beselstd) with car,ped,and bike facilities, 2 New Street(74th Ave) Extend 74th Ave south from 99W to Hermoso Way or Bevelmd Rd. 5 5 3 New Street(Atlanta) Friend Atlanta St west from 69th Me to Dartmouth St or filtae 74th 4 3 Ave 4 New'Hwy 1-5 Overpass(Beveletd) Provide ped bike bridge across Hwy 1-5 from Beselmd Rd to 6 1 Southwood Dr. 5 New Hwy I-5 Overpass(Red Rock Creek) Provide pedbire bridge across Hwy 1-5 between the Triangle and 6 1 PCC Sylvania around location ofRed Rock Creek. 6 Modified Intersection(Atlarda'68th) ��n signal and urn lanes where needed at Atlanta St/68th Ase int0.5 0.5 7 Modified Intersection(99W/68th) Add Wpr°oected b8 meati and transitinprovemerrts on 68th Pkwy at 4 1 99Develop comfortable,iterest ig,and attractive streetscapes 8 Modred Streets TBD 3.5 throughobi the Area,especially along designated pedestrian streets. 9 New Trail(Red Rock Creek) Build a new trail along Red Rock Creek parallel to and south of 99W. 3 3 10 New Streets connectivity, ,rind access throughout the Area with 5 4 new or extended local streets. TBD.Improve 72nd Ave corridor,including intersection/interchanges. 11 Modified Street(72nd Ave) Dependent on 72nd Ave Corridor Study recorrnrerdations. TBD 8 Implement access management strategies and merlin projects in Hwy 12 Modified Street(99W) TBD 0.6 99W Plan,incl uditng additional pedestrian crossing locations. 13 Modified Interchange(99W.'Hwy-217) Add second kft Urn lure on Hwy 217 mrthbouad ramp to 99W. 3 0.6 14 Modified Signals Upgrade signals throughout the Area with adaptive signal coordination 1.2 0.3 technology. 15 Parking Management PIan Develop a plan and implement strategies for managing parking TBD 3 16 Transportation Study Periodically evaluate the finctioning of the transportation system to 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 26 Table 10b—Projects to be Completed Using Urban Renewal Funds,page 2 Project Total Proposed Project Type Project Description C"ost ERA umher Estiuiatc Funding Develop a storm ater master plan for the Triangb and a 17 Stonmwater.!Sewer greerrway plan for Red Rock Creek that addresses 0.3 0.3 stormwater,sewer,and recreational needs. 18 Stomas ater Construct approximately three regional stormwater facilities to TBD 8.2 meet new DEQ regulations for water giantity management 19 Sewer Extend public sewer system to areas served by private septic 5 1 systems. 20 Storrnwater/Sewer Pemraneilly fix compromised sewer lines in Red Rock Creek 3 3 and restore creek channel and riparian buffer. 21 Water Install new water mains as needed 4 0.5 Creates a clear identity for the Triangle as a Sin and diverse place to live and visit through the development of parks, 22 Public Spaces,Facilities,and Installations plazas,greenways,public restrooms,recreational fiches, TBD 15 public art,way ding,gateway installations,and/or district signage. Provides assistance to new and existing businesses and housing developments through facade improvement Re/Development Assistance and grants/loans,streetscape irr>proveinents,technical/code/fee T� 22 23 Parmerships assistance,site assembly,site clean-up/preparation,site acquistion,and/or partnerships that facilitate housing and mixed-use developments. Allows for repayment of costs associated with implementation of the Tigard Triangle Urban Renewal Plan.Includes ongoing 24 Finance Fees and Plan Administration administration and any financing costs associated with issuing 4.5 4.5 long-and short-term debt,relocation costs,and other administrative costs. Total TBD $94.50 Source:City of Tigard,Tiberius Solutions LLC forecasts 1. Project Cost Estimate Notes Transportation project estimates(Projects 1 — 16)were developed by City of Tigard staff and utilized a number of relevant sources, including but not limited to cost estimates in the Tigard Transportation System Plan and Tigard Triangle Strategic Plan and itemized bids from recent capital improvement projects. The cost estimate for Project 17 came from the city's 2016-17 Capital Improvement Plan(CIP). Since the CIP estimate did not include a sewer component, the City Engineer advised increasing this estimate by$100,000. The cost estimate for Project 18 was extrapolated from regional stormwater facility estimates developed for the River Terrace Stormwater Master Plan. Since these estimates included land value assumptions for rural land, the city's Economic Development Manager advised doubling these land value assumptions in order to better reflect the cost of acquiring land in a more urbanized area. Cost estimates for Projects 19 and 21 came from the Tigard Triangle Strategic Plan. These estimates were for general water and sewer system upgrades and did not contemplate any specific project. Lastly,the cost estimate for Project 20 was developed by the City Engineer after reviewing a number of similar stream restoration/sewer stabilization projects of varying scopes that were recently completed by the city. Report on Tigard Triangle Urban Renewal Area 27 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 28 Table 11 -Projects and Costs in Year of Expenditure Dollars 2018-19 2019-20 2020-21 2021-22 2022-23 21)23-24 2024-25 2025-26 PROJECT ri:\L) Resources Beginning Fund Balance $0 $189 $9,051 $12,808 $18,545 $22,168 $21,306 $26,804 Pay-as-you-go(Transfer from TIF 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 Si:), $0 $5,550,000 $0 $0 $6,400,000 Interest Earnings $264,968_ SO $1 $4 $64 $93 $111 $107 $134 Total Resources $241,328,644 $382,689 $5,071,051 $418,508 $645,445 $5,989,068 $686,406 $940,204 $7,098,299 Expenditures(nominal 8) ---i_ Project Administration -$6,607,100 -$109,300 -$112,600 -$115,900 -$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/Devebpment Assistance and Partnerships _ -$39,211,300 -$273,200 -$1,125,500 -$289,800 -$507,500_ -$799,400 -$538,406, -$130,500 -$739,100 Finance Fees - -$1,648,100 -$109,700 -$124,900 $144,000 Total Eapenditures -$187,049,500 -$382,500 -$5,062,000 -$405,700 -$626,900 -$5,966,900 -$665,100 -$913,400 -$7,065,100 &dug Fund Balance $189 $9,051 $12,808 $18,545 $22,168 $21,306 $26,804 $33,199 Source:Tiberius Solutions LLC Report on Tigard Triangle Urban Renewal Area 29 Table 11 Projects and Costs in Year of Expenditure Dollars,page 2 2026-24 2127-2x 21128-29 2029-30 2030-31 2031-32 2032-33 2033-34 2034-35 !'ROJF.(T ii'.11 Resources Beginning fluid Balance $33,199 $13,925 $6,569 $7,219 $4,829 $22,866 $34,766 $6,583 $8,013 Pay-as-you-go(Fransferfrom TIP 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 SO $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 $1,290,629 $1,619,866 $9,526,566 $1,700,683 S2,050,813 $10,886,481 Expenditures(nominal S) Project Administration -$138,400 -$142,600 -$146,900 -$151,300 -$155,800 -$160,500 -$165,300 -$170,200 -$175,400 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 -$2,202,800 -$1,134,500 4662,200 -$1,123,300 +$1,528,800, -$1,872,600 -$1,709,700 Finance Fees -$162,000 T -$184,500 - 207,000 Total E penditures 4968,900) -$1,247,500 -$8,165,400 -$1,285,800 -$1,597,000 -$9,491,800 -$1,694,100 -$2,042,800 -$10,859,600 lacing Fund Balance $13,925 $6,569 $7,219' $4,829 $22,866 $34,766 $6,583 $8,013 $26,881 Source:Tiberius Solutions LLC Report on Tigard Triangle Urban Renewal Area 30 Table 11 Projects and Costs in Year of Expenditure Dollars,page 3 2035-36 2036-37 2037-34 2038-39 2039-411 2(140-4l 2041-42 294243 294344 PROJECT Ft'VI) 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 S2,523,589 $2,116,792 $2,588,415 $2,442,000 $2,957,024 $3,495,224 $2,986,089 $3,573,817 Bond/Loan Proceeds SO $0 $9,300,000 $0 $10,200,000 SO $0 $12,600,00Q SO Interest Earnings $134 S209 $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 -$186,000 -$191,600 -$197,400 -$203,300 -$209,400 -$215,700 -$222,100 -$228,800 Transportation -$9,580,500 -$680,500 -$1,132,200 -$9,051,800 -$2,802,700 Utilities -$4,065,600 -$3,776,200 Public Spaces,Facilities,and Installations -$6,098,400 Re/Development Assistance and Partnerships -$1,896,400 -$2,371,900 -$1,437,100 -$2,368,300 -$2,032,800 -S2,093,800 -$2,156,600 -$2,221,300 -$572,000 Finance Fees -$209,300 -$229,500 ' -$277,200 Total Epen 8tures -$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 $41,724 $7,622 $5,952 $28,697 $41,240 $14,770 $5,568 $43,085 $13,617 Source:Tiberius Solutions LLC Report on Tigard Triangle Urban Renewal Area 31 Table 11 -Projects and Costs in Year of Expenditure Dollars,page 4 2144-4S 21145-46 2946-4' 2114^-43 211484') 2049-50 20511-51 2051-52 2052-53 HOWL( I IUV() 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 from TIF Fund) $4,187,993 $5,343,359 $6014,055 $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 $5,362,331 $6,036,699 $6,751,813 $8,082,091 $8,849,654 $9,629,736 $11,146,831 $12,018,637 Expenditures(nominal Z) Project Administration -$235,700 4242,700 -$250,000 -$257,5004 4265,200 4273,200 -$281,400 -$289,800 -$298,500 Transportation -$4,490,300 -$5,793,800, -$7,990,800 48,723,100 410,216,500 -$11,045,200 Utilities Public Spaces,Facilities,and Installations -$3,358,000 -$5,125,000' -$7,094,900 Re/Development Assistance and Partnerships -$589,100 -$606,800_ 4625,000 -$643,800 -$663,100 -$546,400 -$562,800 -$579,700 4671,700 Finance Fees Total 1kpeaditurea 44,182,800 45,339,800 46,000,000 46,695,100 48,023,200 48,810,400_ 49,567,300 411,086,000 412,015,400 Ending Fend Balance $18,878 $22,531! 536,699 $56,713 $58,891 $39,254 $62,436, $60,831 $3,237 Source:Tiberius Solutions LLC Report on Tigard Triangle Urban Renewal Area 32 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). 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. Report on Tigard Triangle Urban Renewal Area 33 Table 12 Tax Increment Revenues and Allocations to Debt Service rota, 2018-19 2019-21) 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26 DEBTSERVICE P1',V0 Resources Beginning Fund Balance $0` SO- $0 SO + $0 $0 SO TIFfor URA 5278,560,738 $382,689 $587,044 $800,595 + $1,500,656 $1,755,320 $2,021,443 Total Resources $278,560,738 $382,689 $587,044 $800,595 $1,500,656 $1,755,320 $2,021,443 Fzpernitures Debt Service New Loan 2020 -$7,823,660 -$391,183 -$391,183 r' K' :< 4391,183 -$391,183 -$391,183 New Loan 2023 -$8,906,920 -$445,346 -$445,346 -$445,346 New Loan 2026 -$10,271,060 -$513,553 New Loan 2029 -$11,554,940 New Loan 2032 -$13,159,780 New Loan 2035 -$14,463,826 New Loan 2038 -$13,729,760 New Loan 2040 -$14,426,216 , New Loan 2043 -$16,685,900 Total Debt Service -$111,022,062 $0 -$391,183 -$391,183 -$836,529 -$836,529 -$1,350,082 Coverage Ratio SO_ $2 $2 '< r $2 S2 $1 Transfer to Project Fund -$167,538,676 -$382,689 -$195,861 -$409,412 A+ + -$664,127 -$918,791 -$671,361 Total Eapenditnres -$278,560,738 -$382, 689 -$587,044 -$800,595 .51,023,756 -$1,256,959 -$1,500,656 51,755,320 -$2,021,443 8iding Fund Balance — $0 $0 $0 SO $0 $0 $0 SO Cumulative DIS Remaining 4111,022,062 4110,630,879 4110,239,696 $109,848,513 4109,011,984 -$108,175,455 4107,338,926' 4105,988,844 TIF Sufficient to Pay Off DIS NO _ NO l 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 2 2026-27 21127-28 2028-29 21129-39 2030-31 2031-32 2032-33 2933-34 2034-35 DEBTSERVIC'E FIND Resources Beginning Fund Balance $0 $0 $0 $0 $0 $0 $0 $0 $0 TIF for URA $2,299,542 S2,590,156 $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 $3,211,203 $3,542,842 53,889,404 $4,251,561 $4,630,015 $5,025,500 Expenditures Debt Service New-Loan 2020 -$391,183 -$391,183 -$391,183 4391,183 -$391,183 -$391,183 -$391,183 -$391,183 -$391,183 New Loan 2023 -$445,346 -$445,346 -$445,346 -$445,346 -$445,346 -$445,346 -$445,346 -$445,346 -$445,346 New Loan 2026 $513,553 4513,553 -$513,553 -$513,553 -$513,553 -$513,553 -5513,553 -$513,553 $513,553 New Loan 2029 -$577,747 -$577,747 4577,747 -$577,747 -$577,747 $577,747 -$577,747 New Loan 2032 -$657,989 -$657,989 -$657,989 -$657,989 New Loan 2035 4761,254 New Loan 2038 New Loan 2040 New Loan 2043 Total Debt Service -$1,350,082 $1,350,082 $1,927,829 -$1,927,829 -$1,927,829 -$2,585,818 $2,585,818 $2,585,818 43,347,072 Coverage Ratio $2 $2, $2 $2 $2 $2 $2 S2 S2 Transfer to Project 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 Total Expenditures $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 Ending Fund Balance $0 $0 SO SO SO_ SO SO SO SO Cumulative D/S Remaining $104,638,762 -$103,288,680 4101,360,851 -$99,433,022 -$97,505,193 -$94,919,375 -$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 35 Table 12-Tax Increment Revenues and Allocations to Debt Service,page 3 2113,-3(, 2113(,-37 2037-3S 203S-39 21134--111 2040-41 21141-42 204243 2043-44 DERTSERI 1( 1.II NI) Resources Beginning Fund Balance $0 $0 SO SO SO SO $0 SO $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 S5,438,781 $5,870,661 $6,321,974 $6,793,597 $7,286,443 $7,801,467 $8,339,667 $8,902,086 $9,489,814 Expenditures Debt Service New Loan 2020 -$391,183 -$391,183 -$391,183 -$391,183 New Loan 2023 -$445,346 -$445,346 -$445,346 -$445,346 -$445,346 -$445,346 -$445,346 _ _ New Loan 2026 5513,553, -$513,553 -$513,553, -$513,553 -5513,553. -$513,553 -$513,553 4513,553 -$513,553 New Loan 2029 -$577,747 -$577,747 -5577,747, -$577,747 -$577,747 -$577,747 -$577,747 -$577,747 -$577,747 New Loan 2032 ' -$657,989 -$657,989 -$657,989 -$657,989 -$657,989 -$657,989 -$657,989 -$657,989 _-$657,989 New Loan 2035 -$761,254 -$761,254 -$761,254 -$761,254 -$761,254 -$761,254 -$761,254 -$761,254 -$761,254 New Loan 2038 -$858,110 -$858,110 -$858,110 -$858,110 -$858,110 -$858,110 -$858,110 Neu Loan 2040 -$1,030,444, -$1,030,444 -$1,030,444 -$1,030,444 -$1,030,444 - - New Loan 2043 -$1,516,900 -$1,516,900 Total Debt Service 43,347,072 -$3,347,072 -$4,205,182 -$4,205,182 -$4,844,443 -$4,844,443 -$4,844,443 -55,915,997 -$5,915,997 Coverage Ratio $2 $2 $2 $2 $2 $2 $2 S2 $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 Expenditures -$5,438,781 -$5,870,661 56,321,974 -56,793,597 -$7,286,443 $7,801,467 -$8,339,667 -$8,902,086 -$9,489,814 Ending FundBalanee SO SO SO SO SO SO SO SO SO Cunnlative DIS Remaining -$83,053,595 -$79,706,523 -$75,501,341 -$71,296,159 466,451716 -$61,607,273 -$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 36 Table 12 Tax Increment Revenues and Allocations to Debt Service,page 4 2044-4,; 2114;-4( 2044,-4" 201" au 2048-49 2949-51) 29511-51 2051-52 2052-53 i)EBTSLR 1'ICI. I i':\I) Resources Beginning Fund Balance SO $0 $0 SO SO $0 SO SO $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 S10,103,990 $10,745,803 $11,416,499 $12,117,375 $12,849,791 $13,615,166 $14,414,983 $15,250,791 $16,124,210 $cpenditures Debi Service _ New Loan 2020 New Loan 2023 New Loan 2026 -$513,553 New Loan 2029 -$577,747 -$577,747 -$577,747 -$577,747 New Loan 2032 -$657,989 -$657,989 -$657,989 -$657,989 -$657,989 -$657,989 -$657,989 New Loan 2035 -$761,254 -$761,254 -$761,254 -$761,254 -$761,254 -$761,254 -$761,254 -$761,254 -$761,254 New Loan 2038 -$858,110 -$858,110 -$858,110 -$858,110 -$858,110 -$858,110 -$858,110 -$858,110 -$858,110 New Loan 2040 -$1,030,444 -$1,030,444 -$1,030,444 $1,030,444 41,030,444 -$1,030,444 41,030,444 -$1,030,444 -$1,030,444 New Loan 2043 -$1,516,900 -$1,516,900 -$1,516,900 -$1,516,900 -$1,516,900 -$1,516,900 -$1,516,900 -$1,516,900 -$1,516,900 Total Debt Service -$5 15,997 -$5,402,444 -$5,402,444 45,402,444 -$4,824,697 -$4,824,697 -$4,824,697 -$4,166,708 -$4,166,708 Coverage Ratio $2 $2 $2 $2 $3 $3 $3 $4 $4 Trans to Project Fund -$4,187,993 -$5,343,359 -$6,014,055 -$6,714,931 -$8,025,094 -$8,790,469 49,590,286 -$11,084,083 -$11,957,502 Total Fzpeaditures 410,103,990 -10,745,803 -$11,416,499 -$12,117,375 -$12,849,791 -$13,615,166 -$14,414,983 -$15,250,791 -$16,124,210 Endug Fund Balance SO $0. SO SO $0 SO SO SO SO Cumulative DVS Remaining _ -$39,014,839 -$33,612,395 -$28,209,951 -$22,807,507 -$17,982,810 -$13,158,113 -$8,333,416 -$4,166,708 $0 TIF Sufficient to Pay Off D/S _ NO NO NO NO NO NO NO I NO YES Source:Tiberius Solutions LLC Report on Tigard Triangle Urban Renewal Area 37 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 38 Table 13 —Projected Incremental Assessed Value, Tax Rates,and Tax Increment Revenues Ts%lncremenl finance Resume i um)atilt 11F Assessed Value frozen 13a'.c lacers Value Tax Rate Gross Ill. tmeurr Net T[F TIF 2019 $463,541,305 $429,654,966 $33,886,339 11.8877 402,831 (20,142) 382,689 382,689 2020 $481,636,527 $429,654,966 $51,981,561 11.8877 617,941 (30,897) 587,044 969,733 2021 $500,546,034 $429,654,966 $70,891,068 11.8877 842,732 _ (42,137) 800,595 1,770,328 2022 8520,304469 $429,654,966 $90,651,503 11.8877 1,077,638 (53,882) 1,023,756 2794,084 2023 $540,956,123 $429,654,966 $111,301,157 11.8877 1,323,115, (66,1561 1,256,959 4,051,043 2024 $562,535,012 $429,654,966_ $132,880,046 11.8877 1,579,638 (78,982) 1500,656 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 , (106,392) 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 2,724480 (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). 2,893,846 17,112,006 2030 $714,000,507 _ $429,654,966 $284,345,541 11.8877k 3,380,214_ (169.011) 3,211,203 20,323,209 2031 8743,366,393 $429,654,966 $313,711,427 11.8877 3,729,307_ (186,4651 3,542,842 23,866,051 2032 8774,053,744 $429,654,966 $344,398,778 11.8877 4.094,109 (204,7051 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 $481,593,01611.8877 5,725,033 (286,252) 5,438,781 47,101,312 2037 $949,490,004 $429,654,966 8519,835,038 11.8877 4179,643_ (308,982) 5,870,661 52,971,973 2038 $989,452,917 $429,654,966 $559,797,951 11.8877 6,654,710 , (3322736) 6,321,974 592293,947 2039 $1,031,214,161 $429,654,966 _ $601,559,195 11.8877 7,151,155_ (357,558) 6,793,597 64087,544 2040 $1,074,854,661 $429,654,966, $645,199,695 11.8877 7,669,940_ (383,497) 7,286,443 73,373,987 2041 $1,120,458,984 $429,654,966 $690,804,018 11.8877 8,212,071 (410,604) 7,801,467 81,175,454 2042 $1,168,115,501 $429,654,966 $738,460,535 11.8877 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) 8,902,086 , 98,417,207 2044 $1,269,958,670 $429,654966 $840,303,704 11.8877 9,989,278 (499,464) 9,489,814 107,907,021 2045 $1,324342-673 $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 $429,654,966, $1.072,968,863. 11,8877 12755,132 (637,757) 12,117,375 152,290,688 2049 $1,567,477,764 $429,654,966 $1,137,822,798 11.8877 13 524096_ 4676,305) 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 (758,683) 14,414,983 193,170,628 2052 $1,780,081,359 $429,654,966, $1,350,426,393 , 11.8877 14053,464 (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 (848,643) 16,124,210 224,545,629 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 39 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,may be replaced with State School Fund revenues, as determined by a funding formula at the State level. Local revenues, including property tax revenues,are an offset under the State School Fund formula. 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 40 Table 14a-Projected Impact on Taxing District Permanent Rate Levies -General Government General('.otic rnment Tigard' ualatin tt ashinoon(oum) ('it)oil igit rd 11111 Port or Portland Metro Aquatic I)istrict EVE Perm Perm Perm Perm Perm Perm Suhtotil 2019 ($72,381) ($80,902) ($49,099) ($2,257) ($486) ($2,897) ($208,022) 2020 ($111,032) ($124,1031 ($75,3181 ($3,462) ($746) ($4.444) ($319,105) 2021 ($151,422) ($169,248) ($102,717) ($4,721) ($1,017) ($6,061) ($435,186) 2022 ($193,630) ($216,425) ($131,349) ($6,037) ($1,300) ($7,751) ($556,492) 2023 ($237,737) ($265,725) ($161,269) ($7,412) ($1,597) ($9,516) ($683,256) 2024 ($283,829) ($317,244) ($192,5351 ($8,849) ($1,906) ($11,361) ($815,724) 2025 ($331,995) ($371,081) ($225,209) ($10.351) ($2,230) ($13,289) ($954,155) 2026 ($382,329) ($427,340) ($259,353). ($11,920) ($2,568) ($15,304) ($1,098,814) 2027 ($434,928) ($486,131)0 ($295,033) ($13,560)' ($2,921) ($17,409) ($1,249,982) 2028 ($489,893) ($547,568) ($332319) ($15,274) ($3,290) ($19,610) ($1,407,954) 2029 ($547,332) ($611,769) ($371,282) ($17,065) k$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) ($5,400) ($32,188) ($2,311,057) 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) ($38,047) ($2,731,754) 2036 ($1,028,673) ($1,149,777) ($697,799) ($32,072) ($6,908) ($41,176) ($2,956,405) 2037 ($1.110,357) ($1,241,078) ($753,210) ($34,618) ($7,457) ($44,446) ($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 ($1,378,134) ($1,540,379) ($934,856). ($42,967) ($9,255) ($55,165) ($3,960,756) 2041 ($1,475,543) ($1,649,257) ($1,000,934) ($46,004) ($9,910) ($59,064) ($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) ($1,142,1441 ($52,494) ($11,308) ($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) ($2,136,018) ($L296,349) ($59,582) ($12,834) ($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) ($6,205,766) 2048 ($2,291,840) ($2,561,654) ($1,554,6671 ($71,454) ($15,392) ($91,739) ($6,586,746) 2049 ($2,430,367) ($2,716,489) ($1,648,637), ($75,773) ($16,322) ($97,284) ($6,984,872) 2050 ($2,575,127) ($2,878,292) ($1,746,835) ($80,287) ($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) ($3,224,069) ($1,956,687) ($89,932) ($19,372) ($115,461) ($8,290,005) 2053 ($3,049,679) ($3,408,713) ($2,068,747) ($95.082) ($20,481) ($122,074) ($8,764,77.6) Total ($42,469,812) ($47,469,708) ($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 41 Table 14b-Projected Impact on Taxing District Permanent Rate Levies-Education Education NW Regional Tigard- PCC ESD Tualatin SI) FYE Penn 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) ($2,299,542L 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) ($3,100,743L_J$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) ($4509,952) ($4,904,613) ($10,745,802) 2047 ($271,590) ($147,704) ($4,791,440) ($5,210,734) ($11,416,5001_ 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 42 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 FVE 2054(year after expiration) From Frozen Taxing District Tax Rate Base From Excess Value Total 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 ward-Tualatin SD 4.9892 $ 2,143,635.00 $ 7,526,636.00 $ 9,670,271.00 Tigard-Tualatin SD(GO Bond) 0.0000 $ - $ - $ - Subtotal 5.4258 $ 2,331,222.00 $ 8,185,284.00 $ 10,516,506.00 Total 11.8877 $5,107,610.00 $ 17,933,615.00 $ 23,041,225.00 Source:Tiberius Solutions LLC Report on Tigard Triangle Urban Renewal Area 43 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 Acreage 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 Hov.ard 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 44 EXHIBIT C P11 " City of Tigard TIGARo Memorandum To: Mayor John Cook and Members of Council From: Calista Fitzgerald,President of Tigard Planning Commission Re: Planning Commission Recommendation on Tigard Triangle Urban Renewal Plan Date: November 15, 2016 On November 14,2016, the Tigard Planning Commission held a public hearing on the Tigard Triangle Urban Renewal Plan (Plan). After considering the staff report and public testimony, the Planning Commission made a unanimous recommendation that City Council approve the Plan. Pursuant to the requirements of Oregon Revised Statutes (ORS) Chapter 457 governing urban renewal, the Planning Commission found that the Plan conforms to the city's goals and objectives as contained in the Comprehensive Plan and the community's vision for the area as described in the recently completed Tigard Triangle Strategic Plan. One member of the public,Jim Long, requested that the Planning Commission recommend that City Council expand the proposed Plan boundary to include property adjacent to and north of the proposed boundary for potential future development as a neighborhood park. The proposed expansion area includes three lots totaling 1.54 acres that are zoned Professional Commercial and contain single-family uses. See the attached map showing the proposed Plan boundary and the lots in question (Tax Lots 1S136ACO2200, 02400, and 02500 at the northwest corner of SW 72nd Ave and SW Spruce Street)). The Planning Commission made and passed a motion 5—4 in favor of asking City Council to consider Mr. Long's request during the City Council hearing on the Plan. Staff explained that Mr. Long served on the Citizen Advisory Council (CAC) for the development of the Plan and also made this request during the last CAC meeting in October. CAC members discussed the proposal at length and ultimately rejected it with a vote of 6 —2. Staff will provide a copy of the CAC meeting notes to City Council for their consideration. Page 1 I Planning Commission Recommendation Proposed Tigard Triangle Urban Renewal Plan Area Boundary Tigard Triangle Urban Renewal Area •y • • 111••••11110 ■■■■� i r ■ •■■a 3 ■ ■ • a •a ▪ ■ • %r Lots Subject of a a Boundary A *. ■■■••..si a,.■,t: Expansion a a Request , % to • • • as S. ts ••• SW Dartmouth Stgio • ■ • a • •. • • a ■ • a •• i • • `m •j ■ ■ 4,.., a• •• � • a + a .1 •a S ss} ■ o'�ker R.�, I I ■ ■ ■ • •• • . / �y a • aj, ■ • •jII■■+. ■ • • a a 1 • • ■ • •• ■ �>> • ■ a s � 11. ■• • Tigard Triangle URA ••• • 0 500 1,000 feet among Ow 10. Page 2 I Planning Commission Recommendation