Banks Urban Renewal 101

Vision 2037 Plan Adopted in August, 2017 Reviewed 21 different Banks planning documents Provides vision/projects for urban renewal implementation

Vision 2037 Plan - Recommendations Recognize and build on the three “districts” of Banks, those being Southtown, Mid-town and the Traditional/Historic Downtown. Commerce Street/Mill District could be considered a sub-district of Downtown. New streetscapes and upgrades, providing uniformity to the three districts on Main Street, but also being specific to and with differences in each. Create a new public multi-use plaza as a community and visitor focus, preferably connecting to Main Street and the new Westside UGB developable lands.

Vision 2037 Plan – Recommendations Set and codify new standards for commercial structures, specific to each district Set and codify standards for new industrial structures and developments to create quality and appropriate such developments with a rural feel. Continue banks emergence as a trailhead and recreation community through further trails and support areas, creating additional trailhead opportunities.

Banks Urban Renewal Goals Goal 1: District Identity Increase the vitality of Banks’ downtown. Strengthen the downtown’s role as the service, tourist and cultural heart of the Bank’s community. Goal 2: Economy Improve downtown Banks as a destination. Enhance the city’s identity and facilities to attract businesses to downtown Banks.

Banks Urban Renewal Goals Goal 3: Recreation Provide facilities and parks/public spaces to support the citizens of banks, tourism trade, downtown, and businesses. Goal 4: Transportation Improve transportation network to standards that will facilitate effective traffic flow and provide for increased pedestrian and bicyclist safety. Goal 5: Public Safety Coordinate with the Banks Fire District to provide public safety in the urban renewal area.

Banks Urban Renewal Projects District Identity Economy Recreation Transportation Public Safety

Boundary Map

What is Urban Renewal? Program to address blighting influences in specifically designated areas Authorized through Federal 1949 Housing Act, State Statute in 1951, authorized for cities/counties in 1957 Used throughout Oregon Provides Financing Mechanism to Implement City Plans: Uses increases in Property Taxes to Fund Projects in Area

What is Blight? Defined by the State Statute ORS 457 Generally covers: Underdevelopment or underutilization of property Poor condition of buildings Inadequacy of infrastructure including streets and utilities

State Limitations on Urban Renewal Population under 50,000 25% of Assessed Value of Property in City 25% of Acreage of City Existing Plan limitations: Can not be increased in size by more than 20% of original Plan acreage Maximum Indebtedness (MI) can not increase by more than 20% of original MI, indexing

How Does Financing in Urban Renewal Work? An area is designated as an urban renewal area The tax assessed value of properties within the area is frozen Taxes from that “frozen base” go to all taxing jurisdictions Increases in taxes over the “frozen base” go to the urban renewal agency for use in the Area

Projected TIF Revenues

What is Maximum Indebtedness MI is the total amount of funds to be spent on projects, programs and administration in an urban renewal area. MI of Banks UR plan = $30,000,000

Impacts on Taxing Jurisdictions Continue Receiving Taxes on Frozen Base Forego taxes on growth in Area “But For Urban Renewal” Local Options Impact Increased Tax Revenues After UR

How are Impacts Calculated by the Assessor?

Property Tax Bills Add all increases in Assessed Value in Area Distribute Amount to all Property Tax Bills in City Does Not Increase Tax Bills, Just Shows the Division of Taxes Bonds, Local Options after 2001 not impacted

Questions?