Loading...
HomeMy WebLinkAboutDevelopment Commission Resolution 2016-03 Resolution No.2016-03 BEFORE THE CENTRAL POINT DEVELOPMENT COMMISSION A RESOLUTION ADOPTING THE BUDGET,MAKING APPROPRIATIONS, AND DECLARING TAX INCREMENT The Central Point Development Commission resolves as follows: Section 1.The budget for fiscal year 2016-17 in the total of$2,194,710 is adopted(Exhibit"A").This budget is now on file at the City of Central Point Finance Offices, 140 South Third Street,Central Point,OR 97502. Section 2.The amounts for the fiscal year beginning July 1,2015;and for the purposes shown below are appropriated: GENERAL FUND Materials&Services $120,300 Debt Service $397,400 TOTAL GENERAL FUND $2,194,710 Section 3.The Board of Directors certify to the county assessor a request for the Downtown&East Pine Street Corridor Revitalization Plan Area for the maximum amount of revenue that may be raised by dividing the taxes under Section lc,Article IX, of the Oregon Constitution and ORS Chapter 457. The above resolution statements were approved and declared adopted on this 9`"day off lune 2016. p ,r Hank Williams, Chair Central Point Development Commission ATT Deanna Casey,Recorder Page 1 of 1 EXHIBIT "A" CENTRAL POINT DEVELOPMENT COMMISSION PROPOSED BUDGET FISCAL YEAR 2016-17 BUDGET MEETING JUNE 9, 2016 Page 1 of 12 EXHIBIT "A" CENTRAL POINT DEVELOPMENT COMMISSION CENTRAL POINT DEVELOPMENT COMMISSION MEMBERS HANK WILLIAMS, CHAIR BRUCE DINGLER, VICE CHAIR ALLEN BRODERICK TANEEA BROWNING MIKE QUILTY RICK SAMUELSON BRANDON THUESON CITIZEN BUDGET COMMITTEE MEMBERS KAY HARRISON ROB HERNANDEZ KAREN HUCKINS CHRIS RICHEY BILL STULTS BILL WALTON STEVEN WEBER BUDGET OFFICER CHRIS CLAYTON, CITY MANAGER URBAN RENEWAL STAFF CHRIS CLAYTON, URBAN RENEWAL MANAGER/ CITY MANAGER BEV ADAMS, FINANCE DIRECTOR TOM HUMPHREY, COMMUNITY DEVELOPMENT DIRECTOR MATT SAMITORE, PARKS & PUBLIC WORKS DIRECTOR Page 2 of 12 EXHIBIT "A" BUDGET MESSAGE TO: CHAIR AND BOARD OF DIRECTORS CENTRAL POINT DEVELOPMENT COMMISSION; BUDGET COMMITTEE MEMBERS; AND CITIZENS OF CENTRAL POINT INTRODUCTION The FY 2016-17 Budget represents the Commission's first significant venture toward the physical implementation of the Plan.This becomes apparent in the knowledge that not only will it exceed, by a significant amount,all prior budgets combined, but it will also represent the Commission's first use of tax increment financing in the amount of $1,700,000. There are three actions that necessitate the size of the proposed budget: 1. East Pine Streetscape Design & Engineering($210,000).As a carryover from the FY15-16 Budget,the Commission will be completing the design, preliminary engineering,and Phase 1 final construction engineering for the downtown streetscape project on East Pine Street.This design and engineering project will identify the scope and cost of constructing Phase 1 of the East Pine's streetscape. 2. Phase 1 Streetscape Construction ($1,348,010).The Phase 1 streetscape construction project will require an estimated $1,700,000 tax increment revenue bond before commencement of construction. It can be expected that due to construction timing(beginning late spring 2017)that a large percentage of the construction funding will be carried forward to the FY17-18 Budget. 3. Bond Costs. Including the first year's estimated Debt Service Payment and Debt Service Reserve the total cost for the bond will be approximately$272,000. It should be noted that the costs and funding for the FY 2016-17 Budget will cover most of two fiscal years to see the Phase 1 streetscape project through to completion. MISSION It is the primary mission of the Central Point Development Commission to eliminate blight and depreciating property values within the urban renewal district.This mission will be accomplished through the strategic implementation of projects and activities that consciously maximize both public and private investments within the Urban Renewal Area, investments that are designed to target,facilitate and strengthen the economic and aesthetic vitality of the urban renewal district as the City's traditional mixed-use urban core. Page 3 of 12 EXHIBIT "A" OVERALL GOAL The basic goal of the Development Commission is to address,through the implementation of the Plan, existing blighted conditions within the urban renewal district so that unused and underused properties can be placed in productive condition and utilized at their highest and best use in accordance with the City of Central Point Comprehensive Plan. KEY OBJECTIVES AND ACTIVITIES Section 1.5.2 of the Plan identifies fourteen(14)goals and objectives to be accomplished by the Plan.Section 1.6 addresses the activities that the Commission may undertake. In July of 2013 the Development Commission prepared the Central Point Urban Renewal Project Guide identifying the Development Commission's top five activities to be undertaken over a five-year period (FY13-14 to FY17-18). The activities budgeted for FY 2016-17 are both long awaited and consistent with the Plan's goals and objectives and the Development Commission's activities schedule. KEY PERFORMANCE MEASURES • Increased real property assessed value within the urban renewal district • Track and manage Return-on-Investment(ROI) ratio between public and private investment dollars within the urban renewal district • Completion of projects on schedule. LEGAL COMPLIANCE • Notice of Budget Committee meeting • Affidavit of Publication, Mail Tribune • Resolution Adopting the Annual Budget • FORM UR-50, Notice to Assessor THE BUDGET This budget is a financial plan listing all planned expenses and revenues for fiscal year 2016-17. The Development Commission's budget consists of a single fund;the General Fund. The Budget's primary source of income is tax increment revenue, including proceeds from the sale of tax increment revenue bonds. GENERAL FUND EXPENSES The Development Commission's expenses fall into one of four categories: Personal Services, Materials&Services,Capital Projects,and Debt Service.All expenditures are dedicated to implementation of the Plan. PERSONAL SERVICES Funding for Personal Services($39,000) is related to the increase in the workload necessary to complete the budgeted projects. Rather than hire personnel for staffing the Development Commission the budget for Personal Services will be used to reimburse the existing City staff for the time committed to urban renewal. Because of the East Pine Street project scheduled for this fiscal year the Personal Services budget has increased from last year. Page 4 of 12 EXHIBIT "A" MATERIALS&SERVICES The Materials&Services category($120,300)is comprised of six subcategories, most of which address basic administrative requirements of the Development Commission.Such as;the costs of legal services,annual audit, materials, contract services,etc. For this fiscal year the costs for an anticipated bond sale have been added,substantially raising the total costs allocated to Materials and Services. CAPITAL PROJECTS The Capital Projects Fund accounts for all expenditures($1,588,010)on projects related to implementation of the fifteen (15) projects listed in the Plan.This includes such activities as project administration,design,engineering, and construction costs.Over the course of the next 21 years it is the Commission's charge to undertake each of these projects,while not exceeding its Maximum Indebtedness limit of$43,177,530. For FY 2016-17 the Capital Projects Fund includes the following projects: • Engineering for the streetscape and signalization improvements on East Pine within the downtown(Project No. 1 and 5).This project was started in FY 2015-16 and will be completed FY 2016-17. • Construction of Phase 1 of East Pine Streetscape Project(Project No. 1 and 5). • Funding for the Economic Development Incentive Program (commercial facade improvement). DEBT SERVICE The purpose of the Debt Service category is to account for the payment of principal and interest due on Commission debt.For this fiscal year the Commission will pay interest on the$125,000 loan from the City.The terms of the loan are 2%interest payments annually,with a$125,000 balloon payment at the end of the fifth year(FY17-18).The Commission also has a debt service obligation in the amount of$4,900 for improvements made along Hwy.99 by Walgreen's per the Streetscape Reimbursement Program. For the first time the Debt Service category will also include provision for repayment of the anticipated FY 2016-17 Bond. RESOURCES Funding for activities and projects will come from four sources;tax increment revenue, interest,cash balance forward,and bond proceeds,for a total of$2,194,710. FY 2016-17 BOND It is anticipated that in FY 2016-17 the Commission will $1,700,000 in bond proceeds. Page 5 of 12 EXHIBIT"A" TAX INCREMENT REVENUE The primary source of urban renewal revenue will be bond proceeds,followed by tax increment revenue. For FY 2016-17 it is estimated that the Commission will receive$325,000 in tax increment revenue. INTEREST&PREVIOUSLY LEVIED TAXES It is estimated that the Development Commission will receive$2,500 in previously levied taxes and interest on its cash balance. BALANCE FORWARD The Commission will begin FY 2016-17 with an estimated beginning cash balance of$167,110. A BALANCED BUDGET By Oregon Law the budget is balanced at$2,194,710. Page 6 of 12 EXHIBIT "A" NOTICE OF BUDGET HEARING A public meeting of the Central Point Development Commission will be held on June 9,2016 at&00 p.m.at the City of Central Point Council Chambers,140 S.3rd St.,Central Point Oregon.The purpose of this meeting is to discuss the budget for the fiscal year beginning July 1,2016 as approved by the Central Point Development Commission Budget Committee. A summary of the budget Is presented below.A copy of the budget may be Inspected or obtained at the City of Central Point Finance Department,140 S.3rd St.,Central Point,OR,between the hours of 900 a.m.and 4:00 p.m.,or at Contact Orris Clayton.Urban Renewal Manager Phone:(5411 423-1018 Email:Chris.Oavtonecentraloointoreaon.' FINANCIAL SUMMARY-RESOURCES Actual Amount Adopted Budget Proposed Budget I TOTAL OF ALL RINDS I 2014/15 This Year 2015/16 Next Year 2016/17 I Beginnnq Fund Balance/Net Worldno Capital I S 126.059 E 126.500 5 167, I Federal.State and All Other Grants I t - t - 5 - Revene from Bonds and Other Debt S - t - S 1.700.000 Interfund Transfers S - S - S All Other Resources Except Division of Tax&Special Lew 5 94 5 - 5 - Interest S 890 5 - 5 100 Revenue from Division of Tax 5 119.074 S 287.800 S 327.500 Revenue from Special Lew NA NA NA Total Resources S 246.117 I S 414.300 S 2194.710 FINANCIAL SUMMARY-REQUIREMENTS BY OBJECT CLASSIFICATION Personnel Services 5 - 5 18.000 S 39.000 Materials and Services S 690 5 18 900 5 12Q.300 Capital Outlay 5 210 5 360 000 S 1588.010 Debt Service t - 4 7.400 5 397.400 Inter6nd Transfers S - S - t - Contirpendes S - 5 10.000 5 50.000 All Other E mendtures and Reaiirenerts S - S - 5 - Unaoorooriated Endinw Fund Balance S - 5 - S Total Requirements I S 900 I S 414.300 I S 2.194,710 STATEMENT OF INDEBTEDNESS Estimated Debt Outstanding Estimated Debt Authorized I LONG TERM DEBT July 1.2016 But not incurred on July 1 IGeneral Obligation Bonds S - I $ lOther Bank S - I $ 1 700,000 lOther Bor owinas S 157 060 1 5 152.662 I Total S 157,060 I S 1.852,662 Page 7 of 12 EXHIBIT "A" FORM RESOURCES LB-20 General Fund Central Point Development Commission I Historical Da I Budget for Next Year 2016-17 I Actual I Adopted Budget Serntl Preceding Fret Preceding iyys yew Preposed By AM:Med By Adapted By Year 2013-14 Year 2014-15 2015-16RESOURCE DESCRIPTION Budget Ose car Budget Committee Gontg Body 1 S 126242 5 126.059 S 125.150 1 Mottle cat an hand'(cash Seas or S 167110 5 167.110 S 167.110 2 5 - S - S - 2 Net wading caste!(eccwl Leel S - S - $ - 3 5 - $ 94 5 150 3 Preewelv lowed taxes estimated to be recened S 2.500 5 2500 5 2.500 4 S 296 5 890 S 1.200 4 Merest 5 100 5 100 S 100 5 5 - 5 - S - 5 Traelened In tan filer(ands S - S - S - 6 6 OTHER rESOWCES S - S - 7 $ - 5 - S - 7 Leen(City at Central PanO S - 5 - S - 8 5 - 5 - S - B FY16-17 Band 5 1.700.000 S 1.700.000 S 1.700.000 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 21 22 S - 22 23 23 24 24 25 25 1 26 26 27 27 1 2131 28 I 291$ 124.538 S 127.044 S 126,500 29 Total resources,except taxa to Ce lead $ 1.869.710 $ 1,869.7101 S 1,869,710 30 S 287,800 30 Teel estimated to be waxed $ 325.000 $ 325,000 $ 325,000 31 $ 6,190 $ 119,074 31 Taxes colected in yea lewd 321$ 130,7321 $ 2441171$ 414.300132. TOTAL RESOURCES 1 S 2194.710 $ 2.194.710 $ 2.194,710 'Wears Nothing Wince tram prior year Page 8 of 12 EXHIBIT "A" REQUIREMENTS SUMMARY FORM LB-30 Central Point Devebpment Commission-General Fund I Historical Data 1 Budget For Next Year 2016-17 AOWsI I Adopted Budget REQUIREMENTS DESCRIPTION Second Year recede First Preceding This Year Pmget O oBye Ammar]By Adopted By Year 2013-14 Year 2014-15 2015-16 1314941 Officer Budget Committee Gowning Body PERSONAL SERVICES 1 5 - S - S 15.000!Seisms 8 wanes S 30000 S 30.000 $ 30.000 1 1 2 1 $ - I S - I S 30013 1City Taxa 8 Benefits I s 9.000 1 $ 9,000 1 5 9,0001 2 3 18 000 TOTAL PERSONAL SERVICES 014 39 000 3 MATERIALS AND SERVICES 4 5 690 5 916 S 2300 lAEmrgmmYLeoel Notices $2.300 $ 2.300 $ 2.300 4 1 5 1$ 1.400 1$ 2231 s 5.500 IPmreaeienal Senses 1 5102.0001 $ 102.000 1 S 102000 1 5 18 1$ 82 1$ 1261$ 10000 1Cortract Semmes.Admin Stag I $15.0001 $ 15.000 1 5 15.000 1 e 1 7 1 $ - 1 s - I s 40010fiice Suocliea I 54001 s 4001 S 4001 7 1 9 1 5 - I $ - I s 400'Ponape I x3001 s 3001 $ 3001 9 I a 1 s - I s - I s 300'PIimNInrnet 1 x3001 5 3001 S 3001 9 10 21 1 ITOTAL MATERIALS AND SERVICES I $120.300 $ 120,306 $ 120,7110 10 CAPITAL OUTLAY 11 $ - $ 79.181 S 15.00010ai Stns PaMim Lot 8I4w 99 Streit Lmhts 1 $ - $ - $ - 11 112 1$ 2101 I S 310 000!East Pine Streetecam&Simi*IEtneennol I S 210.000 1 $ 210.0001 $ 210,000 1 12 1 13 1 5 - I $ - I s - (Eat Pine Streesscaoe 8 SipriaN Canstmcan(Phase 111 S 1.348.010 I S 1.348.0101 $ 1.348.010 I 13 1 14 1 S - 1 $ - I$ 30.000(Economic hcmtne Proram 1 S 30.000 1 S 30.0001 $ 30.000 1 14 11s 1 $ - 1 S 29.133 1 5 5.000!Denim Semmes.Cmceot Plan I s - I s - I s - 1 15 16 1 1 14 TOTAL CAPITAL OUTLAY 1 1 1 1 18 DEBT SERVICE 17 5 2.500 5 2.500 $ 2.500 Icnv Loan.!Merest Ott 1 5 2.500 S 2.500 S 2.500 17 18I S - I S - I S 4.900 IStrerscaoe Reimbursement 1 5 4.9001 5 4.9001 $ 4.9001 18 1 19 1 s - I s - 1 s - IFY16-17 Bond a Reeene I S 390.0001 $ 390000 1 $ 390.000 I 19, 20 7 TOTAL DEBT SERVICE 20 TRANSFERRED TO OTHER FUNDS 21 $ - $ - 5 - 1 IS - $ - 5 - 21 1221 $ - IS - IS - 1 IS - IS - IS - 1 22 1231 $ - IS - IS - I IS - IS - IS - 1 23 24 $ - $ - $ - (TOTAL TRANSFERS I S - I$ - I S - 1 24 $ 10,000 OPERATING CONTINGENCY $ 50,000 $ $0000 $ 50,000 25 26 $ 126,059 $ 134,038 Ewing balance(prior years) $ - (UNAPPROPRIATED ENDING FUND BALANCE I$ - 28 S 4,882 $112.0801 $414,3001 TOTAL REQUIREMENTS I $2.194.7101 S 2,194,710 I S 2,194,710 128 150-504-030 (Rev 12/09) Page 9 of 12 EXHIBIT "A" LEGAL COMPLIANCE • Notice of Budget Committee meeting • Notice of Budget Hearing • Resolution No.2015-04 Adopting the Annual Budget • FORM UR-50, Notice to Assessor NOTICE OF BUDGET COMMITTEE MEETING A public meeting of the Budget Committee of the Central Point Development Commission,Jackson County,Oregon to discuss the budget for the fiscal year July 1,2016 to June 30, 2017,will be held the City Council Chambers, 140 S.Third Street, Central Point,Oregon.The meeting will take place on April 18, 2016,at 4:00 P.M.The purpose of the meeting is to receive the budget message and comments from the public on the budget. A copy of the budget document may be inspected or obtained on or after April 18, 2016 at the Finance Offices of the City of Central Point, between the hours of 9:00 A.M.and 5:00 P.M.,on the City of Central Point web site at www.centraloointoreeon.eov. This is a public meeting where deliberation of the Budget Committee will take place. Any person may appear at the meeting and discuss the proposed budget with the Budget Committee. Page 10 of 12 EXHIBIT "A" NOTICE OF BUDGET BEARING A public meting of the Central Point Development Commission will be held on June 9,2016 at 6:00 pan.at the City of Central Point Council Chambers,140 S.3rd St.,Central Point Oregon.The purpose of this meeting Is to discuss the budget for the fiscal year beginning July 1,2016 as approved by the Central Point Development Commission Budget Committee. A summary of the budget Is presented below.A copy of the budget may be !I inspected or obtained at the City of Central Point Finance Department,140 S.3rd St.,Central Point,OR, the hours of 9:00 a.m.and 4:00 p.m.,or at www.centraloointorecon.00v. Contact Chris°erten.Urban Renewal Manager Phone:(5411423-1018 Email:Chris.Clavtonocentraloointoreaon FINANCIAL SUMMARY-RESOURCES tI Actual Amount Adopted Budget Proposed Budget I TOTAL OF ALL FUNDS 1 2014115 This Year 2015/16 Next Year 2016/17 I Beginning Fund Balance/Net Working Capital S 126 059 4 126.500 5 167.110 I Federal.State and All Other Grants S - S - S - Revenue from Bonds and Other Debt S - S - S 1.700.000 Interfunnd Transfers S - S - 4 All Other Resources Except Division of Tax&Spedal Lew S 94 5 - S - Interest S 890 5 - S 100 Revenue from Division of Tax 5 119.074 5 287.800 $ 327.500 Revenue from Special Lew NA NA NA Total Resources 5 246.117 S 414300 S 2.194.710 FINANCIAL SUMMARY-REQUIREMENTS BY OBJECT CLASSIFICATION Personnel Services I S - 5 18.000 15 39.000 Materials and Services 15 690 S 18.900 15 120300 Capital Outlay 15 210 5 360.000 15 1.588.010 Debt Service I $ - 4 7.400 I t 307 am Intefird Transfers 14 - S - I s - Contingenaes I t - 5 10 000 I s 50.000 All Otter Expenditures and Requirements I S - S - I t - Unaoomoriated Ending Fund Balance I S - S - I S - Total Requirements I s 900 I s 414 300 I S 2.194.710 STATEMENT OF INDEBTEDNESS If Estimated Debt Outstanding I Estimated Debt Authorized I LONG TERM DEBT I July 1,2016 But not incurred on July 1 (General Odioation Bonds I $ - I $ - lother Bonds I $ - I $ 1 700,000 (Other Borrowings I $ 157.060 I $ 152.662 I Total I $ 157,060 I S 1.852,662 Page 11 of 12 EXHIBIT "A" FORM UR-50 NOTICE TO ASSESSOR 2016-2017 •Submit two(2)copies to county assessor by Jul 15 n Check here if this is an amended form. Notification The Central Point Development Commission authorizes its 2016-2017 ad valorem tax increment amounts by plan area for the tax roll of Jackson County Chris Clayton (541)423-1018 July 10,2016 (Contact Person) (Telephone Number) (Date) 140 S.3rd St,Central Point,Oregon 97502 Chris.Claytont centralpdntoregon.gov (Agency's Mating Address) (Contact Person's E-mail Address) • Part 1:Option One Plans(Reduced Ratel.For definition of Ootion One dans,see ORS 457435(21(a) Increment Value I 100%from Division Plan Area Name to Use of T1V Snecia(Lew Amount'' IS OrI Yes I $ I IS OrI Yes I $ I I$ Or I Yes I $ I Is Or Yes I $ Part 2:Option Three Plans(Standard Rate).For definition of Cotton Three olans.see ORS 457.435(2)(c) Increment Value Amount from Division Special Levy I Plan Area Name I mLrxe'" I °fiat'•• I AIDOrrOfre•• I Is Or I I I Is Or I I I Is Or I I 1 Part 3.Other Standard Rate Plans-For definition of Stan._ . . .,... :: sit. . I I . .1 Increment Value100%from I Plan Area Name tO Use` Division of Tax' Downtovat S East Pine Street Corridor Revitaization Plan $ Or I Yes X I I $ Or I Yes I I $ Or Yes I I $ Or I Yes I I $ Or I Yes 1 Part 4:Other Reduced Rate Plans.For definition of reduced rate dans,see ORS 457.010(41(a) increment Value 100%from Plan Area Name to Use Division of Tar $ Or I Yes $ Or I Yes $ Or I Yes I $ Or I Yes I $ Or I Yes I Notice to Assessor of Permanent Increase in Frozen Value. Effective 2012-2013.oermanen8v increase frozen value to: Plan Area Name I New frozen value $ 1 Plan Area Name I New frozen value $ All Plans except Option Three:Enter amount of Increment Value to Use that is less than 100%Or check"Yes"to receive 100%of dmasion of tax Dn NOT enter an amount of Increment Value to Ilse AND check"Yes". "' If an Option One plan enters a Special Levy Amount,you MUST check"Yes"and NOT enter an amount of Increment to Use. "' Option Three plans enter EITHER an amount of Increment Value to Use to raise less than the amount of division of tax stated in the 1998 ordinance under ORS 457.435(2)(c)OR the Amount from Division of Tax stated in the ordinance,NOT both. n't If an Option Three plan requests both an amount of Increment Value to Use that will raise less than the amount of division of tax stated in the 1998 ordinance and a Special Levy Amount,the Special Levy Amount cannot exceed the amount available when the amount from division of tax stated in the ordinance is subtracted from the plan's Maximum Authority. 150-504-016-5(Rev 12-I0) ..