St. Helens urban renewal agency adopts budget amendment amid concern over Arcadia development

The St. Helens Urban Renewal Agency voted unanimously to adopt a FY24–25 budget amendment that transfers appropriation from contingency into capital outlay to complete Phase 1 of the riverfront cleanup and avoid taking on an additional loan.

The agency’s finance staff and city officials said the change, recorded as Resolution UR010 during the meeting, reallocates funds already held by the urban renewal agency so they are legally available for project spending. Gloria Bush, city staff responsible for the urban renewal budget, told the agency that the amendment follows prior planning and that staff ran conservative revenue models to account for uncertainty about the major Arcadia development.

The amendment matters because property tax increment financing (TIF) revenues will fund debt service on loans taken for redevelopment. A resident during public comment warned that without Arcadia the district “is bankrupt,” saying the tax base is negative after the departure of Cascades and urging caution. City staff and a councilor asked for follow-up analyses showing best-, worst- and most-likely revenue scenarios and clarification on when loan…