Urban Renewal and Tax Increment Financing

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Presentation transcript:

Urban Renewal and Tax Increment Financing

Urban Renewal Plan - 1989 Amended - 2005

How does Urban Renewal Work? A renewal area boundary is established The assessed value of all property in the boundary is established That total assessed value becomes the “frozen base” of value for the area Taxes collected in the frozen base continue to go to all taxing jurisdictions (City, county etc.) As growth occurs, the increment of increase goes to the renewal district (3% maximum increase allowed by Measure 50, plus taxes from new construction)

Tax Base Value Time

TIF Theory Base Year Plan Retired

TIF Theory Frozen Tax Base Base Year Plan Retired

TIF Theory Tax Increment Frozen Tax Base Base Year Plan Retired

Area Property Value Increase TIF Theory Area Property Value Increase Tax Increment Frozen Tax Base Base Year Plan Retired

Area Property Value Increase TIF Theory Area Property Value Increase New Tax Base Tax Increment Frozen Tax Base Base Year Plan Retired

The TIF Process Initiation - Determine feasibility Formulation - Create redevelopment plan Adoption - Public hearing, legal approvals Implementation - Manage projects, finances Termination - Dissolve tax district

Map of Boundary Changes

1999 2008

What did the Restructuring Accomplish? Removed 116 acres of land from the plan boundary to the north Added 162 acres to the south, bringing the downtown and South Umpqua waterfront area near downtown into the urban renewal plan area Added additional projects to be carried out under the plan Changed maximum indebtedness of the Plan from $30M to $77M. Extends Plan duration five years to year 2020.

Urban Renewal General Fund Statement of Resources and Expenditures

Urban Renewal Capital Fund Statement of Resources and Expenditures

Urban Renewal Plan Examples of major projects funded include: Stewart Parkway Bridge over I-5 Construction of Edenbower Blvd – Rennan to Stewart Parkway Walnut/Ward/Chestnut Improvements Acquisition around Sweetbriar Grant match for $M of airport grants Douglas Avenue Redevelopment Downtown Streetscapes Public Safety Center

Possible Projects in next 10 years Infrastructure Projects – about $5.4M Edenbower and Stewart Parkway; intersection reconfiguration and widening Add a right-turn lane on to Garden Valley, going north on Stewart Parkway Add landscaping at Garden Valley and Stewart Parkway Add a left-turn lane off Stephens to Douglas; provide $300,000 match for ODOT project Add a traffic signal at Chestnut and Stephens Douglas Ave. and Jackson; signalization improvements Douglas Ave. reconstruction project; Stephens to Chadwick Traffic signal fourth leg; Stewart Parkway and Mall entrance

Projects (continued) West Avenue Redevelopment Area – about $3.4 million Conduct planning study for the redevelopment/development of the area Assemble properties for redevelopment by the private sector Construct street, sidewalk, street light, storm drainage, and other infrastructure development identified in the redevelopment plan

Projects (continued) Downtown Projects – about $4.7M Completed Projects: Douglas Ave (Stephens to Chadwick) Street name signs unique to downtown Jackson, Stephens lighting improvements Main Street utility undergrounding feasibility Rose, Cass two-way traffic All-way stop control at intersections Clean sidewalks regularly New slurry coat on all streets Revise zoning to encourage activity Develop sign guidelines Entry signage Hire downtown manager (0.25) Develop downtown logo

Projects (continued) Waterfront Redevelopment – about $4M Enhance South Umpqua Riverfront near Downtown Administration/Miscellaneous – $2M Staffing and project implementation Local grant match Economic development projects at Roseburg Airport

Present

Downtown UR Projects Douglas Avenue Improvement Before After

Downtown UR Projects SE Stephens Improvements Before After

Downtown UR Projects Jackson Street Entrance Sign& Jackson Street Lighting

Streetscape Examples

COMPLETED FACILITY OCTOBER 2009

COMPLETED FACILITY OCTOBER 2009