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Coos Bay budget committee approves Urban Renewal Agency proposed budget, continues special levy for downtown
Summary
The Coos Bay Urban Renewal Agency Budget Committee approved the proposed fiscal 2025–26 budget for the Downtown and Empire districts and voted to continue a downtown special levy option capped at 28%. The committee also selected a tax collection method under ORS and forwarded the proposal to the Urban Renewal Agency Board for adoption in June.
The Coos Bay Urban Renewal Agency Budget Committee on Thursday approved the agency’s proposed fiscal 2025–26 budget for the Downtown and Empire urban renewal districts and voted to continue a downtown special levy option capped at 28%.
Budget Committee members approved three required motions: selecting the collection method for urban renewal taxes pursuant to ORS 457.343(52)(a), imposing the division of taxes and the downtown special levy option (limited to 28%), and approving the proposed fiscal 2025–26 budget. The committee recorded the approvals and forwarded the budget to the Urban Renewal Agency Board for adoption at its June meeting.
The agency’s tax increment financing structure remains the same: a frozen tax base was set when each district was created, and the growth in assessed value above that frozen base goes to the Urban Renewal Agency to fund projects. “The growth…
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