City Auditor - City Recorder - Council Ordinance - 176680 Interstate Corridor Urban Renewal Plan amendment Exh B

Exhibit B

REPORT ON THE FIRST AMENDMENT TO THE

INTERSTATE CORRIDOR URBAN RENEWAL PLAN

Prepared by:

The Portland Development Commission

June 3, 2002

INTRODUCTION

ORS 457.220 requires that any substantial change made in an urban renewal plan be approved and recorded in the same manner as the original plan. ORS 457.085(3) requires that an urban renewal plan, or amendments to a plan, be accompanied by a report, which contains:

(a) A description of physical, social and economic conditions in the urban renewal areas of the plan and the expected impact, including the fiscal impact, of the plan in light of added services or increase population;

(b) Reasons for selection of each urban renewal area in the plan;

(c) The relationship between each project to be undertaken under the plan and the existing conditions in the urban renewal area;

(d) The estimated total cost of each project and the sources of moneys to pay such costs;

(e) The anticipated completion date for each project;

(f) The estimated amount of money required in each urban renewal area under ORS 457.420 to 457.460 and the anticipated year in which indebtedness will be retired or otherwise provided for under ORS 457.420 to 457.460;

(g) A financial analysis of the plan with sufficient information to determine feasibility;

(h) A fiscal impact statement that estimates the impact of the tax increment financing, both until and after the indebtedness is repaid, upon all entities levying taxes upon property in the urban renewal area; and

(i) A relocation report which shall include:

(A) An analysis of existing residents or businesses required to relocate permanently or temporarily as a result of agency actions under ORS 457.170;

(B) A description of the methods to be used for the temporary or permanent relocation of persons living in, and businesses situated in, the urban renewal area in accordance with ORS 281.045 to 281.105; and

(C) An enumeration, by cost range, of the existing housing units in the urban renewal areas of the plan to be destroyed or altered and new units to be added.

ORS 457.085(2)(i) requires that a plan include a description of which types of future amendments to the plan are substantial amendments and which are not substantial amendments. Section IX of the Interstate Corridor Urban Renewal Plan establishes the procedures for amending an existing plan. It establishes three types of amendments: (1) substantial amendments, (2) minor amendments that may be approved by the Commission, and (3) minor amendments that require review by the planning commission and approval by the City Council. This proposed amendment is that later type of minor amendment requiring review by the planning commission and approval by the City Council because the amendment involves "changes to the goals of the Plan." Section IX of the plan states that minor "[c]hanges which substantially diverge from the basic principles of this Plan, or which entail changes to the goals of the Plan shall require approval as provided for in ORS 457.095, but not requiring notice as provided in ORS 457.120.,,, ": This amendment includes amendments to several of the existing goals, and therefore, requires that the procedures in ORS 457.095, without the notice provided in ORS 457.120, be followed.

This document shall constitute the report required to accompany the First Amendment. Each of the required information categories shall be addressed in this report. The Section numbers refer to the companion Section for that category as it appeared in the original report that accompanied the Plan.

SECTION II. A DESCRIPTION OF PHYSICAL, SOCIAL, AND ECONOMIC CONDITIONS IN URBAN RENEWAL AREA.

The First Amendment does not change any of the factors or their analysis, from the factors and analysis that were discussed in the original Report accompanying the Plan, because this Amendment does not result in added services or increased population, but instead more fully integrates into the goals of the plan sustainable development and natural resource protection and enhancement.

SECTION III. EXPECTED IMPACT, INCLUDING FISCAL IMPACT, OF THE PLAN IN LIGHT OF ADDED SERVICES OR INCREASED POPULATION.

The First Amendment does not change any of the factors or their analysis, from the factors and analysis that were discussed in the original Report accompanying the Plan, because this Amendment does not result in added services or increased population, but instead for fully integrates into the goals of the plan sustainable development and natural resource protection and enhancement.

SECTION IV. REASONS FOR SELECTION OF EACH URBAN RENEWAL AREA IN THE PLAN.

The First Amendment does not change the urban renewal area boundaries nor add new area to the plan area. Therefore, the First Amendment does not change the reasons for selection of the urban renewal area discussed in the original Report accompanying the Plan.

SECTION V. RELATIONSHIP BETWEEN EACH PROJECT ACTIVITY TO BE UNDERTAKEN UNDER THE PLAN AND THE EXISTING CONDITIONS.

The First Amendment does not change the project activities to be undertaken under the Plan. Therefore, the First Amendment does not change the relationship between each project activity to be undertaken under the plan and the existing conditions that were discussed in the original Report accompanying the Plan.

SECTION VI. ESTIMATED TOTAL COST OF EACH PROJECT AND SOURCES OF MONEYS TO PAY SUCH COSTS.

The First Amendment may have a modest impact on the capital cost of some projects, in order to achieve higher levels of green building standards. However, these initial costs are likely to be offset by long-term maintenance savings. Therefore, the First amendment does not change the estimated total cost of each project and the sources of moneys to pay such costs that were discussed in the original Report accompanying the Plan.

SECTION VII. ANTICIPATED COMPLETION DATE FOR EACH PROJECT.

The First Amendment does not change the anticipated completion date of any of the projects. Therefore, the First Amendment does not change the anticipated completion date for each project that were discussed in the original Report accompanying the Plan.

SECTION VIII. ESTIMATED AMOUNT OF MONEY REQUIRED IN THE URBAN RENEWAL AREA UNDER ORS 457.420 TO 457.460 (TAX INCREMENT FINANCING OF URBAN RENEWAL INDEBTEDNESS) AND ANTICIPATED YEAR IN WHICH INDEBTEDNESS WILL BE RETIRED OR OTHERWISE PROVIDED FOR UNDER ORS 457.420 TO 457.460.

The First Amendment does not change the estimated amount of money required in the urban renewal area, nor the anticipated year in which indebtedness will be retired. Therefore, the First Amendment does not change the estimated amount of money required in the urban renewal area nor the anticipated year in which indebtedness will be retired or otherwise provided for under ORS 457,420 to 457.460 that were discussed in the original Report accompanying the Plan.

SECTION IX. FINANCIAL ANALYSIS OF THE PLAN WITH SUFFICIENT INFORMATION TO DETERMINE FEASIBILITY.

The First Amendment does not change the financial analysis of the Plan. Therefore, the First Amendment does not change the financial analysis of the Plan that was discussed in the original Report accompanying the Plan.

SECTION X. FISCAL IMPACT STATEMENT THAT ESTIMATES IMPACT OF TAX INCREMENT FINANCING, BOTH UNTIL AND AFTER INDEBTEDNESS IS REPAID, UPON ALL ENTITIES LEVYING TAXES UPON PROPERTY IN URBAN RENEWAL AREA.

The First Amendment does not alter the impact of the tax increment financing upon taxing districts. Therefore, the First Amendment does not change the fiscal impact statement that estimates the impact of tax increment financing, both until and after indebtedness is repaid, upon all entities levying taxes upon property in the urban renewal area that were discusses in the original Report accompanying the Plan.

SECTION XI. RELOCATION REPORT.

A. An Analysis of Existing Residences or Business Required to Relocate. The First Amendment does not require relocation of any existing residences or businesses. Therefore, the First Amendment does not change the findings that were discussed in the original Report accompanying the Plan.

B. A Description of the Relocation Methods to be Used. The First Amendment does not require relocation of any existing residences or businesses. Therefore, the First Amendment does not change the findings that were discussed in the original Report accompanying the Plan.

C. An Enumeration by Cost Range, of Housing Units to be Removed or Altered. The First Amendment does not require relocation of any existing residences or businesses. Therefore, the First Amendment does not change the findings that were discussed in the original Report accompanying the Plan.

D. An Enumeration by Cost Range, of New Housing Units to be Added. The First Amendment does not require relocation of any existing residences or businesses. Therefore, the First Amendment does not change the findings that were discussed in the original Report accompanying the Plan.