An urban renewal district established in 2011 in the city of Beaverton, Oregon has so far fallen short of its 150-million potential. But as the local economy improves, so too does the tax increment and bond financing potential of the district.
An urban renewal district approved by voters in 2011 has so far struggled to generate its intended tax revenue due to the lackluster economy of recent years. That trend will finally change this year, reports Wendy Owen, with the district expecting to collect $1.2 million next year.
That total, however, will allow the Beaverton Urban Redevelopment Agency to seek up to $10 million in bonds in 2016 to start investing in the district. So far the city hasn't solidified any plans for spending the potential money (bonds could grow to $14 million or $19 million if the redevelopment agency holds off for another year or two, respectively), but a five-year action plan is currently in the works. As originally pitched to voters, the tax increment financing generated in the district would generate the ability to issue $150 in bonds.
The 997-acre district covers part of Murray Boulevard, historic downtown, Beaverton Town Square and the commercial area east of Oregon 217. Owen also shares details of the guidelines for investments, as already outlined by a citizen-led Urban Renewal Action Committee.
FULL STORY: Beaverton's Urban Renewal District expected to bank enough funds to spend
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