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Bend council holds public hearing, approves first readings to create three site‑specific tax‑increment areas for housing
Summary
After a public hearing and planning‑commission recommendation, council approved first readings to create three tax‑increment finance (TIF) areas — Bridal Ridge, Century and Viridian — tied to four housing projects that include rent‑restricted units.
City of Bend planners and the Urban Renewal Agency on Tuesday described three proposed site‑specific tax‑increment finance areas (TIF) designed to help unlock infill housing projects that have repeatedly stalled. The planning commission found the plans consistent with the comprehensive plan and recommended adoption; council approved first readings on the three ordinances.
City Attorney Elizabeth Oshal and Urban Renewal staff outlined how TIF works in Oregon and why it can be targeted to areas the law defines as blighted. “The TIF mechanism freezes a frozen base, the existing tax levels, in an area,” Oshal said, and the increment — the growth in property tax revenue above that base — is captured by the urban renewal agency for projects specified in the plan.
The th…
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