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Council hears urban renewal (TIF) briefing; consultant outlines $65.4 million maximum indebtedness
Summary
Consultant Elaine Howard reviewed how tax-increment financing (urban renewal) works in Oregon and described a draft Cottage Grove urban renewal area with a projected $65.4 million maximum indebtedness over 30 years, a draft project list and a proposed adoption schedule.
Consultant Elaine Howard briefed the Cottage Grove City Council on the basics of urban renewal and a draft Cottage Grove urban renewal area, saying the plan would rely on tax-increment financing (TIF) and would not increase property tax bills but would reallocate future growth in assessed value for projects within a defined area.
Howard said the draft plan she and city staff have been developing projects a maximum indebtedness of $65,400,000 over a 30-year horizon. She told the council the consultants and staff translate that into about $37,000,000 of projects in today’s dollars and presented five‑year increment projections that start lower (about $1.8 million in years 1–5) and ramp up later in the plan.
Howard described how TIF works in Oregon: when a renewal area is formed the county assessor establishes a frozen assessed-value base for…
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