TCDA Resolution No. 19-07 CITY OF TIGARD, OREGON
TOWN CENTER DEVELOPMENT AGENCY
RESOLUTION NO. 19-L, '
A RESOLUTION OF THE TOWN CENTER DEVELOPMENT AGENCY
AUTHORIZING INDEBTEDNESS FOR CAPITAL PROJECTS DESCRIBED IN
THE URBAN RENEWAL PLAN FOR THE CITY CENTER URBAN RENEWAL
AREA.
WHEREAS, the Town Center Development Agency(the"Agency") is authorized by ORS Chapter
457 to incur indebtedness to carry out its urban renewal plan and by ORS Chapter 190 to enter into
intergovernmental agreements;and
WHEREAS, the City of Tigard expects to finance projects described in the City Center Urban
Renewal Plan,as it has been and may be amended in accordance with its terms (collectively,the
"Projects") in an amount not to exceed$5,495,000,and to refinance all or a portion of the City's
Financing Agreement with U.S.Bank National Association,dated September 2,2014(the
"Outstanding Borrowing"),which financed the acquisition of property within the City Center Urban
Renewal Area(the"Refunded Project");and
WHEREAS,the Agency agrees to pay the debt service related to the financing of the Projects and
refinancing of the Outstanding Borrowing from the tax increment revenues of the Agency's City
Center Urban Renewal Area;and
WHEREAS,the Projects and the Refunded Project are urban renewal projects described in the
Urban Renewal Plan for the City Center Urban Renewal Area;and
WHEREAS,City Center Urban Renewal Area is projected to have sufficient tax increment revenues
to pay the debt service on the City's financing of the Projects and refinancing of the Refunded
Project;and
WHEREAS,the Agency is willing to commit tax increment revenues from the City Center Urban
Renewal Area in amounts sufficient(1) to pay up to$5,495,000 in principal amount of financing for
the Projects,plus interest, (2) to refund all or any portion of the Outstanding Borrowing,plus
interest,and (3) to pay costs of issuance related to the financing;and
WHEREAS,the Agency has approximately$17,533,426 of unused maximum indebtedness in the
urban renewal plan for City Center Urban Renewal Area and is willing to use up to$5,495,000 of
that maximum indebtedness to finance the Projects.
TCDA Resolution No. 19-�2L�
Page 1
NOW,THEREFORE,BE IT RESOLVED,by the Tigard Town Center Development Agency that:
SECTION 1: Intergovernmental agreement authorized. The Board hereby authorizes
the Agency to enter into an intergovernmental agreement(the"2019 IGA")with the City that
obligates the Agency to pay up to$5,495,000 in principal amount,plus interest, to finance the
Projects and to pay a principal amount sufficient to refund the Outstanding Borrowing,plus interest.
The 2019 IGA shall constitute indebtedness of the Agency that is payable solely from the tax
increment revenues of City Center Urban Renewal Area and interest earnings on those tax
increment revenues.The 2019 IGA shall be in substantially the form attached to this resolution as
Exhibit A but with such changes as are approved pursuant to Section 2.
SECTION 2: Delegation. The Executive Director of the City Center Development
Agency,or designee of such official is authorized to act on behalf of the Agency under this
resolution,is hereby authorized,on behalf of the Agency and without further action by the Agency
Board to negotiate the final terms of and execute the 2019 IGA described in Section 1 of this
resolution,and to execute any documents and take any other actions that are desirable to assist the
City in financing the Projects and refunding the Outstanding Borrowing
SECTION 3: This resolution is effective immediately upon passage.
PASSED: This day of 2019.
C City of Tigard
wn Center Development Agency
ATTEST:
Recorder—City of Tigard
Town Center Development Agency
TCDA Resolution No. 19-
Page 2