DOWNTOWN REDMOND
URBAN RENEWAL PLAN UPDATE
PREPARED FOR
Redmond Urban Renewal Agency
City of Redmond
Downtown Urban Renewal
Advisory Committee
Report on the Twelfth
Amendment to the Redmond
Downtown Urban Renewal
Plan
TEAM
Leland Consulting Group
WHPacific
Robert Yakas Design
GEL Oregon,
O
IInc.
April 2011
Contents Introduction .................................................................................................................................................. 1 100. Description of the Physical, Social and Economic Conditions in the Renewal Area ............................. 3 A. Physical Conditions ............................................................................................................................... 3 1. Land Area .......................................................................................................................................... 3 2. Topology and Geography .................................................................................................................. 3 3. Existing Land Use and Development ................................................................................................. 5 4. Building Occupancy and Conditions .................................................................................................. 6 5. Conditions – Traffic and Circulation .................................................................................................. 7 6. Conditions – Sidewalks and Streetscape ........................................................................................... 8 7. Conditions – Public Parking ............................................................................................................... 8 8. Conditions – Parks and Open Space .................................................................................................. 9 9. Conditions – Water and Sewer Services ........................................................................................... 9 10. Conditions – Comprehensive Plan Goals and Objectives ............................................................... 9 B. Social and Economic Conditions ......................................................................................................... 12 1. Property values and utilization ....................................................................................................... 12 2. Population and housing .................................................................................................................. 13 3. Income ............................................................................................................................................ 14 4. Employment .................................................................................................................................... 14 5. Lodging/Tourism/Convention ......................................................................................................... 15 200. Expected Service and Population Impacts of Plan .............................................................................. 17 300. Reasons for Selecting the Urban Renewal Area ................................................................................. 18 400. Relationship between Each Project Activity and Existing Conditions in the Project Area .................. 20 A. Property Assistance Program ......................................................................................................... 20 B. City Hall ........................................................................................................................................... 20 C. Housing Development Opportunity Fund ....................................................................................... 21 D. Circulation Study ............................................................................................................................. 21 E. Highway 97 Reroute Beautification ................................................................................................ 21 F. Business Park Master Plan .............................................................................................................. 22 G. Wayfinding ...................................................................................................................................... 22 H. Business Development Services ..................................................................................................... 22 I. Restaurant Capital Improvements Program .................................................................................... 22 J. Alternative Mobility Project............................................................................................................. 23 K. Business/Medical Park Development ............................................................................................. 23 L. Industrial Opportunity Fund ............................................................................................................ 23 M. Redevelopment Opportunity Fund ................................................................................................ 23 N. Evergreen Streetscape Improvements ........................................................................................... 24 O. Circulation Improvements .............................................................................................................. 24 P. Public Open Space ........................................................................................................................... 24 Q. Public Parking ................................................................................................................................. 25 500. Financial Analysis of Plan .................................................................................................................... 25 A. Estimated Project Cost and Revenue, Sources ................................................................................... 25 B. Leverage of Urban Renewal Funds ..................................................................................................... 27 C. Anticipated Start and Finish Dates of Project Activities ..................................................................... 27 D. Estimated Expenditures and Year of Debt Retirement ...................................................................... 28 E. Impact of Tax Increment Financing ..................................................................................................... 29 1. Estimated financial effect on local governments ............................................................................ 29 2. Estimated financial effect on schools ............................................................................................. 30 3. Effect on Bond Rates ....................................................................................................................... 31 4. Financial Feasibility of Plan ............................................................................................................. 31 600. Relocation ........................................................................................................................................... 32 A. Properties Requiring Relocation ....................................................................................................... 32 B. Relocation Methods .......................................................................................................................... 32 Appendix A: Revenue Assumptions for the Renewal Plan Area .................................................................... i A. New values added in Renewal Area ..................................................................................................... i B. Tax rates of overlapping taxing jurisdictions. ..................................................................................... ii Appendix C. Detailed Sources and Uses Schedule ....................................................................................... v Appendix D. Projected Incremental Taxable Value of Downtown District ................................................ vii Appendix E. Estimated Impact on Tax Rates – Overlapping Taxing Jurisdictions .................................... viii Appendix F. Map of Physical Conditions in the Renewal Area .................................................................... ix Introduction The Twelfth Amendment to the Plan provides for the following programmatic changes to the Redmond Downtown Urban Renewal Plan: •
•
•
•
•
Adds projects to Section 700. Amends the scope of existing projects in Section 700. Increases the maximum indebtedness from $27,136,719 to $120,717,081. Increases the Downtown Urban Renewal Area boundary from 599 acres to 701.7 acres, increasing the Renewal Area by 102.7 acres. Adds information on the City’s existing current plans and policies and compliance of the Plan Amendment to these. The Twelfth Amendment to the Plan provides for the following text changes to the Redmond Downtown Urban Renewal Plan, which are described in detail in the accompanying Plan Amendment document: 1. Section 100 Introduction‐ Replaces this section’s text. 2. Section 200 Definitions‐ Replaces this section’s text. 3. Section 300 Boundary Description‐ Replaces this section’s text and maps to reflect new boundaries of the District. 4. Section 400 Relationship to Local Objectives‐ Replaces this section’s text to reflect additional projects and updated local objectives. 5. Section 500 Proposed Land Uses‐ Replaces this section’s text and maps to reflect current Comprehensive Plan and Land Use maps and policies. 6. Section 600 Outline of Development‐ Replaces this sections text to reflect additional projects. 7. Section 700 Description of Projects to be Undertaken‐ Adds additional text to this section describing additional projects to be undertaken. 8. Section 750 Property Acquisition and Disposition‐ Adds this section to the Redmond Downtown Urban Renewal Plan.. 9. Section 800 Redeveloper’s Obligation‐ Replaces this section’s text. 10. Section 900 Relocation‐ Does not change this section of the Plan. 11. Section 1000 Future Amendments‐ Replaces this section’s text. 12. Section 1100 Latest Date for Issue of Bonded indebtedness‐ Replaces this section’s text to reflect a new last date for issuance of bonded indebtedness of June 30, 2031. 13. Section 1200 Financing Methods‐ Replaces this section’s text to reflect updated financing methods and a new maximum indebtedness of $120,717,081. 14. Section 1300 Citizen Participation‐ Replaces this section’s text. Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 1 The following Report on the Twelfth Amendment to the Redmond Downtown Urban Renewal Plan (the “Report”) provides supporting information to the Twelfth Amendment to the Downtown Urban Renewal Plan (the “Plan Amendment”) according to the requirements of ORS 457.085(3). Gathered from a variety of resources, the Report contains background information on the Downtown Urban Renewal Area (the “Renewal Area”), a blight analysis for the Renewal Area, project details for the projects added by the Plan Amendment and a financial feasibility analysis for the Plan Amendment. The Report is not a legal part of the Plan but is intended to provide public information and a basis for the findings made by the City Council as part of its approval of the Plan. The Report on the Twelfth Amendment to the Plan is a stand‐alone document and refers only to the changes identified in the Twelfth Amendment to the Plan. The Report on the Twelfth Amendment to the Redmond Downtown Urban Renewal Plan therefore makes the following changes and additions to the Report on the Downtown Urban Renewal Plan.
Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 2 100. Description of the Physical, Social and Economic Conditions in the Renewal Area (This Report adds the following text to this Section of the Report on the Downtown Urban Renewal Plan). Twelfth Amendment to the Downtown Urban Renewal Plan: This information is pertinent to the Twelfth Amendment to the Downtown Urban Renewal Plan and is reflective of the existing conditions of the Renewal Area in 2010 and the expanded boundary proposed by the Twelfth Amendment. A. Physical Conditions 1. Land Area The Redmond Downtown Renewal Area encompasses 701.7 acres of land area within the City Limits. The Twelfth Amendment to the Downtown Urban Renewal Plan increases the boundary by 102.7 acres. New land area consists of contiguous acreage with similar blighted conditions and renewal objectives as the Redmond Downtown Urban Renewal Plan. Please see Map 1 on the following page. ORS 457.220(3) provides that no land equal to more than 20 percent of the total land area of the original plan shall be added to the urban renewal areas of a plan by amendments. The original land area of the original plan was 585 acres. The Twelfth Amendment increases that acreage to 701.7 acres, approximately 19.9 % of the original land area of the original plan. ORS 457.420(2)(b)(B) provides that the total land area of a proposed urban renewal district, when added to the land area of existing renewal areas may not exceed 25 percent of the City's land area. The City’s current land area is approximately 10,449 acres. There are no other renewal areas within the City of Redmond. The total of all acreage in the Renewal Area represents 7 percent of the City's land area and is well within the 25 percent limitation prescribed by ORS 457.420. 2. Topology and Geography The Renewal Area consists of predominately flat land. An irrigation canal borders the project area on the east, and forms a natural barrier to east‐west traffic circulation. Soil conditions in the Renewal Area generally are rocky, and can add to the cost of excavation for building foundations, streets, and utilities. Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 3 Figure 1. Boundary as of the Adoption of the 12th Amendment Sources: Leland Consulting Group and City of Redmond Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 4 3. Existing Land Use and Development A detailed parcel by parcel land use inventory was undertaken in September 2010 of the amended Renewal Area and is summarized in Table 1. The results of the inventory were used to produce a land use map, shown in Figure F‐1 of Appendix F to this Report. The inventory shows the Renewal Area contains a significant amount of vacant and underdeveloped land. Of the categorized land uses, the largest percentage of acreage is undeveloped. The Renewal Area contains 168 parcels of land which are vacant, or contain only non‐structural improvements, such as parking lots, storage yards, etc. These parcels account for 27 percent (132 acres) of the Renewal Area’s total acreage, and are for the most part, located in the commercial and industrial zones. The Renewal Area is representative of Comprehensive Plan Zones that are meant to be reflective of the highest density and most intense development in the City of Redmond. The opportunity exists to promote higher density development on the undeveloped acreage in the Renewal Area. The most intense concentration of the Renewal Area's commercial uses is found in the core of the Renewal Area, particularly along Fifth and Sixth Streets. Commercial uses, which include retail, service, office, and auto‐oriented uses, comprise 319 of the 1,095 parcels, or 29 percent of the total. Retail uses, which occupy 73 parcels, comprise the majority of commercial development in the Area. Commercial services (other than dining/food service) occupy 59 parcels. Other commercial development in the Area is distributed proportionately between dining/food service, medical services, office, and auto sales and service uses, which represent 41 parcels, 44 parcels, 52 parcels, and 48 parcels, respectively. Commercial land parcels fronting on Sixth Street provide most of the pedestrian‐
oriented commercial uses. Commercial parcels fronting on Fifth Street typically comprise more auto‐
oriented uses, characterized by deep setbacks from the street to accommodate parking lots in front of the buildings. A recent zone change adopting a Downtown Overlay District has made many of these auto‐oriented uses south of Antler Avenue non‐conforming and the development of the lots substandard. Parcels in residential use comprise 503 of the 1,095 parcels in the Urban Renewal Area, or 56 percent of the total. However, reflecting the typically small parcel sizes generally associated with urban residential uses, residential parcels total only 115 acres, comprising only 24 percent of the total acreage within the Renewal Area. Of the 503 residential parcels, 451 are single family, 13 are multifamily, 31 are mobile homes, and the remaining 8 are mixed use residential/commercial developments. The bulk of the residential land uses in the Renewal Area are located east of NW Fifth Street and in the central portion of the Area. A newer housing development is located in the northeast portion of the Area, east of Highway 97 and west of NE Fifth Street, between Kingwood Place and Negus Way. A recent market analysis suggests that future demand for new housing opportunities in the Renewal Area exist. Industrial land parcels represent 14 percent (66 acres) of the Renewal Area’s total acreage, and institutional uses comprise 6 percent (27 acres) of acreage. The industrial acreage located in the northwest corner of the Renewal Area east of US Highway 97 boasts several significant undeveloped parcels that could be utilized to incent The rest of the Renewal Area’s acreage is encumbered in right‐of‐
way (e.g., streets, railroad, and canal areas, etc.). Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 5 Table 1: Existing Land Use Commercial
Commercial/Medical
Industrial
Institutional/Other
Residential
Undeveloped
Total
Parcel
Count
275
44
52
53
503
168
1095
Percent
25%
4%
5%
5%
46%
15%
100%
Acres
114
34
66
27
115
132
488
Percent
23%
7%
14%
6%
24%
27%
100%
Source: Leland Consulting Group 4. Building Occupancy and Conditions A survey of building use and occupancy in the amended Renewal Area was conducted in September 2010. The survey identified 893 parcels in the Renewal Area as containing buildings. The survey, which was of exterior building conditions only, evaluated the basic structural condition and level of maintenance of the buildings. Building conditions were categorized as "Average/good", "Needs Repair", and "Seriously Substandard.” Survey results show that 210 buildings within the Renewal Area are in seriously substandard condition, or in need of repair. The great majority of the properties in these categories are either commercial buildings in poor or fair condition located in the downtown core and the central portion of the Renewal Area, and suffer primarily from aesthetic obsolescence or older single‐family houses that have fallen into disrepair over time. Table 2 summarizes the results of the survey. A map of building conditions is provided in Figure F‐2 of Appendix F to this Report. Table 2: Building Conditions Average/good
Needs repair
Seriously substandard
n/a
Total
Parcel
Count
683
185
25
202
1095
Acres
271
58
11
148
488
Source: Leland Consulting Group As shown in Table 3 on the following page, the survey results found that 73 buildings within the Renewal Area are either vacant or partially vacant. While these vacancies are scattered throughout the Area, there is a higher concentration of vacant or partially vacant commercial buildings in the downtown core. Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 6 Table 3: Building Occupancy N/A
Occupied
Partially Vacant
Vacant
Total
Parcel
Count
205
817
33
40
1095
Acres
149
308
9
22
488
Source: Leland Consulting Group A map of building occupancy is provided in Figure F‐3 of Appendix F to this Report. Appendix F also includes a map of site conditions in the Area (Figure F‐4). 5. Conditions – Traffic and Circulation U.S. Highways 97 and 126 serve as the primary north‐south and east‐west arterials through Redmond. Originally US Highway 97 operated on Redmond’s local 5th and 6th Streets through the north‐south heart of the Renewal Area. One of the first projects called for in the 1995 adopted Redmond Downtown Urban Renewal Plan was to provide for a Truck Traffic Reroute for the US Highway 97 traffic, since the large volume of freight traffic utilizing US Highway 97 was detrimental to a thriving pedestrian‐friendly downtown. The successful implementation of the Reroute Truck Traffic project effectively moved most north‐south through traffic off of the local Fifth and Sixth streets onto the new US Highway 97 Reroute that parallels the railroad. As a consequence, the amount of traffic, especially truck traffic, has been reduced on the local streets. However, due to the limited access design of the new Reroute, main entry points to the Renewal Area from U.S. Highway 97 are limited to a full interchange north of the Renewal Area boundary, at SW Evergreen Avenue, at SW Glacier Avenue, and at SW Veterans Way. In addition, there are several limited right‐in/right‐out access points on the northbound and southbound sides of the highway. Fifth and Sixth streets now serve as a one‐way couplet system through the center of the City, primarily serving local Redmond traffic. Under existing conditions, the Renewal Area faces several access and circulation challenges, including access and circulation constraints in commercial and industrial employment areas to the north, the potential future loss of existing entryways/exits to Highway 97 (which will, in turn, impact the viability of existing employers such as St. Charles Hospital), access and circulation issues related to the Highway 97 reroute, which altered the function of Fifth and Sixth streets, access and visibility to downtown from Highway 97 and eastbound on Highway 126, and other key issues. Improving access to underutilized property through the construction of potential new road connections and collector streets, bicycle and pedestrian improvements, and the preservation of Highway 97 access, which has been cited as critical to the continued successful operation and planned future expansion of St. Charles Hospital, will make the Area a more attractive location for the professional, medical office, and industrial employers envisioned for the Area. Projects that improve traffic circulation, such as the signalization of key intersections, including the intersection of Highway 97 and Kingwood Avenue, are needed to strengthen the Area’s capacity to attract private investment. Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 7 6. Conditions – Sidewalks and Streetscape Recent streetscape improvement to Fifth and Sixth streets in the downtown core have dramatically improved conditions in this part of the Area. However, a field survey of sidewalk conditions was conducted in September 2010, which indicated that 35 percent of all parcels in the Area have missing or deteriorated sidewalks along their property frontage. The results of this survey are shown in Figure F‐5 of Appendix F to this Report. Properties with missing sidewalks or sidewalks in need of repair are present throughout the Renewal Area, in both residential and commercial areas. There is an especially high concentration of properties with missing sidewalks in the residential neighborhoods east of Fifth Street, in the central portion of the Renewal Area. The City of Redmond requires that new curb and sidewalk be installed as a condition of building permit approval in the downtown area. The streetscape environment on Evergreen Avenue, from the Highway 97 Reroute westward to the downtown core, is also deficient. Given that this portion of Evergreen Avenue is one of the primary entryways to the downtown core from Highway 97, enhancements to the streetscape environment, including sidewalk and lighting treatments similar to those on Fifth and Sixth streets in the historic downtown area, and a gateway treatment that clearly demarcates Evergreen as the entryway to downtown, are needed to increase the visibility of this important gateway to downtown and to help draw visitors off the highway to downtown businesses. 7. Conditions – Public Parking The greatest need for public parking in the Renewal Area is in the Downtown Overlay District representing the historic downtown core of the City and designated as a pedestrian‐oriented zone. Adequate off‐street parking is critical to the economic health of any downtown core. A parking inventory was conducted in September 2003 and a subsequent parking utilization analysis using the data was conducted in 2006. (2006 Downtown Action Plan Update). The parking inventory covered an area that sits mostly within the Renewal Area boundary and is bounded by Cedar Avenue on the north, Highland Avenue on the south, Ninth Street on the west and Fourth Street on the east. The inventory identified 1,000 on‐street parking spaces within the study area and another 443 off‐street parking spaces in 15 lots. One hundred twenty‐five (125) of the off‐street spaces were owned by the City and located in three public lots. In the downtown core, the off‐street peak parking utilization rate was 55 percent, with a daylong average utilization of 47 percent. The on‐street parking utilization rate was 47 percent, with a daylong rate of 36 percent. The remaining 318 off‐street parking spaces identified in the study were under private control. Private control of existing centrally located off‐street lots and restrictions on their use to specific building tenants and their customers poses an obstacle to visitors seeking convenient off‐street parking. Because of these restrictions, existing off‐street facilities do not effectively serve downtown businesses as a whole. In addition, there is a lack of clear signage directing visitors to available public parking. As a result visitors are often not aware of public off street parking facilities and may choose to patronize business outside of the Area with clearly visible off street parking opportunities. To address these issues, the Study recommended the development of clear and attractive signage to help visitors locate parking. In addition, the Study recommended the strategic development of off street Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 8 parking. The Plan’s increased emphasis on projects that will leverage private development and stimulate catalyst development opportunities, including major developments in the downtown core, will necessitate the development of strategically located off‐street parking facilities as recommended in the Study. 8. Conditions – Parks and Open Space The Renewal Area is deficient in parks and open space facilities. While the recent addition of Centennial Park, a 0.8‐acre public park with a plaza in the historic downtown core, has increased the inventory of parks and open space in the Area and has benefited the downtown by providing a space for public gatherings and community recreation, this amenity is already serving maximum capacity during high‐
peak hours and many neighborhoods are underserved by parks altogether. Some open space and recreation opportunities are provided by school facilities, but public access to these opportunities is very limited, especially with the 2010 closure of Evergreen Elementary School. Since parks and open space are a critical amenity for housing and healthy downtowns and enhance the overall quality of life for a community, supporting the development of parks and open space is an important part of the revitalization strategy for the Area. 9. Conditions – Water and Sewer Services Redmond’s Wastewater and Water System Master Plan identifies a major portion of the as a Pipe Replacement Area. This is an area of older piping systems that are not up to current size and material standards. Proposed improvements in the Pipe Replacement Area include the replacement of existing pipes as well as upgrades to identified sections with larger diameter mains. The existing sanitary sewer system in the downtown area is currently near capacity. The East Side Interceptor is a project identified to help relieve the strain on this system by capturing flows east of downtown and conveying them north, around downtown, to the wastewater treatment plant. These improvements will allow the downtown area to support continued redevelopment. 10. Conditions – Comprehensive Plan Goals and Objectives The Redmond Comprehensive Plan addresses numerous conditions, deficiencies, and issues addressed in this Renewal Plan. The Redmond Comprehensive Plan contains goals and recommendations to maintain the downtown area as a major shopping area, to enhance entries into commercial areas, provide additional off‐street parking, improve pedestrian and vehicular circulation, provide public open space, enhance the visual appeal of buildings, and provide public facilities and infrastructure. Specific statements concerning area conditions and problems are: CHAPTER 8 – RECREATIONAL NEEDS ‐ GOALS 1. Provide quality green spaces, natural areas, and recreation sites for passive and active recreation through public and private park land throughout the community. 2. Neighborhood park, or park site, should be provided within one‐half mile of every home. 3. Establish a system of trails that are interconnected. Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 9 FINDINGS: The Plan authorizes project activities, including Open Space improvements and a Redevelopment Opportunity Fund, intended to support the development of additional parks, open space and recreational uses in the Renewal Area. A family recreation center that would potentially include a variety of indoor and outdoor community recreational facilities has been identified as one of the potential catalyst development opportunities the Redevelopment Opportunity Fund may support. CHAPTER 9 – ECONOMIC DEVELOPMENT ‐ GOALS 1. Expand, improve and diversity the economy of the Redmond Urban Growth Boundary area while maintaining Redmond’s quality of life. 2. Provide family wage employment opportunities for area residents. 3. Retain or create industrial, office, professional service, technology, medical, tourism, retail and other jobs through expansion and retention of existing businesses and recruitment of new businesses. 4. Improve the appearance of the community’s employment districts, particularly along Highways 97 and 126, the Downtown, central east side industrial areas, and the Airport/Fairgrounds area. 6. Provide for an attractive, interesting, and convenient downtown as a place to do business, work, shop, reside, visit, socialize, and celebrate the community. 9. Provide, maintain, and promote the enhancement of state of the art infrastructure, including, but not limited to, transportation systems, water, sewer, natural gas, power, telecommunications and air service to support the commercial and industrial needs of the community. Commercial Development – General Objectives: a. Protect and insure the permanency of the Central Business District (CBD) as a vital economic base and to maximize customer access, exposure; and convenience. b. Encourage landscaping and other forms of city beautification for the purpose of enhancing the physical character of each area, and the overall city. d. Solve the problems of parking within the CBD area, and to prevent or minimize such problems in other commercial development. e. Increase customer convenience and accessibility to downtown business, minimize hazardous traffic conditions and conflicts, and generally promote the downtown area. f. Focus community efforts to improve the overall appearance of existing commercial areas and similar considerations encouraged to all new developments. Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 10 h. Establish development standards for all commercial areas, and particularly for those that are planned within mixed‐use centers and in areas where commercial and industrial uses are adjacent to residential areas. i. Rehabilitate or re‐develop older commercial areas in order to retain their values to the community, including the Downtown and Highway 97 corridor after the highway is re‐routed to a limited access corridor. FINDINGS: The Plan identifies multiple project activities intended to support broader economic development goals and commercial development objectives. These include: • Multiple projects, including the Business Park Master Plan, Industrial Opportunity Fund and Redevelopment Opportunity Fund, to support investments that will leverage the development of business and/or medical parks, industrial parks and employment centers that will create job opportunities for local residents. Some of the investments supported by these projects—in particular the Redevelopment Opportunity Fund—are expected be located in the downtown core and are, thus, anticipated to enhance the economic base and the vitality of the CBD. • Financial and technical assistance programs targeted to property and/or business owners in the Area. The Property Assistance Program will provide financial assistance to property and/or business owners to support the renovation, preservation and rehabilitation of commercial buildings in the Area and other property and business improvements. The Business Development Services program will support business development activities in the Area; and • Multiple project activities, including a Circulation Study, Circulation Improvements, Evergreen Streetscape Improvements, Highway 97 Reroute Beautification, Alternative Mobility Project, Wayfinding, Public Parking and other projects and programs that will improve the Area’s physical appearance, accessibility and navigability by various modes of transit, and strengthen the identity and vitality of both the downtown core and the broader Area. CHAPTER 10 – HOUSING ‐ GOALS 2. Allow for a variety of housing options for all income levels both in existing neighborhoods and new residential areas that match the changing demographics and lifestyles of Redmond residents. 3. Establish residential neighborhoods that are safe, convenient, and attractive places to live, which are located close to schools, parks, shopping and employment centers. 5. Provide a broad range of accessible and affordable housing. Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 11 FINDINGS: The Plan includes a Housing Opportunity Fund to support the development of a broad range of housing opportunities in the Renewal Area. CHAPTER 12 – TRANSPORTATION ‐ GOALS 2. Enhance east/west circulation. 4. Increase the use of alternative travel modes through improved safety and service Objectives: a. Provide additional sidewalks and improve existing sidewalk pavement for pedestrian safety and access. b. Provide additional bicycle routes and plan regular maintenance of existing routes for bicycle safety and access (per Redmond Bicycle Master Plan). c. Provide pedestrian and bicycle access, especially when direct motor vehicle access is not possible. FINDINGS: The Plan includes several projects, including the Circulation Study, Circulation Improvements, Alternative Mobility Project that will strengthen multimodal access, circulation and connectivity throughout the Renewal Area through the construction and/or repair of sidewalks and bicycle facilities, street improvements and other transportation infrastructure improvements. Additionally, transportation improvements may be a key component of several projects in the plan, such as the Industrial Opportunity Fund and the Business/Medical Park Development project, which are intended to support a wide range of investments and project activities that will leverage private development. B. Social and Economic Conditions 1. Property values and utilization The total assessed valuation for the City of Redmond for the 2010‐11 tax year is $1,723,720,588. The total assessed value of property within the urban Renewal Area for the 2010‐11 tax year is calculated at $198.9 million (real property is $174.6 million, personal property $22.1 million utility property $2.3 million). The total assessed valuation of the additional acreage of the Plan Amendment is approximately $14.7 million. The expanded Renewal Area adopted by the Twelfth Amendment to the Redmond Downtown Urban Renewal Plan is $213.7 million, representing 12.4 percent of the total property Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 12 valuation within the City of Redmond. As might be expected, real property values within the Renewal Area are largely concentrated in commercial property classifications. Approximately $116 million of the assessed value of real (i.e., exclusive of utility, personal, and mobile home) property values in the area is in commercial property. Residential property represents the second largest value class, with an assessed value of approximately $50 million in real property values. The overall value of land to improvements in the Renewal Area, shown in Figure F‐6 of Appendix F to this Report, is quite low. Land represents approximately $162.4 million in value, while improvements represent approximately $200.5 million. This equates to an improvement to land value ratio of only 1.24. Mature urban areas, especially those containing the community's commercial core, are expected to exhibit improvement to value ratios in the 4:1 or 5:1 range. It was noted earlier that the Renewal Area contained an exceptionally high percentage of land acreage either vacant, or under‐developed. The low level of utilization within the Area indicates it is far from reaching its potential in terms of generating jobs and tax base for the community. A survey of existing land use and physical conditions in the Area conducted in September of 2010 found that the Area has a significant supply of vacant and underutilized properties, a high percentage of which are located in commercial and industrial areas in the heart of the City. These vacant properties undermine the vitality of the Area’s commercial districts and represent wasted opportunities to generate economic activity that would benefit the Area. 2. Population and housing In 2010, with just 1,665 residents, the Area contained six percent of the City’s total population of 26,887 residents. Figure 2. Population Growth ‐ Renewal Area and City of Redmond (1990 to 2010) 30,000
Population in Numbers
25,000
20,000
15,000
10,000
5,000
1990
2000
URA
1,219
1,265
2010 (estimate)
1,665
City
9,173
15,289
26,887
Source: ESRI, Leland Consulting Group, and PSU Center for Population and Research As shown in Figure 2, between 1990 and 2010, the Renewal Area showed only a marginal population increase of nearly 400 residents. In contrast, during this same timeframe, the City’s population Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 13 increased significantly, adding over 17,700 residents as a result of annexations as well as growth and development in areas outside of the Renewal Area. In 2010, the City of Redmond comprised an estimated 11,398 housing units. Only 819 or seven percent of these housing units are located in the Renewal Area. At 53 percent, the Area’s homeownership rate is lower than the citywide homeownership rate of 64 percent. Further, the Area has a higher percentage of vacant housing units (12 percent) relative to the City (eight percent). 3. Income Relative to the City, incomes in the Area are significantly lower. As shown in Figure 3, in 2010, the Area’s median household income (MHI) was more than $10,000 lower than the citywide MHI. Figure 3. Median Household Income $60,000
Income in Dollars
$50,000
$40,000
$30,000
$20,000
$10,000
$0
1990
2000
2010 (estimate)
URA
$20,536
$25,000
$36,822
City of Redmond
$24,171
$34,351
$47,696
Source: ESRI and Leland Consulting Group 4. Employment Figure 4 on the following page shows jobs by industry sector in the Area and the City in 2008, as reported by the US Census. Key findings, based on the 2008 employment data, are summarized below. ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
The Area employed 25.4% of citywide jobs in 2008. There are 2,699 jobs in the Area relative to 10,624 jobs in the City of Redmond. The majority of jobs in the Area are health care and social assistance jobs, whereas retail jobs are the dominant employment type citywide. Health care and social assistance jobs as well as finance and insurance jobs in the Area comprise the highest percentage of jobs relative to the City. During the next 20 years, there is an opportunity for the Area to capitalize on these existing strengths and capture more jobs in these industry sectors. Approximately 32 percent of the City’s retail jobs are located in the Area. Arts, Entertainment, and Recreation jobs in the Area comprise only 9.2% of the citywide share of jobs in this area. The lack of Area jobs in these industry sectors indicates a critical deficiency Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 14 given that a diverse offering of arts, culture, entertainment and recreational activities for local residents and tourism is a core component of a healthy downtown. ƒ Accommodations and Food Service jobs in the Area comprised 33.4% of citywide Accommodations and Food Service jobs. As described in further detail in the discussion on Lodging/Tourism/Convention, the deficiency of full service hotels and convention facilities in the Area and the downtown Core hinder its ability to attract tourism and quality employers to the Area and hinder the Area’s economic performance. Figure 4. Jobs by Industry in the Renewal Area and the City of Redmond (2008) Public Administration
Other Services (excluding Public Administration)
Accommodation and Food Services
Arts, Entertainment, and Recreation
Health Care and Social Assistance
Educational Services
Administration & Support, Waste Management and Remediation
Management of Companies and Enterprises
Professional, Scientific, and Technical Services
Real Estate and Rental and Leasing
Finance and Insurance
Information
Transportation and Warehousing
Retail Trade
Wholesale Trade
Manufacturing
Construction
Utilities
Mining, Quarrying, and Oil and Gas Extraction
0
200
City
400
600
800
1,000 1,200 1,400 1,600 1,800
URA
Source: U.S. Census and Leland Consulting Group 5. Lodging/Tourism/Convention The Central Oregon region is a major tourism destination. Lodging tax receipts for Deschutes County, where many of the region’s tourist destinations and its largest cities are located, show that tourism rose by 47 percent between 1999 and 2009 (see Figure 5). With direct state highway access to several tourist Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 15 destinations, including Smith Rocks State Park and Sisters, and home to the regional airport, Redmond is well located to serve as a tourism base. Nevertheless, Redmond does not capture its share of regional tourism. Only six percent of Deschutes County lodging tax receipts originated in Redmond. Figure 5. Deschutes County Lodging Tax Receipts $4,000
$3,500
Dollars (in thousands)
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
Redmond
Bend
Sisters
Unincorporated
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
$215
$260
$257
$270
$313
$388
$406
$463
$493
$509
$436
$1,544
$1,880
$1,985
$1,987
$2,120
$2,502
$2,799
$3,107
$3,303
$3,427
$2,938
$127
$136
$145
$150
$147
$147
$184
$213
$224
$267
$280
$2,837
$2,869
$2,967
$3,009
$2,952
$3,017
$3,056
$3,231
$3,304
$3,511
$3,270
Source: Deschutes County Despite the fact that Redmond is widely recognized as a “family town,” and despite the fact that Central Oregon is a popular tourist destination, the Renewal Area—and the City as a whole—currently lacks recreational facilities, retail/entertainment uses, lodging and housing opportunities that cater to families, tourists and out of town visitors. The Area currently has only one full service lodging facility and there are no facilities of this type in the downtown Core. The only conference facilities in the City are located at the Deschutes County Expo Center, which is not close to downtown. The lack of these amenities undermines both the Area’s and the City’s ability to capture their fair share of revenues generated by tourism, retail, recreation and entertainment activities. The Area’s lack of cultural, recreation, and entertainment amenities reduces its appeal to employers and workers considering either residing or locating a business in the Area. As highlighted in the July 2010 Headwaters Economic study, business leaders in many higher paying sectors look closely at a community’s quality of life when considering where to locate. As such, the current conditions pose an obstacle to efforts to recruit businesses and workers to the Area and the broader community. Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 16 200. Expected Service and Population Impacts of Plan (This Report adds the following text to this Section of the Report on the Downtown Urban Renewal Plan). Twelfth Amendment to the Downtown Urban Renewal Plan: This information is pertinent to the Twelfth Amendment to the Downtown Urban Renewal Plan and is reflective of the existing conditions of the Renewal Area in 2010 and the expanded boundary proposed by the Twelfth Amendment. The Plan Amendment is expected to produce positive fiscal and service impacts for Redmond. An analysis of the Area’s development potential was completed in Fall 2010. Key findings from this analysis are summarized in the Target Development Methodology and cited in the Downtown Redmond Urban Renewal Development Strategy. The analysis found that, during the next 20 years, urban renewal project activities are anticipated to support the planned and orderly development of up to 700 new housing units and over 1.6 million square feet of non‐residential development, including 380,000 square feet of retail space, 420,000 square feet of general/ medical office space, 270,000 square feet of industrial space and 550,000 square feet of lodging and restaurant space. This new development is expected to add approximately $444 million in new property values for Redmond. It is also projected to attract 2,800 new residents to the Area and create 3,500 new job opportunities for local residents. These new jobs will generate significant new State income tax revenues. The Plan Amendment also supports activities intended to alleviate traffic, circulation, and parking problems, and upgrading streets, sidewalks, and building conditions in the Renewal Area. The Plan Amendment activities are intended to eliminate current and prevent future blighting conditions in the Renewal Area. In an environment of fiscal constraint where sources of public funding are limited and funding needs are great, adding new property values represents a safeguard against losses of existing service levels. New housing, commercial and industrial development that occurs under the Plan Amendment may result in a need for increased public services, such as water, sewer, police, fire or other emergency services. However, that increased service need is offset by the improvements contemplated in the Plan Amendment. Water and sewer service need, as described in the Physical Conditions in Section 100 of this Report are already identified in the City’s Capital Improvement Plan per Redmond’s Comprehensive Plan and would be funded either by system development charges associated with the new development or with the planned project activities of the Plan Amendment. New development demands on police, fire and other emergency services are typically lower in newly revitalized neighborhoods and new commercial and industrial buildings than in older building stock and Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 17 disinvested neighborhoods. The new development contemplated in this Plan Amendment will be built to the most current building code and equipped with modern fire prevention and public safety features. However, currently there are many vacant and underutilized properties in the Renewal Area which contribute disproportionately to demand for fire and police services. Since the Plan Amendment has project activities intended to encourage reinvestment in these blighted properties, it is expected that the Plan Amendment would reduce service demand associated with nuisance properties. The Plan Amendment also supports redevelopment and rehabilitation of older properties, which will bring them up to modern building, safety, and fire codes and is therefore expected to reduce the demand for fire services. Any increased demand for ambulance service associated with new housing development is not expected to significantly impact any local taxing jurisdiction as the cost of ambulance services are typically paid by the individuals or families requesting the service or their insurers. Finally, financial impacts to the School District are offset by the State school funding allocation, which funds school districts on a per pupil basis. Similarly the school district is not anticipated to be fiscally impacted by revenues foregone under urban renewal as the State will backfill any foregone revenues. Revitalizing a targeted area in a community often creates a spillover effect, and it is expected that additional rehabilitation activities will be found in the neighborhoods adjacent to the Area. The Plan Amendment will utilize tax increment revenues. The investments made with tax increment funds from the Renewal Area are expected to produce a more robust tax base from redevelopment and rehabilitation. 300. Reasons for Selecting the Urban Renewal Area (This Report adds the following text to this Section of the Report on the Downtown Urban Renewal Plan). Twelfth Amendment to the Downtown Urban Renewal Plan: This information is pertinent to the Twelfth Amendment to the Downtown Urban Renewal Plan and is reflective of the existing conditions of the Renewal Area in 2010 and the expanded boundary proposed by the Twelfth Amendment. The Urban Renewal Plan Area was selected based on Redmond Comprehensive Plan goals, objectives, and policies, and on the existence of blighting conditions within the Area. The blight is evidenced by the lack of proper utilization of land planned for commercial, industrial, residential, and public purposes, traffic and pedestrian conflicts and deficiencies, inadequate public parking, poor visual and aesthetic conditions, substandard building conditions, the prevalence of low values and lack of investment in the project area, and reduced tax receipts resulting therefrom. Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 18 Conditions exist within the Renewal Area which meet the definitions of blight in ORS 457.010. These conditions are described in the previous section, and are summarized below: 1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
The Area contains a high percentage of parcels of vacant and undeveloped or underdeveloped land. Currently, vacant land comprises an estimated 27 percent (132 acres) of the Area’s total parcel acreage (excluding roads and rights of way). Since much of this inventory of vacant and underutilized property is located in areas zoned for commercial and industrial development, Urban Renewal project activities have the potential to stimulate significant commercial and industrial activity generating both jobs and tax revenue. Existing housing in the Area does not provide an adequate range of alternatives to meet the needs of households of a variety of incomes, demographics and lifestyle preferences. The Area is underserved in several commercial development categories, including but not limited to lodging and restaurants/food services. The Area lacks entertainment and recreational facilities needed to draw families, tourists and out of town visitors to the Area and to serve as an amenity for housing and employment. The Area contains approximately 210 residential and commercial buildings which are in fair or poor condition. Both the downtown retail core and the broader District exhibit numerous vacant and underutilized commercial properties. The District has a total of 73 vacant or partially vacant buildings which are indicative of a weak business environment. The Area lacks adequate multimodal access, circulation and connectivity. In particular, access to the Highway 97 Reroute is limited from key employment and commercial areas, including the area around the Hospital. The Area lacks adequate, convenient, off‐street parking and open space/ park facilities. The Area lacks adequate sidewalks with 35% of parcels lacking sidewalks. The Area lacks safe bicycle routes connecting key destinations. Much of the Area has a poor aesthetic appearance. Landscaping and streetscapes are inconsistent and, in some locations, inadequate or totally lacking. Overhead utilities contribute to visual clutter, and help produce an environment not conducive to new investment in the area. Most neighborhoods within the district have limited access to neighborhood parks and open space. Specifically, the properties being added to the Area as a part of this substantial amendment were selected based on the following conditions: 1.
The mixed‐use neighborhood to the east of Highway 97 (bounded by Highway 97 on the west, Antler Avenue on the north, Evergreen Avenue on the south, and the irrigation canal on the east) is characterized by a lack of sidewalks, low improvement to land values, numerous properties in need of repair, and overall underutilization of property. Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 19 2.
3.
4.
Property alongside the western frontage of the Highway 97 Reroute lacks adequate landscaping, signage, and aesthetic improvements creating a poor image of the District and undermining the District’s commercial vitality. The area around the western end of the Highland/Glacier couplet has several vacant properties and is integrally linked to the transportation and circulation challenges facing the downtown core. The Evergreen Elementary School site is currently vacant and the buildings are in substantial need of renovation. 400. Relationship between Each Project Activity and Existing Conditions in the Project Area (This Report adds the following text to this Section of the Report on the Downtown Urban Renewal Plan). Twelfth Amendment to the Downtown Urban Renewal Plan: This information is pertinent to the Twelfth Amendment to the Downtown Urban Renewal Plan and is reflective of the existing conditions of the Renewal Area in 2010 and the expanded boundary proposed by the Twelfth Amendment. The projects in Section 700 of the Plan were identified to specifically address the presence of physical, economic, and other conditions of blight present in the Area. The relationship between these projects and these conditions is described below. A. Property Assistance Program Description: This activity will create a fund to assist in the renovation, preservation, and rehabilitation of existing commercial properties in the Renewal Area, including but not limited to façade improvement programs, fire safety projects, accessibility projects, code update projects, environmental abatement, etc. The program design may include grants, loans, interest rate buy downs, or other forms of assistance as required to carry out renewal plan objectives. Relationship to Existing Conditions: The project will address the numerous vacant and poorly maintained commercial buildings in need of renovation and repair present in the Renewal Area and will support Comprehensive Plan goals that call for improving the appearance and vitality of Redmond’s commercial districts, including the downtown. B. City Hall Description: This project activity includes the purchase of the Old Redmond Union High School, most recently the Evergreen Elementary School property from the School District, the development of a new city hall/public safety building and civic center through the rehabilitation of existing buildings, Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 20 development of parking, and potentially the construction of new structures to accommodate administrative offices, community meeting space and other public facilities. Relationship to Existing Conditions: The project will fill the vacancy left by the recent closure of Evergreen Elementary School and will protect this historic asset from falling into disrepair and creating a blighting condition in the community. Relocation of City government offices from its current location at 716 SW Evergreen Avenue to the Evergreen Elementary site will also allow for future expansion of employment within the Renewal Area. Finally, relocation of City government offices will free up the existing City Hall site for private development, which is expected to contribute to the vitality of the downtown core and generate tax increment to support project activities. C. Housing Development Opportunity Fund Description: This project activity includes a fund for public investments to support private housing development in the Renewal Area. Assistance could take the form of gap financing (low or no interest loans), public amenities (plazas, small parks), infrastructure (sidewalks, utilities), property assembly and acquisition, and other tools. Relationship to Existing Conditions: This project will support the improvement of vacant and underutilized sites throughout the Area and will support job creation in the Area by providing housing opportunities that better serve a variety of populations including families, single workers, and retirees. Housing development will strengthen the local retail business environment, allow the City to broaden its workforce, bring new investment, and create an 18 to 24‐hour environment that contributes to vitality and perceptions of safety. D. Circulation Study Description: This project activity includes a technical study to evaluate access and circulation options including hospital access, circulation in commercial and industrial areas in the northern part of the Area, transit, and exploration of converting couplets to one way. Relationship to Existing Conditions: A circulation study will address several access and circulation challenges, including access and circulation constraints in the northern part of the Area and the potential future loss of existing entryways/exits to Highway 97 (which will, in turn, impact the viability of existing employers such as St. Charles Hospital as well as future commercial and industrial development), access and circulation issues related to the recent Highway 97 reroute, which altered the function of 5th and 6th Streets, access and visibility to Downtown from Highway 97 and eastbound on Highway 126, and other key issues. Improving multimodal access, circulation and connectivity within and around the Area is an important strategy for making the Renewal Area a safer and more attractive place to live, work, shop and recreate and is a priority cited in multiple plans and studies. E. Highway 97 Reroute Beautification Description: Implementing design plans that are currently being developed, this project will build various landscaping improvements along the western edge of Highway 97 to create an attractive entry to the community that draws visitors off the highway. Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 21 Relationship to Existing Conditions: This project addresses the lack of streetscape, signage, and open space improvements related to Highway 97. This project will improve the visibility and attractiveness of downtown, supporting overall business development. F. Business Park Master Plan Description: This project activity includes a physical master plan focused on identifying target land use types and locations of catalyst projects in support of job creation in the northern part of Area. The master plan will guide zoning changes, future infrastructure investments, and private development. This project also authorizes the implementation of zoning amendments and design guidelines as recommended in the master plan. Relationship to Existing Conditions: This project addresses the Area’s significant inventory of vacant and underutilized properties. A significant share of these properties are concentrated in commercial and industrial zoned areas in the northern part of the Area. The project will support job creation and business development and will identify strategies to mitigate transportation challenges. G. Wayfinding Description: This project activity includes the implementation of an Areawide wayfinding and signage program. The program will benefit businesses and institutions by better utilizing existing parking resources and enhancing visibility and access. Relationship to Existing Conditions: This project addresses the absence of coordinated signage and will support safe and convenient access to locate key destinations in the Renewal Area, such as civic and public amenities (e.g., Library, City Hall and Centennial Park, etc.), parking facilities, retail and restaurants in the historic core and other locations, hospital and medical facilities, and other tourist attractions. H. Business Development Services Description: This activity will allow the Urban Renewal Agency to develop and implement key business development strategies for successfully promoting and capitalizing on market opportunities to recruit new businesses, retain existing businesses, assist businesses with expansion needs, and attract and expand downtown Redmond's customer base. Relationship to Existing Conditions: This project addresses building vacancies, underutilized property, and other conditions that demonstrate the need for economic development. The project addresses several Comprehensive Plan goals and objectives related to supporting business creation and growth, job creation, and the overall growth of Redmond’s economy. I. Restaurant Capital Improvements Program Description: This project activity will establish a program to fund the purchase of restaurant equipment, which would then be leased or sold to restaurant owners. Through public development and ownership of the equipment, the program will make it easier for prospective restaurateurs to open new businesses in the downtown. Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 22 Relationship to Existing Conditions: Restaurants are a critical component of a vibrant downtown and one of the uses that draw residents and out‐of‐town visitors downtown on a frequent basis. For small restaurateurs and entrepreneurs, however, the high cost of purchasing restaurant equipment can be a significant barrier to opening a restaurant. The project addresses the utilization of vacant buildings and supports Comprehensive Plan goals related to job creation and business development. J. Alternative Mobility Project Description: This project activity includes the construction and repair of sidewalks and bicycle facilities in areas where such facilities are missing or deficient. Relationship to Existing Conditions: New sidewalks and bicycle facilities will improve connectivity within and between these areas and will enhance the viability of these areas for urban housing development. Significant portions of the Renewal Area lack adequate provisions for safe and convenient pedestrian and bicycle mobility. A lack of adequate sidewalks and/or bicycle facilities is a condition of blight that makes affected areas less bicycle and pedestrian friendly and less attractive as a place to live and/or work. Further, the public construction of such facilities will make development more feasible by eliminating the cost of this infrastructure from new private projects. K. Business/Medical Park Development Description: This project activity includes land acquisition and disposition, access and circulation improvements, and other eligible capital improvements that will leverage the development of business parks catering to a variety of office and industrial employers. Relationship to Existing Conditions: This project supports creating economic opportunities for local residents through expansion of the Area’s employment base and the creation of new job opportunities. The project will address the presence of vacant and underutilized property in the Area and it supports several Comprehensive Plan goals related to job creation, business development, and redevelopment of underutilized property. L. Industrial Opportunity Fund Description: This project activity includes a fund for public investments to support industrial development in the Area. Assistance could take the form of gap financing (low or no interest loans), infrastructure (sidewalks, utilities), property assembly and acquisition, public amenities (plazas, small parks), and other tools. Relationship to Existing Conditions: The project addresses the presence of vacant and underutilized land in the area and supports Comprehensive Plan goals related to job creation, business development, and the diversification of Redmond’s economy. M. Redevelopment Opportunity Fund Description: This activity creates a fund to allow the Urban Renewal Agency to stimulate redevelopment in the Area by partnering with private property owners, repositioning property for redevelopment, and other activities. Assistance could take the form of gap financing (low or no interest loans), infrastructure Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 23 (sidewalks, utilities), property assembly and acquisition, public amenities (plazas, small parks), and other tools. Relationship to Existing Conditions: This fund will support the development of vacant and undeveloped or underdeveloped land in the Area, which in turn will support job creation, housing development, and the mitigation of existing transportation conditions that are a barrier to development today. N. Evergreen Streetscape Improvements Description: This project includes streetscape improvements and gateway treatments along Evergreen, from the Highway 97 off‐ramp westward to the historic core. Relationship to Existing Conditions: The project supports the improvement of pedestrian safety in the Area and addresses challenges related to the visibility of downtown for visitors and travelers driving on Highway 97. An improved gateway will support business development and will improve the overall attractiveness of the Area. O. Circulation Improvements Description: This project activity will create an infrastructure investment fund to implement multimodal circulation and access improvements identified and prioritized in the Circulation Study. Potential capital investments could include but are not limited to new road connections, signalization of key intersections, access from 6th Street, preservation of Highway 97 access, bike/pedestrian improvements, and other improvements. Relationship to Existing Conditions: An efficient and well planned transportation system is a critical component of a successful employment district. Under existing conditions, parts of the Area—in particular, commercial and industrial zoned areas to the north—have poor multimodal access and internal connectivity. Improving access to underutilized property through the construction of potential new road connections and collector streets, bicycle and pedestrian improvements, and the preservation of Highway 97 access, are necessary to support commercial, industrial, and medical related employment—particularly in the northern portion of the Area. Improvements that improve traffic circulation, such as the signalization of key intersections, including the intersection of Highway 97 and Kingwood Avenue, will also strengthen the Area’s capacity to attract private investment. P. Public Open Space Description: This project activity will acquire and construct a public open space (or spaces) in the Area. Potential elements of the project may include but are not limited to public restrooms, active and passive recreational uses, and a plaza or public gathering space. Relationship to Existing Conditions: The Renewal Area is deficient in parks and other public spaces that can serve as a focal point for community activity. Public open space will also support the development of housing in the area, which will also address the presence of vacant and underutilized land in the Area. Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 24 Q. Public Parking Description: This project activity includes acquisition and construction of additional off‐street public parking spaces in the downtown area. Relationship to Existing Conditions: Sufficient off‐street public parking in downtown Redmond will be needed to support job and residential growth in the future. Adequate parking is a Comprehensive Plan objective (Commercial Development) and the provision of public parking will support the higher utilization of vacant and underutilized property in the Area. 500. Financial Analysis of Plan (This Report adds the following text to this Section of the Report on the Downtown Urban Renewal Plan). Twelfth Amendment to the Downtown Urban Renewal Plan: This information is pertinent to the Twelfth Amendment to the Downtown Urban Renewal Plan and is reflective of the existing conditions of the Renewal Area in 2010 and the expanded boundary proposed by the Twelfth Amendment. A. Estimated Project Cost and Revenue, Sources Table 4 on the following page shows the estimated total costs of the various projects and programs associated with the Plan Amendment. From the inception of the this substantial plan amendment in 2011‐12 until its anticipated termination, total costs for additional project activities, exclusive of debt service, are estimated at $92,975,453 in inflated dollars or $65,600,000 in 2010 dollars. With the additional project activities included the existing maximum indebtedness of the plan ($27,741,628) is increased to $120,717,081. ($630,000 in calculated bond issuance costs are included in the maximum indebtedness.) The principal method of funding the project share of costs will be through use of tax increment financing as authorized by ORS 457. In addition, the Agency will apply for, and make use of funding from other federal, state, local, or private sources as such funds become available. Tax increment financing is based upon the premise that new taxes generated by the improvements implemented by the urban renewal district pay for the projects. The tax increment is the difference in property taxes generated by the increase in assessed value in the Renewal Area over the original frozen base value when the Renewal Area was first established. Note – urban renewal does not increase the taxes that property owners within the Renewal Area pay, nor does it impact existing tax collections by overlapping taxing districts. It merely redirects any future taxes over the amount that the property owner was paying when the district was established to the Urban Renewal Agency to help pay for projects in the Renewal Area. And although the projects outlined in the Plan Amendment are meant to advance only with urban renewal as a stop‐gap financing incentive, without urban renewal, the projects in the Plan Amendment would not be implemented due to the lack of private sector confidence in the blighted Renewal Area. Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 25 Table 4. Schedule of Projects/Programs Schedule of Projects and Programs (inflation adjusted dollars)
Fiscal Years 2012-2031
Total Project
Total Project
Costs
Projects/Programs
2010 Dollars
Adjusted
Property Assistance Program
$ 3,350,000 $ 4,905,637
City Hall
1,500,000
1,547,001
Housing Development Opportunity Fund
7,000,000
10,369,022
Circulation Study
135,000
139,230
Hwy 97 Reroute Beautification
500,000
531,825
Business Park Master Plan
150,000
164,547
Wayfinding
25,000
25,783
Business Development Services
150,000
159,598
Restaurant Capital Improvement Program
150,000
159,598
Alternative Mobility Project
2,500,000
3,564,252
Business/Medical Park Development
6,000,000
7,488,804
Industrial Opportunity Fund
2,000,000
2,718,097
Redevelopment Opportunity Fund
17,050,000
22,759,885
Evergreen Streetscape Improvements
90,000
101,822
Circulation Improvements
5,500,000
7,662,217
Public Open Space
3,500,000
4,858,318
Public Parking
10,000,000
17,392,392
Total Projects
Project Administration
Total Costs
59,600,000
84,548,028
6,000,000
8,427,425
$ 65,600,000
$ 92,975,453 Sources: Leland Consulting Group and GEL Oregon Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 26 B. Leverage of Urban Renewal Funds Many project activities will be partially funded with outside sources or will involve outside investment. As a result, the anticipated urban renewal spending will be significantly exceeded by additional investment tied directly to the urban renewal projects. Table 5 summarizes anticipated non‐urban renewal contributions to the project activities. Table 5. Project Costs and Urban Renewal and Non Urban Renewal Sources Projects/Programs
Project Cost
(2010 Dollars)
Property Assistance Program
$23,450,000
Urban
Renewal Share
(2010 Dollars)
Non URA Share
(2010 Dollars)
Description of Non
URA Sources
$3,350,000
$20,100,000 Private investment
$1,500,000
Housing Development Opportunity Fund
Circulation Study
Hwy 97 Reroute Beautification
Business Park Master Plan
Wayfinding
Business Development Services
Restaurant Capital Improvement Program
Alternative Mobility Project
Business/Medical Park Development
$49,000,000
$135,000
$1,500,000
$150,000
$25,000
$150,000
$1,050,000
$4,000,000
$42,000,000
$7,000,000
$135,000
$500,000
$150,000
$25,000
$150,000
$150,000
$2,500,000
$6,000,000
$5,500,000 to $6,900,000 City general obligation bonds
Private, non-profit and other
$42,000,000 governmental sources
$0
$1,000,000 City and ODOT funds
$0
$0
$0
$900,000
$1,500,000
$36,000,000 Private investment
Industrial Opportunity Fund
$14,000,000
$2,000,000
$12,000,000 Private investment
City Hall
Redevelopment Opportunity Fund
$7,000,000 to $8,400,000
$49,250,000 to $71,250,000
Evergreen Streetscape Improvements
Circulation Improvements
Public Open Space
Public Parking
Total Projects
Total Costs
$90,000
$5,500,000
$3,500,000
$90,000
$5,500,000
$3,500,000
$15,000,000
$10,000,000
$225,800,000 to $239,200,000
Project Administration
$17,050,000
$6,000,000
$231,800,000 to $245,200,000
$59,600,000
Private, non-profit, and other
$42,000,0000 to $54,200,000 governmental sources
$0
$0
$0
Private and other governmental
$5,000,000 sources
$166,200,000 to $179,600,000
$6,000,000
$65,600,000
$0
$166,200,000 to $179,600,000
Sources: Leland Consulting Group and GEL Oregon C. Anticipated Start and Finish Dates of Project Activities Table 6 on the following page shows the anticipated start and finish dates for each project and program activity. Project activities will begin in fiscal year 2011‐12, and it is estimated that all activities proposed in this plan will be completed by fiscal year 2030‐31. At that time, it is estimated that there will be sufficient funds to complete all programmed project activities, including retiring all debt obligations. An annual schedule of anticipated start and finish dates is provided in Appendix C. Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 27 Table 6: Project Activities Start and Finish Dates Projects/Programs
Property Assistance Program
City Hall
Housing Development Opportunity Fu
Circulation Study
Hwy 97 Reroute Beautification
Business Park Master Plan
Wayfinding
Business Development Services
Restaurant Capital Improvement Progr
Alternative Mobility Project
Business/Medical Park Development
Industrial Opportunity Fund
Redevelopment Opportunity Fund
Evergreen Streetscape Improvements
Circulation Improvements
Public Open Space
Public Parking
Begin
Date
2011
2011
2014
2011
2012
2013
2011
2011
2011
2011
2014
2011
2012
2014
2012
2019
2025
End
Date
2031
2012
2031
2012
2013
2014
2012
2014
2014
2031
2020
2031
2028
2015
2023
2025
2031
Sources: Leland Consulting Group and GEL Oregon D. Estimated Expenditures and Year of Debt Retirement It is estimated that the development activities within the Renewal Area will produce approximately $128,198,000 in tax increment revenue between fiscal years 2011‐12 and 2030‐31 ($126,911,786 from areas currently within the District boundaries and $1,285,910 from areas added as part of the Twelfth Amendment to the Plan). These funds, along with other resources, will be utilized to finance project activities and pay all debt service costs associated with undertaking these project activities. It is anticipated that available project revenues and funds accumulated in a special fund for debt redemption will be sufficient to retire outstanding bonded indebtedness in fiscal year 2030‐31, and at that time terminate the tax increment financing provisions of the Agency. After all debt is retired, and the District closed out, it is estimated that there will be surplus tax increment funds available. Any surplus funds will be distributed to taxing bodies affected by this plan, as provided in ORS 457. Table 7 provides a schedule of District revenue and expenditures, exclusive of debt proceeds and principal repayment. A detailed schedule of sources and uses is provided in Appendix C. Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 28 Table 7. Schedule of Revenue and Expenditures Total
Revenue
Property taxes - existing district
Propety taxes - new subareas
Interest
$ 126,911,786
1,285,910
1,343,198
129,540,894
Total revenue
Expenditures
Projects
City contractual services
Bond issuance costs
Interest expense
84,548,028
8,427,425
630,000
21,125,660
114,731,113
Total expenditures
Revenue over expenditures
14,809,780
Beginning net available balance
(7,560,000)
Ending available balance
$
7,249,780
Source: GEL Oregon Note: The Agency’s audited financial statements for fiscal year 2010 are the source of the beginning net available balance of $7,560,000. E. Impact of Tax Increment Financing 1. Estimated financial effect on local governments The net fiscal impacts to local government jurisdictions shown in Table 8 represent the total amount of property taxes estimated to be redirected, or foregone, from within the boundaries of Redmond. The word "redirected" or “foregone” must be used in context, for those revenues will not be lost to Redmond, but will instead be dedicated to capital improvements or public improvements within the Renewal Area. To the extent that the Renewal Area’s increased assessed value over what would otherwise have occurred without urban renewal investment, the taxing districts should see an increase in tax revenue in the long‐term. The Plan Amendment extends the years of foregone revenue for the Redmond Downtown Urban Renewal Plan from 2025 to 2031 based on existing bonded indebtedness. Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 29 Table 8. Foregone Property Taxes by District (Inflated Dollars) Source: GEL Oregon Note: Financial impacts to the school districts are offset by the State school funding allocation. As a result, urban renewal will not result in lost revenue to the Redmond School District. Table 9, shows the projected return of property taxes to overlapping taxing districts after debt is retired and the District is dissolved in 2032. Table 9. Projected Return of Property Taxes after Renewal Area Dissolution Source: GEL Oregon 2. Estimated financial effect on schools Financial impacts to the Redmond School District would be offset by the State school funding allocation, which provides funding on a per enrolled student basis. As a result, urban renewal will not result in lost revenue to the Redmond School District. In addition, it is noted that the State receives a majority of its general fund revenue that is used for school support from personal income taxes. The anticipated jobs Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 30 created in the urban renewal area will create additional personal income tax paid to the state providing an offset to the amount of property taxes that are redirected. 3. Effect on Bond Rates The presence of the existing Downtown Urban Renewal District results in nominally higher tax rates on bonds approved by voters prior to the passage of Measure 50 which ended the "divide the taxes" methodology on voter approved bonds. There are four bond issues have an increased tax rate until their respective maturities. When each bond matures the full amount of the levied rate for that bond, including the nominally increased rate for the Urban Renewal District will terminate. The increased tax rate per $1,000 of taxable assessed value (TAV) for County‐wide bond levies is $0.0110 for the Jail bond levy, and $0.0119 for the Fairgrounds bond levy. The Jail bonds mature in fiscal year 2014 and the Fairgrounds bonds mature in fiscal year 2016. The Redmond Library bond levy is $0.0045 per $1,000 TAV greater than without the District, with the bond maturing in fiscal year 2012. And the City¹s Police Building bond levy is $0.0077 per $1,000 TAV greater than without the District. The bonds mature in fiscal year 2018. When the bonds mature the taxing authority will discontinue and the Agency¹s tax levy will be reduced. The practical impact is minimal. For homes in Redmond with a tax assessed value of $150,000, the estimated increased taxes related to voter approved bonds totals $22.63. The annual impact of the Downtown Urban Renewal District for a hypothetical $150,000 home is shown on the table below. Due to the maturity dates of the existing bonds (2012 – 2018), and the original Plan’s payoff date of 2025 for existing bonded indebtedness, the Plan Amendment does not affect existing bond rates anymore than the current Plan’s condition. Table 10. Estimated Bond Impacts on an Average $150,000 Home Fiscal year 2012 2013 2014 2015 2016 2017 2018 2019 and thereafter Total Amount $ 5.27 4.59 4.59 2.94 2.94 1.15 1.15 0.00 $22.63 Note: Due to the near‐term maturity dates of the existing bonds, the Plan Amendment will not affect existing bond rates. The estimated bond impact illustrated in Table 10 is calculated based upon the existing bonded indebtedness of the original Plan that will not be paid off until 2025. This impact is expected whether or not the Plan Amendment is adopted. Source: GEL Oregon 4. Financial Feasibility of Plan A comprehensive financial feasibility was performed that included an analysis of various development alternatives, projected taxable assessed property values, the timing and cost of the various projects and programs and their impacts on development activity. The most conservative development model was Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 31 utilized to project future property tax revenue. Based upon the analysis, the Plan Amendment is financially feasible given the development assumptions. When the Area’s existing balances are included, the Area is projected to have an overall positive balance of an estimated $7.25 million at its termination (see Table 7). Factors beyond the Agency’s control could negatively impact the Agency’s ability to complete the plan as projected. These may include but are not limited to lesser development than projected, increased borrowing costs, inflationary impacts on project costs, and delays with project implementation due to a variety of factors. If these conditions were to occur and were to be material, the Agency could adjust project and program scope and timing in order to maintain financial feasibility. 600. Relocation (This Report adds the following text to this Section of the Report on the Downtown Urban Renewal Plan). Twelfth Amendment to the Downtown Urban Renewal Plan: This information is pertinent to the Twelfth Amendment to the Downtown Urban Renewal Plan and is reflective of the existing conditions of the Renewal Area in 2010 and the expanded boundary proposed by the Twelfth Amendment. A. Properties Requiring Relocation No specific properties associated with potential project activities have yet been identified as requiring relocation of businesses, households, or buildings. In addition, no housing units have been identified for destruction or alternation. As a result, no relocation surveys have been conducted at this time. The Plan Amendment contemplates acquisition of the former Evergreen Elementary School, but as the building is currently vacant, no relocation is anticipated to be associated with this project activity. B. Relocation Methods In the event of any future activity involving relocation, the Renewal Agency will explore the possibility of physically moving properties, and will discuss other possible means of assisting in providing replacement housing if applicable. Prior to any actual relocation, the Renewal Agency will establish a Relocation Policy which will call for assistance to those residents and businesses displaced. Such assistance will include providing information regarding suitable locations, payment of moving expenses, and other payment as deemed necessary. The Agency will provide relocation assistance to all persons or businesses displaced by project activities. Those displaced will be given assistance in finding replacement facilities. All persons or businesses which may be displaced will be contacted to determine such relocation needs. They will be provided information on available space and will be given assistance in moving. All relocation activities will be undertaken and payments made in accordance with the requirements of ORS 35.500 to 35.530 and any other applicable laws or regulations. Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 32 Relocation payments will be made as provided in ORS 35.510. Payments made to persons displaced from dwellings will assure that they will have available to them decent, safe, and sanitary dwellings at costs or rents within their financial reach. Payment for moving expenses will be made to residences and businesses displaced. The Redmond Renewal Agency may contract with other appropriate agencies or parties for assistance in administering its relocation program. Report on the Twelfth Amendment to the Downtown Urban Renewal Plan 33 Appendix A: Revenue Assumptions for the Renewal Plan Area (This Report adds the following text to this Section of the Report on the Downtown Urban Renewal Plan). Twelfth Amendment to the Downtown Urban Renewal Plan: This information is pertinent to the Twelfth Amendment to the Downtown Urban Renewal Plan and is reflective of the existing conditions of the Renewal Area in 2010 and the expanded boundary proposed by the Twelfth Amendment. A. New values added in Renewal Area 1. Non‐residential development During the 20‐year period, fiscal year 2011‐12 through 2030‐31, the following non‐residential development is assumed. Table A‐1. Non‐Residential Development Assumptions Source: Leland Consulting Group and Deschutes County Of this space, eighty‐five percent (85%) of the office/medical space is assumed to be taxable with the remaining fifteen percent (15%) assumed to be non‐taxable. The property values are also adjusted to taxable assessed value by the District’s fiscal year 2010‐11 ratio of 66.13%. Further, the absorption rate is approximately 3.92% of the totals, growing exponentially each year. 2. Residential development Seven hundred (700) residential housing units are assumed completed during the twenty year forecasting period. The average cost per housing unit in 2010 dollars is $200,000. The taxable assessed value of these properties is adjusted by the TAV/RMV ratio of 66.13%. The absorption rate is approximately 3.92% of the totals, growing exponentially each year. 3.
Total existing and newly added renewal area values are indexed upward 2.2% annually from 2011‐12 through 2017‐18, increasing approximately .07% each year, until reaching 3.0% in fiscal year Report on the Twelfth Amendment to the Downtown Urban Renewal Plan i 2029‐30 and thereafter. Utility and personal property values reflect declines of 5.33% in fiscal year 2011‐
12 and 2.66% in fiscal year 2012‐13, 0.00% in fiscal year 2013‐14, 2.23% in fiscal year 2014‐15, and 4.47% in fiscal years 2014‐15 and thereafter. B. Tax rates of overlapping taxing jurisdictions. 1. All overlapping taxing jurisdictions are assumed to levy their maximum allowed rates, excluding Deschutes County’s County‐wide law enforcement levy. The permanent rate for the County‐wide enforcement district is $1.25, and in fiscal year 2010‐11 the County levied a rate of $0.92. The assumptions reflect the County continuing to levy a rate of $0.92 throughout the life of the Downtown District. As bond levies mature the total tax rate utilized declines, additionally, the rate for bond levies reflect reductions of five percent (5%) per year as taxable assessed value increases. The estimated overlapping tax rate for the divide the taxes calculation of property taxes is $15.6215 in fiscal year 2011‐
12, declining annually to a rate of $15.2104 in fiscal year 2018‐19 and thereafter. Table A‐2. Schedule of Assumed Tax Rates of Overlapping Taxing Jurisdictions Source: GEL Oregon Report on the Twelfth Amendment to the Downtown Urban Renewal Plan ii Appendix B. Schedule of Projects and Programs (This Report adds the following text to this Section of the Report on the Downtown Urban Renewal Plan). Twelfth Amendment to the Downtown Urban Renewal Plan: This information is pertinent to the Twelfth Amendment to the Downtown Urban Renewal Plan and is reflective of the existing conditions of the Renewal Area in 2010 and the expanded boundary proposed by the Twelfth Amendment. Table B‐1. Schedule of Projects and Programs Schedule of Projects and Programs (inflation adjusted dollars)
Fiscal Years 2012-2031
Total Project
Costs
Projects/Programs
Adjusted
2012
Property Assistance Program
$ 4,905,637
$
103,133
City Hall
1,547,001
1,547,001
Housing Development Opportunity Fund
10,369,022
Circulation Study
139,230
139,230
Hwy 97 Reroute Beautification
531,825
Business Park Master Plan
164,547
Wayfinding
25,783
25,783
Business Development Services
159,598
51,567
Restaurant Capital Improvement Program
159,598
51,567
Alternative Mobility Project
3,564,252
103,133
Business/Medical Park Development
7,488,804
Industrial Opportunity Fund
2,718,097
172,233
Redevelopment Opportunity Fund
22,759,885
Evergreen Streetscape Improvements
101,822
Circulation Improvements
7,662,217
Public Open Space
4,858,318
Public Parking
17,392,392
Total Projects
Project Administration
Total Costs
$
2013
106,365
531,825
53,182
53,182
106,365
176,566
1,382,744
531,825
-
$
2014
109,698
1,096,978
164,547
54,849
54,849
109,698
182,098
-
$
2015
113,135
113,135
678,810
101,822
565,675
101,822
-
2016
$ 116,680
116,680
105,012
-
2017
$ 120,336
361,008
160,047
1,624,536
108,302
-
$
2018
124,107
372,320
165,062
1,675,439
111,696
9,307,997
-
$
2019
217,592
383,986
170,234
1,727,938
115,196
639,977
-
$
2020
224,410
396,018
175,568
1,782,080
118,805
660,030
2,640,119
-
$
2021
231,442
408,427
181,069
122,528
1,361,422
-
84,548,028
2,193,647
2,942,055
1,772,716
1,674,399
338,372
2,374,230
11,756,621
3,254,922
5,997,031
2,304,888
8,427,425
309,400
319,095
329,093
339,405
350,040
361,008
372,320
383,986
396,018
408,427
$ 92,975,453
$ 2,503,047
3,261,150
$ 2,101,810
$ 2,013,804
$ 688,412
$ 2,735,238
$ 12,128,941
3,638,908
$ 6,393,049
$ 2,713,314
$
$
Source: GEL Oregon Report on the Twelfth Amendment to the Downtown Urban Renewal Plan iii Table B‐1. Schedule of Projects and Programs (continued) Schedule of Projects and Programs (inflation adjusted dollars)
Fiscal Years 2012-2031
Projects/Programs
Property Assistance Program
City Hall
Housing Development Opportunity Fund
Circulation Study
Hwy 97 Reroute Beautification
Business Park Master Plan
Wayfinding
Business Development Services
Restaurant Capital Improvement Program
Alternative Mobility Project
Business/Medical Park Development
Industrial Opportunity Fund
Redevelopment Opportunity Fund
Evergreen Streetscape Improvements
Circulation Improvements
Public Open Space
Public Parking
$
Total Projects
Project Administration
Total Costs
2022
379,102
561,632
186,743
126,367
2,457,141
3,510,202
-
$
2023
390,981
579,230
192,594
130,327
724,038
3,620,190
1,448,076
-
$
2024
298,690
597,380
198,629
134,410
-
$
2025
308,049
616,098
204,853
138,622
770,123
770,123
-
$
2026
317,701
635,403
211,271
142,966
1,588,507
1,588,507
$
2027
327,656
819,141
217,891
147,445
2,457,422
1,638,281
$
2028
337,923
844,808
224,719
152,065
844,808
3,379,230
$
2029
348,511
871,279
231,760
156,830
3,485,115
$
2030
359,432
898,579
239,022
161,744
3,594,317
$
7,221,188
7,085,436
1,229,109
2,807,868
4,484,356
5,607,838
5,783,553
5,093,495
5,253,094
5,373,211
421,224
434,423
448,035
462,074
476,552
491,484
506,885
522,767
539,148
556,041
1,677,144
$ 3,269,941
6,099,322
$ 6,290,437
$ 5,616,262
$ 5,792,242
$ 5,929,252
$ 7,642,412
$
7,519,859
$
$
4,960,909
$
Source: GEL Oregon 2031
370,694
926,735
255,779
113,062
3,706,941
Report on the Twelfth Amendment to the Downtown Urban Renewal Plan iv Appendix C. Detailed Sources and Uses Schedule (This Report adds the following update to the Appendix.) Table C‐1. Detailed Sources and Uses Schedule Source: GEL Oregon Report on the Twelfth Amendment to the Downtown Urban Renewal Plan v Table C-1. Detailed Sources and Uses Schedule (continued)
Source: GEL Oregon
Report on the Twelfth Amendment to the Downtown Urban Renewal Plan vi Appendix D. Projected Incremental Taxable Value of Downtown District (This Report adds the following text to this Section of the Report on the Downtown Urban Renewal Plan). Twelfth Amendment to the Downtown Urban Renewal Plan: This information is pertinent to the Twelfth Amendment to the Downtown Urban Renewal Plan and is reflective of the existing conditions of the Renewal Area in 2010 and the expanded boundary proposed by the Twelfth Amendment. Table D‐1, below, shows the estimated changes to the taxable assessed value within the downtown district from fiscal year 2010‐11 through 2030‐31. Table D‐1. Projected Incremental Assessed Value Source: GEL Oregon Report on the Twelfth Amendment to the Downtown Urban Renewal Plan vii Appendix E. Estimated Impact on Tax Rates – Overlapping Taxing Jurisdictions (This Report adds the following text to this Section of the Report on the Downtown Urban Renewal Plan). Twelfth Amendment to the Downtown Urban Renewal Plan: This information is pertinent to the Twelfth Amendment to the Downtown Urban Renewal Plan and is reflective of the existing conditions of the Renewal Area in 2010 and the expanded boundary proposed by the Twelfth Amendment. Table E‐1, below, shows the estimated impact on tax rates in fiscal year 2012. The impact on rates is anticipated to be relatively stable throughout the life of the District as the value of projected development within the District is to be proportional to development outside the District. Upon maturity of bonds “divide the taxes” or the urban renewal billing rate will discontinue. Table E‐1. Estimated Impact on Tax Rates – Overlapping Taxing Jurisdictions Source: GEL Oregon Report on the Twelfth Amendment to the Downtown Urban Renewal Plan viii Appendix F. Map of Physical Conditions in the Renewal Area This Report adds the following update to the Appendix. Figures F‐1 to F‐6 on the following pages provide maps of existing physical conditions in the Renewal Area based on the results of a survey of physical blight conditions conducted in September of 2010. The survey was conducted prior to the determination of the final Renewal Area boundary. Therefore, there are some minor discrepancies between the boundary shown on the survey maps and the boundary of the Renewal Area. Report on the Twelfth Amendment to the Downtown Urban Renewal Plan ix Figure F‐1. Observed Land Use Source: Leland Consulting Group Report on the Twelfth Amendment to the Downtown Urban Renewal Plan x Figure F‐2. Building Conditions Source: Leland Consulting Group Report on the Twelfth Amendment to the Downtown Urban Renewal Plan xi Figure F‐3. Building Occupancy Source: Leland Consulting Group Report on the Twelfth Amendment to the Downtown Urban Renewal Plan xii Figure F‐4. Site Conditions Source: Leland Consulting Group Report on the Twelfth Amendment to the Downtown Urban Renewal Plan xiii Figure F‐5. Sidewalk Conditions Source: Leland Consulting Group Report on the Twelfth Amendment to the Downtown Urban Renewal Plan xiv Figure F‐6. Redevelopment Potential (Improvement to Land Value Ratios) Source: Leland Consulting Group Report on the Twelfth Amendment to the Downtown Urban Renewal Plan xv