HomeMy WebLinkAboutDevelopment Commission Resolutions 2017-01 RESOLUTION NO. 2017-01
A RESOLUTION OF THE CENTRAL POINT DEVELOPMENT COMMISSION ACCEPTING
THE ANNUAL REPORT FOR THE DOWNTOWN AND EAST PINE STREET CORRIDOR
PLAN FOR FISCAL YEAR 2016-17
WHEREAS,the Development Commission has reviewed the Annual Report for the Downtown and East
Pine Street Corridor Plan(Annual Report); and
WHEREAS,the Annual Report has been prepared in accordance with ORS 457.460.
NOW,THEREFORE,BE IT RESOLVED that the City of Central Point Development Commission
by Resolution No. 2016-06 hereby accepts the Annual Report per attached Exhibit "A" and directs
the Urban Renewal Director to file the Annual Report with the City Council of the City of Central Point and
properly publish notice of availability per ORS 457.460(2).
PASSED by the Development Commission and signed by me in authentication of its passage this 26th day
of January 2017. �/�
Hank Williams, Chair
ATTE.
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City Representative
4
Development Commission Resolution No. 2016-01
Development Commission
MEMORANDUM CENTRAL Chris Clayton
POINT Urban Renewal Director
To: Mayor and City Council
From: Chris Clayton, Urban Renewal Director
Date: January 27, 2017
On January 26, 2016 the City of Central Point Development Commission, by Resolution No. 2017-001,
approved the 2016-17 Annual Financial Report for the Downtown& East Pine Street Corridor
Revitalization Plan (Copy Attached). The Annual Financial Report was prepared in accordance with ORS
457.460 and by this communication is hereby filed with the Central Point City Council per ORS
457.460(2). Public notification of the availability the Annual Financial Report will be published prior to
March 1, 2017 in accordance with ORS 457.460(2).
Sincerely,ncts ( c4 \� /�
S.
Chris Clayton, Urban Renewal Director
cc. Deanna Casey, City Recorder
City of Central Point
Downtown & East Pine Street Corridor Revitalization Plan
Annual Fiscal Report for FY2016-17
January 26, 2017
SUMMARY
This fiscal report is for FY16-17 and has been prepared per ORS 457.460.The purpose of this
report is to address the costs and fiscal impacts on other affected taxing districts of carrying out the
City of Central Point Downtown&East Pine Street Corridor Revitalization Plan (Urban Renewal
Plan). The source of information used in this report is from the Jackson County Assessor's Office
(Summary of Assessment&Levies,Tables 4a-4e dated September 28, 2015),and the Urban
Renewal Plan's budget(FY15-16 and FY16-17).
FY2013-14 was the first fiscal year that the Urban Renewal Plan was eligible to collect tax
increment revenue. The amount collected was very small at$6,194. For FY15-16 the amount
collected was$186,660.The impact of the Urban Renewal Plan's tax increment revenue on the
property tax collections of the affected taxing districts remains very minimal.For FY15-16 the
average fiscal impact was less than $0.0019 per tax dollar received by the affected taxing districts
(See Table 5,Tax Revenues Received). Overall the fiscal impact ranged between$0.0004 per dollar
received in property tax revenue to approximately$0.0104 per dollar received in property tax
revenue(City of Central Point).
REPORT REQUIREMENTS
In accordance with ORS 457.460 there are five (5) requirements that the financial report must
address:
1. The amount of money received during the preceding fiscal year under ORS 457.420 to
457.460 and from indebtedness incurred under ORS 457.420 to 457.460.
Table 1 identifies the amounts and sources of moneys received by the Central Point
Development Commission (Commission) during FY15-16.The total amount of money
available to the Urban Renewal Plan was $328,076.
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Table 1. MONEY RECEIVED, FY15-16
Source Description Amount
Beginning Fund Balance $ 138,075
Tax Increment Revenue, FY15-16 $ 186,661
Tax Increment Revenue, Prior Years $ 1,732
Interest $ 1,608
Indebtedness $ -
Total Amount Received $ 328,076
2. The purpose and amounts for which any money received under ORS 457.420 to 457.460
and from indebtedness incurred under ORS 457.420 to 457.460 were expended during
the preceding fiscal year.
Table 2 identifies the actual expenditures and purpose of expenditures by the Commission
for the preceding fiscal year(FY15-16).
Table 2. PURPOSE AND AMOUNTS OF MONEY SPENT, FY15-16
Expenditure Description Amount
Personal Services $ 15,000
Materials and Services $ 2,142
Capital Outlay $ 27,452
Debt Service $ 7,332
Contingency $ -
Total Expenditures $ 51,926
3. An estimate of the moneys to be received during the current fiscal year under ORS
457.420 to 457.460 and from indebtedness incurred under ORS 457.420 to 457.460.
Table 3 identifies the moneys to be received and their source. For fiscal year 2015-16 it was
estimated that the Commission would begin the year with a$167,100 beginning cash
balance'.Total tax increment revenues budgeted to be received was$325,800. It was also
anticipated that the budget would include additional debt of$1,700,000 for a total of
$2,194,710 moneys planned to be received.
'The FY15-16 Beginning Fund Balance was estimated and not based on actual expenditures.
Page 2 of 4
Table 3. MONEY PLANNED TO BE RECEIVED, FY16-17
Source Description Amount
Beginning Fund Balance $ 167,110
Tax Increment Revenue, FY15-16 $ 325,000
Tax Increment Revenue, Prior Years 5 2,500
Interest 5 100
Indebtedness $ 1,700,000
Total Amount Planned to be Received 5 2,194,710
4. A budget setting forth the purpose and estimated amounts for which the moneys which
have been or will be received under ORS 457.420 to 457.460 and from indebtedness
incurred under ORS 457.420 to 457.460 are to be expended during the current fiscal
year.
Table 4 identifies the budget and purpose of expenditures by the Commission for the
current fiscal year(FY16-17).
Table 4. PURPOSE AND AMOUNTS PLANNED TO BE SPENT, FY16-17
Expenditure Description Amount
Personal Services $ 39,000
Materials and Services $ 120,300
Capital Outlay $ 1,588,010
Debt Service $ 397,400
Contingency $ 50,000
Total Expenditures $ 2,194,710
5. An analysis of the impact;if any,of carrying out the urban renewal plan on the tax
collections for the preceding year for all taxing districts included under ORS 457.430.
Within the City of Central Point there are a total of eleven(11) affected taxing districts with
a FY15-16 combined tax rate of$17.0753 per$1,000 of assessed value.The Urban
Renewal's base value was set in FY2012-13 at$139,787,170.The FY15-16 incremental
value for the Urban Renewal District was$12,112,138. During FY15-16 the impact of
implementation of the Urban Renewal Plan on the affected taxing districts is illustrated in
Table 5,both in terms of property tax dollars diverted and a percentage of total property tax
dollars collected for each taxing district As illustrated in Table 5 the Urban Renewal Plan's
authorized FY15-16 tax increment revenue was$197,920. Of the authorized tax increment
revenue the City actually received$186,661 (94% of authorized collections).The most
significantly impacted taxing district is the City of Central Point at approximately$0.0104
Page 3 of 4
per dollar of property tax revenue collected, followed bythe School District and the Fire
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District at approximately$0.0049 and $0.0029 per dollar of property tax collected.
Table 5. TAX REVENUES RECEIVED FY15-16 BY AFFECTED TAXING DISTRICTS
Affected Taxing Districts Property Taxes Percentage of Toal
Property Taxes to be Diverted to Urban Property Taxes Diverted
Tax District Received Renewal to Urban Renewal
1 City of Central Point $ 5,015,104 $ 52,171 1.04%
2 Jackson County $ 39.870,762 $ 25,480 0 06%
3 Fire District No.3 $ 12,458,556 $ 36,410 0.29%
4 RVTD $ 2,432,766 $ 2,073 0.09%
5 Vector Control $ 778,929 $ 504 0.06%
6 Water Conservation $ 908,143 $ 597 0 07%
7 Jackson County Library $ 9,437,180 $ 6,079 0.06%
8 4-H Ag Extension $ 704.847 $ 291 0.04%
TOTAL LOCAL GOVERNMENT $ 71,606,288 $ 123,604 0.17%
9 School District No 6 $ 13,243.653 64,253 0.49%
10 RCC $ 11,232,715 7,293 0.06%
11 ESD $ 6,357,678 4,128 0.06%
TOTAL SCHOOLS $ 30,834,045 75,674 0.25%
GRAND TOTAL PERMANENT $ 102,440,333 199,278 0.19%
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