Ordinance No. 20564 - Laserfiche WebLink

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Projects will begin in FY17. Decisions on priorities of funding for Projects will be made by the Agency Board with community member participation identified in the Plan Section 900 followed by its annual budget process and at regular Agency Board meetings, all of which are open to the public. Construction of the Projects contemplated in the 2016 Amendment is expected to be completed by FY21. Debt issued to fund the projects is estimated to be paid off by FY27, depending on future tax increment revenue levels. The Agency shall convene not less than once each year the Expenditure Review Panel to (1) prepare a report on the activities of the Agency for the previous fiscal year, and (2) determine whether the Agency's expenditure of tax increment dollars was limited to the Projects and the associated administrative costs authorized by the Plan. Chapter 7: Estimated Amount of Money and Anticipated Year in Which Indebtedness will be Retired or Otherwise Provided For Under ORS 457.420 to 457.460 The contribution from the Agency for Projects is estimated at about $27M, including interest, premium, and other costs. The Projects will be funded with a combination of urban renewal tax increment financing under ORS 457 and other sources. The Agency may apply for funding from other federal, state, and local grants in order to complete the projects. In addition, the public facilities included within the Plan may also be funded in part with other public funds, such as systems development charges and general obligation bonds, among other sources. Oregon Revised Statutes require that each urban renewal district that receives property taxes include a "maximum indebtedness" limit in their urban renewal plan. "Maximum indebtedness" is a required spending cap for all property tax expenditures over a period of time. "Maximum indebtedness" is not a legal debt limit. It is more like a spending limit. Adopting a maximum indebtedness figure does not authorize or obligate the Agency to spend money or enter into debt. Within the maximum indebtedness limitation, the Agency Board has the ability to fund projects over time, either with cash or by issuing debt. Certain expenditures are included in the maximum indebtedness calculation and certain expenditures are excluded. For instance, cash payments for projects and administrative expenses are included in the calculation, but expenditures made from sources other than tax increment revenues are not included in the spending limit, such as Downtown Revitalization Loan Program funds. In addition, interest on debt is not included in maximum indebtedness, nor is the refinancing of existing indebtedness. The City Council amended the Plan in 1998 to include a maximum indebtedness limit of $33 million. The $33 million figure represented the amount that the Agency was allowed to cumulatively spend in tax increment revenues starting in 1998. That figure was based on Report on the 2016 Amendment 16