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TCDA Financial Impact Report 2017-18FINANCIAL IMPACT REPORT TC DA TCDA Urban Renewal FY 2017-18 FOR THE FISCAL IMPACT YEAR ENDED JUNE 30, 2018 Urban Renewal (Overview) What is Urban Renewal? Urban renewal is a powerful funding tool currently in place in over 75 communities across Oregon. It is used to help areas that are not performing well and/or lack public infrastructure by funding projects that fix identified problems and spur private investment that would otherwise not happen under normal market conditions. What Does Urban Renewal Do? Urban renewal uses property taxes from within an area to fix identified problems in that same area. It often focuses on improving an area’s transportation and utility infrastructure since these kinds of improvements can unlock an area’s development potential. Urban renewal funding can also be used to attract and retain small businesses, support affordable housing, and develop public spaces such as parks, plazas, and trails. Why is Urban Renewal Needed? Urban renewal is needed to fix infrastructure deficiencies and encourage catalytic development not supported by market conditions. Urban renewal, and the funding it brings, can help get pioneering projects off the ground with incentives, partnerships, and financial or technical assistance. Urban renewal also signals to the development community that the city is committed to investing in the area. In emerging mixed-use areas, private investment typically follows this kind of public commitment. 2 How Does Urban Renewal Work? Urban renewal is funded through Tax Increment Financing (TIF). When an urban renewal area (URA) is established, the County Assessor determines the current assessed value of all property within the area and freezes that tax base. Tax revenue from this “frozen base” continues to go to taxing districts annually for the life of the URA. Tax revenue on any increase in property value that would occur anyway – from new development and/or appreciation – is allocated to the Urban Renewal Agency for projects in the URA. This increase above the frozen base is called the “increment.” When the urban renewal area expires, the frozen base also expires, and the local taxing districts resume receiving taxes on the full assessed value of the properties. How Does Urban Renewal Affect Taxes? With urban renewal and the use of tax increment financing, there is no net change on Tigard property tax bills. New property taxes are not created as a result of urban renewal. Tax revenues are generated from the increase in property values multiplied by current tax rates. These revenues pay for urban renewal under Oregon law. What Are the Benefits of Urban Renewal for Tigard? • Improves Tigard’s Long-Term Financial Health By bringing in new businesses and development, urban renewal increases Tigard’s tax base over time which, in turn, helps fund future city services for all of Tigard residents. • Provides a Stable Funding Source By creating a stable, long-term funding source (without creating a new tax), the city can build or fix infrastructure that it may otherwise delay, or never be able to afford. • Steers Investment Toward an Area Ready for Change By focusing on areas already zoned for mixed-use commercial and residential density, urban renewal steers investments toward parts of Tigard that are the most ready for change. • Furthers Tigard’s Walkability Goal Urban renewal can help further the city’s goal of becoming a more walkable, interconnected and healthy community by transforming auto- oriented districts with no or limited sidewalks into pedestrian-friendly areas with a diverse mix of destinations and activities. • Supports Travel by Alternate Modes By fostering the creation of a complete community – one which has jobs, housing, services, and transit – urban renewal can make travel by alternate modes (travel by foot, bike, or transit) feasible. 3 City Center Urban Renewal Plan Tigard has two urban renewal districts: 1. City Center (Downtown) Urban Renewal District 2. Tigard Triangle Urban Renewal District Tax increment financing expenditures in both districts are guided by their respective urban renewal plans. These urban renewal plans are administered by the Town Center Development Agency, which was established by the Tigard City Council as the City’s Urban Renewal Agency. Size: 228.96 acres Duration: 20 years Maximum Indebtedness: $22 Million Approved by voters in 2006, the City Center Urban Renewal Plan serves as a blueprint for the revitalization of the City Center (Downtown) Urban Renewal Area. The purpose of the plan is to use the tools provided by urban renewal to attract private investment and facilitate the area’s redevelopment. The Plan has a duration of 20 years, meaning no new debt will be incurred after Fiscal Year 2025/2026. The maximum amount of indebtedness (to fund projects and programs) that can be issued for the Plan is $22 million. The City Center Urban Renewal Area boundary is shown in red. 99 W Main St. Hall Blvd. 4 The City Center (Downtown) Urban Renewal Plan has 5 Distinct Goals: Goal 1 Revitalization of the Downtown should recognize the value of natural resources as amenities and as contributing to the special sense of place. Goal 2 Capitalize on Commuter Rail and Fanno Creek as catalysts for future investment and development. Goal 3 Downtown’s transportation system should be multi-modal, connecting people, places and activities safely and conveniently. Goal 4 Downtown’s streetscape and public spaces should be pedestrian- friendly and not visually dominated by the automobile. Goal 5 Promote high-quality development of retail, office and residential uses that support and are supported by public streetscape, transportation, recreation and open space investments. 5 City Center Urban Renewal Plan: Accomplishments to Date $47,538,254 private investment into property improvements and new construction in the City Center URA since 2006, triple the amount of investment in the 12 years preceding urban renewal. Data Source: Washington County 25 downtown businesses have received urban renewal matching grants for interior or exterior building improvements. Data Source: City of Tigard 234 new units of multifamily housing units constructed in downtown Tigard since urban renewal was approved in 2006. Data Source: Metro 32% increase in multifamily housing in downtown Tigard since 2006, compared to a 9% increase in the rest of Tigard. Data Source: Metro 3:1 leverage ratio of private to public investment into urban renewal tenant and storefront improvements, meaning every $1 in grant funding has yielded $3 in private investment. Data Source: City of Tigard 55% increase in assessed value in the City Center URA between 2006 – 2016, compared to a 45% increase in assessed value citywide. Data Source: Washington County 6 Project Spotlight Attwell off Main Completed in 2017, Attwell off Main brought over 300 residents to downtown Tigard. Attracting new residents to downtown is a goal of urban renewal and the City’s strategic plan. Attwell off Main would not have occurred without urban renewal. In 2015, the Tigard City Center Development Agency (TCDA, Tigard’s urban renewal agency) signed a developer agreement with Capstone Greenlight and DIG Tigard. Through the agreement, the developer team purchased the TCDA-owned development site for its appraised value and the TCDA invested the $1.65 million purchase price into partially offsetting the nearly $2.8 million in system development charges incurred by the project’s construction. This public investment resulted in private investment of over $30 million into the mixed-use project. Take a walk down Tigard’s Main Street and it may be difficult to remember how it looked just a few years ago. Restored and improved storefronts, new landscaping, LED streetlights and unique public artwork are just a few of the amenities that invite people downtown to shop, dine, walk the dog, or meet up with family and friends. Urban renewal has played a pivotal role in downtown Tigard’s transformation. The next few pages provide a snapshot of how urban renewal has helped reshape downtown Tigard. 7 City Center Urban Renewal Plan: Accomplishments to Date Jim Griffith Memorial Skate Park Ash Ave. Dog Park Streetscape Improvements Fanno Creek Trail Undercrossing Lights Facade & Interior Improvement Grants Downtown Public Art Ash Ave. Connection Burnham St. Parking Lot 8 Symposium Coffee In 2013, the TCDA awarded a matching grant to Symposium Coffee to renovate the vacant front half of the Tigard Chamber of Commerce building. The grant awarded $24,800 in funding toward a total project budget of $90,159, leveraging nearly three times the grant amount in private investment. Since opening, Symposium Coffee has played a leading role in the revitalization of downtown Tigard, attracting new customers to Main Street and serving as a community gathering space. Main & Burnham Street Improvements Urban renewal has helped pave the way for improvements to two of downtown Tigard’s most prominent streets. Although only a small amount of urban renewal funds were invested in these projects, the urban renewal plan guided their design. Completed in 2011, the $7 million reconstruction of Burnham Street helped close sidewalk gaps and improve street surface condition. The Burnham Street project added 10-18 foot sidewalks to encourage strolling, safer pedestrian crosswalks, LED streetlights, underground utilities, on-street parking, a center turn lane, and built a new section of Ash Avenue. Completed in 2014, phase 1 of Tigard’s Main Street Green Street project rebuilt the southern half of Main Street, from Pacific Highway/99W to the railroad crossing near Commercial Street. Funded largely by a Metro grant, the project provided safer pedestrian crossings, green streetscape planters that help remove pollutants from storm water, new sidewalks, streetlights, benches and bike racks. Project Spotlight 9 City Center Urban Renewal Plan: Current & Proposed Projects Urban Renewal Matching Grant Program The Urban Renewal Matching Grant Program provides matching grants for existing businesses and property owners in the City Center Urban Renewal District to make improvements to the exterior of their building. The program also funds interior improvements for restaurants or similar businesses that move into vacant commercial spaces. This program has previously supported renovations to projects at Max’s Fanno Creek Brew Pub, Tigard Taphouse, Symposium Coffee, Jeffrey Allen Gallery, and many others. Grant- funded projects have strengthened participating businesses and improved Main Street’s position as a walkable commercial district. Main Street at Fanno Creek Development The TCDA is actively engaged in redeveloping this key site where Main Street meets Fanno Creek. The TCDA purchased the property and then used $400,000 in grant funding from the U.S. EPA Brownfield Cleanup program to mitigate contaminants found on the property and prep the site for redevelopment. Cleanup has been completed and the TCDA is working with a developer on a mixed-use building that will bring added vitality to Downtown. 10 Tigard Street Heritage Trail & Rotary Plaza The Tigard Street Heritage Trail will provide a safe off-street biking, walking and skating commuter route along a three-quarter-mile inactive railroad right-of-way parallel to Tigard Street. The trail will include lighting, landscaping, trail amenities and art/cultural components. Once completed, the Tigard Street Heritage Trail will be a unique cultural resource and a pedestrian friendly corridor that will connect the community to downtown Tigard. The project also features an urban renewal funded public space- Rotary Plaza- that will be used for community events. Universal Plaza Preliminary design work has started on Downtown’s Universal Plaza, proposed to be built on Burnham Street adjacent to Fanno Creek Park. Conceptual plans feature a splash pad, tree canopy maze, artwork and tool sharing pavilion. Final design and engineering may be completed in the next two years. 11 Tigard Triangle Urban Renewal Plan The Tigard Triangle Urban Renewal Plan: Existing Problems: •Dirt roads/lack of sidewalks •Areas with no sewers/ sewers needing repair •Red Rock Creek erosion •Flooding •Traffic congestion Approved by voters in 2017 Area Size: 548 acres Plan Duration: 35 years Maximum Indebtedness: $188 million The Tigard Triangle (roughly the area bordered by I-5, Highway 217 and Highway 99W) is an area with great potential but also has significant infrastructure needs. Approved by Tigard voters in 2017, the Tigard Triangle Urban Renewal Plan includes projects that will improve walkability, address transportation issues, and help businesses grow. 12 The Tigard Triangle Urban Renewal Plan’s 5 goals outline its basic intents and purposes: Goal 1 Encourage meaningful involvement by citizens, interested parties, and affected agencies throughout the life of the urban renewal district to ensure it reflects the community’s values and priorities. 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. Goal 3 Provide public utility improvements to support desired development. 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. 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. 13 Development Assistance for Affordable Housing The first investment of Tigard Triangle urban renewal funds went towards Red Rock Creek Commons, a much-needed affordable housing development to be built by Community Partners for Affordable Housing. The development assistance helped close the funding gap in the project. Urban Renewal Implementation The City of Tigard was awarded a Metro Community Planning and Development Grant in November 2017 for the Tigard Triangle Equitable Urban Renewal Implementation Strategy. The goal of the project is to develop a strategic public investment plan that supports and catalyzes equitable development in the Triangle including housing for people with a range of incomes and employment options for a workforce with a range of skills. Tigard Triangle Urban Renewal Plan Current Projects 14 New Streets & Sidewalks Stormwater Management New Trails & Parks Intersection Improvements Major Sewer Line Repairs Facade Improvement Grants/Loans Red Rock Creek Restoration Small Business Support Proposed Projects Small Business 15 Financial Reports Introduction URBAN RENEWAL AGENCIES must prepare an annual financial report for the governing body and public in accordance with Oregon Revised Statutes 457.460. The report includes a financial summary of the preceding year and the budget for the new fiscal year. It also includes an analysis of the financial impact of carrying out the urban plan on the tax collections for all taxing districts. History of Tax Increment Financing In less than two decades, three ballot measures – Measure 5 (1990), and Measure 50 (1997) – have made significant changes to Oregon’s system of property taxation. Those changes have influenced urban renewal programs and tax increment revenue calculations. The provisions of these changes to the property tax system, Ballot Measures 5 and 50, now are incorporated into Oregon’s Constitution, and into Oregon Urban Renewal Statutes. Those provisions provide the basic framework for revenue calculations in this report. Tax Increment Calculations To determine the amount of the taxes levied, the total assessed value within each urban renewal area is segregated by the county assessor into two parts: (a) the total taxable assessed value in the district at the time the Urban Renewal Plan was adopted (the base or “frozen” value); and (b) the difference between the frozen base value and the current total assessed value (the incremental value or “excess”). Revenues derived from the application of the tax rate for each affected taxing district to the amount of the incremental value may be collected by the urban renewal agency and deposited in its debt service fund. This revenue is used to repay indebtedness incurred in carrying out the projects. Effect of Urban Renewal on Taxing Districts Carrying out an urban renewal plan has an effect on the county assessor’s calculation for each taxing district that shares values with Tigard’s urban renewal agency. Some property taxes that may have been received by the taxing bodies that levy property taxes within Tigard’s urban renewal area are being paid to Tigard’s urban renewal agency. Passage of Ballot Measure 50 (Article XI, Section 11 of the Oregon Constitution) resulted in converting most property taxes from a levy-based system to a rate-based system. Pages 18 and 19 of this report shows the financial impact by taxing district for Tigard’s urban renewal agency. 16 Financial Reports The financial reports on pages 18 - 22 account for the activities of Tigard’s urban renewal agency. In accordance with ORS 457.460, these reports were prepared by the Finance Department of the City of Tigard using the same basis of accounting it uses to prepare its financial statements — modified accrual basis of accounting. These reports are due annually by January 31, information and figures contained herein are based upon audited draft financial statements. At the end of each fiscal year, June 30, this financial impact report is prepared which shows the urban renewal tax impact by taxing district. Copies are available by January 31 at the Tigard Permit Center, 13125 SW Hall Blvd., Tigard, 97223. Statement of Resources and Requirements As summarized below, Town Center Development Agency’s 2017-18 total requirements were $1,060,442 for expenditures charged to the District as of June 30, 2018. For fiscal year 2018-19, total budgeted resources of were balanced with requirements of $2,522,904. The Districts use the funds it receives from the division-of-taxes method of calculating property taxes to finance various urban renewal projects and activities. These property taxes totaled $469,153 in FY 2017-18 and are expected to increase to $875,208 in FY 2018-19 with the addition of the Tigard Triangle Urban Renewal Plan approved by voters in 2017. These tax estimates are calculated based on the Washington County assessment summary received after budget adoption. 17 Financial Reports 18 Town Center Development Agency Statement of Resources & Requirements for the fiscal year ended June 30, 2018 City Center Debt Service Funds Triangle Debt Service Funds City Center Capital Projects Funds Triangle Capital Projects Funds Total Actual Budget Actual Budget Actual Budget Actual Budget Actual Budget 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 Resources: Beginning Fund Balance 124,342 164,000 - - 32,136 - - - 156,478 164,000 Tax Increment Property Taxes 469,153 492,519 - 382,689 - - - - 469,153 875,208 Rental Income - - - - 116,739 95,000 - - 116,739 95,000 Interest Income 8,271 1,500 - - - - - - 8,271 1,500 Intergovernmental revenues - - - - 309,801 306,000 - 350,950 309,801 656,950 Other Financing Sources - - - - - 390,000 - 340,246 - 730,246 Total Resources 601,766 658,019 - 382,689 458,676 791,000 - 691,196 1,060,442 2,522,904 Requirements: Debt Service 162,943 162,552 - - - - - - 162,943 162,552 Transfers Out - 306,000 - 350,950 - - - - - 656,950 Capital Outlay - - - - 425,721 400,950 - 691,196 425,721 1,092,146 Ending Fund Balance 438,823 189,467 - 31,739 32,955 390,050 - - 471,778 611,256 Total Requirements 601,766 658,019 - 382,689 458,676 791,000 - 691,196 1,060,442 2,522,904 19 City Center Debt Service FundsTriangle Debt Service Funds City Center Capital Projects Funds Triangle Capital Projects Funds Total ActualBudgetActual Budget Actual Budget Actual Budget Actual Budget 2017-182018-192017-18 2018-19 2017-18 2018-19 2017-18 2018-19 2017-18 2018-19 Resources: Beginning Fund Balance124,342 164,000 - - 32,136 - - - 156,478 164,000 Tax Increment Property Taxes469,153 492,519 - 382,689 - - - - 469,153 875,208 Rental Income- - - - 116,739 95,000 - - 116,739 95,000 Interest Income8,271 1,500 - - - - - - 8,271 1,500 Intergovernmental revenues- - - - 309,801 306,000 - 350,950 309,801 656,950 Other Financing Sources- - - - - 390,000 - 340,246 - 730,246 Total Resources601,766 658,019 - 382,689 458,676 791,000 - 691,196 1,060,442 2,522,904 Requirements: Debt Service162,943 162,552 - - - - - - 162,943 162,552 Transfers Out- 306,000 - 350,950 - - - - - 656,950 Capital Outlay- - - - 425,721 400,950 - 691,196 425,721 1,092,146 Ending Fund Balance438,823 189,467 - 31,739 32,955 390,050 - - 471,778 611,256 Total Requirements601,766 658,019 - 382,689 458,676 791,000 - 691,196 1,060,442 2,522,904 Financial Reports 20 Town Center Development Agency Financial Impact on Other Taxing Districts for the fiscal year ended June 30, 2018 Base year FY 2017-18 FY 2005-06 Change in Taxes levied Percent of Total Permanent Incremental Incremental Incremental Impact on total Taxes Divided Assessed Tax Assessed Assessed Assessed on Assessed for Taxing District Value Rate Value Value Value Taxes Value Urban Renewal Education PCC 6,451,869,864 0.2828 109,737,996 69,207,378 40,530,618 11,462.06 1,824,589 1.70% NW Regional ESD 6,451,869,864 0.1538 109,737,996 69,207,378 40,530,618 6,233.61 992,298 1.70% Tigard/Tualatin School District 6,451,869,864 4.9892 109,737,996 69,207,378 40,530,618 202,215.36 32,189,669 1.70% Beaverton School District 6,451,869,864 4.6930 109,737,996 69,207,378 40,530,618 190,210.19 30,278,625 1.70% Local Government Washington County 6,451,869,864 2.2484 109,737,996 69,207,378 40,530,618 91,129.04 14,506,384 1.70% Metro 6,451,869,864 0.0966 109,737,996 69,207,378 40,530,618 3,915.26 623,251 1.70% Port of Portland 6,451,869,864 0.0701 109,737,996 69,207,378 40,530,618 2,841.20 452,276 1.70% TV Fire & Rescue 6,451,869,864 1.5252 109,737,996 69,207,378 40,530,618 61,817.30 9,840,392 1.70% City of Tigard 6,451,869,864 2.5131 109,737,996 69,207,378 40,530,618 101,857.50 16,214,194 1.70% Tualatin Soil & Water District 6,451,869,864 0.0779 109,737,996 69,207,378 40,530,618 3,157.34 502,601 1.70% Tigard/Tualatin Aquatic District 6,451,869,864 0.0900 109,737,996 69,207,378 40,530,618 3,647.76 580,668 1.70% Excluded from M-5 rate limitation Metro bonds 6,451,869,864 0.2659 109,737,996 69,207,378 40,530,618 10,777.09 1,715,552 1.70% PCC bonds 6,451,869,864 0.3222 109,737,996 69,207,378 40,530,618 13,058.97 2,078,792 1.70% Tigard/Tualatin School District 6,451,869,864 2.7761 109,737,996 69,207,378 40,530,618 112,517.05 17,911,036 1.70% City of Tigard 6,451,869,864 0.3574 109,737,996 69,207,378 40,530,618 14,485.64 2,305,898 1.70% TV Fire & Rescue 6,451,869,864 0.5523 109,737,996 69,207,378 40,530,618 22,385.06 3,563,368 1.70% Beaverton School District 6,451,869,864 3.3597 109,737,996 69,207,378 40,530,618 136,170.72 21,676,347 1.70% Washington County bonds 6,451,869,864 0.7100 109,737,996 69,207,378 40,530,618 28,776.74 4,580,828 1.70% 21 Note : The division-of-taxes process results in some property taxes that may have been received by the “taxing districts” that levy property taxes within the urban renewal area (for example, Washington County, NW Regional ESD) being paid over to Tigard’s urban renewal agency. The taxing districts forgo a share of the property tax income during the life of an urban renewal plan so that the urban renewal agencies can carry out activities that increase property values in the long term. The above table shows the urban renewal tax impact by taxing district using permanent rates established pursuant to Measure 50. Base year FY 2017-18 FY 2005-06 Change in Taxes levied Percent of TotalPermanentIncremental Incremental Incremental Impact on total Taxes Divided AssessedTaxAssessed Assessed Assessed on Assessed for Taxing DistrictValueRateValue Value Value Taxes Value Urban Renewal Education PCC6,451,869,864 0.2828 109,737,996 69,207,378 40,530,618 11,462.06 1,824,589 1.70% NW Regional ESD6,451,869,864 0.1538 109,737,996 69,207,378 40,530,618 6,233.61 992,298 1.70% Tigard/Tualatin School District6,451,869,864 4.9892 109,737,996 69,207,378 40,530,618 202,215.36 32,189,669 1.70% Beaverton School District6,451,869,864 4.6930 109,737,996 69,207,378 40,530,618 190,210.19 30,278,625 1.70% Local Government Washington County6,451,869,864 2.2484 109,737,996 69,207,378 40,530,618 91,129.04 14,506,384 1.70% Metro6,451,869,864 0.0966 109,737,996 69,207,378 40,530,618 3,915.26 623,251 1.70% Port of Portland6,451,869,864 0.0701 109,737,996 69,207,378 40,530,618 2,841.20 452,276 1.70% TV Fire & Rescue6,451,869,864 1.5252 109,737,996 69,207,378 40,530,618 61,817.30 9,840,392 1.70% City of Tigard6,451,869,864 2.5131 109,737,996 69,207,378 40,530,618 101,857.50 16,214,194 1.70% Tualatin Soil & Water District6,451,869,864 0.0779 109,737,996 69,207,378 40,530,618 3,157.34 502,601 1.70% Tigard/Tualatin Aquatic District6,451,869,864 0.0900 109,737,996 69,207,378 40,530,618 3,647.76 580,668 1.70% Excluded from M-5 rate limitation Metro bonds6,451,869,864 0.2659 109,737,996 69,207,378 40,530,618 10,777.09 1,715,552 1.70% PCC bonds6,451,869,864 0.3222 109,737,996 69,207,378 40,530,618 13,058.97 2,078,792 1.70% Tigard/Tualatin School District6,451,869,864 2.7761 109,737,996 69,207,378 40,530,618 112,517.05 17,911,036 1.70% City of Tigard6,451,869,864 0.3574 109,737,996 69,207,378 40,530,618 14,485.64 2,305,898 1.70% TV Fire & Rescue6,451,869,864 0.5523 109,737,996 69,207,378 40,530,618 22,385.06 3,563,368 1.70% Beaverton School District6,451,869,864 3.3597 109,737,996 69,207,378 40,530,618 136,170.72 21,676,347 1.70% Washington County bonds6,451,869,864 0.7100 109,737,996 69,207,378 40,530,618 28,776.74 4,580,828 1.70% Financial Reports Town Center Development Agency Detail of Purpose for the fiscal year ended June 30, 2018 City Center Urban Renewal Projects Capital Projects Fund Actual Budget 2017-18 2018-19 Detail of Purpose: Capital Outlay: Public Spaces Public Facilities $256,000 Improvement Matching Grants $39,730 $135,500 Main Street at Fanno Cleanup $351,948 Downtown Design/Consulting $17,308 Admin/Legal $16,735 $69,950 $425,721 $461,450 Tigard Triangle Urban Renewal Projects (Tigard Triangle UR approved by voters in May, 2017)Capital Projects Fund Actual Budget 2017-18 2018-19 Development Assistance N/A $200,000 Tigard Triangle Urban Renewal Implementation Project $340,246 Tigard Triangle Urban Renewal Implementation Project Grant Match $80,000 Admin/Legal $69,950 Capital Projects Placeholder $1,000 $691,196 22 Note: Figures are based upon audited financial statements.