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Resolution No. 18-27 1 CITY OF TIGARD, OREGON TIGARD CITY COUNCIL RESOLUTION NO. 18-.-),7 A RESOLUTION AMENDING THE CITY CENTER URBAN RENEWAL PLAN BY ADDING THE DISPOSITION OF TWO PROPERTIES ON SW MAIN STREET (TAX LOT IDS 2S102AB02000 AND 2S 102AB02100) WHEREAS,ORS 457. 170 authorizes the Town Center Development Agency(ICDA) to acquire and/ or dispose of real property pursuant to its approved urban renewal plan;and WHEREAS, the City Center Urban Renewal Plan authorizes the acquisition and/ or disposition of real property within the Urban Renewal Area as determined by the Agency to be necessary to further the Goals and Objectives of the City Center Renewal Plan and as provided in Section VIII,paragraphs A and B;and WHEREAS, on November 24, 2015 the Town Center Development Agency acquired two properties on SW Main Street(Tax lot IDs 2S102AB02000 and 2S102AB02100);and WHEREAS,the City Center Urban Renewal Plan must be amended to add the disposition of these properties to the list of urban renewal projects;and WHEREAS,adding projects that add a cost in 2005 dollars of more than$500,000 and are materially different from projects previously authorized in the plan may be approved through a Council-approved amendment;and WHEREAS,the Board of the City Center Development Agency will also consider approval of the amendment by resolution. NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that: SECTION 1: The City Center Urban Renewal Plan is hereby amended with the language found in Exhibit A. SECTION 2: This resolution is effective immediately upon passage. PASSED: This fh Y da of 09,0t De City of Tigard eo&h.e, Ape r1&1e4 ATTEST City Recorder-City of Tigard RESOLUTION NO. 18-,2 7 Page I EXHIBIT A Proposed new text is shown in double- underline 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 these projects. Further, some of the projects described herein will require participation of other public agencies. In addition, real property acquisition and disposition are Projects under the plan as described in Section V, paragraphs H and I. I. Land Disposition The Agency may dispose of property acquired under the Plan by conveying any interest in property acquired pursuant to Subsection VIII A. Property shall be conveyed at its fair reuse value. Fair reuse value is the value,whether expressed in terms of rental or capital price, at which the urban renewal agency in its discretion determines such land should be made available in order that it may be developed, redeveloped, cleared, conserved or rehabilitated for the purposes specified in such plan. Because fair reuse value reflects limitations on use of the property to those purposes specified in the Plan,the value may be lower than the property's fair market value. Property disposition may be required to support development of retail, office, housing and mixed use projects within the Area. 1. Taxlots 2S102AD02800, 2S102AD02900, and 2S102AD03000; Burnham and Ash Avenue Properties 2.Taxlots 2S102AB02000 and 2S102AB02100. Main Street" Saxonv Properties"