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Canby Urban Renewal Agency discusses winding down district, identifies $1.8M for local street projects
Summary
Canby’s Urban Renewal Agency on April 2 heard legal guidance and staff recommendations for winding down the agency’s plan and directing roughly $1.8 million in remaining capital funds to local street projects.
The Canby Urban Renewal Agency spent the April 2 meeting discussing legal options and project choices as the agency moves toward winding down its urban renewal plan.
City legal counsel explained the two primary options under state law: terminate the urban renewal plan (which ends project authority within the district) or terminate the agency itself (which also removes the administrative entity). Counsel told the board the agency can also instruct the county to stop collecting tax increment as soon as the agency has enough funds in its special fund to pay its maximum indebtedness; in that case the county will not begin distributing money to junior taxing districts until the agency tells the county it has sufficient funds to pay principal and interest in full.
Finance and agency staff told the board they expect a final…
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