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TCDA board ratifies $12 million purchase of former Tigard Cinema site to create park and Red Rock Creek greenway
Summary
The Tigard Town Center Development Agency board unanimously ratified a purchase and sale agreement to buy roughly 10.39 acres at the former Tigard Cinema site for $12 million, using TIF, budget reallocations and a $5 million loan; staff said the site will be developed with parkland, creek restoration and potential public‑private housing.
The Tigard Town Center Development Agency (TCDA) board voted unanimously to ratify a purchase‑and‑sale agreement to buy about 10.39 acres comprising the former Tigard Cinema parcels at 11620 Southwest Pacific Highway for $12,000,000, contingent on conditions to be cleared by the city attorney and the TCDA executive director.
Redevelopment Manager Sean Fairley told the board the site is largely flat and suitable for parkland and for potential public‑private development that could include housing. Fairley said the adopted Tiger Triangle equitable implementation plan prioritized public spaces and parkland; the triangle currently has no parks and has seen substantial housing development in recent years.
Fairley presented a concept plan showing how a park could complement Red Rock Creek enhancements, new streets and a Red Rock Creek trail. He said about 800 housing units have been built or are under construction in the Triangle, roughly 30% of which are regulated affordable housing; another 1,000 units are in the pipeline and staff estimated the area could see as many as nearly 4,500 new residents as development continues.
Funding for the acquisition comes from a combination of budgeted parkland acquisition funds ($3,800,000), a reallocation of TCDA funds ($1,800,000), realized savings ($1,400,000) and a $5,000,000 loan that will be repaid with Tax Increment Financing (TIF) generated in the district. Staff said the purchase will constrain the Triangle TIF fund for approximately three to four years but represents about 5% of the district’s $188,000,000 planned TIF investments.
Finance Director Eric King recommended preparing budget amendments for the current and next fiscal years to reflect the acquisition. Board members expressed support for the acquisition as a major investment in the Triangle and potential catalyst for additional development. The board moved to ratify the purchase and sale agreement and authorize the TCDA executive director to effectuate the transaction; the motion passed on a unanimous roll call.
Votes at a glance: TCDA motion to ratify purchase and sale agreement for approximately 10.39 acres at 11620 SW Pacific Highway for $12,000,000 — adopted unanimously.
