CCDA Budget - FY2016-2017 4110
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• ii City Center Development Agency
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CODA The City of Tigard's Urban Renewal Agency
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2016-17 Adopted Budget I Tigard, Oregon
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• FY 2016-2017 INFORMATION PAGE
City Center Development Agency
• City of Tigard
411,
• Fiscal Year 2016-2017
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• CITY CENTER DEVELOPMENT AGENCY BUDGET COMMITTEE
ID Bill Bigcraft Mayor John L. Cook
Don Fisher Councilor John Goodhouse
• Quinton Harold Councilor Marland Henderson
• Nathan Rix Councilor Jason Snider
Clifford Rone Councilor Marc Woodard
ID CITY CENTER DEVELOPMENT AGENCY BOARD
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• John L. Cook, Chair
• John Goodhouse Jason Snider
Marland Henderson Marc Woodard
• EXECUTIVE DIRECTOR
ID Marty Wine
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• COMMUNITY DEVELOPMENT DIRECTOR
111111 Kenny Asher
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REDEVELOPMENT PROJECT MANAGER for DOWNTOWN
• Sean Farrelly
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• FINANCE and INFORMATION SERVICES DIRECTOR
• Toby LaFrance
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CITY CENTER DEVELOPMENT AGENCY
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• City of Tigard 13125 SW Hall Blvd. Tigard,OR 97223
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• CCDA- PACE
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FY 2016-2017 BUDGET MESSAGE •
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Message to the Budget Committee and the Residents of Tigard •
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I am pleased to present the 2016-17 budget for Tigard's City Center Development Agency (CCDA).
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Tigard's CCDA is charged with the revitalization of downtown Tigard and implementation of the Ur- •
ban Renewal Plan,which was approved by voters in May 2006. The primary funding source for the
district is (property) tax increment financing,which is a financing tool that funds urban renewal pro-
jects.When the CCDA was established, the assessed valuation of the district was frozen. Property taxes •
collected on any growth in assessed value above the frozen base (called the tax increment) go to the •
CCDA. The district is also leveraging grant resources and rental income that contribute to redevelop- •
ment planning efforts.
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Tigard's Urban Renewal District is modestly sized geographically and in terms of debt capacity. Rede- •
velopment will depend on public and private investment that will contribute to revitalizing the down- •
town and create a foundation for continued tax increment growth.
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During 2015-16, the city made a key purchase of the Saxony property on Tigard's Main Street with •
Park Bond funding targeted for downtown. 2015-16 also saw the completion of two projects in the •
Strolling Street landscaping program, designed to encourage the beautification of spaces between build-
ings and public space and complement the investment in Main Street Green Street. The city continued •
in-kind support for the Tigard Downtown Alliance with events. Other major accomplishments in the •
area included groundbreaking for the $31 million Burnham and Ash mixed use project, completion of •
the Main Street gateways and public artwork,and successful application for a Metro grant for pre-
development activities at public and private sites near the Tigard Transit Center and Main Street called •
the Tigard Urban Lofts development. •
Looking ahead to 2016-17, feasibility,market analysis and finding a developer for the Tigard Urban •
Lofts project will be underway. The Agency will also provide a small amount in an Opportunity Fund •
for Strolling Street projects,Targeted Improvement, Facade Improvement and Skyline Improvements. •
The CCDA will further engage the District's merchants and business owners together with the Tigard •
Downtown Alliance to address parking challenges in Tigard's Downtown. •
Redevelopment planning for the Saxony site will be the major focus of this year. Commercial and crea- •
tive office mixed-use development is planned for the site.Assessing economic feasibility,land use ap- •
proval, and public involvement is planned for a 50,000 square foot mixed use building that includes •
public space fronting Fanno Creek. A Brownfields Cleanup Grant from the Environmental Protection
Agency was recently secured to facilitate this redevelopment. Because the property was purchased with S
Park Bond funds,the public space must be designated by January 2017, and the Parks Bond must be •
reimbursed through a sale to a developer or purchase by the Agency. •
Finally,the future Southwest Corridor Plan's high capacity transit alignment concepts include a station S
area in Downtown Tigard,which would present a unique revitalization opportunity for Tigard's Urban •
Renewal District. The presence of high quality, frequent transit service typically attracts transit oriented
development (defined as higher-density and mixed-use projects near transit),and how this Plan may
shape Tigard's Downtown will come into better focus in the upcoming year. •
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PAGE 2-CITY OF TIGARD •
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• FY 2016-2017 BUDGET MESSAGE
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• As has been the case for the last two years, the resources available for redevelopment programs are
• very limited, and the agency's window to borrow additional funds will stay constrained for several more
years.
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Tigard's redevelopment efforts are stronger due to the time and commitment of volunteers who serve
• on the City Center Advisory Commission, from the Tigard Area Chamber of Commerce, and the
Tigard Downtown Affiance.We look forward to continued progress in the upcoming year thanks to
• these partnerships.
• Respectfully submitted,
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• Marty Wine
• Executive Director
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• CCDA- PACE 3
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URBAN RENEWAL DISTRICT MAP •
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Urban Renewal District $ /
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Urban Renewal District Boundary � �
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PAGE 4- CITY OF TIGARD •
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• CITY CENTER URBAN RENEWAL AGENCY FACTS
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• District Formation Date May 2006
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• District Size (acres) 193.71
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• District Tax Lot Area (acres). 144.14
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• District Right-of-Way Area (acres) 49.57
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Base Assessed Value $69,207,378
Assessed Value (2014) $96,205,944
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Annual taxes levied (projected 2016) $434,000
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• Maximum Debt Limit: $22,000,000
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• Debt Issued (2006-2016): $3,244,382
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• Remaining Debt Limit (2016) $18,755,618
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Principle Debt Outstanding (2016) $2,107,178
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• CCDA- PAGE 5
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CAPITAL PROJECT FUNDS-URBAN RENEWAL CAPITAL IMPROVEMENTS •
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FY 2014 FY 2015 2016 2017 2017 2017 Adopted vs
411/
Description Actual Actual Revised Proposed Approved Adopted FY 16
Resources •
40000-Beginning Fund Balance 200,462 51,870 51,870 0 0 0 -100.0°° •
Total Beginning Fund Balance 200,462 51,870 51,870 0 0 0 -100.0°. •
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44501-Intergovemmental Revenue 461,000 179,000 200,000 500,000 500,000 500,000 150.00.
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Total Intergovernmental 461,000 279,000 200,000 500,000 500,000 500,000 150.0°.
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45320-Rental Income 0 78,155 0 78,000 78,000 78,000 100.0°° •
Total Charges for Services 0 78,155 0 78,000 78,000 78,000 100.0°. •
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49001-Debt Proceeds 0 1,300,000 0 0 0 0 0.0°° •
Total Other Financing Sources 0 1,300,000 0 0 0 0 0.0°.
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49930-Transfer In from Urban Renewal Debt Svc Fund 0 516,391 0 629,000 629,000 629,000 100.0°. •
Total Transfers In 0 516,391 0 629,000 629,000 629,000 100.0°. •
Total Resources 661,462 2,225,416 251,870 1,207,000 1,207,000 1,207,000 379.2% .
Requirements •
Program Expenditures .
CIP 0 6,495 0 0 0 0 0.0°. •
Community Development 0 0 0 U 0 187,000 100.0°. •
Total Program Expenditures 0 6,495 0 0 0 187,000 100.0•.
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Total Transfers Out III 0 0 0 0 0 0.0°. •
Total Work in Progress 610,461 1,764,429 200,000 1,207,000 1,207,000 1,020,000 410.0°. •
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Tatal Budget 610,51,2. 141111111.111111111111 •
Reserve for Future Expense 50,890 454,492 51,870 0 0 0 .100.0% •
Total Bayuiseroeals 661,462ziIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIM=IIIIIIIIIIIIIIIIIII •
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PAGE 6- CITY OF TIGARD 411
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• DEBT SERVICE FUNDS-URBAN RENEWAL DEBT SERVICE
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. FY 2014 FY 2015 2016 2017 2017 2017 Adopted vs
• Description Actual Actual Revised Proposed Approved Adopted F1'16 Revised
Resources
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• 40000-Beginning Fund Balance 837,512 834,559 834,558 382,000 382,000 382,000 -54.2°0
Total Beginning Fund Balance 837,512 834,559 834,558 382,000 382,000 382,000 -54.2°.
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40100-Current Property Taxes 325,652 344,366 397,000 434,000 434,000 434,000 9.3
III 40101-Prior Year Property Taxes 4,279 6,287 0 0 0 0 (LIP',
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Total Taxes 329,931 350,653 397,000 434,000 434,000 434,000 9.3°.
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• 45320-Rental Income u 0 86,000 (I 0 0 -100.0"o
Total Charges for Services 0 U 86,000 0 0 0 -100.0°0
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• 47000-Interest Earnings 28.116 1,663 1,000 0 0 0 -100.0"
IIITotal Interest Earnings 28,116 1,663 1,000 U 0 0 -100.0°°
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• 48001-Recovered Expenditures 105 U n 0 0 0.0°0
• Total Miscellaneous 0 105 0 0 0 0 0.0'.
. Total Resources 1,195,559 1,186,980 1,318,558 816,000 816,000 816,000 -38.1%
III Requirements
IP Program Expenditures
• Program Expenditures 0 0 0 0 0 0 0.0°0
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• Total Debt Service 0 21,534 166,799 167,000 167,000 167,000 0.1°.
• Total Transfers Out 0 516,391 0 629,000 629,000 629,000 100.0°.
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• Total Budget 0 537,925
• Reserve for Future Exp 1,195,559 649,055 1,151,759 20,000 20,000 20,000 -98.3°.
• Total Requirements 1,195,559 1,186,980 t 816,000 816,000 816,000 -38.1%
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. CCDA- PAGE 7
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FY 2016-2017 URBAN RENEWAL PROJECTS •
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Urban Renewal Programs Description Budget •
Nicoli/Transit Center Redevelopment Metro CET Grant funded pre- $110,000 •
Planning development work. ($10K CCDA match) •
Urban Renewal Improvement Program Opportunity fund for Strolling Street, $50,000
Opportunity Fund Targeted Improvement,Facade •
Improvement, and Skyline Improvement •
Architectural Design Concept drawings for public spaces and $15,000 •
parking garage
Urban Renewal/ Real Estate Advisors Urban Renewal Plan and financial review $12,000 ID
Total Urban Renewal Projects $187,000 •
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Urban Renewal Capital Projects •
Saxony demolition, clean-up and site A $400,000 Environmental Protection $505,000
preparation Agency grant would fund cleanup and •
part of site demolition. Requires $125,000 ID
of CCDA matching funds for demo and .
other site prep.
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• Transfer Payment for Saxony property Reimbursement of Parks Bond for land 5
acquisition $515,000 •
Total Capital Improvement Projects $1,020,000
Urban Renewal Debt Service ID
Debt Payments $167,000 •
Total Debt Payments $167,000 •
Total CCDA Budget $1,374,000ID
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PAGE 8- CITY OF TIGARD •
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