TCDA - PAGE

FY 2019-2020 INFORMATION PAGE

TOWN CENTER DEVELOPMENT AGENCY

City of Tigard 13125 SW Hall Blvd. Tigard, OR 97223

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TOWN CENTER DEVELOPMENT AGENCY BUDGET COMMITTEE

Chris Bence Mayor Jason Snider Timothy Cadman Councilor Tom Anderson Chelsea Nance Councilor John Goodhouse Clifford Rone Councilor Heidi Leub Stephanie Veal Councilor Liz Newton Leah Voit, Alternate

TOWN CENTER DEVELOPMENT AGENCY BOARD

Jason Snider, Chair

John Goodhouse Heidi Leub

Tom Anderson Liz Newton

EXECUTIVE DIRECTOR

Marty Wine

COMMUNITY DEVELOPMENT DIRECTOR

Kenny Asher

REDEVELOPMENT PROJECT MANAGER

Sean Farrelly

FINANCE and INFORMATION SERVICES DIRECTOR

Toby LaFrance

Town Center Development Agency City of Tigard

Fiscal Year 2019-2020

Adopted Budget

PAGE 2 - CITY OF TIGARD

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FY 2019-2020 INFORMATION PAGE

Transmittal to the Town Center Development Agency Budget Committee and the Resi-dents of Tigard I am pleased to present the 2019-20 budget for the Town Center Development Agency (TCDA), Tigard’s urban renewal agency. The TCDA oversees the revitalization of the Tigard Triangle and the City Center Urban Renewal Areas and the implementation of their respective Urban Renewal Plans. The primary funding source for the identified urban renewal projects is tax increment financing. When each district 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 TCDA to fund approved urban renewal projects. The districts also leverage grant resources that contribute to re-development efforts. Although Tigard’s City Center Urban Renewal District (generally the area bounded by Hwy 99W, Fanno Creek Park, and Hall Blvd.) is modestly sized in area and in terms of debt capacity, there were several notable accomplishments in FY 2018-19. The Agency successfully negotiated with its tenant to free up the site of the proposed Universal Plaza, which will accelerate the project. An agreement with a developer to build a mixed-use project on the TCDA-owned Main Street at Fan-no Creek site is moving forward. Progress was made on the Fanno Creek Overlook, which will provide better access to the natural and recreational resources of Fanno Creek and the trail. Six businesses completed matching grant-funded building improvements, helping to strengthen down-town’s walkable business district. The Tigard Triangle Urban Renewal District (generally the area bounded by I-5, Hwy 217, and Pa-cific Highway) is an area of great promise, but also great challenges. New stores and offices co-exist with areas of dirt roads and no sewers. The maximum indebtedness totals $188 million dollars over 35 years, but as with all urban renewal districts, it will take a few years for the increment to build up. The Agency is working on Metro grant-funded “A New Tigard Triangle: Planning for Equita-ble Development” project. After extensive public engagement, an equitable development strategy, as well as a financial model and early designs on prioritized urban renewal projects will be pro-duced. Looking ahead to 2019-20, in the City Center urban renewal will fund the construction of the Tigard Rotary Plaza portion of the Tigard Street Heritage Trail, including a public restroom, a much-requested amenity. The concept for the Universal Plaza will be refined, and design and engi-neering will commence. Design and engineering will also start on Main Street Green Street Phase 2, which will finish the street improvement from the railroad tracks to Scoffins Street. Construction will potentially start in summer of 2020. In the Triangle, the TCDA will provide development assis-tance to support a new Community Partners for Affordable Housing 48-unit apartment building that will help address the region’s affordable housing shortage.

TCDA - PAGE 3

FY 2019-2020 INFORMATION PAGE

Respectfully submitted,

Marty Wine Executive Director

Tigard’s redevelopment efforts are stronger due to the time and commitment of volunteers who serve on the Town Center Advisory Commission, from the Tigard Area Chamber of Commerce, and the Tigard Downtown Alliance. We look forward to continued progress in the upcoming year thanks to these partnerships.

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CITY CENTER URBAN RENEWAL AREA MAP

TCDA - PAGE 5

CITY CENTER URBAN RENEWAL AREA FACTS

District Formation Date ................................................................................. May 2006 District Size (acres) ................................................................................................ 228.96 District Tax Lot Area (acres): ................................................................................. 185.6 District Right-of-Way Area (acres) ........................................................................ 43.36 Base Assessed Value ................................................................................... $69,207,378 Assessed Value (projected 2019) ............................................................ $113,288,167 Annual taxes levied (projected 2019) .............................................................. $560,000 Maximum Debt Limit: ................................................................................ $22,000,000 Debt Issued (2006-2018): .............................................................................. $3,244,382 Remaining Debt Limit (2019) .................................................................... $18,755,618 Principle Debt Outstanding (2019) .............................................................. $1,537,432

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TIGARD TRIANGLE URBAN RENEWAL AREA MAP

TCDA - PAGE 7

TIGARD TRIANGLE URBAN RENEWAL AREA FACTS

District Formation Date ................................................................................. May 2017 District Size (acres) .................................................................................................. 547.9 District Tax Lot Area (acres): ............................................................................... 383.04 District Right-of-Way Area (acres) ...................................................................... 164.86 Base Assesed Value .................................................................................. $424,596,907 Assessed Value (projected 2019) ............................................................ $449,105,237 Annual taxes levied (projected 2019) .............................................................. $293,000 Maximum Debt Limit: .............................................................................. $188,000,000 Debt Issued ....................................................................................................... $340,000 Remaining Debt Limit (2018) .................................................................. $187,660,000 Principle Debt Outstanding (2018) ................................................................. $340,000

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CITY CENTER CAPITAL IMPROVEMENTS

TCDA - PAGE 9

TIGARD TRIANGLE CAPITAL IMPROVEMENTS

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CITY CENTER URBAN RENEWAL DEBT SERVICE

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TCDA - PAGE 11

TIGARD TRIANGLE DEBT SERVICE

PAGE 12 - CITY OF TIGARD

FY 2019-2020 TOWN CENTER DEVELOPMENT AGENCY PROJECTS

Proposed City Center UR

Projects

City Center UR Plan Project

Category

Proposed

FY 19-20 Budget

Purpose/benefit

Public restrooms F3. Public Facilities: Public

Restrooms

$ 135,500 Public restrooms will be an amenity for Rotary

Plaza/Tigard Street Heritage Trail and for visitors to

downtown Tigard.

Fanno Creek Overlook E.2 Public Spaces: Plazas $ 319,000 The public space, including an overlook, would

provide better access to the natural and

recreational resources of Fanno Creek and the trail,

and serve as an attractive amenity for downtown

visitors and residents.

Burnham Plaza E.2 Public Spaces: Plazas $ 950,000 A large public gathering space will encourage a

broader range of active and passive recreational

uses in downtown and attract more residents and

visitors to the area.

Main Street Green Street

contribution

B.1. Streetscape

Improvements: Main Street

$ 100,000 Landscaping features, street trees and furnitures

are improvements that will enhance the physical

appearance of downtown and attract a broader

range of users, including shoppers, tourists and

commercial employers.

$ 1,504,500

UR Improvement program G.1. Planning and

Development Assistance:

Rehabilitation/Redevelopm

ent Grant/Loan Program

$ 75,000 Matching grants to property and business owners

for façade and tenant improvements have

strengthened participating businesses and

improved downtown’s position as a walkable

commercial district.

Management and

Administration of UR

Projects

$ 78,000 Repayment of administrative costs associated with

implementation of Plan

$ 153,000

$ 1,011,350

Proposed Tigard Triangle

UR Projects

Tigard Triangle UR Plan

Project Category

Proposed

FY 19-20 Budget

Purpose/benefit

Placeholder for top ranked

UR Projects

$ 1,000

$ 1,000

CPAH Red Rock Creek

Commons Development

Assistance

D. Re/Development

Assistance and Partnerships

$ 200,000 Partnership will facilitate 48 units of affordable

housing

Planning for Equitable

Development Project

E. Plan Administration $ 325,000 Metro grant funded project will provide and

equitable development strategy, UR Finance Plan,

and Triangle Infrastructure Investment Plan

Planning for Equitable

Development Project Grant

Match

E. Plan Administration $ 80,000 Match for Metro grant funded project will provide

and equitable development strategy, UR Finance

Plan, and Triangle Infrastructure Investment Plan

Management and

Administration of UR

Projects

E. Plan Administration $ 78,000 Repayment of administrative costs associated with

implementation of Plan

$ 683,000

$ 9,000 Total Debt Service

Total Capital Improvement Project

Total Debt Service

Total Programs

Total Capital Improvement Project

Total Programs