HomeMy WebLinkAboutDevelopment Commission Resolution 2015-05 RESOLUTION NO. 2015-05
A RESOLUTION OF THE CENTRAL POINT DEVELOPMENT COMMISSION
ACCEPTING THE ANNUAL REPORT FOR THE DOWNTOWN AND
EAST PINE STREET CORRIDOR PLAN FOR
FISCAL YEAR 2014-15
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 was prepared in accordance with ORS 457.460.
NOW, THEREFORE, BE IT RESOLVED that the City of Central Point Development
Commission by Resolution No. 2015-05 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 11th day of June 2015.
Hank Williams, Chair
ATT,
Deanna Casey, City Recorder /r
Development Commission Resolution No. 2014-05
City of Central Point
Downtown & East Pine Street Corridor Revitalization Plan
Annual Fiscal Report for FY2014-15
June 11, 2015
SUMMARY
This fiscal report is for FY14-15 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 either the Jackson County Assessor's
Office (FY13-14), or the Urban Renewal Plan's budget(FY14-15).
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.The impact of the Urban
Renewal Plan's tax increment revenue on the property tax collections of the affected taxing districts
was very minimal.The average fiscal impact was less than one cent per tax dollar received by the
affected taxing districts. Overall the fiscal impact ranged between two tenths of one cent per dollar
received in property tax revenue to approximately four cents 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 monies received by the Central Point
Development Commission (Commission) during FY13-14. FY13-14 was the first year the
Commission qualified for and received tax increment revenue.Additionally,the Commission
had a Beginning Fund Balance from the preceding year,which was the remaining balance of
a$125,000 start-up loan from the City in FY12-13. The Commission also received interest
payments, and through its Streetscape Reimbursement Program, incurred additional
indebtedness.The total amount of revenue received by the Urban Renewal Plan was
$162,790.
Page 1 of 4
TABLE 1.MONEY RECEIVED, FY13-14
Source Description Amount
Beginning Fund Balance $ ' 124,242
Amount Received TIR $ 6,194
Amount Received Interest $ 296
Amount Received Indebtedness $ 32,058
Total Amount Received $ 162,790
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 extended during
the preceding fiscal year.
Table 2 identifies the actual expenditures and purpose of expenditures by the Commission
for the preceding fiscal year (FY13-14).
TABLE 2. PURPOSE AND AMOUNTS OF MONEY SPENT, FY 13-14
Expenditure Description Amount
Personal Service $ -
Materials and Service $ 2,172
Capital Outlay $ 32,058
Debt Service $ 2,500
Contingency $ -
Total Expenditures $ 36,730
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 monies to be received and their source. During fiscal year 2014-15 it
was estimated that the Commission would begin the year with $124,400 beginning cash
balances.Total tax increment revenues budgeted to be received $19,900 which included
prior year collections of$500.Total moneys $124,900.
TABLE 3. MONEY PLANNED TO BE RECEIVED, FY14-15
Source Description Amount
Beginning Fund Balance $ 124,400
Amount Received TIR $ 19,400
Amount Received Interest $ -
'The FY14-15 Beginning Fund Balance was estimated and not based on actual expenditures.
Page 2 of 4
Previously Levied Taxes to be Received $ 500
Amount Received Indebtedness S -
Total Amount Received S 144,300
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(FY15).
TABLE 4. PURPOSE AND AMOUNTS PLANNED TO BE SPENT, FY 14-15
Expenditure Description FYI5(Current Year)
Personal Service S -
Materials and Service $ 18,800
Capital Outlay $ 120.000
Debt Service $ 2,500
Contingency $ 3,000
Total Expenditures S 144,300
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 nine (9) affected taxing districts with a
FY13-14 combined tax rate of$16.5156/$1,000 of assessed value.The Urban Renewal's
base value was set in FY2012-13 at$139,787,170.The FY13-14 incremental value for the
Urban Renewal Plan District was $403,858. During FY13-14 the impact of implementation
of the Urban Renewal Plan on those 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 S the impact of the Urban Renewal Plan's tax
increment for FY13-14 collections was very small ($6,589).The most significantly impacted
taxing district is the City of Central Point at approximately 4 cents per dollar of property tax
revenue collected, followed by the School District and the Fire District at approximately two
cents and one cent per dollar of property tax collected.
Page 3 of 4
TABLE 5.TAX REVENUES RECEIVED FY13-14 BY AFFECTED TAX DISTRICT
Affected Taxing Districts Property Taxes Percentage of
Property Taxes to be Diverted to Total Property
Tax District Received Urban Renewal Taxes
1 City of Central Point $ 4,610,815.16 1,794.45 0.039%
2 Jackson County $ 33,713,884.10 869.19 0.003%
3 Fire District No.3 $ 11,424,300.44 1,247.70 0.011%
4 RVTD $ 2,229,342.92 70.10 0.003%
5 Vector Control $ 716,070.51 14,02 0.002%
6 Water Conservation $ 834,167.81 14.02 0.002%
TOTAL LOCAL GOVERNMENT I $ 53,528,580.94 4,009.48 0.007%
7 School District No. 6 $ 9,586,889.42 2,243.05 0.023%
8 RCC $ 8,433,019.66 196.27 0.002%
9 ESD $ 5,795,215.78 140.19 0.002%
TOTAL SCHOOLS I $ 23,815,124.86 2,579.51 0.011% I
GRAND TOTAL I $ 77,343,705.80 6,589.00 0.009% I
Page 4 of 4