corvallis downtown urban renewal overview
TRANSCRIPT
Corvallis Downtown Urban Renewal District 3-09
Downtown Renewal
• A community planning and financial tool to help plan, build and pay for needed improvements over a long term without new taxes
Corvallis Downtown Urban Renewal District 3-09
Not your parents’ Urban Renewal
• Focus is on sustaining and building on an area’s strengths without altering identity
• No need to demonstrate advanced stages of decay (“blight”)
• Means for ongoing prosperity well into the future—before, not after, severe economic decline sets in
• Currently 55 Oregon cities/counties have implemented more than 85 plans
Corvallis Downtown Urban Renewal District 3-09
Summary of Corvallis program
• Not an additional tax• Freezes property tax revenues to taxing
districts within the area dedicating the regular yearly increases to assist with improvements within the area
• Through proposed and approved improvements = a more vibrant downtown
• Increased values = improved tax base for the future
Corvallis Downtown Urban Renewal District 3-09
Community planning references
• Central City description of downtown in Vision 2020– “Corvallis in 2020 boasts a Central City that is the vibrant
commercial, civic, cultural and historic heart of the county.”
• Initiative 1.2 in the Prosperity That Fits plan under Section 1 (business retention), Strategy 1– “No new tax created. Re-invests downtown value growth
into additional downtown improvements. Ensures downtown remains vibrant, heart of the community as proposed in Corvallis 2020.”
• Land use Topic Area: Goal 4, Strategy 3, Action 2 of the Corvallis Sustainability Coalition’s Final Action Plan– “Support urban renewal district to improve downtown
renovations.”
Corvallis Downtown Urban Renewal District 3-09
Previous study/participation
• Six public hearings
• Taskforce member outreach to community groups
• Planning Commission and City Council work sessions
• City Council approval of final draft sent to Planning Commission for consideration
• Planning Commission recommended approval to City Council after public hearing
Corvallis Downtown Urban Renewal District 3-09
•
Renewal Boundary:All investmentfrom this areato this area 3.28% of city land, 4.19% of value
Corvallis Downtown Urban Renewal District 3-09
Comparison to 2008 tax revenue
Corva
llis
Bento
n Cou
nty
LBCC
Libr
ary
ESD
Soil &
Wat
er0
5,000,000
10,000,000
15,000,000
20,000,000
Av Dedicated Revenue2008 Revenue
Corvallis Downtown Urban Renewal District 3-09
Albany:CARA Tax Increment
Increase in
Assessed Value within
CARA * tax rate =
CARA Income
Corvallis Downtown Urban Renewal District 3-09
Albany:Increase in Assessed Value
Albany % Increase from 2002-2008 = 38.58%
CARA % Increase from 2002-2008 = 221.19%
Corvallis Downtown Urban Renewal District 3-09
Taxing District Considerations
• School District is compensated by state– State revenue is allocated according to number
of students, equalizes after noting local tax revenue
– Replenishment with annual state allocations
• Levies and Bonds issued after 2001 are not impacted
Corvallis Downtown Urban Renewal District 3-09
Fund projections
• The plan will generate approximately $35.6 million dollars over the 20-year term– The $35.6M is the maximum amount. Additional funds
would require new approval by Corvallis voters
– Districts average 20-year terms, but can end early
– Remaining funds at the end of the term are distributed back to taxing bodies
– Properties placed back on tax roll after URD ends are anticipated to significantly gain in assessed values
Corvallis Downtown Urban Renewal District 3-09
The Public Process/Governance
• Proposal brought to Downtown Commission• Public hearings• Evaluation by the commission as matched up to
goals and categories• Recommendation to City Council
• Council will act as Urban Renewal Agency• Public Input• Decision
Corvallis Downtown Urban Renewal District 3-09
Corvallis Downtown Commission
Michele Adams, General CommunityKavinda Arthenayake, OSU Kirk Bailey, Downtown Resident/adjacent neighborhoodB. A. Beirle, Historic PreservationLes Boudreaux, DCA Board MemberPat Lampton, Downtown Business Person*Catherine Mater, Downtown Property OwnerJim Moorefield, Neighborhood Housing ServicesBernie Sebastian, Cultural Resources/ArtsLiz White, Downtown Property OwnerJustin Wirth, Downtown Business Person
Corvallis Downtown Urban Renewal District 3-09
Downtown Renewal Goals
1) Promote public & private improvement
2) Improve streets, signage, pedestrian amenities, parks & open space
3) Address parking needs (including alternative modes)
4) Assist and encourage
housing development
Corvallis Downtown Urban Renewal District 3-09
Downtown Renewal Goals (cont.)
5) Rehabilitate building inventory
6) Invest in a sustainable and
greener downtown
7) Strengthen connections with
downtown (OSU & South Corvallis)
8) Support increased cultural opportunities such as expanded music and entertainment choices
Corvallis Downtown Urban Renewal District 3-09
Albany CARA Overview
To date, approximately $8.4 Million on projects including:– Grants for 18 small businesses owners in DT core as well as
Carousel, Low-income Elderly Housing $1,655,000
– Loans to 4 projects, larger renovations including upstairs rehabilitation of DT properties including Pix Theater, Law office, Jordan Jewelers $ 472,000
– Developer Assistance on projects including Willamette Community Bank, Ironworks, RCM Homes, David Johnson
$4,542,000– 1st Avenue Streetscape $1,170,307
– Non-Capital Projects (Fiber Optic line, Design, Riverfront Refinement plan, etc.) $ 484,962
Corvallis Downtown Urban Renewal District 3-09
Old BuzzSaw, now Wheelhouse
Project Overview• 4 story building
• Restaurant on first floor
• 3 floors class-A office space
• Relocate Dave Clark walking path to river side
Corvallis Downtown Urban Renewal District 3-09
Noteworthy
• All current land use regulations, zonings, building codes and historic/greenway overlays remain in place
• Consistent with Vision 2020 to maintain healthy “heart of Corvallis”• Consistent with sustainability
– Efficient use of existing infrastructure– Supports efficient transportation
• No new “takings” powers• No pre-approved projects• Important to maintain flexibility• Toward specificity, the City has suggested proposed projects for the funds from first 5 years of the district (est. $1.9M)
Corvallis Downtown Urban Renewal District 3-09
Five-Year Proposed Projects
• Riverfront Path Improvement• Public Parking Investment• Downtown Signage and Locator Project• Structural Improvement Program• Historic Restoration/Renovation Program
Corvallis Downtown Urban Renewal District 3-09
In summation
• Stable funding source dedicated to ensuring a vital, vibrant downtown as described in many recent community planning projects
• Increased tax base during and after district due to improved assessed values within
• Accomplished from current and projected tax dollars – no new taxes