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01/04/2021 - PacketPLANNING COMMISSION AGENDA – January 4, 2021 City of Tigard | 13125 SW Hall Blvd., Tigard, OR 97223 | 503-639-4171 | www.tigard-or.gov | Page 1 City of Tigard Planning Commission Agenda MEETING DATE: January 4, 2021 – 7:00 p.m. MEETING LOCATION: Members Remote via Microsoft Teams Link to virtual hearing online: https://www.tigard- or.gov/city_hall/public_hearing_feed.php Call-in number for public testimony: 503-966-4101 Public testimony call-in time is between 7:00 p.m. and 7:30 p.m. 1. CALL TO ORDER 7:00 p.m. 2. ROLL CALL 7:00 p.m. 3. COMMUNICATIONS 7:02 p.m. 4. CONSIDER MINUTES 7:04 p.m. 5. PUBLIC HEARING 7:05 p.m. CITY CENTER URBAN RENEWAL PLAN SUBSTANTIAL AMENDMENT Staff: Sean Farrelly, Redevelopment Manager 6. BRIEFING 7:40 p.m. CITY FACILITIES CONSOLIDATION Staff: Kenny Asher, Community Development Director Nadine Robinson, Central Services Director 7. OTHER BUSINESS 8:30 p.m. Planning Commission Elections Acting President Yi-Kang Hu will preside over elections 8. ADJOURNMENT 8:45 p.m. January 4, 2021 Page 1 of 5 CITY OF TIGARD PLANNING COMMISSION Minutes, January 4, 2021 Location: Members Remote via Microsoft Teams Link to virtual hearing online: https://boxcast.tv/channel/pyjnvrar8xo1rw6bwbss Call-in number for public testimony: 503-966-4101 Public testimony call-in time was between 7:15 and 7:30 p.m. CALL TO ORDER Acting President Hu called the meeting to order at 7:00 p.m. ROLL CALL Present: Acting President Hu Commissioner Brook Alt. Commissioner Dick Commissioner Jackson Alt. Commissioner Miranda Commissioner Quinones Commissioner Roberts Commissioner Schuck Commissioner (K7) Tiruvallur Commissioner Watson Commissioner Whitehurst Absent: None Staff Present: Tom McGuire, Assistant Community Development Director; Doreen Laughlin, Executive Assistant ; Sean Farrelly, Redevelopment Manager, Kenny Asher, Community Development Director, Nadine Robinson, Central Services Director Acting President Hu introduced and welcomed new Commissioner Craig Schuck, Alternate Commissioners Ahsha Miranda and Darlene Dick. He noted that Commissioner Schuck had served as an Alternate Commissioner the previous year , and that he was appointed to be a voting member in December of 2020. Commissioner Hu reminded the alternates that even though the y are non-voting members, their comments and questions are just as valid any of the other commissioners. He encouraged them to speak up whenever the time arises. COMMUNICATIONS – Commissioner Jackson shared that he had attended the River Terrace 2.0 CAC when they met on Dec. 9 and gave a brief rundown of what they’d talked about. He shared with the commissioners a few of the statistics that he thought were a bit surprising. He noted that Tigard’s vacancy rate is 1/3 of the Oregon vacancy rate – so there’s January 4, 2021 Page 2 of 5 very little housing vacancy in Tigard. Another surprising statistic is that Tigard’s home values are high compared to the state and even high compared to Portland. Also – for households making $55,000 a year or less – 4/5’s of those households are “housing cost burdened.” Commissioner Watson noted that on Dec 16 she’d attended the Washington Square Regional Center Stakeholders meeting. She noted among other things that they had reviewed a number of ideas about the importance of making connections through the area that are pedestrian friendly. CONSIDER MINUTES Acting President Hu asked if there were any additions, deletions, or corrections to the December 7, 2020 minutes; there being none, Acting President Hu declared the minutes approved as submitted. PUBLIC HEARING 7:05 p.m. CITY CENTER URBAN RENEWAL PLAN SUBSTANTIAL AMENDMENT SUMMARY OF PROPOSAL The Substantial amendment proposes an increase in Maximum Indebtedness (MI). MI is the total amount of funds that may be spent on programs, projects and administration over the life of an Urban Renewal Area (URA). MI does not include interest paid on debt. The original and current MI for the Tigard URA is $22 million. The City proposes to in crease the MI by $20.8 million, bringing the total MI to $42.8 million. HEARING STATEMENTS Acting President Hu read the required statements and procedural items from the hearing guide. There were no abstentions; there were no challenges of the commissioners for bias or conflict of interest. Ex-parte contacts: None. Site visitations: All of the commissioners had visited the City Center site. STAFF REPORT/APPLICANT PRESENTATION Redevelopment Project Manager Sean Farrelly introduced himself. Sean is city staff and represents the City as the applicant. He introduced Elaine Howard who is a city consultant and urban renewal expert in Oregon. Sean went over a PowerPoint (Exhibit A). He noted that the Urban Renewal Plan has been in place since 2006 in Tigard and there was a substantial amendment in 2017 that added some acreage. They’re requesting to increase the maximum indebtedness of the area by $20.8 million – and that will allow us to do additional projects. The total maximum indebtedness would then be $4 2.8 million. The new debt can be issued un til 2036. At this point , he turned the presentation over to Elaine Howard who gave a “Crash Course” in how Urban Renewal works. (Exhibit A). She gave a primer of sorts regarding Tax increment financing. Sean then talked about some of the specific successes that had been had in the Tigard City Center Urban Renewal District since 2006. He spoke about additional projects that had been completed, as well as current active projects - and how the plan relates to the City’s Comprehensive Plan. He noted that it is consistent with the Transpor tation Plan, Tigard Parks System Master Plan, Affordable Housing Plan, and the Tigard Strategic Plan 2020 -2025. January 4, 2021 Page 3 of 5 STAFF RECOMMENDATION Staff recommends that the Tigard Planning Commission finds, based upon the information provided in the staff report and the provided attachments, that the City Center Urban Renewal Plan Amendment conforms with the Tigard Comprehensive Plan, and that the Tigard City Council adopt the proposed Plan Amendment. QUESTIONS / COMMENTS The commissioners agreed that the presentation very interesting, and that they appreciated it. Some questions were asked ab out the public parking garage and whether that would be owned by the City of Tigard. One commissioner found it interesting to learn how the funds flo w. The suggestion was made that since the average person has no idea how this operates, this might be a good opportunity to educate people with perhaps an article in the City newsletter, or Tigard Times, or something similar. Sean replied that they’re planning more education – including a short video. He told them to look for that to come out shortly. Another commissioner asked if the specific ideas and proposed projects noted were the true plan - or a commitment to do them. Sean answered that it’s a list of projects – their intention is to do as many of them as they can within the available funds. He noted that some of the projects are done not just with tax increment financing, but some are done with grants. He noted that Tigard has already been successful getting grants to help kick start some of the projects. One of the commissioners noted that when he’d gone on the City website to look at the current project on the City Center Urban Renewal Plan, that there were a few broken links. He thinks other residents may want to go to that site to look at what’s going on, and hopes the broken links are fixed. Sean said he would check into that and that it might be time to refresh those websites and to fix those broken links. PUBLIC TESTIMONY Acting President Hu asked if there was anyone on the line waiting to testify – there was none. TESTIMONY IN FAVOR – None TESTIMONY IN OPPOSITION – None PUBLIC HEARING CLOSED DELIBERATION Acting President Hu asked that each of the commissioners give their thoughts on this. Following are some of the comments: • Commissioner Roberts thinks it’s great. The connectivity improvement will help a lot, and he likes that. • Alt. Commissioner Dick concurs, and mentioned that she is hoping lights will be added to the Heritage Trail going to downtown as this moves forward. • Alt. Commissioner Miranda thinks it looks good. She likes parking structures and will have lots of questions and ideas on that in the future. • Commissioner K7 thinks it’s a good thin g. He believes it should have been done even sooner and believes this should move forward in this vibrant community. January 4, 2021 Page 4 of 5 • Commissioner Brook thinks it’s a great plan. She still has questions about the parking and hopes there will be enough. Overall, she thinks it’s a we ll thought out plan. • Commissioner Jackson said his thoughts are generally in alignment with the others so far as this conforming. His concerns are on the side of how does this link into other projects in the area – is that going to affect cost? Overall, he thinks it’s very exciting. • Commissioner Quinones is excited for the Universal Plaza. She lives behind Fa nno Creek Trail and the Burnham street access. She misses having the Farmers Market there and overall, is very excited about this project. • Commissioner Schuck likes the project. He thinks it’s a good idea for that area – especially for some of the open spaces. The whole idea of tax increment financing is new to him. He’d been skeptical about how that works - so it was nice to hear how the public/private partnership can work to benefit both. He’s in support of this. • Commissioner Watson finds it to be conforming in its intent. • Commissioner Whitehurst is also excited about the plan. He especially appreciates seeing the affordable housing piece . • Acting President Hu likes the plan . He’s excited with the new projects in the downtown area and believes overall it conforms to the local goals. He just wishes the doc ument would broadcast the energy conservation goals and aspirations a bit better. These types of things should be mentioned in the document. Overall , it’s a great amendment and he supports it. MOTION Commissioner Watson made the following motion: “Based upon the information provided in the staff report and the provided attachments, I move that the Tigard Planning Commission find that Amendment No. 9 to the Urban Renewal Plan conforms to the Tigard Comprehensive Plan, and further recommend that the Tigard City Council adopt the proposed Plan Amendment.” The motion was seconded by Commissioner Roberts. VOTE All in favor, none opposed. RESULT Motion for recommended approval CARRIES 9 - 0. City Council will have this hearing on February 9. There will be a postcard in the mail and more information on the Tigard Website, Facebook pages, and Twitter. BRIEFING – City Facilities Consolidation (CFC) Project Kenny Asher introduced himself as the Community Development Director who will be making the presentation along with Nadine Robinson (Central Services Director) and Kirsten Hauge (consultant from Kearns West). Kenny told the group they’re happy to make this presentation to the commission. They will be asking Council to continue to the third and final feasibility stage in a couple of weeks. He noted they’re in the process now of sharing what they’ve learned and what they want to do as city staff. January 4, 2021 Page 5 of 5 All three presenters spoke using this PowerPoint (Exhibit B). Kirsten Hauge went over the agenda and had a short question and answer time. Nadine Robinson introduced the talk saying that this is a necessary, cost-effective solution to meet Tigard’s needs now and into the future. She went over the project description and timeline – including the three different phases. She explained why they believe it ’s necessary (basically because the City buildings need repair to maintain safe operations.) She noted that extensive, expensive r epairs are needed such as the HVAC system, sewer connections, and roof of the police department building. She said most importantly the facilities do not meet current seismic standards that will ensure the city can maintain operations and respond should there be a seismic event. She went over the project description, timeline and funding and noted they are currently in Phase 2. At this point, Kenny Asher spoke about the potential opportunities. These facilities are over 30 years old. We’re out of space – especially in the Police Department. He talked about how this would improve downtown Tigard. Changing the city footprint will help with a number of things – particularly existing city properties could be redeveloped into more than 5 00 new apartments and expanded affordable housing options. New housing would stimulate downtown development which could lead to more shopping, dining, and housing. This could also increase walkability. He went ove r the community benefits such as a community room that will be available to reserve for civic meetin gs and events; a new parking structure that would provide additional parking for downtown visitors; and an opportunity to create new tax revenues from downtown development. He went over the long-term benefits, next steps, and upcoming activities. He ended his presentation talking about community engagement and what activities had taken place already to get the word out. OTHER BUSINESS – Election for President and Vice President of the Commission The offices of President and Vice President carry two -year terms and according to the commission by-laws, at the beginning of every odd year elections are held. The Commissioners voted to elect former Vice President Yi-Kang Hu for President, and Commissioner Nathan Jackson for Vice President. ADJOURNMENT President Hu adjourned the meeting at 9:00 p.m. _______________________________________ Doreen Laughlin, Planning Commission Secretary __________________________________ ATTEST: President Yi-Kang Hu City Center Urban Renewal Plan Substantial Amendment Tigard Planning Commission, January 4, 2020 EXHIBIT A •ORS 457 requires review by the Planning Commission •ORS 457 also requires the City Council find the Urban Renewal Plan in conformance with the Comprehensive Plan •Review, discuss, & ask questions •Consider finding that the Plan Amendment conforms to the Tigard Comprehensive Plan, and recommend the Plan’s adoption to the Tigard City Council What is the Role of the Planning Commission? City Center Urban Renewal Area •The TCDA is interested in increasing the Maximum Indebtedness of the City Center Urban Renewal Area by $20,800,000 to allow for allocating additional funds to projects in the Plan. •This brings the total MI to $42,800,000. •New Debt can issued until 2036. •Plan originally approved by voters in 2006 with a substantial amendment to add acreage in 2017. Proposed Amendment Elaine Howard Consulting LLCUR 101CRASH COURSE | UR 101 Elaine Howard Consulting LLCUR 101CRASH COURSE | UR 101 Elaine Howard Consulting LLCUR 101CRASH COURSE | UR 101 Increased tax revenues to all Depressed conditions Tax Increment Finance Over Time •$ 48.8M -Private investment into property improvements and new construction (3x the amount of investment in the 12 years preceding urban renewal). •64% -Increase in assessed value between 2006 –2019 (compared to a 56% increase in assessed value citywide). •28 -Matching grants for building improvements to downtown businesses. •$2.60:$1.00 -Leverage ratio of private to public investment into urban renewal tenant and storefront improvements. •234 -New apartments constructed. •32% -Increase in housing in City Center URA (compared to a 12% increase in the rest of Tigard). Overview of Tigard City Center Accomplishments Since 2006 Attwell off Main Main St and Burnham Improvements Tigard Heritage Trail & Rotary Plaza Additional Projects Completed •Streetscape Improvements •Ash Avenue Connection •Burnham Street Public Parking Lot •Ash Avenue Dog Park •Fanno Creek Regional Trail Undercrossing Lights •Façade & Interior Improvement Grants Active Projects Main Street at Fanno Creek Development Active Projects •Urban Renewal Improvement Program •Universal Plaza design Projects Supported by Additional Funds from the Substantial Amendment •Construction of New Streets to Provide Connectivity •Tigard Heritage Trail Continuation to Hall Blvd. •Fanno Creek Trail Improvements •Universal Plaza (shade structures, community room, final features) •Shared Parking Structure •Affordable Housing and Mixed-Use Development Assistance •Pedestrian Safety and Streetscape Improvements •Land Acquisition Process and Timeline ➢December 9-TCAC recommended approval ➢December 15 -TCDA Board ➢January 4 -Tigard Planning Commission ➢Before February 9 -Resolutions by Taxing Districts (Washington County, TVF&R, TTSD) ➢February 9 -City Council Hearing ➢May 18 –Ballot Measure goes before Tigard Voters Existing findings remain with some additions •Natural Resources and Historic Areas •Economic Development •Housing •Transportation •Special Planning Areas-Downtown •Parks, Recreation, Trails, And Open Space How Does this Plan Relate to the Comprehensive Plan? Consistent with Other City Plans •Transportation System Plan •Tigard Parks System Master Plan •Affordable Housing Plan •Tigard Strategic Plan 2020-2025 Recommendation/Suggested Motion •“I move that the Tigard Planning Commission finds, based upon the information provided in the staff report and the provided attachments, that the City Center Urban Renewal Plan Amendment conforms with the Tigard Comprehensive Plan and further recommend that the Tigard City Council adopt the proposed Plan Amendment.” Where can I learn more? •Contact staff: Sean@tigard-or.gov LaurenS@tigard-or.gov •Visit website www.tigard-or.gov/urbanrenewal City of Tigard Tigard Planning Commission Briefing January 4, 2020 City Facilities Consolidation (CFC) Project EXHIBIT B Agenda •About the CFC project •Project overview •Why is it necessary? •What are the potential opportunities? •Why take action now? •Next steps •Community engagement •Activities to date •Upcoming ways to get involved •Q&A/Discussion About the CFC Project A necessary, cost-effective solution to meet Tigard’s needs now and into the future To meet the needs of our growing community, the City of Tigard is considering consolidating most of its public services in a new building that would replace its aging downtown facilities and energize the downtown district at the same time. Project description Key elements: •Design and construct new building to house most city services on current city-owned property across the street from the current city hall location. •Relocate the Public Works yard and construct new building outside of the downtown core. •Open up 9.5 acres within the current City Hall site for redevelopment. •Potentially relocate and enhance Tigard Skate Park. Project timeline •Phase 1: Move Ahead Separately or Together? (August 2019 -Feb. 2020) •Phase 2: Proceed Now or Proceed Later? (Feb. 2020 -Jan. 2021) •Phase 3: Government Project or Community Project? (2021) Why is this project necessary? City buildings need repair to maintain safe operations •Extensive, expensive repairs are needed –such as the HVAC system, sewer connections, and roof of the PD building. •Facilities do not meet current seismic standards that will ensure the city can maintain operations and respond in a seismic event. The city’s facilities maintenance backlog could reach $14 million by 2026 and an additional $19 million is needed to bring buildings up to current seismic standards. The City is evaluating the best solution for Tigard •Constructing two new facilities is more cost-effective, compared to trying to upgrade old buildings over the next twenty years and rent additional space. •Even with construction costs, it is still less costly to the city because the new buildings will still have value in 20 years, and the city will be collecting revenues from property sale and development. •Consolidation also creates a great opportunity to reimagine how the city’s 13.5 acres can contribute to a more livable, walkable downtown. Properties the city owns or controls Property the city is leasing Project funding •The project can be funded without raising property taxes. Property tax assessments that are set to expire would continue at current levels, if approved by residents in the November 2021 election. •Additional financing would include:utility rate increases, special revenue funds, photo red light and vehicular speed enforcement, tax increment financing and land sale proceeds. Why now? Resiliency: The pandemic has shown us the importance of planning for the unexpected and the ability to continue city operations in an emergency. Cost: Maintenance costs will continue to increase, and construction costs have increased by 5% annually for several years. If we replace the facilities by 2025, we can do it without raising property taxes. What are the potential opportunities? Improves downtown Tigard Changing the City’s footprint downtown will help: •Existing city properties could be redeveloped into more than 500 new apartments and expanded affordable housing options. •New housing would stimulate downtown development, which could lead to more shopping, dining, and housing and increase walkability. •Redeveloping this area of downtown will catalyze the whole area from Main to Hall Community benefits •The building will house a community room, available to reserve for civic meetings and events. •A new parking structure will provide additional parking for downtown visitors. •Opportunity to create new tax revenues from downtown development. Community benefits •New facilities will ensure that in the event of an earthquake city staff will be safe and residents will still be able to access essential government services. •Provides better safety, security, and training and operations space for Tigard PD, leading to continued improvements in emergency response and efficiency. Long-Term Benefits Johnson Economics found the CFC project to be the preferred option evaluated over a 20-year period. The project is likely to result in: •Lowest net overall cost of space •Better urban design solution in downtown Tigard •More intensive utilization of urban land •New property tax revenues from released sites •Additional development in the downtown core (e.g., coffee, shopping, restaurants, etc.) 2020 Feasibility Assessment Findings: •Building the new facility creates additional revenues totaling over $24 million over the next 20 years. What are the next steps? Upcoming activities Provide update to City Council on the feasibility of the project and confirm their continued support Jan. 2021 Visioning and preliminary design for new City Hall and Public Works sites Winter 2021 Design development of site and building design options for new City Hall and Public Works sites Spring 2021 City Council receives the final feasibility report and decides whether to move forward with a general obligation bond for the project. June 2021 Continued site and building design development for new City Hall and Public Works sites Summer-Fall 2021 Potential vote on continuation of general obligation bonds Nov. 2021 Target date for potential construction of new Public Works building May 2022 Target date for project construction for new city hall Summer 2023 Public communications and engagement Ongoing Potential future redevelopment •If CFC project is approved, the city would hold a master planning process in future years. •The process would include opportunities for public input on the vision for redevelopment. •Affordable housing is the city’s priority for an inclusive and walkable downtown Community Engagement Activities to date •Held kick-off meeting with city staff and consultant team •Conducted interviews with city staff and community stakeholders •Focus group meeting with Tigard business leaders and downtown interests •Developed research report of key findings •Developed strategic communications and engagement plan •Beginning early engagement by briefing Tigard advisory committees •Developing communications and outreach tools Upcoming opportunities •We want to hear from you! The city will listen to community voices to plan a solution that works for Tigard. •Beginning in mid-January, outreach and engagement will include: •Community input/questionnaire hosted online at YourTigard engagement site •Project website •City communications: social media, podcast, media, e-newsletter, etc. •Direct outreach and briefings (virtual, pending COVID-19 safety guidance) Questions? Page 1 City of Tigard Memorandum To: Tigard Planning Commission From: Sean Farrelly, Redevelopment Project Manager Re: Proposed Substantial Amendment to the City Center Urban Renewal Plan- January 4, 2020 Hearing Date: December 21, 2020 At the direction of the City Center Development Agency Board, staff worked with consultants to prepare a draft Substantial Amendment to the City Center Urban Renewal Plan (Plan Amendment) to increase the maximum indebtedness an d add projects to the City Center Urban Renewal Area (the Area). On December 15, 2020 the City Center Development Agency initiated public review of the proposed Plan Amendment. A Planning Commission public hearing is required as part of the review process for a Substantial Amendment to the Plan. On January 4, 2021 the Planning Commission will be asked to publicly review the proposed Plan Amendment for conformance to local goals and objectives and make a recommendation to City Council on its adoption . PROJECT BACKGROUND The City of Tigard adopted the City Cen ter Urban Renewal Plan, or Tax Increment Financing (TIF) Plan, in 2006 with an active period of 20 years specified in the plan. After FY 2026, future debt cannot be incurred, thus the CCURP wouldn't be able to undertake new projects. However, the tax increment revenue (TIF) would continue to be collected until the existing debt is retire d. The maximum indebtedness to undertake plan projects is $22M. As the district approaches the final years of its planned duration, it has used roughly $10.4M of the approved maximum indebtedness. T he CCURP was amended in 2017 to extend the district bo undary, but no changes were made to the plan duration nor the maximum indebtedness. Over the past fifteen years, community and City leaders h ave pursued a dedicated course of incremental improvements through public and private development in Downtown Tigard. Major completed and on-going investments in streets, parks and trails have improved the public realm, while major public/private developme nt projects have brought hundreds of new residents to the downtown and improved the business district. Page 2 Goal 2 of the Tigard City Council for 2019-21 is “Invest and connect key areas of the city to promote economic growth and community vitality.” Strategy 2.2 under this goal is to “Continue to make Downtown Tigard a place people want to be by making substantial progress on projects that attract new residential and business investment.” One of the tasks to implement this strategy is: • Evaluate the size and scope of the City Center Urban Renewal Plan to determine whether tax increment resources in the downtown are sufficient to meet council objectives. Prepare recommendations regarding the City Center urban renewal area’s possible continuation. To address the Council goal, the city completed the City Center Futures projec t in 2020. As part of that project, three alternatives were considered in extending the City Center Urban Renewal (TIF) District. The recommended option was to pursue a substantial amendment to the City Center Urban Renewal Plan to increase the maximum indebtedness (MI) with the existing Urban Renewal Area (URA) boundaries. The Board agreed with the recommendation and directed staff to prepare a substantial amendment for public review. SUMMARY OF PROPOSAL The Substantial amendment proposes an increase in Maximum Indebtedness (MI). MI is the total amount of funds that may be spent on programs, projects and administration over the life of a URA. MI does not include interest paid on debt. The original and current MI for the Tigard URA is $22 million. The City proposes to increase the MI by $20.8 million, bringing the total MI to $42.8 million. The new MI would contribute funding to the following projects : • Construction of new streets to provide connectivity • Tigard Heritage Trail continuation • Fanno Creek Trail improvements • Universal Plaza • Parking facility • Affordable housing and mixed-use development assistance • Pedestrian safety and streetscape improvements • Property acquisition The proposed URA plan amendment would also extend the last day to issue debt from the 20th anniversary to the 29th anniversary of the TIF Plan. Tax increment revenues after the 29th anniversary (FY 2034-35) will be spent solely on retiring debt. Revenue sharing is part of the 2009 legislative changes to urban renewal and comes into effect when a substantial amendment to increase MI is approved. Revenue sharing targets are projected to be reached in FY 2035-36. Page 3 In addition to the MI increase, the amendment includes new specific projects and updates project descriptions. This level of MI increase cannot be approved by the City alone, it must also be approved through adoption of a resolution by the governing bodies of 75% of the taxing districts that levy permanent rate taxes in the (URA). The draft Tigard City Center Urban Renewal Area Plan Amendment (Plan Amendment) and the Report Accompanying the Tigard City Center Urban Renewal Plan Amendment (Report) are included as attachments. The Plan Amendment shows the verbiage changes to the existing urban renewal plan while the Report gives technical information on blight conditions and the financial feasibility of the MI increase. In summary, the Plan is designed to implement the goals and policies of the Tiga rd Comprehensive Plan and the vision of the Tigard Downtown Improvement Plan; advance the city’s Strategic Plan; and support the area’s designation as a Metro Town Center. The findings of specific conformance to the Tigard Comprehensive Plan are shown in Attachment 3. PUBLIC NOTICE Notice was placed on the City of Tigard website. DECISION-MAKING CRITERIA The Planning Commission’s review of the proposed Plan Amendment is not a land use action, but it does require a public hearing. The purpose of the review is to evaluate whether the Plan Amendment conforms to the Tigard Comprehensive Plan. The results of the review will be forwarded to City Council for consideration during the Plan’s adoption hearing, which is currently scheduled for February 9, 2020. If approved by Council, a ballot measure will go to Tigard voters in May. There are no explicit review criteria for the Planning Commission’s review of the Plan Amendment. Oregon Revised Statute (ORS) ORS 457.085(4) states that: “An urban renewal plan and accompanying report shall be forwarded to the planning commission of the municipality for recommendations, prior to presenting the plan to the governing body of t he municipality for approval under ORS 457.095.” The generally accepted practice is for the Planning Commission to provide input on the relationship of the Plan to the Local Goals and Objectives (Section VI of the Plan), and particularly to its conformance to the City of Tigard Comprehensive Plan. The relationship of the Plan to the city’s goals and objectives is attached as Attachment 3. STAFF RECOMMENDATION Page 4 Staff recommends that the Planning Commission: 1.Review and discuss the proposed Tigard City Cente r Urban Renewal Plan Ninth Amendment 2.Find that the Plan Amendment conforms to the Tigard Comprehensive Plan. 3.Recommend the Plan Amendment’s adoption to the Tigard City Council Suggested Motion: “I move that the Tigard Planning Commission finds, based upon the information provided in the staff report, public testimony, and the Tigard City Center Urban Renewal Plan Ninth Amendment, that the Tigard City Center Urban Renewal Plan Ninth Amendment conforms with the Tigard Comprehensive Plan and further reco mmend that the Tigard City Council adopt the proposed Tigard City Center Urban Renewal Plan Ninth Amendment.” ATTACHMENTS 1. Tigard City Center Urban Renewal Plan Ninth Amendment 2. Report on the Tigard City Center Urban Renewal Plan Ninth Amendment 3. Relationship to Local Goals and Objectives 2 Proposed new text is shown in double-underline. Deleted text is shown in strikethrough. Explanatory language shown in italics. TIGARD CITY CENTER URBAN RENEWAL PLAN AMENDMENT Only the proposed changes are shown, current plan can be viewed at: https://www.tigard- or.gov/urbanrenewal/ I. Introduction The Original Plan has had a duration of 20 years (see Chapter XI), meaning that no new debt will would be incurred after Fiscal Year 2025/2026. The maximum amount of indebtedness (amount of tax increment financing for projects and programs) that may be issued for the Plan is Twenty-Two Million Dollars and No Cents ($22,000,000). The first substantial amendment was developed in 2016 and went to voters in the May 2017 election. It amended the boundary and updated the plan as needed. The second substantial amendment was developed in 2020 and went to the voters in the May 2021 election. It added projects, increased the maximum indebtedness, and updated the plan as needed. The maximum amount of indebtedness (amount of tax increment financing for projects and programs) that may be issued for the Plan is Forty-Two Million Eight Hundred Thousand dollars and no cents ($42,800,000). No new debt will be incurred after Fiscal Year 2034/2035. II. Goals and Objectives Goal 3 – Downtown’s transportation system should be multi -modal, connecting people places and activities safely and conveniently. Objectives: 3B: Concurrent with proposed street improvements, and in conformance with the Tigard Transportation System Plan (TSP), provide public and private parking facilities, bike lanes, sidewalks, pedestrian crossings and other pedestrian, and bicycle facilities that promote multimodal usage, access and safety. 2 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. Objectives: 5A: Provide development incentives and technical assistance programs that encourage business and property owners to develop projects that are consistent with the Tigard Downtown Improvement Plan vision, the 2019 Affordable Housing Plan, the City of Tigard Strategic Plan 2020-2025, and the Tigard Comprehensive Plan. 5C: Provide for property acquisition to support this goal. III. Outline of projects The Plan identifies transportation projects, including street improvements, streetscape improvements and bicycle/pedestrian facilities improvements, which will increase multimodal connectivity throughout the Area and make downtown Tigard a safer and more accessible destination. The Plan also includes Parks, Public Spaces and Public Facilities projects that will beautify the Area, increase neighborhood livability and provide opportunities for residents, visitors and downtown workers to participate in a wide range of community and recreational activities. Planning and Development Assistance Programs identified in the Plan will facilitate the development, redevelopment and rehabilitation of private property in the Area. The programs will encourage Area business and property owners to invest in projects that will increase the economic vitality of downtown Tigard, add affordable housing units to the Area and support the goals and objectives of the Tigard Downtown Plan and the City’s Comprehensive Plan. IV. Map and Legal Description of Urban Renewal Area No changes to this section V. Urban Renewal Projects Urban renewal projects authorized under the Plan, which may be undertaken by the Agency, are described below. and shown in Figures 2 to 7 To preserve and enhance the Area’s natural resources, projects will be designed and implemented with consideration for ecologically sensitive areas and to minimize the impacts of development on the environment. Property acquisition may be required for thes e 2 projects. Further, some of the projects described herein will require participation of other public agencies. Figure 2 is replaced and Figures 5,6 and 7 are removed from the Plan. A. Street Improvements 7. Construction of New Streets Construction of new streets to provide connectivity within the Area, as identified by hash marks on Figure 2. 2 B. Streetscape Improvements – No changes to this section. C. Bike/Pedestrian Facilities - 10. Tigard Heritage Trail (Main Street to Hall Boulevard) This project will increase pedestrian access and provide new recreational opportunities for residents, workers and visitors to downtown. The project will build a new path connecting Main Street to the existing multi-use trail that connects the Commuter Rail parking lot to Hall Boulevard, and include historical/educational installations and other amenities. 11. Fanno Creek Trail Improvements Improvements to the Fanno Creek Trail within the Area will include new trail connections, lighting, accessibility improvements, boardwalks and wayfinding. D. Parks - delete Figure 5 E. Public Spaces - delete Figure 6 2. Plazas The design and construction of public plazas that will serve as public gathering spaces is a project under the Plan. This project will encourage a broader range of active and passive recreational uses in downtown and attract more residents and visitors to the area. The Universal Plaza project will provide a large public space that includes a water feature, covered area, connection to Fanno Creek Trail, restrooms, and other amenities. F. Public Facilities - delete Figure 7 2. Public Parking Facilities The design and construction of new public parking facilities is a project under the Plan. As new shopping, recreational and entertainment uses, including the proposed performing arts center and public market, are established in the downtown area, new public parking facilities will be needed to accommodate the anticipated increase in parking demand. This project includes structured parking that would jointly serve employment uses as well as visitors and customers to the downtown. G. Planning and Development Assistance 2 5. Affordable Housing Development Assistance Grants and technical assistance to encourage new regulated affordable housing, and preservation of naturally occurring affordable housing. VI. Relationship to Local Objectives A. City of Tigard Community Development Code The City of Tigard Community Development Code establishes zoning districts, which govern allowed uses and contain development standards. The Area encompasses property within the City’s commercial, parks and recreation and industrial zoning districts. According to the City’s Development Code, the purpose of commercial zoning districts is to provide a comprehensive range of commercial services – including retail and office uses – that are conveniently accessible to motorists, bicyclists and pedestrians and designed to minimize potential adverse impacts on surrounding residential neighborhoods. Further, in compliance with the City of Tigard Comprehensive Plan, the commercial zoning districts are intended to provide a wide range of employment opportunities and economic benefits for local residents. to implement the goals and policies of the comprehensive plan related to land use planning and economic development by: A. Ensuring that a full range of goods and services are available throughout the city so that residents can fulfill all or most of their needs within easy driving distance and, ideally, within easy walking and biking distance of their homes; B. Ensuring that a full range of economic activities and job opportunities are available throughout the city; and C. Minimizing the potential adverse impacts of commercial uses on residential uses by carefully locating and selecting the types of uses allowed in each commercial zone. The purpose of Tigard’s industrial zoning districts is to provide a broad range of industrial services and jobs within the City of Tigard that are conveniently accessible to local residents. implement the goals and policies of the comprehensive plan related to land use planning and economic development by: A. Ensuring that a full range of economic activities and job opportunities are available throughout the city; and B. Minimizing the potential adverse impacts of industrial uses of industrial uses on nonindustrial uses by carefully locating and selecting the types of uses allowed in each industrial zone. The purpose of Tigard’s parks and recreation zoning district is to preserve and enhance publicly-owned open space and natural and improved parkland within the city. This zone is intended to serve many functions including: 2 A. Providing opportunities for both active and passive recreational facilities to meet neighborhood, community, and regional needs; B. Providing contrast to the built environment; C. Providing opportunities to strengthen community identity, improve public health, and foster interactions between citizens; D. Providing economic development by creating a desirable public image and robust quality of life; E. Recognizing that publicly-owned parks have a special relationship to the community and are an important resource; F. Providing flexibility in the use and development of recreational facilities as the city responds to changes in demographics, program needs, and external regulatory requirements; and G. Allowing for the efficient implementation of plans and improvements to parks, recreational facilities, and open areas with appropriate reviews where compatibility issues may arise. A detailed description of commercial, parks and recreation and industrial zoning districts within the Area and corresponding development standards are described in Section VII below. The Plan implements the public investments necessary to generate development that is consistent with Mixed-Use Central Business District, General Commercial District, Parks and Recreation District and Industrial Park District. and Professional Commercial Districts as well as the R-4.5 Low-Density Residential District, R-12 Medium-Density Residential District and R-25 Medium High-Density District. Further, the Plan will help ensure that the Area develops efficiently, with high quality, attractive development that creates an identity and sense of place unique to downtown Tigard. B. Tigard Comprehensive Plan Goals and Policies Parks, Recreation, Trails, And Open Space The Comprehensive Plan addresses access to parks, recreation, trails, and open space that enhance the livability of a community and contributes to the well -being of its residents. Parks policies supported by the Plan include: Goal 8.1: Provide a wide variety of high quality park and open spaces for all residents, including both developed areas with facilities for active recreation and undeveloped areas for nature oriented recreation and the protection and enhancement of valuable natural resources within the parks and open space systems. 2 Policy 1: Tigard shall acquire, develop and maintain a diverse system of parks, trails, open space and recreational facilities that are safe, functional and accessible to all of its population. Goal 8.2: Create a Citywide network of interconnected on- and off-road pedestrian and bicycle trails. Policy 1: The City shall create and 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 includes multiple projects that support the City’s park system vision and recommendations. In particular, the Fanno Creek Park Improvements and Urban Green Spaces projects will upgrade and increase multimodal access to existing parks and open space areas and create new green space and recreational areas that will draw residents, shoppers and visitors to downtown Tigard. The Plan includes additional trail connections through the Tigard Heritage Trail and Fanno Creek Trail projects and the development of Universal Plaza, a central gathering place for residents and visitors to Tigard. C. Transportation System Plan Goals and Policies TRANSPORTATION SYSTEM PLAN – only additions are shown, all other findings remain the same. Where some of the goal and policy language is already existing, it is not shown in double underline, new goal and policy information is shown in double underline. Goal 2: Transportation Efficiency – Develop and maintain a transportation system for the efficient movement of people and goods. Policy 9: The city shall require the provision of appropriate parking in balance with other transportation modes. The Plan includes streetscape improvements and bicycle/pedestrian system improvements designed to encourage alternative modes of transportation to the automobile. By filling gaps in the existing sidewalk system, installing new bike lanes and upgrading existing bikeways to standard, the Plan will help create a complete system of bicycle and pedestrian facilities that enables pedestri ans and bicyclists to commute safely and efficiently to and within downtown. 2 The Plan includes street improvements that will address motor vehicle needs in and around downtown Tigard. Projects such as the Scoffins Street/Hall Boulevard/Hunziker Realignment and Highway 99W intersection improvements will reduce congestion and improve circulation while creating a safer environment for drivers, pedestrians and bicyclists. The Plan includes trail connections through the Tigard Heritage Trail and Fanno Creek Trail projects and provides funding for the construction of new streets providing connectivity in the Area. The Plan also provides funding for a parking structure to serve employment uses as well as visitors and customers to the Downtown. D. City of Tigard Park System Master Plan1 Goal 1 Provide a wide variety of high quality park and open spaces for all residents, including both: - Developed areas with facilities for active recreation; and - 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 includes multiple projects that support the City’s park system vision and recommendations. In particular, the Fanno Creek Park Improvements and Urban Green Spaces projects will upgrade and increase multimodal access to existing parks and open space areas and create new green space and recreational areas that will draw residents, shoppers and visitors to downtown Tigard. The Plan includes additional trail connections through the Tigard Heritage Trail and Fanno Creek Trail projects and the development of Universal Plaza, a central gathering place for residents and visitors to Tigard. E. Tigard Downtown Improvement Plan No changes to this section F. Affordable Housing Plan 1 There is a parks section in the Tigard Comprehensive Plan as well as a Tigard Park System Master Plan. Both are included as they differ slightly in their verbiage. 2 In 2019 the City of Tigard adopted the Affordable Housing Plan – Tigard Housing Strategy Implementation Plan. The purpose of the Tigard Housing Strategy Implementation Plan (THSIP) is to identify strategies and implementation steps needed to increase the supply and affordability of housing within the City of Tigard. The outcome of the project will be recommendations for adoption of housing strategies and policies, including amendments to municipal and development code, to implement an Affordable Housing Plan. The THSIP identified tools to assist in the development of affordable housing, one of which was tax increment funds. The Plan includes a project category of Affordable Housing Development Assistance to provide grants and technical assistance to help encourage the development of affordable housing in the Area. G. City of Tigard Strategic Plan 2020-2025 The City of Tigard Strategic Plan was adopted by City Council on September 22, 2020. The Vision of the Plan is: Tigard: An equitable community that is w alkable, healthy, and accessible for everyone These are the strategic priorities and supporting objectives and actions from the Strategic Plan that connect to the City Center Urban Renewal Plan Strategic Priority 2. Create a well-connected, attractive, and accessible pedestrian network. 2.1 Create a well-connected pedestrian network that links all Tigard residents and businesses. 2.1 C. Identify and pursue new funding sources to build the pedestrian network. 2.1 D. Bring parks and trailheads within a 10-minute walk of every Tigard resident. 2.1 E. Expand the pedestrian network annually. 2.2 Tigard’s pedestrian network is attractive accessible, safe and well -maintained. 2.2 B. Design the trail system to serve both recreational and active transportation purposes. Strategic Priority 3. Ensure development and growth support the vision. 3.1 Pursue land development that maximizes public health benefits while increasing connection between people and community destinations. 3.1 B. Locate and grow businesses to support walkability, connectivity, and accessibility for all business locations. 3.1 C. Build mixed-use development that is inclusive of housing, shopping, employment, serv ices and integrates transportation options. 3.1 D. Fully implement the City’s Complete Streets policy. 3.1.G. Invest in public spaces that equitable serve the cit y’s diverse residents, workers, and visitors. 2 3.2 Focus development-associated resources in parts of the city that have the capacity to serve, house, employ and attract the most people with the least impact on Tigard’s natural systems and the climate. 3.2.B. Facilitate Transit Oriented Development (TOD) that supports employment, housing, and community services. 3.3 Understand the effects of development on vulnerable Tigard residents and mitigate those impacts within projects and over time. 3.3.C. Support a balanced, diverse mix of business sectors and employment opportunities. 3.3.D. Ensure transportation investments and improvements are providing equitable benefits and impact to the entire population. 3.3.E. Advance equitable economic opportunity. 3.4 Proactively intervene as necessary to meet the housing needs of all community members. 3.4.A. Prioritize funds to support the creation and retention of affordable housing in Downtown Tigard, the Tigard Triangle and Washington Square. 3.4.D. Increase the housing mix in the city to meet the needs of smaller households, including singles, young families, and older adults. The City Center Urban Renewal Plan conforms to the City of Tigard Strategic Plan and implements many portions of the Strategic Plan. The Plan helps implement the strategic priority to “Create a well-connected and accessible pedestrian network” as projects provide funding for increased trails, new streets providing connectivity in the Area. The Plan helps implement the strategic priority “Ensure development and growth supports the vision” as it includes the development of the Universal Plaza, a central gathering place for Tigard residents. In addition, the Plan provides structured parking and assistance for new mixed-use development including affordable housing development. VII. Proposed Land Uses This section is deleted in its entirety and replaced with new information. Land uses within the Area are governed by the City of Tigard Development Code. The Development Code establishes zoning districts that implement the Tigard Comprehensive Plan. The districts govern the allowed uses and contain development standards. Currently, land in the Area is within the Central Business District (CBD), General Commercial (C-G), Professional Commercial (C-P), R-4.5 Low-Density Residential (R-4.5), R-12 Medium- Density Residential (R-12) and R-25 Medium High-Density Residential (R-25) zoning districts. The purpose of the districts is described in the Development Code as follows: A. Central Business District 2 “The CBD zoning district is designed to provide a concentrated central business district, centered on the City’s historic downtown, including a mix of civic, retail and office uses. Single -family attached housing, at a maximum density of 12 units/net acre, equivalent of the R-12 zoning district, and multi-family housing at a minimum density of 32 units/acre, equivalent to the R-40 zoning district, are permitted outright. A wide range of uses, including but not limited to adult entertainment, utilities, facilities with drive-up windows, medical centers, major event entertainment and gasoline stations, are permitted conditionally.” Most development in the CBD is not subject to minimum setbacks. However, 20 foot front, side and rear yard setbacks are required where a commercial use abuts a residential zoning district. A maximum site coverage of 85% and a minimum landscape requirement of 15% are required. With exception of buildings within 100 feet of any residential zoning districts, where a 40 foot height restriction applies, a maximum height of 80 feet is prescribed for development in the CBD zone. B. General Commercial “The C-G zoning district is designed to accommodate a full range of retail, office and civic uses with a City-wide and even regional trade area. Except where non-conforming, residential uses are limited to single-family residences which 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 storage, mini- warehouses, utilities, heliports, medical centers, major event entertainment, and gasoline stations, are permitted conditionally.” Generally, development in the C-G zone is not subject to minimum setbacks. However, 20 foot side and rear yard setbacks are required where the zone abuts a residential zoning district. A maximum site coverage of 85%, minimum landscape requirement of 15% and maximum height limit of 45 feet are also prescribed. C. Professional Commercial “The C-P zoning district is designed to accommodate civic and business/professional services and compatible support services, e.g., convenience retail and personal services, restaurants, in close proximity to residential areas and major transportation facilities. Within the Tigard Triangle and Bull Mountain Road District, 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. Developments in the C-P zoning district are intended to serve as a buffer between residential areas and more- intensive commercial and industrial areas.” With the exception of property abutting a residential zoning district, where 20 foot side and rear yard setbacks are required, minimum setbacks are not required in the C-P Zone. A maximum site coverage of 85%, minimum landscape requirement of 15% and maximum height limit of 45 feet are required of all development in the C-P zone. D. R-4.5 Low-Density Residential District 2 “The R-4.5 zoning district is designed to accommodate detached single-family homes with or without accessory residential units at a minimum lot size of 7,500 square feet. Duplexes and attached single- family units are permitted conditionally. Some civic and institutional uses are also permitted conditionally.” The minimum lot size in the R-4.5 zone ranges from 7,500 square feet for detached housing units to 10,000 for duplexes. The average minimum lot width is 50 feet for detached unit lots and 90 feet for duplex lots. All residential development is subject to a maximum height of 30 feet and minimum setbacks of 20 feet (front yard), 5 feet (side yard) and 15 feet (rear yard). A minimum distance of 20 feet between a property line and the front of a garage is also required. The R-4.5 zone does not impose a minimum landscape requirement or lot coverage standard. E. 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.” Multiple-family dwelling units in the R-12 zone are subject to minimum front and rear yard setbacks of 20 feet and a minimum side yard setback of 10 feet. Single-family dwelling units are subject to minimum front and rear yard setbacks of 14 feet and a minimum side yard setback of 5 feet. For both multiple-family and single-family dwelling units, a 30 foot setback is required for a side or rear yard abutting a more restrictive zoning district. A maximum building height of 35 feet, maximum lot coverage of 80% and minimum landscape requirement of 20% are also specified. F. R-24 Medium High-Density Residential District “The R-25 zoning district is designed to accommodate existing housing of all types and new attached single-family and multi-family housing units at a minimum lot size of 1,480 square feet. A limited amount of neighborhood commercial uses is permitted outright and a wide range of civic and institutional uses are permitted conditionally.” A minimum lot size of 3,050 square feet per unit for detached single-family dwelling units and 6,100 square feet or 3,050 square feet per unit for duplexes is required in the R-25 zone. Multiple-family dwelling units are subject to minimum front and rear yard setbacks of 20 feet and a minimum side yard setback of 10 feet. Single-family dwelling units are subject to minimum front and rear yard setbacks of 14 feet and a minimum side yard setback of 5 feet. For both multiple-family and single-family dwelling units, a 30 foot setback is required for a side or rear yard abutting a more restrictive zoning district. A maximum building height of 45 feet, maximum lot coverage of 80% and minimum landscape requirement of 20% are also specified. General/Commercial CG - The C-G zone is designed to accommodate a full range of retail, office, and civic uses with a citywide and even regional trade area. Except where nonconforming, residential uses are limited to mixed-use developments. A wide range of 2 uses, including but not limited to adult entertainment, automotive equipment repair and storage, mini-warehouses, utilities, heliports, medical centers, major event entertainment, and gasoline stations, are allowed conditionally. Mixed Use Central Business District U-CBD - The MU-CBD zone is designed to provide a pedestrian-friendly urban village in downtown Tigard. A wide variety of commercial, civic, employment, mixed-use, apartments, and rowhouses are allowed. Parks and Recreation Zone PR - The Parks and Recreation (PR) zone is applicable to all city-owned lands intended as parks, open space, and recreational facilities and may be applied within all comprehensive plan designations. City-owned parks, open space, and recreational facilities located in a plan district may retain or receive other than a PR zone designation if it better furthers the goals of the plan district. In addition, other public agencies may request a PR zone designation for areas that meet the purpose of the zone. Industrial Park I-P - The I-P zone provides appropriate locations for combining light manufacturing, office, and small-scale commercial uses, such as restaurants, personal services, and fitness centers, in a campus-like setting with no nuisance characteristics such as noise, glare, odor, or vibration. VIII. Property Acquisition and Disposition Tri Met property - tax lot numbers 2S102AA04800 and 2S102AA04801 IX. Relocation Methods No changes to this section X. Tax Increment Financing of Plan 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 Twenty Two Million Dollars and No Cents ($22,000,000). Forty-Two Million Eight Hundred Thousand dollars and No Cents ($42,800,000). This amount is the principal of such indebtedness and does not include interest or indebtedness incurred to refund or refinance existing indebtedness. XI. Duration of Plan No new indebtedness to be repaid with tax increment revenues may be incurred after the twentieth anniversary twenty-ninth anniversary of the effective date of the Plan. As is common practice in urban renewal plans in Oregon, tax increment revenues may continue to be collected beyond this date. Collection may continue until it is found that deposits in the Commission’s debt service fund are sufficient to fully pay principal and interest on indebtedness issued during the twenty years following the effective date of the Plan, either through direct payment of the indebtedness or by payment of principal and interest on 2 bonds or notes issued to finance the indebtedness. Tax increment revenues collected after the twentieth twenty-ninth anniversary of the Plan (FY 2034/2035) may only be used to retire outstanding debt. The Plan will be effective on the date that the County certifies the results of the election at which the Tigard voters approve the measure that referred an ordinance approving an urban renewal plan to the Tigard voters. XII. Future Amendments to Plan No changes to this section DRAFT Report Accompanying the Tigard City Center Urban Renewal Plan Substantial Amendment Reviewed by the City of Tigard February 9, 2021 Ordinance No. ___ To be sent to vote May 17, 2021 Consultant Team Elaine Howard Consulting, LLC Elaine Howard Scott Vanden Bos Tiberius Solutions LLC Nick Popenuk Ali Danko Rob Wyman Report on Tigard City Center Urban Renewal Plan Amendment TABLE OF CONTENTS I. INTRODUCTION ............................................................................................................... 4 II. EXISTING PHYSICAL, SOCIAL, AND ECONOMIC CONDITIONS AND IMPACTS ON MUNICIPAL SERVICES ............................................................................................................ 6 III. REASONS FOR SELECTION OF EACH URBAN RENEWAL AREA IN THE PLAN ................... 16 IV. THE RELATIONSHIP BETWEEN URBAN RENEWAL PROJECTS AND THE EXISTING CONDITIONS IN THE URBAN RENEWAL AREA ...................................................................... 16 V. THE ESTIMATED TOTAL COST OF EACH PROJECT AND THE SOURCES OF MONEYS TO PAY SUCH COSTS ........................................................................................................................ 19 VI. THE ANTICIPATED COMPLETION DATE FOR EACH PROJECT ......................................... 20 VII. THE ESTIMATED AMOUNT OF TAX INCREMENT REVENUES REQUIRED AND THE ANTICIPATED YEAR IN WHICH INDEBTEDNESS WILL BE RETIRED ......................................... 24 VIII. FINANCIAL ANALYSIS OF THE PLAN ............................................................................ 29 IX. IMPACT OF THE TAX INCREMENT FINANCING .............................................................. 33 X. COMPLIANCE WITH STATUTORY LIMITS ON ASSESSED VALUE AND SIZE OF URBAN RENEWAL AREA ................................................................................................................... 41 XI. RELOCATION REPORT .................................................................................................. 41 Report on Tigard City Center Urban Renewal Plan Amendment 4 INTRODUCTION The Report on the Tigard City Center Urban Renewal Plan Amendment (Report) contains background information and project details that pertain to the Tigard City Center Urban Renewal Plan (Plan) Amendment (Amendment). The Report is not a legal part of the Plan, but is intended to provide public information and support the findings made by the City Council as part of the approval of the Plan. The Report provides the analysis required to meet the standards of ORS 457.087, including financial feasibility. The format of the Report is based on this statute. The Report documents not only the proposed projects in the Plan, but also documents the existing conditions in the Tigard City Center Urban Renewal Area (Area). The Report provides only guidance on how the Plan might be implemented. As the Tigard City Center Development TCDA (TCDA) conducts its annual budget process each year, it has the authority to make adjustments to the assumptions in this Report , particularly in regard to forecast revenues and planned expenditures. The TCDA 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 City Center Urban Renewal Plan Amendment 5 Figure 1 – Tigard City Center Urban Renewal Plan Area Source: 2016 Amendment to the Tigard City Center Plan Report on Tigard City Center Urban Renewal Plan Amendment 6 EXISTING PHYSICAL, SOCIAL, AND ECONOMIC CONDITIONS AND IMPACTS ON MUNICIPAL SERVICES This section of the Report describes existing conditions within the Tigard City Center Urban Renewal Area and the Amendment Area and documents the occurrence of “blighted areas,” as defined by ORS 457.010(1). A. Physical Conditions The analysis in this section uses data from Washington County Assessor’s office from 2016, when the amendment to increase acreage within the City Center Urban Renewal Area boundary was completed. There are not significant changes between 2016 and 2020. 1. Land Use The Tigard City Center Area is 228.96 acres, including 198 tax lots consisting of 185.60 acres and 43.36 acres of right of way. An analysis of property classification data for FYE 2016, from the Washington County Department of Assessment and Taxation was used to determine the land use designation of tax lots in the Area as amended. By acreage, commercial use accounts for the largest land use within the area (51.51%). This is followed by exempt (28.11%) and multifamily residential (11.73%). The total land uses of the Area, by acreage and parcel, are shown in Table 1. Table 1 – Existing Land Use of Area Land Use Total Tax lots Total Acres Percent of Acres Commercial 125 95.61 51.51% Exempt 30 52.18 28.11% Industrial 1 6.41 3.45% Multi-family Residential 11 21.78 11.73% Single Family Residential 18 5.45 2.94% Vacant 13 4.17 2.25% Total 198 185.60 100.00% Source: Compiled by Tiberius Solutions LLC with data from the Washington County Department of Assessment and Taxation (FYE 2016) Report on Tigard City Center Urban Renewal Plan Amendment 7 2. Zoning and Comprehensive Plan Designations As illustrated in Table 2 and Figure 2 – Area Zoning DesignationsFigure 2, the majority (67.56%) of the Area by acreage is zoned as Mixed Use Central Business District. Table 2 – Existing Zoning Designations of Area Zoning Total Tax lots Total Acres Percent of Acres Mixed Use Central Business District (MU CBD) 187 125.40 67.56% MU CBD- Planned Development Overlay 1 15.1 8.14% General Commercial 5 21.61 11.64% Parks and Recreation 4 22.50 12.12% Industrial Park 1 0.99 0.53% Total 198 185.60 100.00% Source: Compiled by Tiberius Solutions LLC with data from the Washington County Department of Assessment and Taxation (FYE 2016) and Metro RLIS 2016 Q1. As illustrated in Table 3 and Figure 3, 67.47% of the acreage is designated as Mixed Use Central Business District in the City of Tigard Comprehensive Plan. Table 3 – Existing Comprehensive Plan Designations of Area Comprehensive Plan Designation Total Tax lots Total Acres Percent of Acres Mixed Use Central Business District 180 125.22 67.47% General Commercial 5 21.61 11.64% Open Space 12 37.78 20.36% Light Industrial 1 0.99 0.53% Total 198 185.60 100.00% Source: Compiled by Tiberius Solutions LLC with data from the Washington County Department of Assessment and Taxation (FYE 2016) and Metro RLIS 2016 Q1. Report on Tigard City Center Urban Renewal Plan Amendment 8 Figure 2 – Area Zoning Designations Source: 2016 Amendment to the Tigard City Center Plan Report on Tigard City Center Urban Renewal Plan Amendment 9 Figure 3 – Area Comprehensive Plan Designations Source: 2016 Amendment to the Tigard City Center Plan Report on Tigard City Center Urban Renewal Plan Amendment 10 B. Infrastructure This section identifies the existing conditions in the Area to assist in establishing blight. There are projects listed in City of Tigard Capital Improvement Plan (CIP) and Tigard Transportation Systems Plan that identify these existing conditions. This does not mean all of these projects are included in the urban renewal plan. The specific projects to be included in the urban renewal plan are not changed by this Amendment. They are listed in Table 11. 1. Transportation The CIP identifies transportation needs within the Area. Streets and Intersections There are significant transportation needs within the Area: Table 4 – Transportation Needs in the Area Name Description Time Frame Cost Estimate Ash Ave railroad crossing (Burnham to Commercial Extend Ash Avenue across the railroad tracks from Burnham to Commercial Street Near-term $3,000,000 Hall Boulevard widening, Pacific Highway to Fanno Creek Widen to up to 4/5 lanes, depending on corridor plan Near-term $2,500,0001 Main Street Green Street (Phase II) New sidewalks, new asphaltic concrete and the collection and treatment of stormwater runoff using low impact development approaches. Near-term $4,060,500 Source: City of Tigard Transportation Systems Plan 1 As noted in Tigard staff review of this document, the TSP update will change the project description and likely increase the cost. Report on Tigard City Center Urban Renewal Plan Amendment 11 2. Water The CIP identifies no water needs in the Area. 3. Stormwater The CIP identifies one storm water project in the Area: 94045 – Commercial Street Stormwater Facility Project Need: Stormwater treatment for a large existing untreated area to meet regional stormwater regulatory permit requirements, Healthy Streams Plan goals and provide mitigation for Main Street and other future projects. Project Description: Construct a stormwater facility, or facilities, to treat stormwater runoff from up to 47 acres that discharge into Fanno Creek meeting outfall -retrofitting goals identified in the regional Healthy Streams Plan. This will be coordinated with the Main Street Green Street Phase 2 Project. Total Project Cost: $376,000 4. Sewer The CIP identifies one sanitary sewer project in the Area: 93059 – Downtown Sanitary Sewer Line Project Need: TV inspection shows rehabilitation is needed to protect sanitary se wer lines in sections of Downtown Tigard. The sanitary sewer in this Area was constructed in the 1960s and after years of monthly and quarterly cleaning, the pipe walls have become thin. Project Description: The full project is both inside and outside the Area. It will rehabilitate approximately 2,360 linear feet of sanitary sewer line in Pacific Highway from Hall Boulevard to Main Street and in Main Street from Pacific Highway to Commercial Street. A cured-in-place pipe (CIPP) trenchless method will be used to minimize traffic disruption. Total Project Cost: $355,000 5. Parks and Open Space The Parks and Open Space projects are: Universal Plaza - The project will provide a large public space that can be a venue for community events and will include a water feature, covered area, connection to Fanno Creek trail, restrooms, interpretive art, and other amenities. Total Project Cost: $4,010,000 Fanno Creek Overlook- The project will provide an overlook of Fanno Creek near Main Street and a new connection to the Fanno Creek Trail. Total Project Cost: $840,000 Report on Tigard City Center Urban Renewal Plan Amendment 12 C. Social Conditions Data from the US Census Bureau is used to identify social conditions. The geographies used by the Census Bureau to summarize data do not strictly conform to the boundary of the Tigard City Center Urban Renewal Area. As such, the Census Bureau geographies that most closely align with the Urban Renewal Area boundary are used. The Area is situated at the intersection of seven different Census block groups, each of which extend a great distance beyond the boundary of the Area, including significant residential populations that live adjacent to, but outside of the Area. Only three of the seven overlapping Census block groups include a significant amount of residential land uses within the Area. Thus, the demographic analysis is limited to those three block groups: block groups 1 and 2 in Census Tract 307 and block group 4 in Census Tract 308.01. These block groups have a total residential population of 2,924 as depicted in Tables 5 and 6. Again, the majority of this population lives in areas adjacent to but outside of the Area. The area has 27% Latinx residents. Eighty three percent of the residents identify as White alone. Table 5 – Hispanic or Latino Origin by Race in the Area Race Number Percent Not Hispanic or Latino 2,147 73% White alone 1,757 60% Black or African American alone 29 1% Asian alone 108 4% Native Hawaiian and Other Pacific Islander alone 15 1% Two or more races 238 8% Hispanic or Latino 777 27% White alone 668 23% Asian alone 8 0% Some other race alone 65 2% Two or more races 36 1% Total 2,924 100% Source: US Census Bureau, Social Explorer, American Community Survey 201 4-18 5-Year Estimates Report on Tigard City Center Urban Renewal Plan Amendment 13 The largest age group in the area is 25 to 34 years, 18%, followed by 18 to 24 years at 15%. Table 6 – Age in the Area Age Number Percent Under 5 years 184 6% 5 to 9 years 76 3% 10 to 14 years 173 6% 15 to 17 years 134 5% 18 to 24 years 429 15% 25 to 34 years 515 18% 35 to 44 years 408 14% 45 to 54 years 323 11% 55 to 64 years 369 13% 65 to 74 years 143 5% 75 to 84 years 144 5% 85 years and over 26 1% Total 2,924 100% Source: US Census Bureau, Social Explorer, American Community Survey 2014-18 5-Year Estimates Twelve percent of the adult population in the Area has not achieved a high school diploma. Twenty-six percent of adult residents in the area have earned a bachelor’s degree or higher, another 26% have some college experience without a degree, and an additional 22% have graduated from high school with no college experience. Table 7 – Educational Attainment in the Area Education Number Percent Less than high school 228 12% High school graduate (includes equivalency) 428 22% Some college 499 26% Associate's degree 248 13% Bachelor's degree 395 20% Master's degree 125 6% Professional school degree - 0% Doctorate degree 5 0% Total 1,928 100% Source: US Census Bureau, Social Explorer, American Community Survey 2014 -18 5-Year Estimates Report on Tigard City Center Urban Renewal Plan Amendment 14 The majority of residents, 70%, travel less than 30 minutes to work, including those who worked at home. Table 8 – Travel Time to Work in the Area Travel Time Number Percent Less than 10 minutes 301 21% 10 to 19 minutes 469 33% 20 to 29 minutes 222 16% 30 to 39 minutes 246 17% 40 to 59 minutes 87 6% 60 to 89 minutes 86 6% 90 or more minutes 8 1% Total 1,419 100% Source: US Census Bureau, Social Explorer, American Community Survey 2014 -18 5-Year Estimates Report on Tigard City Center Urban Renewal Plan Amendment 15 The majority of residents, 66%, drove alone to work. Table 9 – Means of Transportation to Work in the Area Transportation Number Percent Drove alone 978 66% Carpooled 108 7% Public transportation (includes taxicab) 144 10% Motorcycle - 0% Bicycle 82 6% Walked 107 7% Other means - 0% Worked at home 60 4% Total 1,479 100% Source: US Census Bureau, Social Explorer, American Community Survey 2014 -18 5-Year Estimates 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 2020, including all real, personal, manufactured, and utility properties, is $168,286,420. 2. Building to Land Value Ratio An analysis of property values can be used to evaluate the economic condition of real estate investments in a given area. The relationship of a property’s improvement value (the value of buildings and other improvements to the property) to its land value is generally an accurate indicator of the condition of real estate investments. This relationship is referred to as the “Improvement to Land Value Ratio," or “I:L.” The values used are real market values. In urban renewal areas, the I:L is often used to measure the intensity of development or the extent to which an area has achieved its short- and long-term development objectives. Table 10 below shows the improvement to land ratios for properties within the Area. The majority of tax lots in the area that are not exempt (41.66% of the total acreage) have 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. We identify a target I:L ratio of 2.0 for properties in this Area. Only 31 tax lots in the area, including 16.61% of the acreage have I:L ratios of 2.0 or more in FYE 2016. The Area as a whole, is underdeveloped and not contributing its full potential to the tax base in Tigard. Report on Tigard City Center Urban Renewal Plan Amendment 16 Table 10 – I:L Ratio of Parcels in the Area Tax lots Acres Percent of Acres Exempt 30 52.18 28.11% No Improvement Value 14 8.11 4.37% .01-.50 43 31.47 16.96% .51-.1.0 31 37.73 20.33% 1.01-1.5 25 17.77 9.57% 1.51-2.0 22 7.51 4.05% 2.01-2.5 3 2.03 1.09% 2.51-3.0 9 4.32 2.33% 3.01-4.0 13 8.26 4.45% >4.0 8 16.22 8.74% Total 198 185.6 100.00% Calculated by Tiberius Solutions LLC with source data from Washington County Office of Assessment and Taxation (FYE 2016). 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 Impact of Tax Increment Financing of this Report. This subsection discusses the fiscal impacts resulting from potential increases in demand for municipal services. The properties within the Area are all within the city limits and future development and demand for services is anticipated in the Area. REASONS FOR SELECTION OF EACH URBAN RENEWAL AREA IN THE PLAN The reason for selecting the Area has not changed from prior Reports; it is to enhance the ability to fund improvements necessary to cure blight within the Area. THE RELATIONSHIP BETWEEN URBAN RENEWAL PROJECTS AND THE EXISTING CONDITIONS IN THE URBAN RENEWAL AREA The projects identified for additional funding are largely already identified in the verbiage of the Plan, but additional funding has been allocated. Following the categories in the Plan, they are shown below. 1. Construction of New Streets Construction of new streets to provide connectivity within the Area as identified by dashed lines on Figure4. Report on Tigard City Center Urban Renewal Plan Amendment 17 Existing Conditions: The streets shown with dotted lines do not currently exist. Most block sizes in the Area are very large, which limits the amount of street frontage and limits connectivity for all modes of transportation particularly for pedestrians. Figure 4 – Potential Future Streets in Area Source: City of Tigard Report on Tigard City Center Urban Renewal Plan Amendment 18 2. Tigard Heritage Trail (Main Street to Hall Boulevard) This project will increase pedestrian access and provide new recreational opportunities for residents, workers, and visitors to downtown. The project will build a new path connecting Main Street to the existing multi-use trail that connects the Commuter Rail parking lot to Hall Boulevard, and include, historical/educational installations and other amenities. Existing Conditions: The Main Street to Tiedeman Avenue section of the Tigard Heritage Trail has been completed. Currently pedestrians who wish to continue on from Main Street to the multi-use path that connects to Hall Boulevard must walk through the Commuter Rail parking lot, most of which has no pedestrian path. 3. Fanno Creek Trail Improvements Improvements to the Fanno Creek Trail within the Area will include new trail connections, lighting, accessibility improvements, boardwalks , and wayfinding. Existing Conditions: The segment through the district is substandard. A new connection to the Universal plaza will be constructed. The deficiencies are: • Not designed or built to current local, regional, or state trail standard and generally too narrow to support the usage it sees today • Degraded asphalt surface (potential accessibility issues), with tree root heaving in some locations • Seasonal flooding • Lack of any lighting 4. Plazas: Universal Plaza The Universal Plaza project will provide a large public space that includes a water feature, covered area, connection to Fanno Creek trail, restrooms, and other amenities. Existing Conditions: This mostly vacant property owned by the TCDA is being used as a temporary public space. Conceptual plans for the new plaza have been completed. 5. Public Facilities: Parking Facility This project includes structured parking that would jointly serve employment uses as well as visitors and customers to the downtown. Existing Conditions: There is no structure d parking in the Area. As uses intensify and as Universal Plaza is developed, additional traffic is anticipated in the Area. This structured parking would address that need. 6. Planning and Development Assistance: Affordable Housing Development Assistance Grants and technical assistance to encourage new regulated affordable housing and preservation of existing market affordable housing. Report on Tigard City Center Urban Renewal Plan Amendment 19 Existing Conditions: The existing Plan allows for development assistance but does not specifically call out affordable housing. The need for the creation of affordable housing has been more widely recognized as an important component of the health of the city. The City of Tigard Affordable Housing Plan identified needs and strategies to address those needs. One of the tools to address the shortage of affordable housing is tax increment funds provided through urban renewal areas. THE ESTIMATED TOTAL COST OF EACH PROJECT AND THE SOURCES OF MONEYS TO PAY SUCH C OSTS The estimated allocation of funds to specific projects shown in this Report are the best estimates of future expenditures at the time of preparation of the Amendment. The TCDA will be able to review and update the allocations on an annual basis when they prepare the annual budget. Nominal dollars are year of expenditure dollars inclusive of inflation, which is assumed to be 3.0% per year. Table 11 – Projects to be Completed Using Urban Renewal Area Funds Projects (nominal $) (constant 2020 $) Public Spaces $ (7,461,020) $ (6,570,000) Street Improvements $ (3,883,900) $ (3,100,000) Streetscape $ (1,087,820) $ (725,000) Ped/Bike Facilities $ (1,999,605) $ (1,350,000) Public Facilities $ (6,556,200) $ (6,000,000) Parks $ (1,739,490) $ (1,150,000) Affordable Housing Dev Assistance $ (2,880,720) $ (1,950,000) Planning and Dev. Assistance $ (1,852,693) $ (1,480,000) Property Acquisition $ (5,649,780) $ (3,900,000) Administration $ (3,018,666) $ (2,120,642) Financing Fees $ (500,000) $ (380,103) Total Expenditures $ (36,629,894) $ (28,725,745) Source: Compiled by Tiberius Solutions LLC with input from City of Tigard. Report on Tigard City Center Urban Renewal Plan Amendment 20 THE ANTICIPATED COMPLETION DATE FOR EACH PROJECT The projects will be ongoing and will be completed as directed by the TCDA. The Area is anticipated to complete all projects on or before FYE 2039 and have sufficient tax increment finance revenue to terminate the district in FYE 2049. Changes in market conditions could affect the assumed development schedule. However, the last day to incur debt, June 30, 2035, is to be set in the Plan and is part of the voter approval. Anticipated project completion dates are shown in Table 12. The TCDA may change the completion dates in their annual budgeting process or as project decisions are made in administering the urban renewal plan. Report on Tigard City Center Urban Renewal Plan Amendment 21 Table 12 – Projects and Costs in Year of Expenditure Dollars Resources Total FYE 2021 FYE 2022 FYE 2023 FYE 2024 FYE 2025 FYE 2026 FYE 2027 FYE 2028 FYE 2029 Beginning Balance 4,132,306 2,264,962 805,820 927,127 97,374 209,608 410,469 158,157 128,336 Interest Earnings 77,827 20,662 11,325 4,029 4,636 487 1,048 2,052 791 642 Transfer from Debt Service Fund 7,419,761 1,339,894 319,197 393,334 132,781 211,523 304,642 157,941 269,580 388,720 Bond/Loan Proceeds 25,000,000 - - - 5,800,000 - - 4,200,000 - - Total Resources 32,497,588 5,492,862 2,595,484 1,203,183 6,864,544 309,385 515,298 4,770,462 428,527 517,699 Expenditures (YOE $) Public Spaces (7,461,020) (1,591,000) (1,111,370) - - - - (4,418,170) - - Street Improvements (3,883,900) (1,100,000) (515,000) - - - - - - - Streetscape (1,087,820) (125,000) - - - - - - - - Ped/Bike Facilities (1,999,605) - - - - - - - (184,485) - Public Facilities (6,556,200) - - - (6,556,200) - - - - - Parks (1,739,490) - - - - - - - - - Affordable Housing Dev Assistance (2,880,720) - - - - - - - - - Planning and Dev. Assistance (1,852,693) (330,000) (77,250) (185,658) - - - - - (95,010) Property Acquisition (5,649,780) - - - - - - - - - Administration (3,018,666) (81,900) (86,044) (90,398) (94,970) (99,777) (104,829) (110,135) (115,706) (121,561) Financing Fees (500,000) - - - (116,000) - - (84,000) - - Total Expenditures (36,629,894) (3,227,900) (1,789,664) (276,056) (6,767,170) (99,777) (104,829) (4,612,305) (300,191) (216,571) Ending Balance 2,264,962 805,820 927,127 97,374 209,608 410,469 158,157 128,336 301,128 Ending Balance/Inflation Index 2,264,962 782,350 873,906 89,114 186,235 354,066 132,448 104,347 237,707 Source: Tiberius Solutions LLC with input from City of Tigard. Report on Tigard City Center Urban Renewal Plan Amendment 22 Table 12 – Projects and Costs in Year of Expenditure Dollars , page 2 Resources FYE 2030 FYE 2031 FYE 2032 FYE 2033 FYE 2034 FYE 2035 FYE 2036 FYE 2037 FYE 2038 FYE 2039 Beginning Balance 301,128 205,019 520,471 382,117 235,942 397,155 589,986 872,134 225,222 159,402 Interest Earnings 1,506 1,025 2,602 1,911 1,180 1,986 2,950 4,361 1,126 797 Transfer from Debt Service Fund 320,176 448,596 - - 315,615 469,810 450,932 491,965 535,797 581,601 Bond/Loan Proceeds 2,500,000 - - - - 12,500,000 - - - - Total Resources 3,122,810 654,640 523,073 384,028 552,737 13,368,951 1,043,867 1,368,460 762,145 741,800 Expenditures (YOE $) Public Spaces - - - - - - - - - (340,480) Street Improvements - - - - - (2,268,900) - - - - Streetscape - - - - - - - (962,820) - - Ped/Bike Facilities - - - - - (1,815,120) - - - - Public Facilities - - - - - - - - - - Parks - - - - - (1,739,490) - - - - Affordable Housing Dev Assistance (652,400) - - - - (1,815,120) - - (413,200) - Planning and Dev. Assistance (521,920) - - - - (642,855) - - - - Property Acquisition (1,565,760) - - - - (4,084,020) - - - - Administration (127,711) (134,169) (140,956) (148,086) (155,582) (163,460) (171,733) (180,418) (189,543) (199,135) Financing Fees (50,000) - - - - (250,000) - - - - Total Expenditures (2,917,791) (134,169) (140,956) (148,086) (155,582) (12,778,965) (171,733) (1,143,238) (602,743) (539,615) Ending Balance 205,019 520,471 382,117 235,942 397,155 589,986 872,134 225,222 159,402 202,185 Ending Balance/Inflation Index 157,126 387,284 276,056 165,492 270,449 390,048 559,778 140,352 96,444 118,765 Source: Tiberius Solutions LLC with input from City of Tigard Report on Tigard City Center Urban Renewal Plan Amendment 23 . Table 12 – Projects and Costs in Year of Expenditure Dollars , page 3 Resources FYE 2040 FYE 2041 FYE 2042 FYE 2043 FYE 2044 FYE 2045 FYE 2046 FYE 2047 FYE 2048 FYE 2049 Beginning Balance 202,185 447,015 404,097 359,609 313,504 265,732 216,241 164,977 111,887 56,913 Interest Earnings 1,011 2,235 2,020 1,798 1,568 1,329 1,081 825 559 285 Transfer from Debt Service Fund 287,657 - - - - - - - - - Bond/Loan Proceeds - - - - - - - - - - Total Resources 490,853 449,250 406,117 361,407 315,072 267,061 217,322 165,802 112,446 57,198 Expenditures (YOE $) Public Spaces - - - - - - - - - - Street Improvements - - - - - - - - - - Streetscape - - - - - - - - - - Ped/Bike Facilities - - - - - - - - - - Public Facilities - - - - - - - - - - Parks - - - - - - - - - - Affordable Housing Dev Assistance - - - - - - - - - - Planning and Dev. Assistance - - - - - - - - - - Property Acquisition - - - - - - - - - - Administration (43,838) (45,153) (46,508) (47,903) (49,340) (50,820) (52,345) (53,915) (55,533) (57,198) Financing Fees - - - - - - - - - - Total Expenditures (43,838) (45,153) (46,508) (47,903) (49,340) (50,820) (52,345) (53,915) (55,533) (57,198) Ending Balance 447,015 404,097 359,609 313,504 265,732 216,241 164,977 111,887 56,913 - Ending Balance/Inflation Index 254,927 223,740 193,307 163,616 134,643 106,376 78,793 51,881 25,621 - Source: Tiberius Solutions LLC with input from City of Tigard Report on Tigard City Center Urban Renewal Plan Amendment 24 THE ESTIMATED AMOUNT OF TAX INCREMENT REVENUES REQUIRED AND THE ANTICIPATED YEAR IN WHICH INDEBTEDNESS WILL BE RETIRED Table 13 shows the allocation of tax increment revenues to debt service. Table 13 shows no new debt being incurred after FYE 2035, as required by the Plan. It is anticipated that the TCDA will have sufficient resources to retire all debt by FYE 2049, which would then allow the TCDA to cease collecting tax increment revenues and close down the Area . The time frame for retiring all debt for the Area is not absolute; it may vary depending on the actual terms of the indebtedness incurred and the actual tax increment revenues received. If the economy is slower, it may take longer to repay all debt; if the economy is more robust than the projections, it may take a shorter time period. The TCDA may decide to issue bonds or take on loans on a different schedule, and that will alter the financing assumptions, however the proposed Plan Amendment prohibits any new debt after FYE 2035. The maximum indebtedness of the Plan is $42,800,000 (Forty Two Million Eight Hundred Thousand dollars and no cents). The City of Tigard estimates that $10,375,574 of indebtedness has been incurred by the TCDA for the Area through the end of FYE 2020, resulting in $11,624,426 in remaining capacity from the original indebtedness for the Area. The capacity for projects, programs and administration starting in FYE 2021 is $36,629,894. The estimated amount of tax increment revenues necessary to service all debt is $52,469,918. This number is higher than the amount allocated to projects as it incl udes debt service payments (principal and interest) to pay for new debt and debt that was already incurred in the past, including projects that were already funded in prior fiscal years. Information on scheduled debt service payments for all existing debt was provided by the City of Tigard Finance Department. Additionally, we assume the TCDA will undertake four additional borrowings in future years to finance the costs of projects identified in the Plan. For speculative future borrowings, the amounts, timi ng, and terms of the debt are unknown. The assumptions used in this Report are for planning purposes only, and subject to change based on market conditions. These assumptions were developed by Tiberius Solutions LLC and informed by conversations with staff from the City of Tigard Finance Department and their financial advisor. Borrowing assumptions in later years (FYE 2030 and beyond) are more conservative than in earlier years (FYE 2021 through FYE 2029), to reflect greater financial uncertainty in later years. Specific key assumptions for the financial analysis include: • Debt Service Coverage Ratio: Payments for future indebtedness are structured so that annual tax increment revenues are projected to equal or exceed 1.1 x total annual debt service payments through FYE 2029. In FYE 2030 and thereafter, the projected minimum debt service coverage ratio increases to 1.25. • New Debt FYE 2024: Assumes principal amount of $5,800,000 with 4.0% interest rate, 30-year amortization period, level annual debt service payments, and no prepayment penalties. Report on Tigard City Center Urban Renewal Plan Amendment 25 • New Debt FYE 2027: Assumes principal amount of $4,200,000 with 4.0% interest rate, 30-year amortization period, level annual debt service payments, and no prepayment penalties. • New Debt FYE 2030: Assumes principal amount of $2,500,000 with 4.5% interest rate, 20-year amortization period, level annual debt service payments, and no prepayment penalties. • New Debt FYE 2035: Assumes principal amount of $12,500,000 with 4.5% interest rate, 20-year amortization period, level annual debt service payments, and no prepayment penalties. For all of the assumed future borrowings, it is forecast that excess tax increment revenues in later years (FYE 2040 and beyond) would allow for additional princi pal payments, allowing for the loans to be repaid ahead of schedule. The assumptions used in this analysis present just one potential scenario for the long-term cash flow of the Area. If actual results differ from these assumptions, it could affect the ability of the TCDA to achieve these projects at these dollar amounts on this schedule. Based on these assumptions, we find the Amendment financially feasible. There is a positive fund balance shown in FYE 2932 and FYE 2033. In these years the Area’s outstanding debt has a balloon payment scheduled in FYE 2034, so the Debt Service Fund needs to accumulative sufficient resources to be able to pay that oversized debt payment. Report on Tigard City Center Urban Renewal Plan Amendment 26 Table 13 – Tax Increment Revenues and Allocations to Debt Service Fund Resources Total FYE 2020 FYE 2021 FYE 2022 FYE 2023 FYE 2024 FYE 2025 FYE 2026 FYE 2027 FYE 2028 Beginning Balance - 1,085,936 - - - - - - - Interest Earnings 14,894 - 5,430 - - - - - - - TIF: Current Year 51,685,982 581,197 646,142 716,136 788,323 863,038 940,367 1,031,836 1,126,965 1,238,265 TIF: Prior Years 783,936 9,177 8,718 9,692 10,742 11,825 12,946 14,106 15,478 16,904 Total Resources 52,484,812 590,374 1,746,226 725,828 799,065 874,862 953,312 1,045,942 1,142,442 1,255,169 Expenditures New Debt FYE 2024 (6,764,129) - - - - (335,415) (335,415) (335,415) (335,415) (335,415) New Debt FYE 2027 (4,614,842) - - - - - - - (242,886) (242,886) New Debt FYE 2030 (3,267,236) - - - - - - - - - New Debt FYE 2035 (13,527,860) - - - - - - - - - Series 2019A (2,332,883) - (124,746) (124,858) (124,922) (124,940) (124,910) (124,834) (124,710) (125,538) Series 2019B (5,226,787) - (281,587) (281,773) (280,809) (281,726) (281,464) (281,052) (281,491) (281,750) Early Principal Payment - - - - - - - - - New Debt FYE 2024 (2,539,427) - - - - - - - - - New Debt FYE 2027 (2,082,879) - - - - - - - - - New Debt FYE 2030 (515,784) - - - - - - - - - New Debt FYE 2035 (4,688,785) - - - - - - - - - Total Debt Service, Scheduled Only (35,733,738) - (406,332) (406,630) (405,732) (742,081) (741,789) (741,300) (984,501) (985,589) Total Debt Service (45,560,613) - (406,332) (406,630) (405,732) (742,081) (741,789) (741,300) (984,501) (985,589) Debt Service Coverage Ratio 1.59 1.76 1.94 1.16 1.27 1.39 1.14 1.26 Transfer to Capital Improvements Fund (7,419,761) - (1,339,894) (319,197) (393,334) (132,781) (211,523) (304,642) (157,941) (269,580) Total Expenditures (52,980,374) - (1,746,226) (725,828) (799,065) (874,862) (953,312) (1,045,942) (1,142,442) (1,255,169) Ending Balance - - - - - - - - Source: Tiberius Solutions LLC Report on Tigard City Center Urban Renewal Plan Amendment 27 Table 13 – Tax Increment Revenues and Allocations to Debt Service Fund, page 2 Resources FYE 2029 FYE 2030 FYE 2031 FYE 2032 FYE 2033 FYE 2034 FYE 2035 FYE 2036 FYE 2037 FYE 2038 Beginning Balance - - - - 583,071 1,309,840 - - - - Interest Earnings - - - - 2,915 6,549 - - - - TIF: Current Year 1,354,573 1,476,116 1,603,128 1,735,855 1,874,555 2,019,497 2,170,961 2,149,810 2,191,161 2,234,372 TIF: Prior Years 18,574 20,319 22,142 24,047 26,038 28,118 30,292 32,564 32,247 32,867 Total Resources 1,373,147 1,496,434 1,625,269 1,759,902 2,486,579 3,364,005 2,201,254 2,182,375 2,223,408 2,267,240 Expenditures New Debt FYE 2024 (335,415) (335,415) (335,415) (335,415) (335,415) (335,415) (335,415) (335,415) (335,415) (335,415) New Debt FYE 2027 (242,886) (242,886) (242,886) (242,886) (242,886) (242,886) (242,886) (242,886) (242,886) (242,886) New Debt FYE 2030 - (192,190) (192,190) (192,190) (192,190) (192,190) (192,190) (192,190) (192,190) (192,190) New Debt FYE 2035 - - - - - - (960,952) (960,952) (960,952) (960,952) Series 2019A (125,296) (125,007) (124,671) (125,287) (124,833) (708,331) - - - - Series 2019B (280,830) (280,760) (281,511) (281,053) (281,415) (1,569,568) - - - - Early Principal Payment - - - - - - - - - - New Debt FYE 2024 - - - - - - - - - - New Debt FYE 2027 - - - - - - - - - - New Debt FYE 2030 - - - - - - - - - - New Debt FYE 2035 - - - - - - - - - - Total Debt Service, Scheduled Only (984,427) (1,176,259) (1,176,673) (1,176,831) (1,176,739) (3,048,390) (1,731,443) (1,731,443) (1,731,443) (1,731,443) Total Debt Service (984,427) (1,176,259) (1,176,673) (1,176,831) (1,176,739) (3,048,390) (1,731,443) (1,731,443) (1,731,443) (1,731,443) Debt Service Coverage Ratio 1.38 1.25 1.36 1.48 1.59 0.66 1.25 1.24 1.27 1.29 Transfer to Capital Improvements Fund (388,720) (320,176) (448,596) - - (315,615) (469,810) (450,932) (491,965) (535,797) Total Expenditures (1,373,147) (1,496,434) (1,625,269) (1,176,831) (1,176,739) (3,364,005) (2,201,254) (2,182,375) (2,223,408) (2,267,240) Ending Balance - - - 583,071 1,309,840 - - - - - Source: Tiberius Solutions LLC Report on Tigard City Center Urban Renewal Plan Amendment 28 Table 13 – Tax Increment Revenues and Allocations to Debt Service Fund, page 3 Resources FYE 2039 FYE 2040 FYE 2041 FYE 2042 FYE 2043 FYE 2044 FYE 2045 FYE 2046 FYE 2047 FYE 2048 FYE 2049 Beginning Balance - - - - - - - - - - - Interest Earnings - - - - - - - - - - - TIF: Current Year 2,279,528 2,326,716 2,376,028 2,427,558 2,481,407 2,537,680 2,596,484 2,657,935 2,612,500 2,612,500 35,347 TIF: Prior Years 33,516 34,193 34,901 35,640 36,413 37,221 38,065 38,947 39,869 39,188 39,188 Total Resources 2,313,044 2,360,909 2,410,928 2,463,198 2,517,821 2,574,901 2,634,550 2,696,883 2,652,369 2,651,688 74,535 Expenditures New Debt FYE 2024 (335,415) (335,415) (335,415) (335,415) (335,415) (55,838) - - - - - New Debt FYE 2027 (242,886) (242,886) (242,886) (242,886) (242,886) (242,886) (242,886) - - - - New Debt FYE 2030 (192,190) (192,190) (192,190) (192,190) (192,190) (192,190) (192,190) (192,190) - - - New Debt FYE 2035 (960,952) (960,952) (960,952) (960,952) (960,952) (960,952) (960,952) (960,952) (960,952) (960,952) (74,535) Series 2019A - - - - - - - - - - - Series 2019B - - - - - - - - - - - Early Principal Payment - - - - - - - - - - - New Debt FYE 2024 - (341,809) (679,485) (731,755) (786,377) - - - - - - New Debt FYE 2027 - - - - - (1,123,034) (959,845) - - - - New Debt FYE 2030 - - - - - - (278,676) (237,108) - - - New Debt FYE 2035 - - - - - - - (1,306,632) (1,691,417) (1,690,736) - Total Debt Service, Scheduled Only (1,731,443) (1,731,443) (1,731,443) (1,731,443) (1,731,443) (1,451,867) (1,396,029) (1,153,142) (960,952) (960,952) (74,535) Total Debt Service (1,731,443) (2,073,252) (2,410,928) (2,463,198) (2,517,821) (2,574,901) (2,634,550) (2,696,883) (2,652,369) (2,651,688) (74,535) Debt Service Coverage Ratio 1.32 1.34 1.37 1.40 1.43 1.75 1.86 2.30 2.72 2.72 0.47 Transfer to URA Projects Fund (581,601) (287,657) - - - - - - - - - Total Expenditures (2,313,044) (2,360,909) (2,410,928) (2,463,198) (2,517,821) (2,574,901) (2,634,550) (2,696,883) (2,652,369) (2,651,688) (74,535) Ending Balance - - - - - - - - - - - Source: Tiberius Solutions LLC Report on Tigard City Center Urban Renewal Plan Amendment 29 FINANCIAL ANALYSIS OF THE PLAN The estimated tax increment revenues through FYE 2049 as shown above, are based on projections of the assessed value of development within the Area and the consolidated tax rate that will apply in the Area. The analysis assumes average annual growth in assessed value starting at 3.5% and increasing to 4.0% in FYE 2026 and 4.5% in FYE 2028. These growth rates assume both the appreciation of existing property values and new construction activity in the Area. Table 15 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 12 and 13. Gross TIF is calculated by multiplying the tax rate times the excess value. The tax rate is stated per thousand dollars of assessed value, so the calculation is “tax rate times excess value divided by one thousand”. The consolidated tax rate includes only permanent rate levies. Revenue sharing is part of the 2009 legislative changes to urban renewal and comes into effect when a substantial amendment to increase maximum indebtedness is approved. Revenue sharing means that, at thresholds defined in ORS 457.470, the impacted taxing jurisdictions will receive a share of the incremental growth in the District. The first threshold is 10% of the original maximum indebtedness ($2,200,000). 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. Revenue sharing targets are projected to be reached in FYE 2036. If assessed value in the Area grows more quickly than projected, the revenue sharing triggers could be reached earlier. The second threshold is set at 12.5% of the maximum indebtedness ($2,750,000). 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. This revenue sharing target is projected to be reached in FYE 2047. Projected Revenue Sharing is shown in Table 14. The revenue sharing shown under the “shared-voluntary” column in FYE 2049 is not a result of meeting the revenue sharing triggers, but a result of reaching the maximum indebtedness the final year of the District, estimated in FYE 2049. Report on Tigard City Center Urban Renewal Plan Amendment 30 Table 14 - Projected Revenue Sharing Gross TIF FYE Shared - Mandatory Shared - Voluntary Final Gross TIF for URA 2036 $188,874 $2,262,958 2037 $319,455 $2,306,485 2038 $455,912 $2,351,971 2039 $598,510 $2,399,503 2040 $747,525 $2,449,175 2041 $903,245 $2,501,082 2042 $1,065,972 $2,555,324 2043 $1,236,023 $2,612,008 2044 $1,413,725 $2,671,242 2045 $1,599,425 $2,733,142 2046 $1,793,480 $2,797,827 2047 $2,111,691 $2,750,000 2048 $2,394,243 $2,750,000 2049 $2,689,509 $2,712,792 $37,208 Total $17,517,592 $2,712,792 $33,177,924 Source: Tiberius Solutions LLC Report on Tigard City Center Urban Renewal Plan Amendment 31 Table 15 – Projected Incremental Assessed Value, Tax Rates, and Tax Increment Revenues , page 1 Assessed Value Increment Tax Rate Tax Increment Finance Dollars FYE Total Frozen Base Used Unused Gross Adjustments Net (Current Year) Net (Prior Year) Net (Total) 2020 168,286,420 117,522,911 50,763,509 - 12.0517 611,787 (30,589) 581,197 9,177 590,374 2021 173,945,351 117,522,911 56,422,440 - 12.0546 680,150 (34,008) 646,142 8,718 654,860 2022 180,033,439 117,522,911 62,510,528 - 12.0592 753,827 (37,691) 716,136 9,692 725,828 2023 186,334,608 117,522,911 68,811,697 - 12.0592 829,814 (41,491) 788,323 10,742 799,065 2024 192,856,319 117,522,911 75,333,408 - 12.0592 908,461 (45,423) 863,038 11,825 874,862 2025 199,606,290 117,522,911 82,083,379 - 12.0592 989,860 (49,493) 940,367 12,946 953,312 2026 207,590,542 117,522,911 90,067,631 - 12.0592 1,086,144 (54,307) 1,031,836 14,106 1,045,942 2027 215,894,164 117,522,911 98,371,253 - 12.0592 1,186,279 (59,314) 1,126,965 15,478 1,142,442 2028 225,609,401 117,522,911 108,086,490 - 12.0592 1,303,437 (65,172) 1,238,265 16,904 1,255,169 2029 235,761,823 117,522,911 118,238,912 - 12.0592 1,425,867 (71,293) 1,354,573 18,574 1,373,147 2030 246,371,105 117,522,911 128,848,194 - 12.0592 1,553,806 (77,690) 1,476,116 20,319 1,496,434 2031 257,457,806 117,522,911 139,934,895 - 12.0592 1,687,503 (84,375) 1,603,128 22,142 1,625,269 2032 269,043,408 117,522,911 151,520,497 - 12.0592 1,827,216 (91,361) 1,735,855 24,047 1,759,902 2033 281,150,361 117,522,911 163,627,450 - 12.0592 1,973,216 (98,661) 1,874,555 26,038 1,900,593 2034 293,802,127 117,522,911 176,279,216 - 12.0592 2,125,786 (106,289) 2,019,497 28,118 2,047,615 Source: Tiberius Solutions LLC Notes: TIF is tax increment revenues Tax rates are expressed in terms of dollars per $1,000 of assessed value. Changes in total tax rates are due to increasing the Tualatin SWC rate to .0900 in FYE 2022 Report on Tigard City Center Urban Renewal Plan Amendment 32 Table 16 – Projected Incremental Assessed Value, Tax Rates, and Tax Increment Revenues, page 2 Assessed Value Increment Tax Rate Tax Increment Finance Dollars FYE Total Frozen Base Used Unused Gross Adjustments Net (Current Year) Net (Prior Year) Net (Total) 2035 307,023,223 117,522,911 189,500,312 - 12.0592 2,285,222 (114,261) 2,170,961 30,292 2,201,254 2036 320,839,268 117,522,911 187,654,086 15,662,271 12.0592 2,262,958 (113,148) 2,149,810 32,564 2,182,375 2037 335,277,036 117,522,911 191,263,528 26,490,597 12.0592 2,306,485 (115,324) 2,191,161 32,247 2,223,408 2038 350,364,503 117,522,911 195,035,395 37,806,197 12.0592 2,351,971 (117,599) 2,234,372 32,867 2,267,240 2039 366,130,904 117,522,911 198,976,995 49,630,998 12.0592 2,399,503 (119,975) 2,279,528 33,516 2,313,044 2040 382,606,796 117,522,911 203,095,968 61,987,917 12.0592 2,449,175 (122,459) 2,326,716 34,193 2,360,909 2041 399,824,100 117,522,911 207,400,294 74,900,895 12.0592 2,501,082 (125,054) 2,376,028 34,901 2,410,928 2042 417,816,183 117,522,911 211,898,315 88,394,957 12.0592 2,555,324 (127,766) 2,427,558 35,640 2,463,198 2043 436,617,910 117,522,911 216,598,746 102,496,253 12.0592 2,612,008 (130,600) 2,481,407 36,413 2,517,821 2044 456,265,717 117,522,911 221,510,698 117,232,108 12.0592 2,671,242 (133,562) 2,537,680 37,221 2,574,901 2045 476,797,674 117,522,911 226,643,687 132,631,076 12.0592 2,733,142 (136,657) 2,596,484 38,065 2,634,550 2046 498,253,569 117,522,911 232,007,661 148,722,997 12.0592 2,797,827 (139,891) 2,657,935 38,947 2,696,883 2047 520,674,979 117,522,911 228,041,661 175,110,407 12.0592 2,750,000 (137,500) 2,612,500 39,869 2,652,369 2048 544,105,353 117,522,911 228,041,661 198,540,781 12.0592 2,750,000 (137,500) 2,612,500 39,188 2,651,688 2049 568,590,094 117,522,911 3,085,422 447,981,761 12.0592 37,208 (1,860) 35,347 39,188 74,535 Total 54,406,297 (2,720,315) 51,685,982 783,936 52,469,918 Source: Tiberius Solutions LLC Notes: TIF is tax increment revenues Tax rates are expressed in terms of dollars per $1,000 of assessed value. Changes in total tax rates are due to increasing the Tualatin SWC rate to .0900 in FYE 2022 Report on Tigard City Center Urban Renewal Plan Amendment 33 IMPACT OF THE TAX INCREMENT FINANCING This section describes the impact of tax increment financing of the Amendment (increased maximum indebtedness), both until and after the indebtedness is repaid, upon all entities levying taxes upon property in the urban renewal area. The impact of tax increment financing on overlapping taxing districts consists of the property tax revenues foregone on permanent rate levies as applied to the growth in assessed value in the Area. The projections for impacts on due to the increase in maximum indebtedness in this Amendment and are shown in Tables 16a and 16b. The impact of the Amendment on overlapping taxing districts is measured by the increase in annual tax increment revenues that would be foregone by those districts until all debt is repaid on the increased maximum indebtedness of $20,800,000. The estimated impacts of the original maximum indebtedness prior to this Amendment are shown in Tables 16c and 16d. These show incurring the full amount of original maximum indebtedness of $22 million in the original time frame of FYE 2026 and paying off all debt by FYE 2036. The estimated impacts for the full (original plus the increased) maximum indebtedness from this Amendment are shown in Tables 16e and 16f. All debt is incurred by FYE 2035 and paid off by FYE 2049. The Tigard Tualatin School District and the Northwest Regional Education Service District are not directly affected by the tax increment financing, but the amounts of their taxes divided for the urban renewal plan are shown in the following tables. Under current school funding law, property tax revenues are combined with State School Fund revenues to achieve per-student funding targets. Under this system, property taxes foregone, due to the use of tax increment financing, are substantially replaced with State School Fund revenues, as determined by a funding formula at the State level. General obligation bonds will not be impacted by this Amendment, because only bonds approved by voters prior to October 6, 2001 are affected by this Plan, and there are none remaining. Local option levies are not impacted by this Amendment. Report on Tigard City Center Urban Renewal Plan Amendment 34 Table 17a – Projected Impact on Taxing District Permanent Rate Levies of Increased MI - General Government Washington County Soil/Water Conservation Tualatin Metro Port of Portland Tualatin Valley Fire & Rescue City of Tigard Tigard Tualatin Aquatic Subtotal FYE Permanent Permanent Permanent Permanent Permanent Permanent Permanent Gen. Govt. 2036 ($58,613) ($2,346) ($2,518) ($1,827) ($39,760) ($65,514) ($2,346) ($172,925) 2037 ($414,547) ($16,594) ($17,811) ($12,925) ($281,208) ($463,351) ($16,594) ($1,223,029) 2038 ($422,720) ($16,921) ($18,162) ($13,179) ($286,752) ($472,486) ($16,921) ($1,247,140) 2039 ($431,260) ($17,263) ($18,529) ($13,446) ($292,545) ($482,031) ($17,263) ($1,272,335) 2040 ($440,184) ($17,620) ($18,912) ($13,724) ($298,598) ($492,006) ($17,620) ($1,298,664) 2041 ($449,510) ($17,993) ($19,313) ($14,015) ($304,925) ($502,430) ($17,993) ($1,326,178) 2042 ($459,256) ($18,383) ($19,731) ($14,319) ($311,536) ($513,323) ($18,383) ($1,354,931) 2043 ($469,440) ($18,791) ($20,169) ($14,636) ($318,444) ($524,706) ($18,791) ($1,384,977) 2044 ($480,082) ($19,217) ($20,626) ($14,968) ($325,663) ($536,601) ($19,217) ($1,416,375) 2045 ($491,204) ($19,662) ($21,104) ($15,315) ($333,207) ($549,032) ($19,662) ($1,449,186) 2046 ($502,825) ($20,127) ($21,603) ($15,677) ($341,091) ($562,022) ($20,127) ($1,483,473) 2047 ($494,526) ($19,795) ($21,247) ($15,418) ($335,461) ($552,746) ($19,795) ($1,458,988) 2048 ($494,399) ($19,790) ($21,241) ($15,414) ($335,375) ($552,603) ($19,790) ($1,458,613) 2049 ($13,897) ($556) ($597) ($433) ($9,427) ($15,533) ($556) ($40,999) Total ($5,622,462) ($225,059) ($241,563) ($175,296) ($3,813,992) ($6,284,384) ($225,059) ($16,587,814) Source: Tiberius Solutions LLC Report on Tigard City Center Urban Renewal Plan Amendment 35 Table 16b – Projected Impact on Taxing District Permanent Rate Levies of Increased MI – Education Tigard/Tualatin School District Portland Community College NW Regional Education Service District Subtotal Total FYE Permanent Permanent Permanent Education All 2036 ($130,063) ($7,372) ($4,009) ($141,444) ($314,369) 2037 ($919,881) ($52,141) ($28,357) ($1,000,379) ($2,223,408) 2038 ($938,015) ($53,169) ($28,916) ($1,020,100) ($2,267,240) 2039 ($956,965) ($54,243) ($29,500) ($1,040,709) ($2,313,044) 2040 ($976,769) ($55,366) ($30,110) ($1,062,245) ($2,360,909) 2041 ($997,463) ($56,539) ($30,748) ($1,084,750) ($2,410,928) 2042 ($1,019,088) ($57,764) ($31,415) ($1,108,268) ($2,463,198) 2043 ($1,041,687) ($59,045) ($32,112) ($1,132,844) ($2,517,821) 2044 ($1,065,302) ($60,384) ($32,840) ($1,158,526) ($2,574,901) 2045 ($1,089,981) ($61,783) ($33,600) ($1,185,364) ($2,634,550) 2046 ($1,115,769) ($63,245) ($34,395) ($1,213,409) ($2,696,883) 2047 ($1,097,353) ($62,201) ($33,828) ($1,193,381) ($2,652,369) 2048 ($1,097,071) ($62,185) ($33,819) ($1,193,075) ($2,651,688) 2049 ($30,837) ($1,748) ($951) ($33,535) ($74,535) Total ($12,476,244) ($707,184) ($384,600) ($13,568,028) ($30,155,842) Source: Tiberius Solutions LLC. Please refer to the explanation of the schools funding in the preceding section Report on Tigard City Center Urban Renewal Plan Amendment 36 Table 16c – Projected Impact on Taxing District Permanent Rate Levies of Original MI - General Government Washington County Soil/Water Conservation Tualatin Metro Port of Portland Tualatin Valley Fire & Rescue City of Tigard Tigard Tualatin Aquatic Subtotal FYE Permanent Permanent Permanent Permanent Permanent Permanent Permanent Gen. Govt. 2020 ($110,142) ($4,041) ($4,732) ($3,434) ($74,715) ($123,109) ($4,409) ($324,582) 2021 ($122,143) ($4,639) ($5,248) ($3,808) ($82,856) ($136,523) ($4,889) ($360,106) 2022 ($135,328) ($5,417) ($5,814) ($4,219) ($91,800) ($151,260) ($5,417) ($399,256) 2023 ($148,983) ($5,964) ($6,401) ($4,645) ($101,063) ($166,523) ($5,964) ($439,542) 2024 ($163,115) ($6,529) ($7,008) ($5,086) ($110,649) ($182,319) ($6,529) ($481,235) 2025 ($177,742) ($7,115) ($7,636) ($5,542) ($120,571) ($198,667) ($7,115) ($524,388) 2026 ($195,013) ($7,806) ($8,379) ($6,080) ($132,287) ($217,971) ($7,806) ($575,341) 2027 ($213,005) ($8,526) ($9,152) ($6,641) ($144,492) ($238,081) ($8,526) ($628,423) 2028 ($234,022) ($9,368) ($10,055) ($7,296) ($158,749) ($261,573) ($9,368) ($690,430) 2029 ($256,019) ($10,248) ($11,000) ($7,982) ($173,670) ($286,160) ($10,248) ($755,327) 2030 ($279,006) ($11,168) ($11,987) ($8,699) ($189,263) ($311,852) ($11,168) ($823,143) 2031 ($303,026) ($12,130) ($13,019) ($9,448) ($205,558) ($338,701) ($12,130) ($894,011) 2032 ($328,128) ($13,134) ($14,098) ($10,230) ($222,585) ($366,758) ($13,134) ($968,069) 2033 ($354,360) ($14,184) ($15,225) ($11,048) ($240,380) ($396,078) ($14,184) ($1,045,459) 2034 ($381,771) ($15,282) ($16,402) ($11,903) ($258,974) ($426,717) ($15,282) ($1,126,331) 2035 ($410,417) ($16,428) ($17,633) ($12,796) ($278,406) ($458,734) ($16,428) ($1,210,843) 2036 ($348,284) ($13,941) ($14,964) ($10,859) ($236,258) ($389,287) ($13,941) ($1,027,533) Total ($4,160,505) ($165,921) ($178,751) ($129,715) ($2,822,274) ($4,650,313) ($166,539) ($12,274,019) Source: Tiberius Solutions LLC. Report on Tigard City Center Urban Renewal Plan Amendment 37 Table 16d – Projected Impact on Taxing District Permanent Rate Levies of Original MI – Education Tigard/Tualatin School District Portland Community College NW Regional Education Service District Subtotal Total FYE Permanent Permanent Permanent Education All 2020 ($244,405) ($13,853) ($7,534) ($265,793) ($590,374) 2021 ($271,036) ($15,363) ($8,355) ($294,754) ($654,860) 2022 ($300,294) ($17,021) ($9,257) ($326,572) ($725,828) 2023 ($330,594) ($18,739) ($10,191) ($359,524) ($799,065) 2024 ($361,953) ($20,516) ($11,158) ($393,627) ($874,862) 2025 ($394,410) ($22,356) ($12,158) ($428,924) ($953,312) 2026 ($432,733) ($24,528) ($13,340) ($470,601) ($1,045,942) 2027 ($472,658) ($26,791) ($14,570) ($514,019) ($1,142,442) 2028 ($519,296) ($29,435) ($16,008) ($564,739) ($1,255,169) 2029 ($568,106) ($32,202) ($17,513) ($617,821) ($1,373,147) 2030 ($619,113) ($35,093) ($19,085) ($673,291) ($1,496,434) 2031 ($672,416) ($38,114) ($20,728) ($731,258) ($1,625,269) 2032 ($728,117) ($41,271) ($22,445) ($791,833) ($1,759,902) 2033 ($786,324) ($44,571) ($24,240) ($855,135) ($1,900,593) 2034 ($847,151) ($48,019) ($26,115) ($921,284) ($2,047,615) 2035 ($910,715) ($51,622) ($28,074) ($990,411) ($2,201,254) 2036 ($772,842) ($43,807) ($23,824) ($840,472) ($1,868,005) Total ($9,232,161) ($523,301) ($284,596) ($10,040,058) ($22,314,077) Source: Tiberius Solutions LLC. Please refer to the explanation of the schools funding in the preceding section Report on Tigard City Center Urban Renewal Plan Amendment 38 Table 16e – Projected Impact on Taxing District Permanent Rate Levies of Full Impact (Original and Increased) MI - General Government Washington County Soil/Water Conservation Tualatin Metro Port of Portland Tualatin Valley Fire & Rescue City of Tigard Tigard Tualatin Aquatic Subtotal FYE Permanent Permanent Permanent Permanent Permanent Permanent Permanent Gen. Govt. 2020 ($110,142) ($4,041) ($4,732) ($3,434) ($74,715) ($123,109) ($4,409) ($324,582) 2021 ($122,143) ($4,639) ($5,248) ($3,808) ($82,856) ($136,523) ($4,889) ($360,106) 2022 ($135,328) ($5,417) ($5,814) ($4,219) ($91,800) ($151,260) ($5,417) ($399,256) 2023 ($148,983) ($5,964) ($6,401) ($4,645) ($101,063) ($166,523) ($5,964) ($439,542) 2024 ($163,115) ($6,529) ($7,008) ($5,086) ($110,649) ($182,319) ($6,529) ($481,235) 2025 ($177,742) ($7,115) ($7,636) ($5,542) ($120,571) ($198,667) ($7,115) ($524,388) 2026 ($195,013) ($7,806) ($8,379) ($6,080) ($132,287) ($217,971) ($7,806) ($575,341) 2027 ($213,005) ($8,526) ($9,152) ($6,641) ($144,492) ($238,081) ($8,526) ($628,423) 2028 ($234,022) ($9,368) ($10,055) ($7,296) ($158,749) ($261,573) ($9,368) ($690,430) 2029 ($256,019) ($10,248) ($11,000) ($7,982) ($173,670) ($286,160) ($10,248) ($755,327) 2030 ($279,006) ($11,168) ($11,987) ($8,699) ($189,263) ($311,852) ($11,168) ($823,143) 2031 ($303,026) ($12,130) ($13,019) ($9,448) ($205,558) ($338,701) ($12,130) ($894,011) 2032 ($328,128) ($13,134) ($14,098) ($10,230) ($222,585) ($366,758) ($13,134) ($968,069) 2033 ($354,360) ($14,184) ($15,225) ($11,048) ($240,380) ($396,078) ($14,184) ($1,045,459) 2034 ($381,771) ($15,282) ($16,402) ($11,903) ($258,974) ($426,717) ($15,282) ($1,126,331) 2035 ($410,417) ($16,428) ($17,633) ($12,796) ($278,406) ($458,734) ($16,428) ($1,210,843) 2036 ($406,897) ($16,287) ($17,482) ($12,686) ($276,018) ($454,800) ($16,287) ($1,200,458) 2037 ($414,547) ($16,594) ($17,811) ($12,925) ($281,208) ($463,351) ($16,594) ($1,223,029) 2038 ($422,720) ($16,921) ($18,162) ($13,179) ($286,752) ($472,486) ($16,921) ($1,247,140) 2039 ($431,260) ($17,263) ($18,529) ($13,446) ($292,545) ($482,031) ($17,263) ($1,272,335) 2040 ($440,184) ($17,620) ($18,912) ($13,724) ($298,598) ($492,006) ($17,620) ($1,298,664) 2041 ($449,510) ($17,993) ($19,313) ($14,015) ($304,925) ($502,430) ($17,993) ($1,326,178) 2042 ($459,256) ($18,383) ($19,731) ($14,319) ($311,536) ($513,323) ($18,383) ($1,354,931) 2043 ($469,440) ($18,791) ($20,169) ($14,636) ($318,444) ($524,706) ($18,791) ($1,384,977) 2044 ($480,082) ($19,217) ($20,626) ($14,968) ($325,663) ($536,601) ($19,217) ($1,416,375) 2045 ($491,204) ($19,662) ($21,104) ($15,315) ($333,207) ($549,032) ($19,662) ($1,449,186) 2046 ($502,825) ($20,127) ($21,603) ($15,677) ($341,091) ($562,022) ($20,127) ($1,483,473) 2047 ($494,526) ($19,795) ($21,247) ($15,418) ($335,461) ($552,746) ($19,795) ($1,458,988) 2048 ($494,399) ($19,790) ($21,241) ($15,414) ($335,375) ($552,603) ($19,790) ($1,458,613) 2049 ($13,897) ($556) ($597) ($433) ($9,427) ($15,533) ($556) ($40,999) Total ($9,782,967) ($390,980) ($420,314) ($305,011) ($6,636,266) ($10,934,697) ($391,597) ($28,861,832) Source: Tiberius Solutions LLC Report on Tigard City Center Urban Renewal Plan Amendment 39 Table 16f – Projected Impact on Taxing District Permanent Rate Levies of Full MI (Original and Increased) – Education Tigard/Tualatin School District Portland Community College NW Regional Education Service District Subtotal Total FYE Permanent Permanent Permanent Education All 2020 ($244,405) ($13,853) ($7,534) ($265,793) ($590,374) 2021 ($271,036) ($15,363) ($8,355) ($294,754) ($654,860) 2022 ($300,294) ($17,021) ($9,257) ($326,572) ($725,828) 2023 ($330,594) ($18,739) ($10,191) ($359,524) ($799,065) 2024 ($361,953) ($20,516) ($11,158) ($393,627) ($874,862) 2025 ($394,410) ($22,356) ($12,158) ($428,924) ($953,312) 2026 ($432,733) ($24,528) ($13,340) ($470,601) ($1,045,942) 2027 ($472,658) ($26,791) ($14,570) ($514,019) ($1,142,442) 2028 ($519,296) ($29,435) ($16,008) ($564,739) ($1,255,169) 2029 ($568,106) ($32,202) ($17,513) ($617,821) ($1,373,147) 2030 ($619,113) ($35,093) ($19,085) ($673,291) ($1,496,434) 2031 ($672,416) ($38,114) ($20,728) ($731,258) ($1,625,269) 2032 ($728,117) ($41,271) ($22,445) ($791,833) ($1,759,902) 2033 ($786,324) ($44,571) ($24,240) ($855,135) ($1,900,593) 2034 ($847,151) ($48,019) ($26,115) ($921,284) ($2,047,615) 2035 ($910,715) ($51,622) ($28,074) ($990,411) ($2,201,254) 2036 ($902,904) ($51,179) ($27,833) ($981,917) ($2,182,375) 2037 ($919,881) ($52,141) ($28,357) ($1,000,379) ($2,223,408) 2038 ($938,015) ($53,169) ($28,916) ($1,020,100) ($2,267,240) 2039 ($956,965) ($54,243) ($29,500) ($1,040,709) ($2,313,044) 2040 ($976,769) ($55,366) ($30,110) ($1,062,245) ($2,360,909) 2041 ($997,463) ($56,539) ($30,748) ($1,084,750) ($2,410,928) 2042 ($1,019,088) ($57,764) ($31,415) ($1,108,268) ($2,463,198) 2043 ($1,041,687) ($59,045) ($32,112) ($1,132,844) ($2,517,821) 2044 ($1,065,302) ($60,384) ($32,840) ($1,158,526) ($2,574,901) 2045 ($1,089,981) ($61,783) ($33,600) ($1,185,364) ($2,634,550) 2046 ($1,115,769) ($63,245) ($34,395) ($1,213,409) ($2,696,883) 2047 ($1,097,353) ($62,201) ($33,828) ($1,193,381) ($2,652,369) 2048 ($1,097,071) ($62,185) ($33,819) ($1,193,075) ($2,651,688) 2049 ($30,837) ($1,748) ($951) ($33,535) ($74,535) Total ($21,708,405) ($1,230,485) ($669,196) ($23,608,086) ($52,469,918) Source: Tiberius Solutions LLC. Please refer to the explanation of the schools funding in the preceding section Report on Tigard City Center Urban Renewal Plan Amendment 40 Table 18 shows the projected increased revenue to the taxing jurisdictions a fter tax increment proceeds are projected to be terminated. These projections are for FYE 2050. Table 18– Additional Revenues Obtained after Termination of Tax Increment Financing Tax Revenue in FYE 2050 (year after termination) Taxing District Tax Rate From Frozen Base From Excess Value Total General Government Washington County 2.2484 $264,239 $1,071,708 $1,335,947 Soil and Water Conservation Tualatin 0.0900 $10,577 $42,899 $53,476 Metro 0.0966 $11,353 $46,044 $57,397 Port of Portland 0.0701 $8,239 $33,413 $41,652 Tualatin Valley Fire & Rescue 1.5252 $179,246 $726,993 $906,239 City of Tigard 2.5131 $295,347 $1,197,879 $1,493,226 Tigard Tualatin Aquatic 0.0900 $10,577 $42,899 $53,476 Subtotal 6.6334 $779,578 $3,161,835 $3,941,413 Education Tigard/Tualatin School District 4.9892 $586,345 $2,378,121 $2,964,466 Portland Community College 0.2828 $33,236 $134,798 $168,034 NW Regional Education Service District 0.1538 $18,075 $73,309 $91,384 Subtotal 5.4258 $637,656 $2,586,228 $3,223,884 Total 12.0592 $1,417,234 $5,748,063 $7,165,297 Source: Tiberius Solutions LLC 1 ATTACHMENT 3 RELATIONSHIP TO LOCAL OBJECTIVES ORS 457.085 requires that an Urban Renewal 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 18.100 Base Zones; Tigard Transportation System Plan, Tigard Park System Master Plan , Tigard Affordable Housing Plan, and Tigard Strategic 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. NOTE: This section refers to the Plan and this reference is inclusive of the Plan Amendment. It is not specifically to the Plan Amendment as the language will replace the existing language in the Plan, as changes to the Comprehensive Plan have been made since the original Plan was adopted. 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 t aken 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 Goals and Policies NATURAL RESOURCES AND HISTORIC AREAS GOALS AND POLICIES Goal 5.1: Protect natural resources and the environmental and ecological functions they provide, and to the extent feasible, restore natural resources to create naturally functioning systems and high levels of biodiversity. Policy 7: The City shall protect and restore riparian and upland habitats to the maximum extent feasible on public and private lands. Goal 5.2: Promote the preservation and protection of historically and culturally significant resources. The Plan identifies Parks, Public Spaces and Bicycle/Pedestrian Facilities projects, including but not limited to the Fanno Park Improvements and Urban Green Spaces projects, which will further the Comprehensive Plan’s Natural Areas policy objectives. In addition to preserving and upgrading existing parks and natural areas such as Fanno Creek Park, the Plan will facilitate the creation of “green” amenities and pedestrian/bicycle facilities that will provide new active and passive recreational opportunities for residents, downtown workers and visitors and improve connectivity between downtown and adjacent neighborhoods. 2 PARKS, RECREATION, TRAILS, AND OPEN SPACE GOALS AND POLICIES Goal 8.1: Provide a wide variety of high-quality park and open spaces for all residents, including both developed areas with facilities for active recreation and undeveloped areas for nature oriented recreation and the protection and enhancement of valuable natural resources within the parks and open sp ace systems. Policy 1: Tigard shall acquire, develop and maintain a diverse system of parks, trails, open space and recreational facilities that are safe, functional and accessible to all of its population. Goal 8.2: Create a Citywide network of interconnected on- and off-road pedestrian and bicycle trails. Policy 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 includes multiple projects that support the City’s park system vision and recommendations. In particular, the Fanno Creek Park Improvements and Enhanced Pedestrian Bridge, Urban Creek/Green Corridor and Urban Green Spaces projects will upgrade and increase multimodal access to existing parks and open space areas and create new green space and recreational areas that will draw residents, shoppers a nd visitors to downtown Tigard. The Plan includes additional trail connections through the Tigard Heritage Trail and Fanno Creek Trail projects and the development of Universal Plaza, a central meeting place for residents and visitors. ECONOMIC DEVELOPMENT GOALS AND POLICIES Goal 9.1: Develop and maintain a strong, diversified, and sustainable local economy. Policy 1: The City shall establish strategies to retain and encourage the growth of existing businesses. Policy 5: The City shall promote well-designed and efficient development and redevelopment of vacant and underutilized industrial and commercial lands. One of the Plan’s stated goals is to “Promote high quality development of retail, office and residential uses that support and ar e supported by public streetscape, transportation, recreation and open space investments.” The Plan identifies Construction of New Streets and other street projects that will improve circulation and access in and around downtown. In addition, the Plan auth orizes streetscape projects and pedestrian/bicycle improvements that will make downtown safer and more accessible to pedestrians and bicyclists by filling in gaps in the existing sidewalk system, providing new or upgraded bike lanes, and establishing new multiuse trails and pedestrian crossings. The Plan includes parks, public spaces and public facilities projects that will make downtown a more appealing place to do business . 3 Finally, Public Parking Facilities will jointly serve employment uses as well as visitors and customers to the downtown. HOUSING GOALS AND POLICIES Goal 10.1: Provide opportunities for a variety of housing types to meet the diverse housing needs of current and future City residents . Policy 1: The City shall adopt and maintain land us e 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. Policy 5: The City shall provide for high and medium density housing in 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. Affordable Housing Development assistance is proposed as a new project which will help provide opportunities to meet Tigard’s diverse housing needs. In addition to financing the programs to support new affordable housing and mixed-use development, the Plan includes public improvement projects that will make the Area a more attractive and viable location for new, high quality medium- and high-density residential development in downtown Tigard. TRANSPORTATION GOALS AND POLICIES Goal 12.3: Provide an accessible, multi-modal transportation system that meets the mobility needs of the community. Policy 4: The City shall support and prioritize bicycle, pedestrian, and transit improvements for transportation disadvantaged populations who may be dependent on travel modes other than private automobile. Policy 6: The City shall require development adjacent to transit routes to provide direct pedestrian accessibility. Policy 8: The City shall design all projects on Tigard city streets to encourage pedestrian and bicycle travel. Goal 12.4: Maintain and improve transportation system safety. Policy 2: The City shall coordinate with appropriate agencies to provide safe, secure, connected, and desirable pedestrian, bicycle, and public transit facilities. In conjunction with proposed street improvements, the Plan provides for new bike lanes and sidewalks as well as upgrades to inadequate bicycle and pedestrian facilities. These projects will increase multimodal access and circulation throughout the Area. Further, to improve neighborhood livability and create a visually appealing streetscape environment that draws residents and visitors to downtown and promotes more active commercial, recreation 4 and entertainment uses, landscape improvements, street trees, street furniture and other streetscape improvements are identified as key components of the Plan. The Plan includes trail connections through the Tigard Heritage Trail and Fanno Creek Trail projects and provides funding for the construction of new streets providing connectivity in the Area. The Plan also provides funding for a parking structure to serve employment uses as well as visitors and c ustomers to the Downtown. SPECIAL PLANNING AREAS- DOWNTOWN GOALS AND POLICIES Goal 15.1: The City will promote the creation of a vibrant and active urban village at the heart of the community that is pedestrian oriented, accessible by many modes of transportation, recognizes natural resources as an asset, and features a combination of uses that enable people to live, work, play, and shop in an environment that is uniquely Tigard. Goal 15.2: Facilitate the development of an urban village. Policy 5: Downtown design, development and provision shall emphasize public safety, accessibilit y, and attractiveness as primary objectives. Goal 15.4: Develop comprehensive street and circulation improvements for pedestrians, automobiles, bicycles, and transit. Policy 1: The downtown shall be served by a complete array of multi -modal transportation services including auto, transit, bike, and pedestrian facilities. Policy 5: Streetscape and public area design shall focus on creating a pedestrian friendly environment without the visual dominance by automobile-oriented uses. Proposed pedestrian and bic ycle improvements, such as the Tigard Heritage Trail, will provide safe and convenient pedestrian access to local shops and transit. In addition, streetscape improvements along Main Street, Commercial Street and other Area roadways will make downtown a more accommodating, pedestrian-oriented commercial district than it is today. Construction of New Streets will reduce block sizes and increase connectivity. Lastly, public facilities projects such as the Plaza and Public Market will generate support for new and existing businesses that provide entertainment and recreational options for downtown visitors. B. TRANSPORTATION SYSTEM PLAN GOALS AND POLICIES Goal 12.2: Transportation Efficiency – Develop and maintain a transportation system for the efficient movement of people and goods. Policy 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. 5 Goal 12.3: Provide an accessible, multi-modal transportation system that meets the mobility needs of the community. Policy 4: The City shall support and prioritize bicycle, pedestrian, and transit improvements for transportation disadvantaged populations who may be dependent on travel modes other than private automobile. Policy 6: The City shall require development adjacent to transit routes to provide direct pedestrian accessibility. Policy 8: The City shall design all projects on Tigard city streets to encourage ped estrian and bicycle travel. Goal 12.4: – Maintain and improve transportation system safety. Policy 2: The city shall coordinate with appropriate agencies to provide safe, secure, connected and desirable pedestrian, bicycle, and public transit facilities. The Plan includes streetscape improvements and bicycle/pedestrian system improvements designed to encourage alternative modes of transportation to the automobile. By filling gaps in the existing sidewalk system, installing new bike lanes and upgrading exis ting bikeways to standard, the Plan will help create a complete system of bicycle and pedestrian facilities that enables pedestrians and bicyclists to commute safely and efficiently to and within downtown. The Plan includes street improvements that will ad dress motor vehicle needs in and around downtown Tigard. Projects such as the Scoffins Street/Hall Boulevard/Hunziker Realignment will reduce congestion and improve circulation while creating a safer environment for drivers, pedestrians and bicyclists. C. CITY OF TIGARD PARK SYSTEM MASTER PLAN PARKS, RECREATION, TRAILS, AND OPEN SPACE GOALS AND POLICIES Goal 8.2: Create a Citywide network of interconnected on- and off-road pedestrian and bicycle trails. Policy 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 includes multiple projects that support the City’s park system vision and recommendations. In particular, the Fanno Creek Park Improvements and Urban Green Spaces projects will upgrade and increase multimodal access to existing parks and open space areas and create new green space and recreational areas that will draw residents, shoppers and visitors to downtown Tigard. The Plan includes additional trail connections through the Tigard Heritage Trail and Fanno Creek Trail projects and the development of Universal Plaza, a central gathering place for residents and visitors to Tigard. D. CITY OF TIGARD AFFORDABLE HOUSING PLAN 6 In 2019 the City of Tigard adopted the Affordable Housing Plan – Tigard Housing Strategy Implementation Plan. The purpose of the Tigard Housing Strategy Implementation Plan (THSIP) is to identify strategies and implementation steps needed to increase the supply and affordability of housing within the City of Tigard. The outcome of the project will be recommendations for adoption of housing strategies and policies, including amendments to municipal and development code, to implement an Affordable Housing Plan. The THSIP identified tools to assist in the development of affordable housing, one of which was tax increment funds. The Plan includes a project category of Affordable Housing Development Assistance to provide grants and technical assistance to help encourage the development of affordable housing in the Area. E. CITY OF TIGARD STRATEGIC PLAN 2020-2025 The City of Tigard Strategic Plan was adopted by City Council on September 22, 2020. The Vision of the Plan is: Tigard: An equitable community that is walkable, healthy, and accessible for everyone These are the Strategic Plan strategic priorities and supporting objectives and actions that connect to the City Center Urban Renewal Plan Strategic Priority 2. Create a well-connected, attractive, and accessible pedestrian network. 2.1 Create a well-connected pedestrian network that links all Tigard residents and businesses. 2.1 C. Identify and pursue new funding sources to build the pedestrian network. 2.1 D. Bring parks and trailheads within a 10-minute walk of every Tigard resident. 2.1 E. Expand the pedestrian network annually. 2.2 Tigard’s pedestrian network is attractive accessible, safe and well -maintained. 2.2 B. Design the trail system to serve both recreational and active transportation purposes. Strategic Priority 3. Ensure development and growth support the vision. 3.1 Pursue land development that maximizes public health benefits while increasing connection between people and community destinations. 3.1 B. Locate and grow businesses to support walkability, connectivity, and accessibility for all business locations. 3.1 C. Build mixed-use development that is inclusive of housing, shopping, employment, serv ices and integrates transportation options. 3.1 D. Fully implement the City’s Complete Streets policy. 3.1.G. Invest in public spaces that equitabl y serve the city’s diverse residents, workers, and visitors. 7 3.2 Focus development-associated resources in parts of the city that have the capacity to serve, house, employ and attract the most people with the least impact on Tigard’s natural systems and the climate. 3.2.B. Facilitate Transit Oriented Development (TOD) that supports employment, housing, and community services. 3.3 Understand the effects of development on vulnerable Tigard residents and mitigate those impacts within projects and over time. 3.3.C. Support a balanced, diverse mix of business sectors and employment opportunities. 3.3.D. Ensure transportation investments an d improvements are providing equitable benefits and impact to the entire population. 3.3.E. Advance equitable economic opportunity. 3.4 Proactively intervene as necessary to meet the housing needs of all community members. 3.4.A. Prioritize funds to support the creation and retention of affordable housing in Downtown Tigard, the Tigard Triangle and Washington Square. 3.4.D. Increase the housing mix in the city to meet the needs of smaller households, including singles, young families, and older adults. The City Center Urban Renewal Plan conforms to the City of Tigard Strategic Plan and implements many portions of the Strategic Plan. The Plan helps implement the strategic priority to “Create a well-connected and accessible p edestrian network” as projects provide funding for increased trails, new streets providing connectivity in the Area. The Plan helps implement the strategic priority “Ensure development and growth supports the vision” as it includes the development of the Universal Plaza, a central gathering place for Tigard residents. In addition, the Plan provides structured parking and assistance for new mixed -use development including affordable housing development. Report on Tigard City Center Urban Renewal Plan Amendment 41 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 having a population of more than 50,000 according to the latest state census. Tigard’s population eclipsed the 50,000 mark in 2019 as shown by the Portland State University Annual Population Report Tables. As noted below, the frozen base, including all real, personal, personal, manufactured, and utility properties in the Area, is $117,522,911. The total assessed value of the City of Tigard, minus excess value of the existing urban renewal areas is $6,954,974,807. Excess value is the assessed value created above the frozen base in the urban renewal area. The total urban renewal assessed value is 7.8% of the total assessed value of the City, minus excess value. This is below the 15% statutory limitation. The Tigard City Center Urban Renewal Area contains 228.96 acres, including right-of-way, and the City of Tigard contains 8,129 acres. After accounting for the acreage in the potential Tigard Triangle Urban Renewal Area, 9.56 % of the City’s acreage would be in an urban renewal area. This is below the 15% statutory limitation. Table 19 – Urban Renewal Area Conformance with Assessed Value and Acreage Limits Assessed Value UR Excess Acreage City of Tigard $7,046,400,810 8,129 City of Tigard minus UR excess $6,954,974,807 Tigard City Center $117,522,911 $50,763,509 228.96 Tigard Triangle $424,744,405 $40,662,494 547.90 City Center Plus Tigard Triangle $542,267,316 $91,426,003 776.86 Percentage in Urban Renewal 7.8% 9.56% Source: Compiled by Elaine Howard Consulting, LLC with data from City of Tigard and Washington County Department of Assessment and Taxation (FYE 2020) 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.