Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Hermiston council and urban renewal agency approve $5 million loan for Northeast Aspen Drive
Summary
The Hermiston City Council voted to loan $5 million to the City of Hermiston Urban Renewal Agency for construction and right-of-way acquisition on Northeast Aspen Drive, with the agency later acknowledging the loan and agreeing to repay it over 20 years at 1% using tax-increment revenues.
The Hermiston City Council voted to remove and then approve an intergovernmental agreement (IGA) loaning $5 million to the City of Hermiston Urban Renewal Agency for construction and right-of-way acquisition on Northeast Aspen Drive, and the Urban Renewal Agency subsequently approved the same loan.
Councilors discussed the IGA on March 10 as part of consent-item handling and again when the council convened as the Urban Renewal Agency. Assistant City Manager Morgan said the city issued a $20 million capital improvement bond in 2023, allocating $15 million for city capital improvements and $5 million to be loaned to the urban renewal district because the city…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
