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Home My WebLink AboutDevelopment Commission Resolution 2018-01 RESOLUTION NO. 2018-01 A RESOLUTION OF THE CENTRAL POINT DEVELOPMENT COMMISSION ACCEPTING THE ANNUAL REPORT FOR THE DOWNTOWN AND EAST PINE STREET CORRIDOR PLAN FOR FISCAL YEAR 2017-18 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. 2018-01 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 25th day of January 2018. �� alS-s— HanAWilliams, Chair ATTTST City Representative Development Commission Resolution No. 2016-01 Exhibit "A" City of Central Point Downtown & East Pine Street Corridor Revitalization Plan Annual Fiscal Report for FY2017-18 January 25, 2018 SUMMARY This fiscal report is for FY17-18 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 November 27,2016),and the Urban Renewal Plan's budget(FY16-17 and FY17-18). 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 FY17-18 the amount to be collected was$341,507.The financial impact of the Urban Renewal Plan's tax increment revenue on the property tax collections of the affected taxing districts remains very minimal For FY16-17 the average fiscal impact was less than$0 0020 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 (4-H Ag.Extension) to approximately$0.0178 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 FY16-17.The total amount of money available to the Urban Renewal Plan was$4,106,758. Most of the Commission's$4,106,758 forwarded cash balance was received from a$3,634,000 financing opportunity with the City.Due to a water reservoir refinancing by the City it was advantageous for the Development Commission to accelerate their financing. For FY16-17 Tax Increment Revenue receipts totaled $195,609. Page 1 of 4 Exhibit "A" Table 1. MONEY RECEIVED, FY16-17 Source Description Amount Beginning Fund Balance $ 272,112 Tax Increment Revenue, FY16-17 $ 191.265 Tax Increment Revenue, Prior Years $ 4.344 Interest $ 5,037 Financing Proceeds $ 3,634,000 Total Amount Received $ 4,106,758 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(FY16-17). The largest expense was in Capital Outlay for the design and engineering of the East Pine Street streetscape project. Table 2. PURPOSE AND AMOUNTS OF MONEY SPENT,FY16-17 Expenditure Description Amount Personal Services $ - Materials and Sen ices $ 1,277 Capital Outlay $ 409.187 Debt Service $ 26,317 Contingency $ - Total Expenditures $ 436,781 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 2017-18 it was estimated that the Commission would begin the year with a$3,640,000 beginning cash balance'.Total tax increment revenues budgeted to be received was$238,500. 'The FY17-18 Beginning Fund Balance was estimated and not based on actual expenditures. Page 2 of 6 Exhibit "A" Table 3. MONEY PLANNED TO BE RECEIVED, FY17-18 Source Description Amount Beginning Fund Balance $ 3,640,000 Tax Increment Revenue, FYI7-18 $ 238.500 Tax Increment Revenue. Prior Years $ 4,000 Interest $ 2,700 Financing Proceedes $ - Total Amount Planned to be Received $ 3,885,200 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(FY17-18). Table 4. PURPOSE AND AMOUNTS PLANNED TO BE SPENT, FYI7-18 Expenditure Description Amount Personal Services $ - Materials and Services $ 63,800 Capital Outlay $ 3,564,000 Debt Service $ 207,400 Contingency $ 50,000 Total Expenditures S 3,885,200 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 FY16-17 combined tax rate of$17 0031 per$1,000 of assessed value.The Urban Renewal's base value was set in FY2012-13 at$139,787,170.The FY16-17 incremental value for the Urban Renewal District was$12,112,138. During FY16-17 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 FY16-17 tax increment revenue was$203,468 Of the authorized tax increment revenue the City actually received $195,609 (96%of authorized collections).The most significantly impacted taxing district is the City of Central Point at approximately$0.0103 Page 3 of 4 Exhibit "A" per dollar of property tax revenue collected,followed by the School District and the Fire District at approximately$0.0048 and $0.0029 per dollar of property tax collected. Table 5. TAX REVENUES RECEIVED FY16-17 BY APFECTED 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 I city orcentral Point $ 5213,058 $ 53.658 1 03% 2 Jackson Count) 8 40.984.445 $ 25.793 0 06°o 3 Fire District No 3 S 12.901292 $ 37.429 029"o 4 RVID 8 2.522.657 $ 2.006 008"" 5 Vector Control $ 808.402 $ 513 006% 6 \mer Conservation $ 942_511 $ 578 006"0 7 Jackson Counts Library $ 9,794970 $ 6.237 006"0 8 4-H Ag Extension $ 772.827 $ 405 0 05% TOTAL LOCAL GOVERNMENT $ 73,944,163 $ 126,619 0.17% 9 School District No b $ 13 817,548 bb 648 0 48°0 10 RCC $ 9606,954 6.049 00600 II ESD $ 6.601,780 4.152 000% TOTAL SCHOOLS $ 30,026,287 76,849 0.26% GRAND TOTAL PERMANENT $ 103,970,450 203,468 0.20% Paged of 4