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Council to Consider Extending Troutdale Riverfront Renewal Plan Duration to Preserve $3.2M Debt Capacity
Summary
Staff introduced an ordinance to amend the Troutdale Riverfront Renewal Plan, extending the plan's duration from 20 to 30 years so the urban renewal agency can incur up to $3.2 million in remaining debt capacity within a longer timeframe; introduction occurred and adoption will be scheduled at a later meeting.
City staff introduced an ordinance to approve the Fourth Amendment to the Troutdale Riverfront Renewal Plan that would extend the plan duration from 20 years to 30 years. Eric Miller, presenting the item, told the council the amendment does not increase the plan's total debt limit but extends the deadline by which the urban renewal agency must incur debt that can be repaid with tax increment revenues.
The change matters because the urban renewal plan currently has roughly $3.2 million of remaining debt capacity that must be incurred before the plan's…
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