Proposed Measure on the Ballot - May 2021
Measure #34-305 City Center Urban Renewal Plan Amendment
Shall the City amend the City Center Urban Renewal Plan, including increasing the amount of maximum indebtedness?
If the measure passes, it would increase the total amount of money that could be collected (maximum indebtedness) by $20.8 million and the length of time (duration) of the Urban Renewal Plan by nine years.
If the measure does not pass, the total amount of money that can be collected would not be increased, and the duration of the Urban Renewal Plan would not be extended.
Read the Explanatory Statement
If Passed, What Would This Measure Do?
The proposed measure would amend the existing City Center Urban Renewal Plan to increase the maximum amount that can be spent by $20.8 million and would add nine years to the duration of the Plan.
If passed, Funds generated from the proposed measure would be used for new projects within the City Center Urban Renewal Area, including:
- Designing and building new streets
- Universal Plaza Phase 2
- Parking Facility
- Tigard Heritage Trail Continuation
- Fanno Creek Trail Improvements
- Housing Development: funds for affordable housing
- Pedestrian Safety and Streetscape Improvements
- Land Acquisition: buying land for mixed-use development
The existing Plan was approved by voters in 2006 and has funded nearly 40 infrastructure and improvement projects and attracted almost $50 million in private investment to Downtown, including 234 new housing units, new streetscapes and pedestrian amenities, and 28 matching grants to downtown businesses.
If passed, implementation of the proposed measure would be managed by the City’s existing urban renewal agency board, which consists of the members of the City Council, with advice and recommendations from the Town Center Advisory Commission, made up of volunteer community representatives.
What Happens if the Proposed Measure Does Not Pass?
If the measure does not pass, the proposed projects would not be completed, the total amount of money that can be collected would not be increased, and the duration of the Urban Renewal Plan would not be extended.
Where is the City Center Urban Renewal Area?
The City Center is the area more commonly known as Downtown Tigard. The urban renewal boundary is located around Main Street, Hall Boulevard, and Fanno Creek Park.
Caption: City Center Urban Renewal Area Map
The revenue to pay for projects in an urban renewal area is generated by new development and property appreciation in the urban renewal area.
How Does Urban Renewal Work?
Urban renewal is funded through Tax Increment Financing (TIF). When an urban renewal area (URA) is formed, property values within the area are frozen, forming a “frozen base” at the time of the Urban Renewal Plan adoption. Tax revenue from this “frozen base” continue to go to all taxing districts in the area, including TVF&R, Tigard-Tualatin Schools District, and Washington County, for the duration of the Urban Renewal Plan. Revenue collected on any increases in property value that occurs from new development or appreciation is allocated to the Urban Renewal Agency for projects in the URA.
Urban renewal is meant to spur development that otherwise may not have occurred, taxing districts may receive more tax revenue in the future than they would have had urban renewal not occurred.
When the City Center Urban Renewal area expires, property tax dollars will be redistributed to the existing taxing districts.
For more information, visit: www.tigard-or.gov/urbanrenewal