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Estacada urban renewal budget committee approves FY 2025–26 budget, retains tax-increment cap
Summary
The Estacada Urban Renewal Agency Budget Committee approved the proposed FY 2025–26 budget and voted to assess the maximum taxes allowed under the district while continuing to wind down the district through its June 2027 end date.
The Estacada Urban Renewal Agency Budget Committee voted to approve the proposed fiscal year 2025–26 budget and to assess the maximum taxes allowed for the Urban Renewal District.
The committee’s budget presentation outlined the district’s remaining authority, planned spending for 2026 and the use of tax increment financing to pay down existing projects. “Urban renewal is a tool that is, allowed by law in Oregon for economic development,” the budget presenter said, describing the district as time- and location-limited and noting the current downtown district is scheduled to end in June 2027.
The presenter summarized the district’s finances and work: the district’s maximum indebtedness is $6,600,000 and the presenter estimated total spending through the end of the current fiscal year at about $5,900,000. The draft budget for 2026 includes approximately $680,000 in proposed spending; the presenter said program income from repaid loans could add to that total. The presentation called out two funds in the budget: fund 96 (tax increment/debt service) and fund 95 (operating/project expenditures), and noted a loan-reserve requirement held at Umpqua Bank.
The presenter described ongoing and recent projects that increased the tax base, including the Broadway and Main Street improvements and private building upgrades downtown, and said the growth in assessed value means the taxes that return to the city and other local districts will rise after the urban renewal district expires. The presenter also said a $300,000 loan issued in the current fiscal year counts against maximum indebtedness while outstanding but will become reusable program income once repaid.
Committee members asked for clarifications during discussion. One committee member asked about the repayment schedule for the $300,000 loan; the presenter replied it is scheduled to be paid off in up to five years, but repayment could occur sooner if related grant funds arrive. Committee members also asked whether a potential new urban renewal district had been located; the presenter said initial planning is focusing on the former mill site and adjacent lakeshore frontage and that any new district would have to be contiguous. The presenter said a parks master-plan update this fall would be the appropriate venue to identify specific park or recreational projects tied to redevelopment.
After the presentation and committee discussion, a motion to approve the budget as proposed and to assess the maximum taxes allowed carried on a voice vote: “Aye” was called and the chair declared the budget passed.
The committee directed staff to continue planning work for potential expansion or creation of a contiguous urban renewal district that would include the mill site and lakeshore frontage, and to follow the existing plan and an upcoming parks master-plan update when identifying future projects.
The committee approved the May 14, 2024 budget committee minutes earlier in the meeting and adjourned without scheduling the next meeting.
