06/20/2005 - Minutes CITY OF TIGARD
PLANNING COMMISSION
Meeting Minutes
June 20, 2005
1. CALL TO ORDER
President Padgett called the meeting to order at 7:00 p.m. The meeting was held in
the Tigard Civic Center, Red Rock Creek Conference Room, at 13125 SW Hall
Blvd.
2. ROLL CALL
Commissioners Present: President Padgett; Commissioners Anderson, Buehner,
Duling, Haack, Inman, and Munro. Also present was
David Walsh, Commission alternate.
Commissioners Absent: Commissioners Caffall and Meads
Staff Present: Barbara Shields, Long Range Planning Manager; Tom
Imdieke, Interim Finance Director; Jerree Lewis, Planning
Commission Secretary
3. PLANNING COMMISSION COMMUNICATIONS AND COMMITTEE REPORTS
The Planning Commission meeting calendar was reviewed.
Commissioner Duling reported on the Committee for Citizen Involvement. She
advised that the committee has agreed to be a part of the Financial Strategy Task
Force. They will participate with this task force for approximately 5-6 months.
Commissioner Munro reported on the Downtown Task Force. She noted that two
consultants have been selected for the Downtown urban renewal effort. There is a
focus meeting scheduled for June 23rd with the public outreach consultant. The
Task Force should get a report from the consultants at their next meeting in July.
Commissioner Buehner reported on the Planned Development Review Committee.
She advised that the committee reviewed comments by the Planning Commission
from the joint meeting in May. Morgan Tracy will start attaching code numbers to
specific items of the committee's plan. There is also some research being done for
some items that fall outside of the Planned Development code but may be
incorporated at this time. Morgan will come back to the committee in early July with
the first draft. The committee will plan to go to Council in August.
Commissioner Buehner also reported on the Transportation Financial Strategies
Task Force. The task force has finalized its proposals and the draft report should
be approved at their next meeting. The task force will go to Council July 26th with a
recommendation for a local gas tax. Eventually, there will be a full public hearing
process.
PLANNING COMMISSION MEETING MINUTES—June 20,2005—Page 1
4. APPROVE MEETING MINUTES
It was moved and seconded to approve the May 16, 2005 meeting minutes as
submitted. The motion passed by a vote of 4-0. President Padgett,
Commissioners Duling and Haack abstained.
5. TRAINING WITH INTERIM FINANCE DIRECTOR: CITY OF TIGARD BUDGET,
DOWNTOWN REVITALIZATION, AND TAX INCREMENT FINANCING
Long Range Planning Manager Barbara Shields explained what it takes to
implement a project development policy, including short term capital improvement
projects and an urban renewal plan (Exhibits A and B).
Interim Finance Director Tom Imdieke gave a PowerPoint presentation (Exhibit C)
on the budget process, which included information on revenue sources, where
funds are spent, the Capital Improvement Program (Downtown catalyst projects),
and tax increment financing. He described the different funds, restricted and
unrestricted, and explained how they could be used.
Imdieke briefly reviewed a report from Johnson Gardner, LL C, on typical funding
sources that can be utilized in revitalization efforts (Exhibit D, beginning on page
14). He explained how tax increment financing works for urban renewal.
Commissioner Buehner said one of the issues in the process is the lack of
understanding by the public about tax increment financing, restrictions, and match
requirements. She believes the Finance Department can help the PR consultant
in getting that information out.
6. OTHER BUSINESS
None
7. ADJOURNMENT
The meeting adjourned at 8:25 p.m.
Jerre Lewis, Planning ommission Secretary
ATTEST: Presi Vent Mark Padgett
PLANNING COMMISSION MEETING MINUTES—June 20,2005—Page 2
bX.
IMPLEMENTATION PROGRAM: /4
DOWNTOWN IMPROVEMENT PLAN
q
oal: 1 ) Improve Downtown's Create a regulatory framework Establish committed funding
Y �: appearance which allows for new and structures for large-scale projects that
: .rt 2) Maximize available government remodeled buildings and spaces spur additional investment and
funds; grants; and other that meet the Plan and excitement in the Downtown.
sources (arts) to fund Community's vision for Downtown
r improvements and is supported by property
C b fi., x-
owners and the community.
AG io s _. Brand Tigard projects could .Develop relationships with Catalyst projects could include a
,1 i; include Commuter Rail station property owners to identify performing arts center, projects to
improvements, trails, signage, concerns, issues regarding interim improve how the Downtown
=$ sidewalk/pedestrian uses and future regulations functions (roads, sewer, stormwater);
�. Work with owners and staff to urban creek; development
improvements, flower baskets, ,
T demonstration projects create regulations/ code .Develop list of priority projects for
u • Define theme for Downtown language that implement the Urban Renewal Plan proposal that
,t-: :` design improvements (work with Community and Task Force's Plan identifies funding source, project
_'' arts, consultants, others) vision timeline, who will make it happen,
., • Explore available government •Address the transition of uses over and project goals.
t funding opportunities (MTIP, CIP, time •Explore new, committed funding
t CDBG; economic devpt.) sources (EID, LIDs, others) for catalyst
M� • Explore private and non-profit projects and make
grant opportunities (arts, recommendations to Council.
gt, trails/recreation) .Identify list of priority projects that
1 • Create priority project list that identifies funding source (not Urban
>t -.. identifies funding source, timeline, Renewal), project timeline, who will
who will make it happen, and make it happen, and project goals.
project goals. •Share members with the Urban
• Submit project list to Renewal Advisory Committee to
competitive funding processes. ensure the Downtown Plan priorities
• Advocate for projects are represented.
Result: Get smaller-scale projects done - Proposed Comprehensive Plan Propose Committed Funding
keep momentum going and build and Zoning Code Amendments; Structures;
community excitement! Design Standards Priority Project List for Urban Renewal
Work From August 2005 -July 2006 From June 2005-January 2007 June 2005-July 2006
Program: :; (Shares members with CCAC)
Timeline ' Now-5 years 1-3 years (develop amendments) 1-3 years (Set up funding mechanisms)
Focus: (CIP, MTIP, are on 5-year funding 1-20 years (development) 2-20 years (implement projects)
cycles)
Coordin- Task Force Task Force Task Force
ation:
X.
a
Downtown Task Force/Downtown Improvement Plan
Updated Schedule, 5/23/05
Date Meeting Type Topics Location/Time
June 9 Task Force Work session on Town Hall,6:30
Implementation: Funding
June 28 Council/Planning Implementation:Funding Town Hall,Time TBD
Commission Presentation to Planning
Commission and City Council
with Task Force Representatives
July 7 Task Force Land Use Discussion, Town Hall,6:30
Transportation Discussion,
Action Plan
July 19 Council/Planning Review Land Use Town Hall,Time TBD
Commission Recommendations
Worksession
Aug.4 Task Force Review Draft Improvement Plan Town Hall,6:30
Document
Sept. 8 Task Force Finalize Improvement Plan Library Community
Room
6:30
September Task Force A celebration of everyone's hard Date,Location,Time
Thank-You Event work for this project! TBD
Sept. 27 Council Presentation of final plan for Town Hall,Time TBD
Council's acceptance
Aug-Oct. Advisory Groups Brand Tigard(projects and
funding), Catalyst(projects and
funding),Land Use Approach
(work with property owners)
Oct., Jan., Task Force Meets Quarterly
April,July
For more information on meeting times or the Downtown Task Force,contact Associate
Planner Beth St.Amand at 503/718-2435 (Beth @ci.tigard.or.us),or visit
www.ci.tigard.or.us/downtown
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AGENDA ITEM#
FOR AGENDA OF 6/28/05
CITY OF TIGARD, OREGON
COUNCIL AGENDA ITEM SUMMARY
ISSUE/AGENDA TITLE Joint Meeting with Planning Commission to Review and Discuss
Im.lementation/Fundin for Downtown Improvement Plan
PREPARED BY: Jim Hendryx DEPT HEAD OK CITY MGR OK
ISSUE BEFORE THE COUNCIL
Council and Planning Commission will be asked to review and comment on the proposed priority projects for the
Downtown and their recommended funding sources, as proposed by the Task Force and consultants. Following the
Council and Commission comments, this information will then be provided to the Urban Renewal consultants for
the Urban Renewal Plan.
STAFF RECOMMENDATION
Not applicable.
INFORMATION SUMMARY
For FY 2004-2005, the City received a Transportation and Growth Management Grant (TGM) from the Oregon
Department of Transportation (ODOT) to create the Tigard Downtown Improvement Plan. Under federal
guidelines, the grant needs to be finished by September. The Downtown Task Force has worked with the Tigard
community and project consultants to develop the Plan, which focuses on the green "heart" of Tigard (Fanno
Creek),natural and public spaces, and creating a vibrant urban village.
The Plan will provide a short- and long-term strategy for Downtown improvements, including recommended
approaches to funding. This joint meeting will review two main components of this strategy: 1. the proposed
priority improvements("catalyst"projects)and 2.their recommended funding sources.The funding sources include
mechanisms currently in place, as well as new sources for consideration. Following the Council and Commission
comments, the priority improvements and recommended funding mechanisms will then be provided to the Urban
Renewal consultants for the Urban Renewal Plan.
OTHER ALTERNATIVES CONSIDERED
N/A
VISION TASK FORCE GOAL AND ACTION COMMITTEE STRATEGY
Community Character and Quality of Life/Central Business District Goal#1, Provide opportunities to work
proactively with Tigard Central Business District Association(TCBDA)businesses and property owners and
citizens of Tigard to set the course for the future of the central business district.
ATTACHMENT LIST
Attachment 1: "Introduction to Financing Technical Memorandum"by Parametrix
Attachment 2: "Funding Strategy for the Downtown Improvement Plan"by Johnson Gardner,LLC
FISCAL NOTES
At this time,the City has already committed$1.845 million in Downtown capital improvements for FY 2005-06.
To continue to implement the plan, additional funding mechanisms will be required in the next five years, including
Urban Renewal.
I:\LRPLN\Council Materials\6 28 05 Review Downtown Funding AIS.doc
Parametrix ENGINEERING•PLANNING•ENVIRONMENTAL SCIENCES
700 NE MULTNOMAH,SUITE 1000
PORTLAND,OREGON 97232-2131
T.503.233.2400 T.360.694 5020 f.503.233.4825
w.•r.l aranictrix.com
E IN1 ® R A N ® U IM
Date: June 15, 2005
To: Barbara Shields, Long-Range Planning Manager
City of Tigard
From: David M. Siegel,AICP
Project Manager
Subject:
cc:
Project Number:
Project Name: Introduction To Financing Technical Memorandum
Issue
The Funding Strategy Technical Memorandum associated with the draft Tigard Downtown Improvement
Plan is being forwarded to the Tigard City Council and Planning Commission for review and comment at
this time.
Introduction
The Downtown Task Force and its consultants are wrapping up the Tigard Downtown Improvement Plan
(TDIP),a long-range (20-30 year)plan for the future growth and improvement of Downtown Tigard. The
Downtown Task Force is in the"home stretch"of this effort, having held a significant and accelerated
community involvement effort over the past eight months. The primary products have been the
preparation of a draft Preferred Design Alternative Concept Plan, and the identification of certain key
projects ("catalysts")for spurring investment and development Downtown, including smaller-scale, "Brand
Tigard" projects to keep the plan momentum going.
Any good plan is accompanied by an implementation program,which indicates the appropriate tools and
actions for carrying out the plan. In July,the consultants will prepare an overall, incremental
implementation strategy that will identify those tools and actions needing to be accomplished or put in
place in each of the initial three years...sort of a "capital improvements program"for action. In the next
year,the Downtown Task Force/Advisory Groups will implement this strategy by focusing on the
following:
• Possible land use changes(City's Comprehensive Plan, zoning code and implementing
ordinances); and
• Recommended development("catalysts")and community projects ("Brand Tigard")important for
• creating a climate of investment Downtown and maintaining the Plan's momentum, as well as
recommended sources of funding for these and other improvements.
A"Funding Strategy Technical Memorandum" has been recently completed; it was reviewed by staff and
discussed in depth with the Downtown Task Force at their meeting of June 7, 2005, and is attached to
this memo. It lays the groundwork for the incremental implementation strategy to be presented in July.
(Rev.02104)
Barbara Shields, Long-Range Planning Manager
June 15, 2005
Page 2 of 2
The"Funding Strategy Technical Memorandum" is now being forwarded to Council and Planning
Commission for review and comment at this time (Attachment 2).
Overview of the Funding Strategy Technical Memorandum
The Funding Strategy memorandum provides the following for the Council and Commission's
consideration:
• Identifies the eight"catalyst" projects deemed of special importance to carrying out the TDIP by
creating a climate for investment and spurring development.
• Identifies the roughly estimated costs of preliminary actions, studies or engineering needed to
"jumpstart"these key projects.
• Identifies the various cost factors associated with these projects and actions, discusses who is
normally responsible for funding them (public or private sector), and potential funding tools for
getting them accomplished.
• Discusses the advantages and disadvantages of the various funding tools available for Downtown
improvement projects.
• Notes that the City of Tigard has a number of projects already"on the books"through the Capital
Improvement Program (CIP)process that help carry out the catalyst projects.
• Identifies the establishment of an urban renewal district as the funding tool with the greatest
ability to generate substantial revenue for targeted investments.
The memorandum states that"the projects outlined in the plan will likely require a substantial public
investment,and an urban renewal district is one of the few tools available that can generate adequate
revenue to realize the vision. The document closes with the following observation:
"It should be noted that implementing the recommended Downtown Improvement Plan is not reliant upon
any one of the above funding sources being available. By way of example,it is clear that the use of
urban renewal would provide the most significant source of funding for the development and
redevelopment of Downtown Tigard;to create an urban renewal district requires voter approval, given the
Tigard City Charter. Should the City pursue establishment of an urban renewal district and the action not
be supported by the voters,the Plan would still be capable of being carried out. However, the length of
time to generate other revenues to make the public investments needed to spur private investment would
lengthen considerably."
I:\LRPLN\Council Materials\6 28 05 Attachment 1.doc
44 I
JOHNSON
GARDNER
DATE: June 14, 2005
TO: Dave Siegel
PARAMETRIX
Barbara Shields
CITY OF TIGARD
FROM: JOHNSON GARDNER,LLC
RE: Funding Strategy for the Downtown Improvement Plan
MEMORANDUM
I. INTRODUCTION
The City of Tigard's Downtown Improvement Plan envisions a revitalized downtown core,with a
mix of uses and improvements in the study area that are unlikely to be realized without some
level of public intervention. A mix of catalytic and branding projects have been identified as
desirable as part of the planning effort. The purpose of this memorandum is to identify
incentives, initiatives, and investments that can help the City realize these projects. This
memorandum provides a general description of potential tools available to assist in
implementation of the plan.It also provides specific recommendations with respect to appropriate
funding sources for the eight identified catalyst projects.
The funding strategy is based upon information presented in the existing conditions report
prepared earlier in this analysis, and is primarily focused on the identified catalyst projects. The
term "catalyst project" is used within this analysis to refer to projects having the ability to
substantively alter the development environment in the study area. These projects represent key
components of the overall plan, and their development would be expected to serve as a catalyst
for development in the study area consistent with that outlined in the plan. In addition to the
catalyst projects, a series of downtown improvements were also identified as part of this project,
referred to as "Brand Tigard" projects. These are seen as being important to generating and
maintaining public interest and momentum in the area and are supportive of the catalyst projects,
with many of the Brand Tigard projects incorporated into the catalyst projects.
The development of both the catalyst and Brand Tigard projects was done through the Downtown
Task Force. Three working groups were formed as part of this evaluation,which were used to:
❑ Help us identify the types of catalyst projects that might stimulate investment and
that were appropriate and pertinent to Tigard... uniquely Tigard;
520 SW SixTH AVENUE,SUITE 914 PORTLAND,OR 97204 503/295-7832 503/295-1107(FAx)
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❑ Help us identify the types of smaller projects that might help generate and
maintain interest in downtown;and
❑ Discuss potential funding sources with an eye toward suitability for application
in Tigard.
This memorandum reflects the work of the consultant team and Downtown Task Force to identify
a series of projects and improvements to stimulate development activity and to generate and
maintain momentum over time in the study area. The catalyst projects are ordered in a sequence
that the consultant team felt was appropriate. The memorandum recommends methods of
financing at a broad level for the catalyst projects. Some of these are readily available to the City,
while others would require actions on the City's part to implement.The following is a brief
summary of financing mechanisms discussed:
Readily.'Available'
City Funding Dedicated Staff Time
General Fund
Gas Taxes
Water Quality/Quantity Fund
Parks Capital Fund
Grants Metro Transit Oriented Development Grants
System Development Charges(SDCs) SDC credits
Pro.e Tax Abatements Vertical Housing Abatement
Require Action
ction
Urban Renewal Tax Increment Financing(TIF)
Improvement Business Improvement District(BID)
Districts Local Improvement District(LID)
Economic Improvement District(ED)
II. RECOMMENDED IMPROVEMENTS AND COSTS
A total of eight major catalyst projects were identified as part of the Downtown Improvement
Plan. The smaller, Brand Tigard projects identified by the Task Force are supportive of the
catalyst projects, and have largely been grouped with them. This section summarizes these
projects,and discusses implementation steps necessary and potential funding mechanisms we feel
would be appropriate. The projects are addressed in order of priority or phasing, based on the
consultant team's professional opinion.
1. Streetscape Enhancement Program
The improvement program would include streetscape design and street function improvement for
Burnham,Main, Commercial, and Scoffms, and gateway/portal improvements at Scoffins,Main,
Garden Place,and Tigard Street. Improvement would include:
• Aesthetic enhancements to streets and the area between the curb and the
building facades.
• Street furniture
• Lighting
• Signage
FUNDING STRATEGIES PAGE 2
• Landscaping
• Public Art
• Decorative pavers
Streetscape improvements enhance the public space environment, and can provide a cohesive
theme and sense of place identifying the district. Increasing the attractiveness of the public
spaces has a positive impact on local properties, and can encourage cross shopping and more
extended stays in the district.
Implementing this item is relatively straightforward, with funding provided by the City or by a
targeted improvement district. The City's current Capital Improvement Plan (CIP) includes a
number of targeted improvements, with additional improvements most appropriately provided
through future CIE's, locally-applied System Development Charges (SDCs) and improvement
districts.
Cost Factor Public Private Funding
Streetscape Enhancements: ✓ ✓ City(general fund,gas taxes),
•Finishing materials Local Improvement District,
•Landscaping approach Business Improvement District,
•Signalization System Development Charges,
•Signage Tax Increment
Financing
Storefront Improvement ✓ ✓ City(general fund),Tax
Program Increment Financing
This effort could be bolstered by a storefront improvement program, providing matching funds or
design assistance to property owners wanting to upgrade their storefronts. In addition, there has
been a consistently expressed desire to accommodate the Farmer's Market in the area, and this
project would include this effort.
2. Green Corridor/Urban Creek
The Urban Creek is the supporting structure that connects the two anchors of Fanno Creek and
the Regional Retail Area at Hall and 99W.It is comprised of a natural appearing creek,pedestrian
walkways, service road, and landscaping. The Urban Creek is integrated with new and existing
development, providing an alternative "front door" to redeveloped properties along its length.
Depending upon final design, it could serve as a public amenity, stormwater
conveyance/treatment method, and development stimulant while connecting Downtown areas.
The envisioned project may be comprised of a natural-appearing creek or linked water features,
depending upon the outcome of a more detailed feasibility study.
This project would have an organizing impact on the study area, defining a clear east-west
pedestrian link and providing an amenity that future development can capitalize upon. We would
anticipate that future projects bordering the green corridor would orient activities to take
advantage of the amenity value. In addition, the project helps to establish a unique identity for
Downtown Tigard.
Implementing this catalyst project will require a more detailed feasibility study, establishing a
preferred location,preliminary engineering and a detailed phasing/financing plan. The following
matrix outlines the likely funding sources for portions of the implementation:
FUNDING STRATEGIES PAGE 3
Az
Public Private Funding
Feasibility Study ✓ Grants,Government
partnerships,City(General
Fund),Sewer/Water Funds,
Improvement District,Tax
Increment Financing
Acquisition ✓ Same
Rail and street crossings ✓ Same
Public Art ✓ Same
Interpretive features ✓ Same
Stormwater conveyance ✓ Same
3. Hall Blvd. Regional Retail
This key gateway with its prominent visibility from Hwy 99W will be developed with regional
mid-sized retail with parking and a public plaza space. The purpose will be to pull people into
Downtown and start to draw them further to Main, the Green Corridor, the "Heart", etc. and to
jumpstart development in the area. Planned intersection improvements at Hall Boulevard and
Highway 99W will require public acquisition of some key properties, and may provide an
opportunity to offset some of the costs of this project.
The project will require a complex assemblage of parcels. Identified actions necessary to
implement the catalyst project are as follows:
• Contact Property Owners to Ascertain Interest/Issues
• Feasibility Study/Programming
• Pursue or Facilitate Assembly of Parcels
• Solicit Developer Interest
• Potential condemnation if necessary .
• Brand Tigard Projects: The design and development of gateways and a landmark
icon on Main Street to attract attention to the area
This project would offer a number of benefits for the study area. It would create a strong entry
statement for the district from Highway 99W and Hall. In addition,the project could be designed
with linkages to the remainder of the study area, generating activity and adding amenities that
would be valuable to future development activity in the study area.
Implementation would require the following:
• Determination of ownership of the parcels in question;
• Preparing a feasibility study regarding viability as well as most appropriate
approach for the City to take;
• Gaining control of the parcels, either by the City or a developer;
• Solicitation of developers; and
• Negotiation of a public/private partnership if needed
We expect that facilitating this development may require assembly of the parcels, a task requiring
a considerable financial commitment. The following matrix outlines recommended funding
sources for implementation.
FUNDING STRATEGIES PAGE 4
Public Private Funding
Contact Property Owners ✓ City(Staff Time or funding
for consultant)
Feasibility Study ✓ City(Staff Time or funding
for consultant)
Assemble Parcels ✓ Tax Increment Financing
Facilitate Assembly ✓ ✓ Staff Time
Developer
Potential for City participation ✓ City(Staff Time),Tax
in public improvements with Increment Financing
private developers
Solicit Developer ✓ City Staff,Tax Increment
Financing
Development ✓(5%) • (95%) Staff Time,private funds,
Tax Increment Financing
Urban renewal funds can be used to offset City staff time directly related to the qualified
activities in the district.
4. Downtown Housing Development
The plan anticipates creating more housing of various types in several locations in Downtown.
The intent is to bring more people into Downtown as their home, which will activate the
Downtown throughout the day and create demand for more services. Implementation steps
identified include the following:
• Develop Housing Program/Determine tools to be made available
• Adopt policy and guidelines to encourage residential development
• Research and develop funding sources
• Brand Tigard projects that help create an amenity for downtown housing, such
as the creek clean up and the linear park along the railway
Housing development in the downtown will provide a number of benefits, including increased
support for local services such as retail. In addition, residential development can provide a
greater number of "eyes on the street", increasing the perception of security in the district.
Residential development in the area is also supportive of transit, and can capitalize on the planned
commuter rail line.
Implementation will require adoption of a series of housing policies for the district, as well as
coordination of tools available to encourage the development of desired housing types. The City
will need to develop policy guidelines, as well as to allocate adequate staff time to pursue housing
opportunities in the study area. A key component of developing a housing program is developing
a Housing Strategy. This type of analysis identifies local housing issues,identifies tools available
to encourage or direct housing development in the area, and develops a series of policies to guide
public involvement in future housing projects.
Initial steps are expected to be largely funded through the City, with various types of assistance
offered to incent new residential development in the area.
FUNDING STRATEGIES PAGE 5
"qr.-
Cost Factors Public Private Funding
Develop Program ✓ City
Staff the Program ✓ City
Policy Guidelines ✓ City
Solicit/Evaluate Projects ✓ City
Develop Projects ✓ Abatements,System
Development Charges,
Waivers,Tax Increment
Financing(Urban Renewal),
Private funds
It should be noted that housing programs often take years to realize a development, but it is
important that policy guidelines are established early to determine if projects are consistent with
goals and to determine the appropriate incentives.
5. Ash Avenue Downtown Improvement
This project provides for street and public space improvements to Ash Avenue between the
planned Park and Ride and the Fanno Creek floodplain. Improvements will include a new bike
and pedestrian bridge, an overlook area for Fanno Creek and the extension of Ash from Burnham
to the Park and Ride. The City has committed funds for design, right of way acquisition, and
roadway improvements to Burnham(see Table 3,page 13).
Improved linkages between the Fanno Creek open space and downtown Tigard have consistently
been cited as desirable by the Downtown Task Force, and represent a key component of the plan.
These improvements have positive impacts similar to those outlined in the streetscape
enhancement program, with this project also directly targeting an important linkage between the
floodplain and the commuter rail Park and Ride.
As with the streetscape enhancement program,implementation of this project is relatively straight
forward. The project needs to be designed, the right of way acquired and improvements funded.
The primary funding mechanism for this work is expected to be direct City funding through the
annual Capital Improvement Program(CIP).
Cost Factors Public Private Funding
Design/Engineering ✓ City(CIP)
Right of Way Acquisition ✓ City(CIP)
Construct Improvements ✓ City(CIP)/Transit Oriented
Development Grants,Tax
Increment Financing
FUNDING STRATEGIES PAGE 6
tt
6. Fanno Creek Public Area
The plan envisions creating a community amenity that acts as a gathering spot while respecting
the natural environmental character and needs of the Fanno Creek area. The City has a number of
current commitments in the area,including:
• City of Tigard's Fanno Creek Park Enhancement Plan restoration projects
planned through 2007—primarily vegetation management
• Design,ROW acquisition,and roadway improvements to Burnham
• Land Acquisition for Fanno Creek Public Area(Area#2—Downtown
Revitalization) (Proposed 05-06)
The Fanno Creek area has consistently been identified as a key amenity in the district, with
considerable emphasis in the plan dedicated to increasing linkages to Fanno Creek from the
remainder of the study area. Creating an attractive public area adjacent to the natural
environment surrounding the creek will work towards further capitalizing on this amenity, for
both the district as well as the City of Tigard.
Implementing this catalyst project will require preparing a series of plans and assessments,
providing programming input for the space, environmental assessment and design work. Funding
is expected to largely be derived from the City as well as through bonds and private donations.
Cost Factors Public Private Funding
Environmental Studies ✓ City(General Fund),Tax
Increment Financing
Program Needs Assessment ✓ ✓ City(General
Fund)/Patrons,Tax
Increment Financing
Develop Program ✓ ✓ City(General
Fund)/Patrons,Tax
Increment Financing
Run Bond Measure Campaign ✓ ✓ City(General
Fund)/Private Backers,
Tax Increment Financing
Acquire/Construct ✓ ✓ Bond/Private
Donations/Metro Open
Space Grant,Tax
Increment Financing
7. Performing Arts and Community Recreation Center
Development of a Performing Arts and Community Recreation Center is seen as an opportunity
to create a community gathering place for the arts and activities in the"Heart" of Downtown that
links visually and physically with the Fanno Creek Public Area across Burnham Street. The
purpose would be to bring day-round activity to the Downtown"Heart"and provide a community
gathering space while stimulating patronage of complimentary uses (e.g. restaurants, coffee
shops,etc.)
FUNDING STRATEGIES PAGE 7
A number of actions would be necessary to realize this project,including the following:
• Survey needs of public for facility
• Develop program guidelines for facility
• Run bond measure campaign
• Brand Tigard Projects: Creek clean up to provide space for smaller outdoor
performances to gain interest and momentum, or a landmark icon on Main could
draw attention to this area
Development of this Center would provide a strong activity generator,both during the day as well
as evenings. Activity associated with the Center would provide support to local restaurants and
retailers, as well as providing an amenity to residents. In addition, activity associated with the
Center would raise awareness of downtown Tigard and the opportunities available there to shop,
live and work.
Funding for this type of project is typically done through a combination of City funding, bond
issuance and private donations. Implementation often takes a number of years, and involves
developing a program, preliminary designs and then running a bond measure campaign for the
facility. A parallel process is typically undertaken on the private side to raise funds from private
and corporate donations.
Cost Factors Public Private Funding
Public Survey ✓ ✓ City(general
fund)/Patrons/Tax
Increment Financing
Develop Program ✓ ✓ City(general
fund)/Patrons/Tax
Increment Financing
Preliminary Design ✓ ✓ City(general fund)/Private
Backers/Tax Increment
Financing
Run Bond Measure Campaign ✓ ✓ City(general fund)/Private
Backers/Tax Increment
Financing
Acquire/Construct ✓ ✓ Bond/Private
Donations/Tax Increment
Financing
8. R elocating Post Office
The plan calls for shifting the Post Office location from Main Street to the border between the
"Heart"and the Civic District. The purpose would be to soften the transition between the"Heart"
and the Civic District while freeing up valuable retail space along Main Street. The current Post
Office location is owned by the LISPS, and the agency would need to approve any suggested
change of location.
The primary motivation for relocating the Post Office is that the current facility is not seen as
being supportive of desired activity on Main Street. While the post office draws regionally and
can generate a substantial level of traffic, this activity is not typically seen as linking with other
desired commercial activities on Main Street. The consultant team and Task Force feels that
relocating the facility to a location with better access and that is less disruptive to Main Street
would encourage development patterns consistent with those outlined in the plan.
FUNDING STRATEGIES PAGE 8
at
S El
Implementation will require approaching the Postal Service to initiate an internal evaluation of
the proposed relocation, and associated costs. The City may need to contribute towards the
relocation costs if the Postal Service does not find that the relocation is cost effective or
operationally beneficial.
Cost Factors Public Private Funding
Approach Postal Service&build ✓ Staff Time
partnership
Determine Program ✓ Postal Service/City
(General Fund)
Acquire/Construct ✓ Postal Service/City
(General Fund)/Tax
Increment Financing
Main Street site programming, ✓ Private Funds/Tax
planning,engineering,construction Increment Financing
Estimated Cost of Catalyst Projects
The series of eight catalyst projects will require a substantial amount of investment to be realized.
At this time, it is extremely difficult to ascertain reliable costs for the projects, as detailed
engineering and costing has not been completed. In addition, a number of involve public-private
partnerships,and little detail is available regarding the specific projects.
Most of the initial funding needs for the catalyst projects are associated with design and
engineering studies. The following is a brief summary of funding needs by general timeframe:
FUNDING STRATEGIES PAGE 9
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'4-
llND1NG STRA`I•tO1C.5
Within the preceding tables, a substantial level of staff time has been allocated to project
implementation. Another alternative for the City is to utilize consultants for some of this work,
funded either directly by the City or through Urban Renewal(Tax Increment Financing).
The availability of Tax Increment Financing through an Urban Renewal District will be a key
determinant in the timing and viability of many of these catalyst projects. The funding
requirement for some of these projects is substantial, and finding alternative sources of funding at
appropriate levels will be difficult.
III. INCENTIVES TO CATALYST PROJECT
DEVELOPMENT
Framework for evaluating tools
The Downtown Improvement Plan envisions a series of projects, many of which can be directly
implemented by the City. For these projects, the primary issue is identifying available funding.
The more complicated projects also involve participation of the private development community,
and the City will need to direct to the extent possible private development activity to meet public
sector objectives.
In general,policies to impact development in the study area can be organized into two categories:
incentive-based approaches and regulatory approaches. The incentive-based approaches are
typically voluntary and offer various `carrots' to developers to encourage them to develop
targeted project. Regulatory approaches are not voluntary. The City can require that developers
meet development objectives through mandated policies.
ve tools can be evaluated using
Alternative the following three criteria:
• Effectiveness.How great an effect is the policy likely to have on increasing density,
given the likely range of its application and the existing policy framework in the Metro
region?
• Cost.What will it take to implement the policy?
• Equity.Who is likely to pay that cost?
Incentive-based approaches
Table 1 summarizes the different policy tools government can use to make it easier for developers
to do what elected officials,and the citizens they represent,want.
The table is organized from the least direct to the most direct incentives. The first two allow the
targeted development to occur. The next three provide guidance or information that facilitates
development. The next three provide financial incentives through regulatory relief—not a direct
transfer of funds,but a means of allowing a developer to keep more of its financial resources. The
final five provide direct financial assistance to developers.
FUNDING STRATEGIES PAGE 11
g1;II
TABLE 1:INCENTIVE BASED APPROACHES
Policy Mechanism; Effect on Density Cost Who Pays
Comments
Increased permitted Allows densities at higher These types of approaches Small:requires Taxpayers through
density level than previously only work if density limits change to zoning local government
Density bonus allowed are below what the market code
Development rights determines in the highest
and best use.
transfer
Mixed-Use zoning Allows flexibility to mix Weak:May or may not Small:requires Taxpayers through
uses.This policy can be increase density. change to zoning local government
either an incentive code
("allow")or a regulation
•
("require")
Policy Mechanism; Effect on Density Cost Who Pays
Comments
Regulatory relief:fee Wide range:reduces Strong:direct effect on the Moderate to high: Taxpayers through
reduction SDCs,building fees, cost of development loss in revenue to local government
exactions,etc. local government
Regulatory relief: Wide range:allows Strong:increases density Small:requires Taxpayers through
design standards narrower streets,less directly and can decrease change to zoning local government
parking,smaller setbacks, developer costs by code
less landscaping increasing revenue-
generating space
Land assembly Acquisition,by voluntary Strong:increases Moderate Taxpayers through
negotiation or eminent marketability of downtown local government
domain,of contiguous for development
parcels to create large community
developable tracts
Subsidy for Direct grants or guaranteed Strong:direct effect on the High:significant Taxpayers through
development/public or low-interest loans for .. cost of development use of public funds local,state,or federal
investment land,infrastructure, government
parking,etc. Financing tools
Property Tax Abatements include Urban
Renewal(Tax-
Increment Financing)
or non-local funding
sources
Property Tax Ten year property tax Increased net operating Modest;Short term Taxpayers through
Abatements abatement for qualified income or achievable sales loss in property reduced assessed
residential and mixed-use prices,enhancing return taxes can be offset valuation for local
development and allowing for higher by long term gain service providers
density. in value.
Low Income Housing Tax credit program Can improve the viability Low:federally HUD
Tax Credits administered by OHCS of rental housing projects funded
Source:ECONorthwest and Johnson Gardner,Metro Urban Centers:An Evaluation of the Density of Development,
July 2001.
Many of these approaches are not necessarily focused on increasing density, but on encouraging
redevelopment and infill. Redevelopment and infill are important because of the already
developed landscape in downtown. It is possible, however, that new development in downtown
could continue to be at lower densities than the 2040 Center design type describes without
incentive or regulatory-based intervention.
FUNDING STRATEGIES PAGE 12
lit4,•
Regulatory approaches
Table 2 summarizes the different policy tools local governments can use to make it harder for
developers to do what elected officials,and the citizens they represent, do not want.
TABLE 2:REGULATORY APPROACHES
Policy Mechanism; Effect on Cost Who Pays Side Effects
Comments Density
Minimum-density Requires that Strong: Requires fundamental Taxpayers through local Unless minimum density
zoning development meet ensures minimum change to zoning code government for code or accurately reflects the
some minimum expectations are met and comprehensive plan plan changes market,the regulations
requirement for But can preclude any Reduces the value of Landowners lose value could drive some
density development if land when it precludes if highest and best use developers to other parts
market is not ready development of the was at the lower density of the region or outside
for higher-density property under its zoning the region,where they
development highest and best use can develop at lower
densities.
Phased AIlows placement Strong:prevents Small:additional Taxpayers through local Limited,but no assurance
Development of buildings to preclusion of higher planning,some higher government for that the higher densities
allow future infill future densities but development costs planning will ever be achieved.
allows development Developer pays for any
to occur. additional costs of
development
Mandated mixed Requires Weak:may or may Small:requires change Taxpayers through local Shorter trips
use commercial uses to not increase density to zoning code government More transit use
mix with residential. Could reduce land Developers or property� P per' Potential conflict
values if inappropriate owners if land values between uses
for site. impacted.
Source:ECONorthwest and Johnson Gardner,Metro Urban Centers:An Evaluation of the Density of Development,
July 2001.
Potential Local Financing Tools
The previously outlined policies almost all require some level of financial commitment. The City
has the ability to fund a number of projects identified as part of this project through their Capital
Improvements Program(CEP), and have set aside over$1.8 million in the fiscal year 2005-06 CIP
for projects in Downtown Tigard.
FUNDING STRATEGIES PAGE 13
L
IS IF
TABLE 3:FISCAL YEAR 2005-06 CAPITAL IMPROVEMENT PROGRAM
CIP Project Catalyst Project Amount
Land Acquisition(Area 2-Downtown Revitalization 1-2 acres) Fanno Creek Public Area S200,000
Downtown Streetscape Design/Phase I;Implemetation-Main Street Streetscape Enhancement Program $350,000
Downtown Improvements Streetscape Enhancement Program 5150,000
Burnham Street-Design&Right-of-Way Streetscape Enhancement Program S300,000
Consolidation of Public Works Facilities Downtown Housing Development $500,000
Greenburg Rd/Hwy 99W Intersection-Feasibility Study Hall Blvd.Regional Retail $40,000
Fanno Creek Park Outdoor Exercise Trail Fanno Creek Public Area $15,000
Commercial Street Sidewalk(Lincoln to Main St) Streetscape Enhancement Program 5250,000
Walnut/Ash/Scoffins Streeet Connection Feasibility Study Ash Avenue Downtown Improvement S40,000
Total S1.845.000
Local governments and urban renewal agencies also have a variety of tools that can be used to
finance urban renewal projects. The following information lists short explanations of the more
commonly used tools that could potentially be used in the area.
Urban Renewal District—Establishing an urban renewal district provides a number of tools
to realize urban renewal projects. A more detailed description of urban renewal as a tool is
included in this memorandum as Section IV.
Bonds - Local governments and urban renewal agencies can issue a variety of debt
instruments, known as bonds to finance public and private purpose projects. Bonds can only
be used to finance capital costs;they cannot be used to pay for operating costs.
If bonds are issued to pay for public improvements (such as streets,parks, public buildings,
etc.) interest paid on the bonds is exempt from state and federal taxation, making them an
attractive investment option. Tax exempt bonds generally carry interest rates lower than
commercial bonds of similar credit quality.
If bonds are issued to pay for projects which include elements that benefit private activities
(commercial establishments or businesses), and that benefit is more than 10% of the bond
issue, interest paid on the bonds will be taxable. Taxable bonds will carry higher interest
rates than tax exempt bonds.
There are three general types of bonds that may be used to finance projects within an urban
renewal district:
a. General Obligation Bonds — General Obligation Bonds must be approved by voters
and are backed by the power of the issuer to levy a property tax to pay debt service
on the bonds. Cities and counties are authorized to request voter approval for
General Obligation bonds; urban renewal agencies are not. Because these bonds are
backed by the power of the issuer to levy taxes, General Obligation bonds generally
command the lowest interest rates. An example of a General Obligation Bond is the
Library Bond approved by voters to build the new Tigard Library.
FUNDING STRATEGIES PAGE 14
; '1.
b. Revenue Bonds—Revenue Bonds are backed by the stream of revenue generated by
a particular system or facility. Revenue bonds are generally considered less secure
by bond markets because the promise to repay is based solely on the revenue-
generating capacity of an identified facility or system. Interest rates are generally
higher than those commanded by General Obligation bonds, and are very dependent
upon the current and projected health of the revenue stream being offered as security.
Jurisdictions that operate facilities or systems are authorized to issue Revenue Bonds
without prior voter approval. Examples of revenue bonds include Water Revenue
Bonds,Parking System bonds,and recreation System bonds.
c. Tax Increment Bonds — Tax Increment Bonds are a specialized form of Revenue
Bonds. Debt service is paid by the revenue stream from the "increment" generated
by the district from normal growth in the district's assessed values and new
development. Bond markets generally look for some history of increment generation
before they are wiling to consider purchasing Tax Increment Bonds.
Grants-A variety of state and federal agencies periodically issue grants which could be used
for redevelopment purposes. Grants may be for general purposes (such as Community
Development Block Grants — CDBG) or may be for very specific purposes. Grants may
require local matches of cash or in-kind services, and often contain specific restrictions or
requirements on use. Granting agencies will require reporting on grant-funded activities or
projects, and some federal grants will contain provisions such as vesting ownership of any
equipment purchased in the federal government. If grants are available, they are usually a
good way of financing local projects.
Business Improvement (BID), Economic Improvement (EID), or Local Improvement
Districts (LID) - State law allows the creation of a variety of local districts that could overlay
an urban renewal district. These special assessment districts allow local property owners to
come together to form a district and to create assessments on properties within that district to
achieve certain defined goals. BIDs and EIDs are generally used to pay for specialized
operating or non capital costs (such as a higher level of street sweeping or police patrol or
district-wide marketing efforts.) LIDs are commonly used by cities to install public
improvements which are of special benefit to properties within a defined area.
Tax Abatement- State law allows local jurisdictions to abate taxes for properties that meet
certain requirements, which agree to engage in certain improvements, or which provide
certain services. (For example, provision of low income housing.) Tax abatement can be a
useful tool in helping projects assemble construction financing or cover ongoing operating
costs, but when offered within urban renewal areas, may tend to offset growth in tax
increment.
Hotel/Motel Tax or Specialized Taxes - A Hotel/Motel (Transient Lodgings) Tax is a
specialized tax that is levied on hotel and motel room rentals. Prior to 2003, Hotel/Motel
taxes could be used for a variety of governmental purposed. The 2003 Legislature adopted a
statewide Hotel/Motel tax and at the same time pre-empted any new local Hotel/Motel other
than those dedicated to "tourism development." "Tourism development" may be broadly
defined, but that would have to be researched to determine whether a local Hotel/Motel tax
could be used to benefit redevelopment.
FUNDING STRATEGIES PAGE 15
At,
S;N
Authority for other types of specialized taxes (such as business taxes, local sales taxes, etc.)
currently exists,but it is not clear whether any of these would be an option for Tigard.
Development Impact of Alternative Tools
A number of potential actions have been identified to encourage higher density development
forms within the Downtown Tigard study area. This section addresses the tangible general
implications of these actions, and their ability to affect final development forms.
The following is a brief summary of the implications of potential actions on the general viability
of projects.
Reduce Planning and Information Costs
The reduction of planning and information costs improves viability in a number of ways.
Increased certainty regarding what will be approved and abbreviated approval timelines lower the
level of uncertainty associated with entitlement, which lowers holding costs and may lower the
required return parameters. This can have a substantial financial impact on the development, as
well as lowering the required yield to induce new development.
Land Assembly
By assisting in land assembly, the City can reduce carrying costs as well as uncertainty.
Development of some of the identified catalyst developments will require a complex assembly.
Private sector developers are reluctant to initiate developments requiring complex assemblies,
which would be required for some of the catalyst projects identified. The City can selectively use
its powers of condemnation or strategic acquisitions to assist in providing developable sites
consistent with public policy objectives.
Direct Grants/Parking Subsidy
These types of actions have a direct impact on the bottom line, delivering a large impact but at a
large cost. The present value of grants is fairly straightforward to calculate, as is removing the
cost of structured parking from a project. Low interest loans provide a number of benefits. First
of all, they typically reduce the equity requirement for the project, with equity carrying a
relatively high cost for the development. This can be through a better debt coverage ratio
associated with lower-cost funds, and/or a lower equity requirement per the terms of the debt. A
commonly used tool is subordinated or second position debt, which is debt secured by a second
position in the property. This can be used to reduce equity requirements. This type of debt is not
typically available in the market, as it is not adequately secured by real property.
Tax Abatement
Measures to reduce ongoing property taxes Resdentiai Tax Abatement
have a significant impact on viability. Tax Asameei Vdue(AV) $160,000
abatement programs are the most commonly Tax Rate 1.50%
used of these types of measures,typically with Annud PropertyTaces $2,400
a term of ten years on qualifying projects. As Abatanent Period/Years 10
shown in the table to the right, a ten year tax Aimed Escalation Rzfe 3.0%
abatement has a discounted value roughly Total Vdue $27,513
equal to between 11% and 12% of assessed Assumed Discount Rate 10%
Presat Vdue(Disoounted) $18,173
Pret Vdue'Aed Vdue 11.4%
FUNDING STRATEGIES PAGE 16
I
value. For an income property such as a rental apartment project,this value is realized directly by
the developer. For a condominium unit, the abatement goes to the purchaser, and the developer
needs to realize a pricing premium on the unit consistent with the value of the abatement. Two
programs are currently available under Oregon State law, for multiple unit housing (ORS
307.600)and vertical housing(ORS 285C.450).
Low Income Housing Tax Credits
HUD, through the State of Oregon's
Low Income H ousn Tax Credits''``;
Housing and Community Services, Qualified Cost $90,000
provides tax credits for affordable housing
Credit Percentage 4.00%
projects. These credits significantly Credit Period/Yeas 10
improve the viability of many rental
projects, despite limits on rents that can be Total Value $36 000
Aimed Discount Rae 12%
charged. As shown in the table to the right, Preant Vdue(Discounted) $22,782
the present value of a 4% tax credit can be Pre t Value'Quaiified Cost 25.3%
equal to a quarter of qualified cost. While
qualifying projects typically must demonstrate a rent advantage relative to what is achievable in
the market,the program still provides for a net boost in viability.
W. URBAN RENEWAL DISTRICTS
While a variety of funding options and policies have been discussed in this memorandum, by far
the tool with the greatest ability to generate substantial revenue for targeted investments is
establishing an urban renewal district. The projects outlined in the plan will likely require a
substantial public investment, and an urban renewal district is one of the few tools available that
can generate adequate revenue to realize the vision.
The basic idea behind urban renewal is simple: future tax revenues pay for revitalization efforts.
A jurisdiction adopts an urban renewal plan which includes a line around an area it finds to be in
need of public investment (the urban renewal boundary) and necessary improvements within that
area. The urban renewal agency then issues urban renewal bonds to pay for the identified
improvements. (The amount of bonds issued is usually limited by the typically low tax increment
revenues available at the beginning of an urban renewal plan.)As property values increase in the
area due to new investment, the rise in property tax revenues (called "tax increment") is used to
pay off the initial urban renewal bonds and to support additional bonds. This financing method is
called tax-increment financing, and it is the most common method of paying for improvements in
an urban renewal area.
FUNDING STRATEGIES PAGE 17
Urban renewal funds can be used for a variety of investments, such as:
• Redevelopment projects;
• Economic development strategies, such as small-business loans or loan programs;
• Housing loans and other financial tools for ownership and rental housing;
• Streetscape improvements, including new lighting, trees, sidewalks,pedestrian amenities,
etc.;
• Transportation enhancements, including light rail, streetcar, intersection improvements,
etc.;
• Historic preservation projects; and
• Parks and open spaces.
Urban renewal is a way to focus resources on a particular area, and to use public resources to
stimulate and leverage much larger private investments. Specific public-improvement projects
can come about as a result of local, state and federal grants, private investment and donations,
city general fund allocations and other sources of public financing. Each of these options has its
particular drawbacks. Competition for projects funded by the city's general fund is intense. Grant
money is similarly competitive, time-consuming to obtain, and usually arrives with strings
attached. Tax-increment financing is a simple and reliable financial tool.
The Downtown Task Force Funding Working Group recommended further investigation of
establishing an urban renewal district to generate dedicated revenues to pay for needed
improvements in Downtown Tigard. The Tigard Charter currently prohibits any renewal districts
without a citywide vote. The following is a brief overview of the general advantages and
disadvantages of urban renewal:
Advantages:
• Creation of a dedicated funding source that grows with growth in assessed values in the
urban renewal district and that can be used to pay for needed improvements.
• Public improvements paid for by urban renewal will spur private investment that will
further increase values in the district, and will accommodate job and housing growth
• Once the urban renewal plan is accomplished and all bonds are paid off, the assessed
value is returned to the general tax rolls and help pay for citywide service.
Disadvantages:
• Urban renewal "locks up"growth in assessed values during the life of the urban renewal
plan, thereby limiting growth in tax revenues for all overlapping taxing jurisdictions.
• Urban renewal mechanics are complicated and difficult to explain to the public in an
election setting.
• Creation of an urban renewal district requires the active support of major property
owners within the proposed district.
• Urban renewal requires a vote and approval by the citizens of Tigard.
A commonly asked question with respect to urban renewal districts is their impact on other taxing
entities, most notably schools. Urban renewal does not directly affect a school system's operating
budget because schools are funded by the state on a per-pupil instead of a property-tax basis.
Other taxing jurisdictions' share of tax revenue from property inside the urban renewal area
boundary is frozen for the length of the urban renewal area,usually 20 or 30 years.Because of the
public investments made during that span, however, those taxing jurisdictions should see
FUNDING STRATEGIES PAGE 18
substantial increases in future tax collections. Taxing jurisdictions also are protected from
significant impact by state limits on how much of a municipality can be designated an urban
renewal area.
The formation of an urban renewal area does not result in new taxes. Urban renewal activities are
financed by bonds. These bonds are repaid from the property taxes generated by the increase in
value, over time, of properties within the boundary. Although property values within an urban
renewal area are likely to rise,property taxes are based on assessed values,which are limited to a
3-percent annual rise in most cases.
In urban renewal areas, public investment is used to stimulate private investment on a much
larger scale. The amount of urban renewal funds invested in any one area is small compared to
the private investment that follows. Urban renewal is primarily used to update and improve an
area's infrastructure -- and to provide incentives for desired development such as affordable
housing, family-wage jobs and building refurbishment. The result is that private investments pay
for the lion's share of new building construction and renovation costs in urban renewal areas.
V. RECOMMENDED FUNDING STRATEGY
The most appropriate tools for the City of Tigard to use in accomplishing its objectives for the
Downtown Improvement Plan are: grants(Metro Transit Oriented Development);land assembly;
property tax abatements; and establishing an urban renewal district. A number of these tools are
currently in place, or may be easily activated to generate revenue. There are one or two other
tools that are not currently in place, and will require public approval to establish. Together,these
tools and recommendations regarding priority and timing of activities to activate or establish
them constitute the recommended funding strategy for carrying out the Tigard Downtown
Improvement Plan. Many of these recommendations and activities will be incorporated within
the Incremental Implementation Strategy proposed with the Downtown Improvement Plan.
Available Tools
As indicated above, Tigard has a number of financing tools currently in place, or easily
activated to generate revenue. A list of these tools and the activities needing to be
pursued to enable the City to generate the level of funding necessary to carry out the
range of improvements recommended by this plan is provided below.
❑ Tool: Land Assembly
o Action: Pursue land assembly of identified key parcels.
o Time Frame:Immediate, and throughout the planning period.
L Tool: Tax Abatements
o Action:Allow for property tax abatements for dense housing
development,under the State's Vertical Housing Tax Credit Program
o Time Frame:Immediate
o Note: Can impact tax increment revenues in an urban renewal district.
Tool: Grants(Metro, etc)
o Action: Apply for Federal, State and Regional grants to help fund
catalyst projects
o Time Frame: Immediate and ongoing
FUNDING STRATEGIES PAGE 19
XI ,
Recommended New Tools
For the reasons mentioned earlier in this memorandum, there are additional, appropriate
financing tools that are not currently in place, and will require public approval to
establish: Urban Renewal District and Improvement Districts (Business (BID),
Economic (ED)or Local(LID)). The activities needing to be pursued to enable the City
to generate the level of funding necessary to carry out the range of improvements
recommended by this plan is provided below.
• Tool: Urban Renewal District
o Action: Prepare an Urban Renewal District Study,prepare campaign for
City-wide vote
o Time Frame: Immediate start, one to three years to implement if
successful
• Tool: Business or Local Improvement District
o Action: A Business Improvement District recently failed to get the
required 51% support. The need for these districts would be negated if
an Urban Renewal District was in place.
o Time Frame: One to Five Years
VI. CLOSING COMMENTS
It should be noted that implementing the recommended Downtown Improvement Plan is not
reliant upon any one of the above funding sources being available. By way of example,it is clear
that the use of urban renewal would provide the most significant source of funding for the
development and redevelopment of Downtown Tigard; to create an urban renewal district
requires voter approval, given the Tigard City Charter. Should the City pursue establishment of
an urban renewal district and the action not be supported by the voters, the Plan would still be
capable of being carried out. However,the length of time to generate other revenues to make the
public investments needed to spur private investment would lengthen considerably.
FUNDING STRATEGIES PAGE 20