CCDA Resolution No. 15-06 CITY OF TIGARD, OREGON
CITY CENTER DEVELOPMENT AGENCY
RESOLUTION NO. 15--0-
A RESOLUTION TO ADOPT A SUPPLEMENTAL BUDGET AMENDMENT
TO THE FY 2016 CITY CENTER DEVELOPMENT AGENCY BUDGET.
WHEREAS, the city acknowledges those items that were unknown at the time the FY 2016 Budget
was adopted;and
WHEREAS, the CCDA recognizes a total of$1,650,000 in additional requirements that are offset
by additional resources of equal amount.
NOW,THEREFORE,BE IT RESOLVED,by the Tigard City Center Development Agency that:
SECTION 1: The FY 2015-16 Budget is hereby amended as detailed in Exhibit A.
SECTION 2: This resolution is effective immediately upon passage.
PASSED: This1 D 41 of /Vl eLe-Yl? 6e t ,2015.
ua
Chair City of Tigard
City Unter Development Agency
ATTEST:
Recorder--City of Tigard City C ter Development Agency
CCDA Resolution No. 15- Q 6
Page 1
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FY 2016 City Center Development Agency Exhibit A
Special Supplemental
CCDA0L Burnham Street/Ash Avenue Development
A request totaling$1.65M is required to recognize the proceeds from the sale of three eontinguous
properties to Capstone Greenlight LLC for residential development.As a result of the developers agreement,
the developer will purchase the land from the city for S1.65 million.In tum,the city will pay$1.65 million
of the estimated$3.1 million in system development charges.This action will show an increase in Miscellaneous
revenues of$1.65 million along with an equal increase in capital program expenditures with the
Urban Renewal Capital Improvement Fund.
Q1 Revised Revised
Budget Amendment Budget
Urban Renewal Capital Improvement Fund
Resources Beginning Fund Balance $ 445,700 $ 445,700
Property Taxes S -
Franchise Fees S S -
Licenses&Permits S S
Intergovernmental S - S -
Charges for Services $ 84,000 S 84,000
Fines&Forfeitures $ - S -
Interest Earning% S S -
Miscellaneous S S 1,650,000 S 1,650,000
Other Financing Sources S S -
h-MI4crs In fnmi Other Funds S 190,300 S 190,300
Total Resources S 720,000 $ 1,650,000 $ 2,370,000
Requirements
Community Development S - S -
Community Services $ S
Policy and Administration S S
Public Works S S
Program Expenditures Total $ - $ S
Debt Service S S
Loans S S -
Work-In-Progress $ 720,000 S 1,650,000 S 2,370,000
Transfers to Other Funds S - S -
Contingency S - S -
Total Budget $ 720,000 $ 1,650,000 $ 2,370,000
Reserve For Future Expenditure $ - $ - $ -
Total Requirements $ 720,000 $ 1,650,000 $ 2,370,000