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TCDA Budget - FY2021-2022
.1111 TCDA Town Center Development Agency (AComponent Unit of the City of Tigard, Oregon) Adopted Annual Financial Budget FOR THE FISCAL YEAR ENDING JUNE 30, 2022 IMO* • • _ , jilt 'NZ% of 411111, it . Nom _ . .,. A 4 CD. •• .r. Allb•/ _401_,* Ifillir' - IP •L-- '''-'d--4, .1.- 01 .1 ilik: • .. " . i" gi r 0 „-...1) 1• 1 , „Irilikk . il i\..__•,' i if IWO ' - I , • ,,,,r- , It 413 1041, ...-,•, ,, 411-.)10'n v. „.., 6 _ :II,.ic,..„.1 .-' -"...- ' shiktiiii.o. - 'i ' r .v.,,, -, , - • < , 5 s-ottr...-0,,, ---- 4:1-, j" , ..;-, 7 • ': ' If 7,14.., , Pr *1„_ _ --- Ifill ,....- Pt " 11•, w,. ,. _ :,, --,.. .,.....- ..:i.o _-..,,,„ , Prepared by: City of Tigard - Finance & Information Services Dept. Cover image:Supported in part by a$75,000 National Endowment for the Arts grant and funding from Washington County Visitors Association, this mural was commissioned by the City of Tigard and painted by artist Joshua Lawyer as part of the Tigard Outdoor Museum project. The artist spent months learning about the Kalapuyan people — a Kalapuya group, the Atfalati, were the Tualatin Valley's earliest inhabitants — and what they valued most to develop this composition. This is part of a larger project, the Tigard Street Heritage Trail/Rotary Plaza, which was partially funded by the Town Center Development Agency and completed in 2020. FY 2021-2022 INFORMATION PAGE Town Center Development Agency City of Tigard Fiscal Year 2021-2022 Adopted Budget TOWN CENTER DEVELOPMENT AGENCY BUDGET COMMITTEE Chris Bence Mayor Jason Snider Timothy Cadman Councilor John Goodhouse Siobhan Chandler Councilor Heidi Lueb Jim Knowlton Councilor Liz Newton Kristine Mitchell Councilor Jeanette Shaw Leah Voit TOWN CENTER DEVELOPMENT AGENCY BOARD Jason Snider,Chair John Goodhouse Liz Newton Heidi Lueb Jeanette Shaw EXECUTIVE DIRECTOR Steve Rymer COMMUNITY DEVELOPMENT DIRECTOR Kenny Asher REDEVELOPMENT PROJECT MANAGER Sean Farrelly FINANCE and INFORMATION SERVICES DIRECTOR Toby LaFrance* *former ii TCDA City of Tigard 13125 SW Hall Blvd. Tigard,OR 97223 TCDA - 1 FY 2021-2022 BUDGET MESSAGE Town Center Development Agency TCDA BUDGET MESSAGE Town Center Development Agency Members,Budget Committee Members,and the Tigard Community, I am pleased to present the Fiscal Year 2021-22(FY22)budget for the Town Center Development Agency(TCDA),Tigard's tax increment financing(TIF)agency.In the past year,the world has been responding to the significant impacts of COVID-19 on every aspect of life.Job and business losses have created hardships for many.As of early April,there are signs of optimism as vaccines become more widely available. The TCDA,working with stakeholders,oversees the implementation of the voter-approved Tigard Triangle and the City Center Urban Renewal Plans.The primary funding source for the identified plan projects is tax increment financing.When each district was established,the assessed valuation of the district was frozen. Property taxes collected on any growth in assessed value above the frozen base,(called the tax increment),go to the TCDA to fund approved urban renewal projects.The districts also leverage grant resources that contribute to redevelopment efforts. The TCDA plays a key role in implementing several priorities of the Strategic Plan including: Funding for new streets,sidewalks, pedestrian safety projects and trails �`� ArA�■:■U ► Building new parks and public space ► Support for mixed-use development and local businesses rrit �® Offering development assistance for affordable housing Tigard's City Center Urban Renewal District(generally universal the area bordered by Pacific Highway, Fanno Creek Park, plaza and Hall Blvd.)is approaching the sixteenth anniversary of its approval by voters in 2006.Although modestly sized in area and in terms of debt capacity,there were several notable accomplishments in Fiscal Year 2020-21 (FY21).A major milestone was reached in the sale of thee ,,. Main Street at Fanno Creek property to developers who = will build a mixed-use building on a highly visible former ' i Brownfield site.The Agency completed demolition of the future Universal Plaza site.Substantial progress was made on design and engineering of the plaza and "O, temporary art installations;seating and trees were installed to showcase potential future uses.The City Artist rendering of Universal Plaza TCDA - 2 FY 2021-2022 BUDGET MESSAGE executed a disposition and development agreement with Artist rendering of Senior Housing Alongside the Tigard Senior Center an affordable housing developer for the Senior Housing Alongside the Tigard Senior Center project to construct 1: 0 41-c: \ 50 plus affordable apartments on leased city property. Z ° g • The Agency also completed the City Center Futures "k 1 i 0 7 ) project.That led to the City Council decision to ask for ' ti voter approval of an amendment to increase the plan's maximum indebtedness to complete additional projects. - r_ - — _ �. The city's newer TIF District in Looking ahead to FY22 in the City Center,design and dIIditthe Tigard Triangle(generally engineering will be completed for Universal Plaza and a trail > .. the area bounded by 1-5, Hwy connection to the Fanno Creek Trail.Construction would c ® ©� 217,and Pacific Highway),saw begin in early 2022. Main Street Green Street Phase 2, • j accelerating development. In which will finish the street improvements from the railroad keeping with the community- tracks to Scoffins Street,will be constructed in summer led priorities of"A New Tigard 2021.Ground breaking for the Senior Housing Alongside the Triangle: Planning for Equitable Development,"affordable Tigard Senior Center and the Main Street at Fanno Creek housing was a major focus. Red Rock Creek Commons, mixed-use projects is also expected in FY22. which received the district's first allocation of TIF funds, started leasing 48 affordable apartments.Construction In the Triangle, both affordable and market rate of the 81-affordable unit Viewfinder building is nearing developments will be completed or continue construction. completion.The Agency awarded a pre-development grant An alignment study for the Red Rock Creek Trail will for another affordable project,with additional projects commence to plan for an important recreation and being planned.Several other market rate mixed-use, transportation facility. The Agency will prioritize acquiring residential,and commercial projects are in various stages parkland to serve the several hundred new residents who of construction,development and/or planning.The Agency will move to the Triangle in the next 2-3 years. completed the second phase of the Metro grant-funded "A New Tigard Triangle: Planning for Equitable Development" Tigard's redevelopment efforts benefit from the time and project,which resulted in several infrastructure concepts. commitment of volunteers who serve on the The TCDA Board accepted the document as a guide to implement the Triangle Urban Renewal Plan. Town Center Advisory Commission and the Tigard Down- town Alliance.We look forward to continued progress in the Red Rock Creek Commons affordable upcoming year thanks to these partnerships. housing development,the first project to receive Tigard Triangle TIF funding. I,;: Respectfully submitted _ II i iI •'1‘ /Au- 'ill i • ter} Steve Rymer,Executive Director _ ------------Z--_---,-,-..._ . I Town Center Development Agency TCDA - 3 URBAN RENEWAL DISTRICT MAP CITY CENTER w a a a ti m g m E, z a w w w m a a a ? y = R Q NN\N„ <,.? , w x w (� g OTT CT n i Op I p PyE 1 t _ PIA/ 4, 1 illi 4g STRCa 4 0 TANGELA CT 2 �E 2 s a 1P~ pr\+aA n yG / SROSS r........., _ 1 _......, . J II SO . A0 WES STATION �Q iG } �S,. Q T TRANSIT CENTER 470 ��rcr // 4, ��tF�F <i' 11. `��90 �, \ • . yvN T /� s tiy��s� �� o i FRRo 7 �... oOP 4, ,, 4,G "L'IV ER RD OR i TIGARD > *�'� lit �I 9?' }}} CITY HALL _1 .‘ ap. 6;f• l \ YARNS ST cy a a 0 0' .„._:',. . _ThM . �fi P�yAJ� PSR' 0,014 9F(9,�F8 n _ Tigard t ,2'\\ °FIRST %� 9 w �' Publlc T. C p I _ Library NIX'''. OMARA ST REGINq.LN '',raurQOD ST JJ r �itv Ma. City Center --� L BEAVERTON , xirP Urban Renewal District Poir .N64T�GARM�pS kniTIG 'i EOE EGO oATASouRCES: ft,City of Tigard,Oregon l U I ` wash9in ma m ca J — 1 , —7--;:r: 1 -_ Tu AIN' IGI City Center Urban Renewal District DECLAIMER: Thio map was derived Tom several databases — The City cannot accept responsibility for any errors- - Therefore,there are no wafantirs for His product_ _--- I I l However,any notificatnn of errors is appreaated 13125 SW Hal161, }' T / Scale _ -■.•- GREENSWARD 501! 0 2-5 5 Iles Tigard.OR ww a oa� , tlK" a _ f_� S l a stir- r � ��L.lel - / I t Amara'err 01 ls_ProleasFlS prcecrs1zezotl•terral Map RecuestsiSlene Kangtceta 85x11 nt TCDA - 4 CITY CENTER URBAN RENEWAL AREA FACTS District Formation Date May 2006 District Size (acres) 228.96 District Tax Lot Area (acres): 185.6 District Right-of-Way Area (acres) 43.36 Base Assessed Value $117,522,911 Assessed Value (projected FY 2022) $179,164,000 Annual Taxes Levied (projected FY 2022) $697,000 Maximum Debt Limit $22,000,000 Debt Issued (2006-2021): $10,395,574 Remaining Debt Limit (2021) $11,604,426 Principal Debt Outstanding (2021) $6,445,432 TCDA - 5 URBAN RENEWAL DISTRICT MAP TIGARD TRIANGLE !'--1 I I- I I❑ 'I A 1 1 III iii 11-1-1--Tr I I I—n _—'—,--YH,,__,—,..—..7-_1 111\.' I" a'OICKfwl o-h T�R._._ d� , rw w a Eleme 9tary > 1 TMetzer '-"`-rte r LOCUST ST ^ w w `0 Q �r 1 'a ,� �' MAPLELEAF ST > w w x iU z u. 50 C IIhTHI� _OAK WAY. S T Q Q Q PpSppENAO a �'"l ,�n r�, ^ OAK ST ��•❑ ., 801��i CAP/ E •"* Y fie RINE ST _F__fBP` •,� I - :,,..,,,1 OL T [ Y ` NII Ipm ---y wI �. I "i IJP .'S'PtF10E5T --L } ., CORONADOST LUCILLE CT THORN ST ,,`.J, —TT VACUNA ST� 7EVE�5T- II G��\"'� / ® I! I \iI _ 1 ? +111 w C v z 0' 1 NORTH DAKOTA > O Q c�i a :çiiiu..r a = LO ,rr -. r F=- Portland community p,51 m Q Callege-Syler In e + ,N---G LOM w m HAINES ST yL R > 13 1n �$`y Q i® BAYLOR ST rQO GUfyTHER LN [1 CLINTON ST N-1 0_ rl U y' o OpRrMOUT H S T a a KRUSE RIDGE CR 5 INosa 5A. A< Q RIDGETOP`T j t1 w fa ��ppP` ELMHURST ST 4 Q j BOY POINT, ` C�' KNO w 0 w ¢ R ��CO eOSO WAY ��' ¢ e F,i B4,CREEK DR O. WES STATION S'��(� FRANKLIN ST N .Vi BP K TRANSIT CENTER\�<`ip, 12 ROSALUI WAY H 1t\GONAGA DRR ST 0. 1 "HAMPTON ST . Elementary TIGARD ' Y PAMELA' SUNCREEK DR CITY HALL\''',,� MELROSE ST 1=i1 ,o 00.4TOS DR VARNS ST 0 ,PRY DR 0 m Tigard '4 FIR 5T Q �rQ 47 'r u ro J Public \�� 'per Ci Lm 0 52 Z C4 OMARA ST Q ` �P p t CY "1 D _ ��`v, A '' �N \` SAND \- O m e. EDGEWOO❑57 c 1 1, Oc A m C S7 Q4 u �•e L� aLro -'O0aei� o > F CHAR CT -,/,.,.,: - ¢ COLONY CREEK CT �' �, O _.__!`_KRUSE WAY r ��\LANDMARK LN - °° FAeNo cR • ��ro V CD MEADOWS RD GREENSWARD LN o� O C5 , Tigard Triangle \. n n",I; g g I f BEAVfRTON u' PORT N 11." tips Urban Renewal District . - BONITA r ,e,w) PIN 11 TIGAR+ E OS EGO DATA SOURCES: _ _ ciryofrgam o City of Tigard, g Oregon Metro Washington County P1 1 m N Y 1CARDINA.I 7TUA ATIN Tigard Triangle Urban Renewal District •C - ' DISCLAIMER: This map was derived from several co f2r ', •..-• City cannot accept responsibility for any errors- ITherefore,there are no warranties for this product_ 5- , DE �0 However,any notification of errors is appreciated. EFIAI-' 018111511512 - ' I • Scale as 503.. s e, ` 0 2.5 5 3 KABLE L qd� LANGTREE ST , HARRINGTON AVE m File Location 11192.185 109 2151GIS_ProjeectssWFI9yroje5Lsl2020llnlemsI Map Requests Stere KangITTIF_85%11.raid TCDA - 6 TIGARD TRIANGLE URBAN RENEWAL AREA FACTS District Formation Date May 2017 District Size (acres) 547.9 District Tax Lot Area (acres): 383.04 District Right-of-Way Area (acres) 164.86 Base Assessed Value $424,744,405 Assessed Value (projected 2022) $503,920,000 Annual taxes levied (projected 2022) $798,000 Maximum Debt Limit $188,000,000 Debt Issued (projected 2021) $8,587,869 Remaining Debt Limit (projected 2021) $179,412,131 Principal Debt Outstanding (projected 2021) $8,228,869 TCDA - 7 CITY CENTER CAPITAL IMPROVEMENTS FY 2019 FY 2020 2021 2022 2022 2022 Adopted vs Description Actual Actual Revised Proposed Approved Adopted FY 21 Resources 40000-Beginning Fund Balance 32,956 147,167 5,093,500 2,312,600 2,312,600 2,312,600 -54.6% Total Beginning Fund Balance 32,956 147,167 5,093,500 2,312,600 2,312,600 2,312,600 -54.6 44800-Federal Grants 4,349 0 0 0 0 0 0.0 Total Intergovernmental 4,349 0 0 0 0 0 0.0% 45320-Rental Income 107,371 54,202 0 0 0 0 0.0% Total Charges for Services 107,371 54,202 0 0 0 0 0.0 47000-Interest Earnings 50 0 0 0 0 0 0.0 Total Interest Earnings 50 0 0 0 0 0 0.0 48001-Recovered Expenditures 2,440 217 0 0 0 0 0.0 48003-Asset Sale Proceeds 0 0 0 0 0 0 0.0% Total Miscellaneous 2,4-40 217 0 0 0 0 0.0 49001-Debt Proceeds 0 5,929,000 0 0 0 0 0.0 Total Other Financing Sources 0 5,929,000 0 0 0 0 0.0 49425-Transfer In from Parks SDC Fund 0 0 2,000,000 1,571,000 1,571,000 1,571,000 -21.5% 49930-Transfer In from Urban Renewal Debt Svc Fund 187,706 0 412,000 730,000 730,000 730,000 77_2% Total Transfers In 187,706 0 2,412,000 2,301,000 2,301,000 2,301,000 -4.6 Total Resources 334,873 6,130,585 7,505,500 4,613613,600 4,613,600 Requirements Program Expenditures TCDA 130,583 159,039 411,900 215,000 215,000 215,000 -47.8 Total Program Expenditures 130,583 159,039 411,900 215,000 215,000 215,000 -47.8% Total Work in Progress 57,124 1,235,423 4,781,000 4,373,000 4,373,000 4,373,000 -8.5% Total Budget 187,706 1,3W -11_6% Reserve for Future Expense 14-,16' 4,736,124 2,312,600 25,600 25,600 25,600 -98.9% 334,873 6,130,585 7,505,500 4,613,600 4,613,600 4,613,600 -38.5% TCDA - 8 TIGARD TRIANGLE CAPITAL IMPROVEMENTS FY 2019 FY 2020 2021 2022 2022 2022 Adopted vs Description Actual Actual Revised Proposed Approved Adopted FY 21 Resources 40000-Beginning Fund Balance 0 0 0 0 0 0 0.0% Total Beginning Fund Balance 0 0 0 0 0 0 0.0% 44501-I e ,. _ _tal Revenue 193,273 116,596 0 0 0 0 0.0% Total Intergovernmental 193,273 116,596 0 0 0 0 0.0% 49935-Transfer In from Tigard Triangle Debt Svc Fund 0 359,000 8,481,900 5,163,500 5,163,500 5,163,500 -39.1% Total Transfers In 0 359,000 8,481,900 5,163,500 5,163,500 5,163,500 -39.1% Total 193,273 475,596 8,481,900 5,163,500 5,163,500 5,163,500 -39.1% Requirements Program Expenditures TCDA 193,273 475,596 2,181,900 2,190,000 2,190,000 2,190,000 0.4% Total Program Expenditures 193,273 475,596 2,181,900 2,190,000 2,190,000 2,190,000 0.4% Total Transfers Out 0 0 0 2,973,500 2,973,500 2,973,500 100.0% Total Work in Progress 0 0 6,300,000 0 0 0 -100.0% Total Budget ak 193,273 475,596 5, -391% J Reserve for Future Expense 0 0 0 0 0 0 0.0% Total Requirements TCDA - 9 CITY CENTER URBAN RENEWAL DEBT SERVICE FY 2019 FY 2020 2021 2022 2022 2022 Adopted vs Description Actual Actual Revised Proposed Approved Adopted FY21 Revised Resources 40000-Beginning Fund Balance 438,822 629,311 566,100 625,175 625,175 625,175 10.4% Total Beginning Fund Balance 438,822 629,311 566,100 625,175 625,175 625,175 104% 40100-Current Property Taxes 508,118 583,473 590,000 697,000 697,000 697,000 181% 40101-Prior Year Property Taxes 12,932 3,338 0 0 0 0 0.0 Total Taxes 521,050 586,810 590,000 697,000 697,000 697,000 18.1% 47000-Interest Earnings 16,132 10,844 11,100 8,325 13,325 8,325 -25.0 Total Interest Earnings 16,132 10,844 11,100 8,325 8,325 8,325 -25.0% Total Resources 976,04.111 1,726,966 1,167,200 1,330,500 1,330,500 1 Requirements Program Expenditures Program Expenditures 0 0 0 0 0 0 0.0% Total Debt Service 158,986 920,276 130,025 425,025 425,025 425,025 226 9 Total Transfers Out 187,706 0 412,000 730,000 730,000 730,000 772% Total Budget Reserve for Future Exp 629,311 306,689 625,175 175,475 175,475 175,475 -71.9% Total Requirements 976,004 ,500 1,330,500 14.0% TCDA - 10 TIGARD TRIANGLE DEBT SERVICE FY 2019 FY 2020 2021 2022 2022 2022 Adopted vs Description Actual Actual Revised Proposed Approved Adopted FY21 Reviser Resources 40000-Beginning Fund Balance 0 0 84,000 52,100 52,100 52,100 -38_0% Total Beginning Fund Balance 0 0 84,000 52,100 52,100 52,100 -38.0% 40100-Current Property Taxes 0 460,685 450,000 798,000 798,000 798,000 77.3% 40101-Prior Year Property Taxes 0 0 0 0 0 0 0_0% Total Taxes 0 460,685 450,000 798,000 798,000 798,000 77.3% 47000-Interest Earnings 0 3,345 0 0 0 0 0_0% Total Interest Earnings 0 3,345 0 0 0 0 0.0% 49001-Debt Proceeds 0 0 8,000,000 8,000,000 8,000,000 8,000,000 0.0% Total Other Financing Sources 0 0 8,000,000 8,000,000 8,000,000 8,000,000 0.0% Total Resources 0 464,030 8,534,000 8,850,100 8,850,100 Requirements Program Expenditures Program Expenditures 0 0 0 0 0 0 0.0% Total Debt Service 0 0 0 5,600 5,600 5,600 100 0/ Total Transfers Out 0 0 8,481,900 5,163,500 5,163,500 5,163,500 -39.1% Budget 8,481,900 5,169,100 5,169,100 Reserve for Future Exp 0 464,030 52,100 3,681,000 3,681,000 3,681,000 6965.3% Total Requirem•.- -0,100 8,850,100 3 77. TC DA - 11 FY 2021-2022 TOWN CENTER DEVELOPMENT AGENCY PROJECTS City Center UR Plan Adopted Project FY21-22 Purpose/benefit Budget E.2 Public Spaces: Pla- Design, permitting and construction of a large public gathering zas $3,405,000 space. Includes$1.57M from Parks SDC Fund. CIP 92059. D.1. Parks: Fanno Design, permitting and construction of trail connecting Fanno Creek Park Improve- $515,000 Creek Trail to Universal Plaza. CIP 97029 ments Completion of Main Street Green Street : street and side- walk reconstruction, pedestrian safety, landscaping, street- B.1. Streetscape Im- provements $453,000 lights and amenities. CIP 97017. Total project budget is $4.4M. TCDA will be contributing another$580,000 in FY 23. $4,373,000 City Center UR Plan Adopted Project FY21-22 Purpose/benefit Budget G.1. Planning and De- velopment Assistance: Planning/analysis for new housing and mixed use redevelop- $50,000 Rehabilitation/Redev. ment in the Downtown Grant/Loan Program G.1. Planning and De- Matching grants to property and business owners for facade and velopment Assistance: tenant improvements have strengthened participating business- $75 000 Rehabilitation/Redev. es and improved downtown's position as a walkable commercial Grant/Loan Program district. Plan Administration $90,000 Administrative costs associated with implementation of Plan $215,000 $4,588,000 TCDA - 12 FY 2021-2022 TOWN CENTER DEVELOPMENT AGENCY PROJECTS Triangle UR Plan Pro- Adopted ject FY21-22 Purpose/benefit Budget Acquiring property for parks, such as splash pads, nature play areas, skate parks, pocket parks, linear parks, and neighbor- C. Public Spaces, Fa hood parks; greenways, such as along Red Rock Creek. This cilities, and Installa- $2,973,500 amount will be transferred to COT Parks Capital Fund. Total tions CIP amount is$3.8M including$826,500 of remaining Park Bond proceeds. CIP 97028. $2,973,500 Adopted FY21-22 Budget D. Re/Development Fund to contribute to the area's diversity and vitality by Assistance and Part- $1,000,000 providing pre-development and assistance to affordable hous- nerships ing projects. D. Re/Development Fund to contribute to the Area's diversity and vitality by Assistance and Part- $100,000 providing assistance to new and existing businesses and hous- nerships ing developments, including façade and improvement grants D. Re/Development Previously approved development assistance for the Overland Assistance and Part- $1,000,000 (72nd/Dartmouth) mixed use. Possibly due FY23. nerships E. Plan Administration $90,000 Administrative costs associated with implementation of Plan $2,190,000 $5,163,500 TCDA - 13