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Urban Renewal Agency forwards annual report showing $10.5M spent, $16.3M authorized
Summary
The Monmouth Urban Renewal Agency presented its annual report, reporting approximately $10.5 million expended (64% of maximum indebtedness), assessed value growth of about $68 million since 2006, and plans to leverage TIF proceeds and grant matches for future projects; the agency voted to forward the report to taxing jurisdictions.
The Monmouth Urban Renewal Agency on Jan. 21 approved and forwarded its annual financial and project report for fiscal year 2023-24 to the city council and impacted taxing jurisdictions.
Community and economic development staff presented highlights: the agency has spent about $10.5 million to date against a maximum authorized spend of approximately $16.3 million (about 64% used). Since the district—s formation in February 2006, the assessed value within the district has increased by about $68 million, staff said, which the agency described as the intended effect of urban-renewal investment.
The report lists major projects and contributions. Urban renewal contributed $3,650,000 to the city hall project that staff described as completed, and the agency reported using TIF funds as match to secure other grants, including an AARP Community Challenge grant used to implement alley demonstration projects and improve downtown designs in collaboration with the University of Oregon. The agency also described a $200,000 Main Street revitalization grant for the Ross Theater (Monmouth Cultural Center), with urban renewal contributing $90,000 in match and private investment reported at about $137,000 and rising as work continues.
Agency staff said the 2023-24 year was a "rebuilding year" for tax-increment funding after major projects and that the agency did not budget for debt proceeds in the coming year because the borrowing market was unfavorable; staff said they plan to rebuild TIF capacity and consider borrowing when markets are feasible. Staff also reported a modest year for façade grants but said city Main Street staff are actively promoting available assistance.
Agency members asked whether project contributions could be tied to later assessed-value increases; staff said the assessor—s update after project completion determines any reassessment and that there can be a lag in when increased assessed value appears in tax rolls.
The Urban Renewal Agency voted to forward the report to the city council and impacted taxing districts. The motion to forward passed on a voice/roll vote with an affirmative majority; agency members indicated unanimous support when asked to signify by saying "aye."
