CommEcDev---FYFP-Combined — Intro — Part 4 of 6

Source: PDF pp. 812-825 · raw: 812 · 813 · 814 · 815 · 816 · 817 · 818 · 819 · 820 · 821 · 822 · 823 · 824 · 825

Financial Summary Total Resources and Requirements Revision Requested Forecast Forecast Forecast Forecast Central Eastside TIF Fund FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 Resources Beginning Fund Balance 24,340,596 7,800,438 994,817 686,097 368,732 42,446 Revenue Interest on Investments 276,690 81,626 62,190 53,545 44,624 - TIF Debt Proceeds 2,405,862 - - - - - Property Income 66,747 2,450,229 27,090 27,090 27,090 27,090 Transfers In 71,208 - - - - - Total Revenue 2,820,507 2,531,855 89,280 80,635 71,714 27,090 Total Resources 27,161,103 10,332,293 1,084,097 766,732 440,446 69,536 Requirements Expenditures Administration 9,500 9,600 - - - - Economic Development 966,699 535,594 - - - - Housing 4,990,948 1,851,905 - - - - Infrastructure 10,900,100 - - - - - Property Redevelopment 1,829,440 3,238,335 225,500 225,500 225,500 53,000 Total Expenditures 18,696,687 5,635,434 225,500 225,500 225,500 53,000 Transfers 663,978 3,702,042 172,500 172,500 172,500 - Contingency 7,800,438 994,817 686,097 368,732 42,446 16,536 Ending Balance - - - - - - Total Requirements 27,161,103 10,332,293 1,084,097 766,732 440,446 69,536 Central Eastside TIF Fund was created in 1986 to support building and maintaining jobs in the area through business development assistance and redevelopment financing. The district's acreage and boundaries were reduced in 2024 to support implementation of the new Central Eastside Corridor TIF District. Final district resources are dedicated to environmental remediation of the Workshop Blocks and final Affordable Housing Set Aside programming.

Financial Summary Total Resources and Requirements Revision Requested Forecast Forecast Forecast Forecast Convention Center TIF Fund FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 Resources Beginning Fund Balance 3,449,764 860,009 664 55,407 281,170 506,933 Revenue Interest on Investments 48,307 27,632 16,105 - - - Property Income 3,258,614 1,566,559 1,066,559 1,066,559 1,066,559 1,066,559 Reimbursements 22,235 - - - - - Total Revenue 3,329,156 1,594,191 1,082,664 1,066,559 1,066,559 1,066,559 Total Resources 6,778,920 2,454,200 1,083,328 1,121,966 1,347,729 1,573,492 Requirements Expenditures Administration 2,500 2,500 - - - - Economic Development 20,284 - - - - - Property Redevelopment 5,516,024 1,575,571 770,796 790,796 790,796 798,296 Total Expenditures 5,538,808 1,578,071 770,796 790,796 790,796 798,296 Transfers 380,103 875,465 257,125 50,000 50,000 50,000 Contingency 860,009 664 55,407 281,170 506,933 725,196 Ending Balance - - - - - - Total Requirements 6,778,920 2,454,200 1,083,328 1,121,966 1,347,729 1,573,492 The Convention Center TIF District was created in 1989 to support development connected to the eastside MAX and Oregon Convention Center along with a major hotel near the Convention Center. The district was terminated in 2024 and residual assets within the geographic boundary and program will be transferred to the newly created Lloyd TIF District Fund. The only remaining forecast revenues and expenditures are related to the Convention Center garage. This asset may be transferred to the Strategic Investment Fund in future budgets.

Financial Summary Total Resources and Requirements Revision Requested Forecast Forecast Forecast Forecast Cully TIF Fund FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 Resources Beginning Fund Balance 81,298 256,807 1,029,582 1,599,771 11,455,259 241,824 Revenue Interest on Investments 2,055 11,913 25,949 152,118 137,963 8,733 TIF Debt Proceeds 1,284,529 2,400,449 3,034,726 20,636,596 3,270,235 11,942,433 Total Revenue 1,286,584 2,412,362 3,060,675 20,788,714 3,408,198 11,951,166 Total Resources 1,367,882 2,669,169 4,090,257 22,388,485 14,863,457 12,192,990 Requirements Expenditures Administration - 7,000 7,000 7,000 7,000 7,000 Economic Development 139,822 425,081 586,250 717,891 758,750 793,750 Housing 525,392 723,837 979,736 8,893,311 5,000,000 9,755,178 Property Redevelopment 133,164 150,000 400,000 600,000 8,100,000 800,000 Total Expenditures 798,378 1,305,918 1,972,986 10,218,202 13,865,750 11,355,928 Transfers 312,697 333,669 517,500 715,024 755,883 790,883 Contingency 256,807 1,029,582 1,599,771 11,455,259 241,824 46,179 Ending Balance - - - - - - Total Requirements 1,367,882 2,669,169 4,090,257 22,388,485 14,863,457 12,192,990 The Cully TIF District Fund was created in 2022 through a community co‐creation model that centered those most vulnerable to displacement with an explicit goal of stabilization. The forecast includes assessed value growth at 3%. Action Plan development is underway and resources will be programmed in the forecast period to support implementation of the plan. The forecast includes placeholder amounts for expenditure categories, however, there are no specific project or program allocations. Specific projects and program allocations will be updated when the Action Plan is approved. Housing allocations include the amount generated by the 45% Affordable Housing Set Aside policy.

Financial Summary Total Resources and Requirements Revision Requested Forecast Forecast Forecast Forecast Downtown Waterfront TIF Fund FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 Resources Beginning Fund Balance 26,105,511 148,917 - - - - Revenue Interest on Investments 126,528 1,861 - - - - TIF Debt Proceeds 5,016,500 - - - - - Property Income 846 - - - - - Reimbursements 20,000 - - - - - Total Revenue 5,163,874 1,861 - - - - Total Resources 31,269,385 150,778 - - - - Requirements Expenditures Infrastructure 250,000 - - - - - Property Redevelopment 5,396,012 - - - - - Total Expenditures 5,646,012 - - - - - Transfers 25,478,656 150,778 - - - - Contingency 144,717 - - - - - Ending Balance - - - - - - Total Requirements 31,269,385 150,778 - - - - The Downtown Waterfront TIF District Fund was created in 1974 to implement public parks and amenities and strengthen the downtown core. Along with the River District Fund, Downtown Waterfront implemented the Old Town Action Plan. The TIF district was terminated in 2024, however final program income resources from the district dedicated to the Old Town Action Plan were transferred to the River District Fund to consolidate programming.

Financial Summary Total Resources and Requirements Revision Requested Forecast Forecast Forecast Forecast East 205 TIF Fund FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 Resources Revenue TIF Debt Proceeds - 1,438,976 2,936,632 4,494,964 6,084,070 7,801,976 Total Revenue - 1,438,976 2,936,632 4,494,964 6,084,070 7,801,976 Total Resources - 1,438,976 2,936,632 4,494,964 6,084,070 7,801,976 Requirements Expenditures Economic Development - 68,750 68,750 68,750 68,750 68,750 Housing - 634,864 1,295,617 1,983,140 2,684,240 3,442,166 Property Redevelopment - 526,876 986,391 1,705,244 2,420,297 3,131,144 Total Expenditures - 1,230,490 2,350,758 3,757,134 5,173,287 6,642,060 Transfers - 208,486 585,874 737,830 910,783 1,159,916 Ending Balance - - - - - - Total Requirements - 1,438,976 2,936,632 4,494,964 6,084,070 7,801,976 East 205 TIF Fund represents one of six recently adopted TIF districts that will receive resources starting in FY 2025‐26. Resources are based on an estimated 3% growth in assessed value. FY 2025‐26 programming will be focusing development of the district Action Plan. Housing is 45% of net proceeds based on the Housing Set Aside policy.

Financial Summary Total Resources and Requirements Revision Requested Forecast Forecast Forecast Forecast Gateway Reg Center TIF Fund FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 Resources Beginning Fund Balance 22,480,399 14,428,892 15,111,581 10,621,963 6,999,685 4,781,304 Revenue Interest on Investments 674,412 363,104 321,212 223,795 155,042 71,063 TIF Debt Proceeds 25,633,546 12,268,255 4,202,493 4,450,490 4,682,934 4,700,777 Property Income 105,074 115,622 175,150 179,762 184,694 189,760 Reimbursements 17,172 26,335 27,135 27,939 28,687 29,641 Total Revenue 26,430,204 12,773,316 4,725,990 4,881,986 5,051,357 4,991,241 Total Resources 48,910,603 27,202,208 19,837,571 15,503,949 12,051,042 9,772,545 Requirements Expenditures Administration 36,440 45,000 45,000 45,000 45,000 45,000 Economic Development 549,980 126,554 - - - - Housing 2,589,198 5,051,831 3,900,000 3,023,656 3,699,130 3,113,713 Infrastructure 1,750,390 1,750,000 - 2,000,000 - - Property Redevelopment 28,850,445 4,376,128 4,465,608 2,573,108 2,605,608 6,435,608 Total Expenditures 33,776,453 11,349,513 8,410,608 7,641,764 6,349,738 9,594,321 Transfers 705,258 741,114 805,000 862,500 920,000 - Contingency 14,428,892 15,111,581 10,621,963 6,999,685 4,781,304 178,224 Ending Balance - - - - - - Total Requirements 48,910,603 27,202,208 19,837,571 15,503,949 12,051,042 9,772,545 The Gateway TIF District Fund was created in 2001 to upgrade the transportation and open space networks in Gateway, as well as new housing, employment and public institutions such as an education and/or arts center. The district will receive TIF proceeds through the forecast period. Forecasted resources along with existing bond proceeds are programmed towards land acquisition and development, street infrastructure, and additional affordable housing through remaining Housing Set Aside proceeds. The district is anticipated to reach maximum indebtedness in 2032.

Financial Summary Total Resources and Requirements Revision Requested Forecast Forecast Forecast Forecast Interstate Corridor TIF Fund FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 Resources Beginning Fund Balance 95,816,060 56,179,513 20,790,377 6,765,438 1,112,545 719,516 Revenue Interest on Investments 2,874,482 880,703 318,833 79,947 4,046 295 TIF Debt Proceeds 2,543,090 - - - - - Property Income 427,159 386,731 400,023 413,469 180,482 187,701 Reimbursements 205,007 147,594 150,724 153,980 59,316 61,844 Total Revenue 6,049,738 1,415,028 869,580 647,396 243,844 249,840 Total Resources 101,865,798 57,594,541 21,659,957 7,412,834 1,356,389 969,356 Requirements Expenditures Administration 157,110 69,800 - - - - Economic Development 1,068,942 1,775,163 75,000 - - - Housing 16,998,281 19,589,352 12,000,000 4,992,876 - - Property Redevelopment 25,723,784 14,231,433 1,978,464 925,456 368,992 103,739 Total Expenditures 43,948,117 35,665,748 14,053,464 5,918,332 368,992 103,739 Transfers 1,738,168 1,138,416 841,055 381,957 267,881 - Contingency 56,179,513 20,790,377 6,765,438 1,112,545 719,516 865,617 Ending Balance - - - - - - Total Requirements 101,865,798 57,594,541 21,659,957 7,412,834 1,356,389 969,356 The Interstate TIF District Fund was created in 2000 to support business growth, job creation, infrastructure and affordable housing in North and Northeast Portland. Final TIF proceeds are being disbursed the next several years on the N/NE Community Development Initiative providing grants and loans to NE Portland, final Affordable Housing Set Aside projects and support of the Williams and Russell project.

Financial Summary Total Resources and Requirements Revision Requested Forecast Forecast Forecast Forecast Lents Town Center TIF Fund FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 Resources Beginning Fund Balance 24,351,820 5,525,402 2,114,253 617,857 609,782 601,891 Revenue Interest on Investments 730,555 84,334 29,978 14,816 15,000 15,000 Property Income 1,885,708 - - - - - Reimbursements - 40,801 42,841 - - - Total Revenue 2,616,263 125,135 72,819 14,816 15,000 15,000 Total Resources 26,968,083 5,650,537 2,187,072 632,673 624,782 616,891 Requirements Expenditures Administration 56,500 - - - - - Economic Development 278,523 90,396 - - - - Housing 2,839,047 1,479,084 1,479,084 - - - Property Redevelopment 16,947,538 230,203 90,131 22,891 22,891 22,891 Total Expenditures 20,121,608 1,799,683 1,569,215 22,891 22,891 22,891 Transfers 1,321,073 1,736,601 - - - - Contingency 5,525,402 2,114,253 617,857 609,782 601,891 594,000 Ending Balance - - - - - - Total Requirements 26,968,083 5,650,537 2,187,072 632,673 624,782 616,891 The Lents Town Center TIF District Fund was created in 1998 to support small business, job generation, infrastructure improvements and housing goals in Southeast Portland. Final TIF proceeds are planned to be invested in FY 2024‐25 and FY 2025‐26 and are largely reserved for development of the 92nd and Harold site, affordable commercial space at Lents Commons and final Housing Set Aside investments.

Financial Summary Total Resources and Requirements Revision Requested Forecast Forecast Forecast Forecast Lloyd-Holladay TIF Fund FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 Resources Beginning Fund Balance - - - 153,955 106,390 57,480 Revenue Interest on Investments - - 1,900 3,120 1,775 633 TIF Debt Proceeds - 282,121 572,929 872,628 1,175,216 1,499,540 Property Income - 1,315,400 1,315,400 - - - Reimbursements - 52,000 52,000 - - - Transfers In - 666,366 207,125 - - - Total Revenue - 2,315,887 2,149,354 875,748 1,176,991 1,500,173 Total Resources - 2,315,887 2,149,354 1,029,703 1,283,381 1,557,653 Requirements Expenditures Economic Development - 3,000 3,000 3,000 3,000 3,000 Housing - 68,220 196,522 328,746 462,245 605,334 Property Redevelopment - 2,200,887 1,682,790 444,054 569,260 703,461 Total Expenditures - 2,272,107 1,882,312 775,800 1,034,505 1,311,795 Transfers - 43,780 113,087 147,513 191,396 238,430 Contingency - - 153,955 106,390 57,480 7,428 Ending Balance - - - - - - Total Requirements - 2,315,887 2,149,354 1,029,703 1,283,381 1,557,653 Lloyd TIF Fund represents one of six recently adopted TIF districts that will receive resources starting in FY 2025‐26. Resources are based on an estimated 2% growth in assessed value. FY 2025‐26 programming will be focusing development of the district Action Plan. Housing is 45% of net proceeds based on the Housing Set Aside policy. The fund includes a transfer of residual assets from the terminated Oregon Convention Center TIF District including the Inn at Convention Center. The Inn is anticipated to be disposed of by Prosper Portland.

Financial Summary Total Resources and Requirements Revision Requested Forecast Forecast Forecast Forecast North Macadam TIF Fund FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 Resources Beginning Fund Balance 47,365,108 47,991,218 21,937,622 11,556,902 10,789,813 10,185,040 Revenue Interest on Investments 1,265,347 872,220 421,992 283,893 266,467 131,290 TIF Debt Proceeds 20,843,332 7,184,130 - - - - Property Income 200,160 189,407 189,407 189,407 189,407 189,407 Total Revenue 22,308,839 8,245,757 611,399 473,300 455,874 320,697 Total Resources 69,673,947 56,236,975 22,549,021 12,030,202 11,245,687 10,505,737 Requirements Expenditures Administration 58,000 106,000 106,000 106,000 106,000 106,000 Economic Development - 144,634 - - - - Housing 5,590,236 5,445,617 9,291,977 - - - Infrastructure 1,577,792 11,900,000 - - 50,000 10,000,000 Property Redevelopment 14,150,765 16,046,311 1,019,142 789,389 674,647 444,915 Total Expenditures 21,376,793 33,642,562 10,417,119 895,389 830,647 10,550,915 Transfers 305,936 656,791 575,000 345,000 230,000 - Contingency 47,991,218 21,937,622 11,556,902 10,789,813 10,185,040 (45,178) Ending Balance - - - - - - Total Requirements 69,673,947 56,236,975 22,549,021 12,030,202 11,245,687 10,505,737 The North Macadam TIF District Fund was created in 1999 to create new jobs, enhanced public amenities and infrastructure, and new affordable and market rate housing in South Waterfront. Final TIF proceeds will be received in FY 2025‐26. Some ongoing revenues are forecasted for the River Place Garage. The majority of district resources are reserved for transportation and greenway projects, and intergovernmental agreement with PSU for redevelopment of several PSU sites, as well as remaining Housing Set Aside resources.

Financial Summary Total Resources and Requirements Revision Requested Forecast Forecast Forecast Forecast River District TIF Fund FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 Resources Beginning Fund Balance 35,081,594 21,001,290 - 309,402 743,799 1,046,261 Revenue Interest on Investments 1,052,448 - - - - - Property Income 4,345,302 936,000 936,000 1,061,000 936,000 936,000 Reimbursements 217,320 - - - - - Transfers In 25,478,656 - - - - - Total Revenue 31,093,726 936,000 936,000 1,061,000 936,000 936,000 Total Resources 66,175,320 21,937,290 936,000 1,370,402 1,679,799 1,982,261 Requirements Expenditures Economic Development 1,201,229 - - - - - Housing 2,703,779 - - - - - Infrastructure 1,050,550 555 560 565 - - Property Redevelopment 38,224,485 1,001,038 626,038 626,038 633,538 633,538 Total Expenditures 43,180,043 1,001,593 626,598 626,603 633,538 633,538 Transfers 1,993,987 20,935,697 - - - - Contingency 21,001,290 - 309,402 743,799 1,046,261 1,348,723 Ending Balance - - - - - - Total Requirements 66,175,320 21,937,290 936,000 1,370,402 1,679,799 1,982,261 The River District TIF Fund was created in 1998 to support economic, housing and redevelopment activities in Old Town and the Pearl District. Final TIF resources of the district were disbursed in conjunction with the acquisition of the USPS site and Old Town projects. Final program income resources in the district are reserved for completion of the Old Town Action Plan and Broadway Corridor/USPS site development. Most of the residual resources are being transferred to the newly created Westside TIF District since it is in the same geographic footprint. Final resources for Old Town property investments and Broadway Corridor/USPS appear in the Westside TIF District budget. The only remaining forecast revenues and expenditures are related to the Station Place garage. This asset may be transferred to the Strategic Investment Fund in future budgets.

Financial Summary Total Resources and Requirements Revision Requested Forecast Forecast Forecast Forecast South Park Blocks TIF Fund FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 Resources Beginning Fund Balance 574,767 - - - - - Revenue Interest on Investments 8,733 - - - - - Total Revenue 8,733 - - - - - Total Resources 583,500 - - - - - Requirements Expenditures Housing 72,488 - - - - - Total Expenditures 72,488 - - - - - Transfers 511,012 - - - - - Ending Balance - - - - - - Total Requirements 583,500 - - - - - The South Park Blocks TIF Fund was created in 1985 to support the downtown retail core, preserving affordable housing and providing middle income housing. Final resources of the district have been disbursed in FY 2024‐25 and the district has been terminated by City Council.

Financial Summary Total Resources and Requirements Revision Requested Forecast Forecast Forecast Forecast Sumner, Parkrose, Argay, Columbia FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 Resources Revenue TIF Debt Proceeds - 572,502 1,168,297 1,788,177 2,420,352 3,103,494 Total Revenue - 572,502 1,168,297 1,788,177 2,420,352 3,103,494 Total Resources - 572,502 1,168,297 1,788,177 2,420,352 3,103,494 Requirements Expenditures Economic Development - 68,750 68,750 68,750 68,750 68,750 Housing - 252,583 515,443 788,929 1,067,839 1,369,235 Property Redevelopment - 130,770 355,865 561,080 792,361 1,042,840 Total Expenditures - 452,103 940,058 1,418,759 1,928,950 2,480,825 Transfers - 120,399 228,239 369,418 491,402 622,669 Ending Balance - - - - - - Total Requirements - 572,502 1,168,297 1,788,177 2,420,352 3,103,494 The Sumner, Parkrose, Argay, Columbia Corridor (SPACC) TIF Fund represents one of six recently adopted TIF districts that will receive resources starting in FY 2025‐26. Resources are based on an estimated 3% growth in assessed value. FY 2024‐25 programming will be focusing development of the district Action Plan. Housing is 45% of net proceeds based on the Housing Set Aside policy.

Financial Summary Total Resources and Requirements Revision Requested Forecast Forecast Forecast Forecast Westside TIF Fund FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 Resources Beginning Fund Balance - - 17,420,552 15,332,759 14,128,353 13,626,388 Revenue Interest on Investments - 214,390 394,784 340,174 306,256 297,498 TIF Debt Proceeds - 401,367 811,063 1,229,192 1,647,145 2,091,178 Property Income - 8,064,771 2,303,641 2,259,217 2,257,884 2,256,512 Reimbursements - 239,719 230,149 205,469 205,469 205,469 Transfers In - 21,086,475 - - - - Total Revenue - 30,006,722 3,739,637 4,034,052 4,416,754 4,850,657 Total Resources - 30,006,722 21,160,189 19,366,811 18,545,107 18,477,045 Requirements Expenditures Economic Development - 3,000 3,000 3,000 3,000 3,000 Housing - 120,830 301,584 486,059 670,456 866,360 Infrastructure - 750,000 750,000 750,000 750,000 - Property Redevelopment - 9,859,371 3,624,089 3,215,584 3,026,563 2,856,345 Total Expenditures - 10,733,201 4,678,673 4,454,643 4,450,019 3,725,705 Transfers - 1,852,969 1,148,757 783,815 468,700 172,597 Contingency - 17,420,552 15,332,759 14,128,353 13,626,388 14,578,743 Ending Balance - - - - - - Total Requirements - 30,006,722 21,160,189 19,366,811 18,545,107 18,477,045 The Westside TIF Fund represents one of six recently adopted TIF districts that will receive resources starting in FY 2025‐26. Resources are based on an estimated 1% growth in assessed value. FY 2025‐26 TIF programming will be focusing development of the district Action Plan. Housing is 45% of net proceeds based on the Housing Set Aside policy. The fund also includes a transfer of residual assets from the terminated Downtown Waterfront and River District TIF Districts including Old Town properties held for redevelopment, USPS property held for development and program income resources held for those projects. The FY 2029‐30 contingency of $14.6M is largely held for USPS development requirements in future years.

Parent: CommEcDev---FYFP-Combined · ← Part 3 · Part 5 →