corvallis downtown urban renewal overview

The Downtown Renewal Plan

Spring, 2009

Corvallis Downtown Urban Renewal District 3-09

Downtown Renewal

• A community planning and financial tool to help plan, build and pay for needed improvements over a long term without new taxes


Not your parents’ Urban Renewal

• Focus is on sustaining and building on an area’s strengths without altering identity

• No need to demonstrate advanced stages of decay (“blight”)

• Means for ongoing prosperity well into the future—before, not after, severe economic decline sets in

• Currently 55 Oregon cities/counties have implemented more than 85 plans


Summary of Corvallis program

• Not an additional tax• Freezes property tax revenues to taxing

districts within the area dedicating the regular yearly increases to assist with improvements within the area

• Through proposed and approved improvements = a more vibrant downtown

• Increased values = improved tax base for the future


Community planning references

• Central City description of downtown in Vision 2020– “Corvallis in 2020 boasts a Central City that is the vibrant

commercial, civic, cultural and historic heart of the county.”

• Initiative 1.2 in the Prosperity That Fits plan under Section 1 (business retention), Strategy 1– “No new tax created. Re-invests downtown value growth

into additional downtown improvements. Ensures downtown remains vibrant, heart of the community as proposed in Corvallis 2020.”

• Land use Topic Area: Goal 4, Strategy 3, Action 2 of the Corvallis Sustainability Coalition’s Final Action Plan– “Support urban renewal district to improve downtown

renovations.”


Previous study/participation

• Six public hearings

• Taskforce member outreach to community groups

• Planning Commission and City Council work sessions

• City Council approval of final draft sent to Planning Commission for consideration

• Planning Commission recommended approval to City Council after public hearing


•

Renewal Boundary:All investmentfrom this areato this area 3.28% of city land, 4.19% of value


Comparison to 2008 tax revenue

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5,000,000

10,000,000

15,000,000

20,000,000

Av Dedicated Revenue2008 Revenue


Tax Increment


Albany:CARA Tax Increment

Increase in

Assessed Value within

CARA * tax rate =

CARA Income


Albany:Increase in Assessed Value

Albany % Increase from 2002-2008 = 38.58%

CARA % Increase from 2002-2008 = 221.19%


Taxing District Considerations

• School District is compensated by state– State revenue is allocated according to number

of students, equalizes after noting local tax revenue

– Replenishment with annual state allocations

• Levies and Bonds issued after 2001 are not impacted


Fund projections

• The plan will generate approximately $35.6 million dollars over the 20-year term– The $35.6M is the maximum amount. Additional funds

would require new approval by Corvallis voters

– Districts average 20-year terms, but can end early

– Remaining funds at the end of the term are distributed back to taxing bodies

– Properties placed back on tax roll after URD ends are anticipated to significantly gain in assessed values


The Public Process/Governance

• Proposal brought to Downtown Commission• Public hearings• Evaluation by the commission as matched up to

goals and categories• Recommendation to City Council

• Council will act as Urban Renewal Agency• Public Input• Decision


Corvallis Downtown Commission

Michele Adams, General CommunityKavinda Arthenayake, OSU Kirk Bailey, Downtown Resident/adjacent neighborhoodB. A. Beirle, Historic PreservationLes Boudreaux, DCA Board MemberPat Lampton, Downtown Business Person*Catherine Mater, Downtown Property OwnerJim Moorefield, Neighborhood Housing ServicesBernie Sebastian, Cultural Resources/ArtsLiz White, Downtown Property OwnerJustin Wirth, Downtown Business Person


Downtown Renewal Goals

1) Promote public & private improvement

2) Improve streets, signage, pedestrian amenities, parks & open space

3) Address parking needs (including alternative modes)

4) Assist and encourage

housing development


Downtown Renewal Goals (cont.)

5) Rehabilitate building inventory

6) Invest in a sustainable and

greener downtown

7) Strengthen connections with

downtown (OSU & South Corvallis)

8) Support increased cultural opportunities such as expanded music and entertainment choices


Albany CARA Overview

To date, approximately $8.4 Million on projects including:– Grants for 18 small businesses owners in DT core as well as

Carousel, Low-income Elderly Housing $1,655,000

– Loans to 4 projects, larger renovations including upstairs rehabilitation of DT properties including Pix Theater, Law office, Jordan Jewelers $ 472,000

– Developer Assistance on projects including Willamette Community Bank, Ironworks, RCM Homes, David Johnson

$4,542,000– 1st Avenue Streetscape $1,170,307

– Non-Capital Projects (Fiber Optic line, Design, Riverfront Refinement plan, etc.) $ 484,962


Downtown Renewal Examples


Albany Civic Theater


Venetian Theater Then & Now


Jordan Jewelers Then & Now


Ames Building Before & After


Flinn Bldg.-Ames Upper Floor


Flinn Building Before & After


Photos Cont. – Flinn Building Upper Floor


Oregon Furniture Mart Before & After


Cusick Bank Building


JC Penny Building


~ Riverfront District ~


Old BuzzSaw, now Wheelhouse

Project Overview• 4 story building

• Restaurant on first floor

• 3 floors class-A office space

• Relocate Dave Clark walking path to river side


Noteworthy

• All current land use regulations, zonings, building codes and historic/greenway overlays remain in place

• Consistent with Vision 2020 to maintain healthy “heart of Corvallis”• Consistent with sustainability

– Efficient use of existing infrastructure– Supports efficient transportation

• No new “takings” powers• No pre-approved projects• Important to maintain flexibility• Toward specificity, the City has suggested proposed projects for the funds from first 5 years of the district (est. $1.9M)


Five-Year Proposed Projects

• Riverfront Path Improvement• Public Parking Investment• Downtown Signage and Locator Project• Structural Improvement Program• Historic Restoration/Renovation Program


In summation

• Stable funding source dedicated to ensuring a vital, vibrant downtown as described in many recent community planning projects

• Increased tax base during and after district due to improved assessed values within

• Accomplished from current and projected tax dollars – no new taxes

corvallis downtown urban renewal overview

Technology

tax rate

tax roll

downtown renovations

downtown renewal plan

downtown value growth

cara tax increment increase

city land

city councilcouncil