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Finance Committee forwards six TIF debt‑service funds to full council; ordinances recommended for emergency consent
Summary
The Finance Committee voted March 24 to forward six emergency ordinances creating tax‑increment financing debt‑service funds to the full council. The funds are administrative budget accounts that let the city recognize property tax revenues for newly created urban renewal/TIF districts in the mayor’s proposed budget.
Portland’s Finance Committee on March 24 moved six emergency ordinances to the full council to create new debt‑service funds for recently established tax‑increment financing (TIF) districts. Committee members said the action is largely administrative: creating the budgetary “bank accounts” that allow the city to recognize and track property‑tax revenues when the districts begin collecting revenue in fiscal 2025–26.
Jonas Beery, the city’s deputy administrator for budget and finance and chief financial officer, told the committee the funds are needed so the mayor’s proposed budget can reflect the TIF revenue streams for Prosper Portland and related program activity. Beery said the items are administrative and recommended they be placed on the April 2 full‑council consent agenda as emergency ordinances so the budget system can incorporate the funds in the mayor’s proposal.
The six funds and the committee’s recorded actions were:
- Create the 80 Second Avenue tax increment financing district debt service fund. Motion to forward: Councilor Green; second: Councilor Avalos. Roll call: Avalos — aye; Novick — aye; Green — aye; Councilor Guinee — aye; Zimmerman — aye. Motion carries; recommended to full council for passage.
- Create the East 205 tax increment financing district debt service fund. Motion to forward: Councilor Green; second: Councilor Avalos. Roll call: Avalos — aye; Novick — aye; Green — aye; Councilor Guinee — aye; Zimmerman — aye. Motion carries; recommended to full council for passage.
- Create the Central East Side Corridor tax increment financing district debt service fund. Public comment was taken from one stakeholder, Karen Chiray, who urged “responsible and transparent allocation” of TIF revenues and a clear plan for funded projects. Motion to forward: Councilor Avalos; second: Councilor Green. Roll call: Avalos — aye; Novick — aye; Green — aye; Councilor Guinee — aye; Zimmerman — aye. Motion carries; recommended to full council for passage.
- Create the Lloyd Holiday tax increment financing district debt service fund. Motion to forward: Councilor Perugini; second: Councilor Avalos. Roll call: Avalos — aye; Novick — aye; Green — aye; Councilor Guinee — aye; Zimmerman — aye. Motion carries; recommended to full council for passage.
- Create the Sumner Park/Rose/Argyle/Columbia tax increment financing district debt service fund. Motion to forward: Councilor Novick; second: Councilor Green. Roll call: Avalos — aye; Novick — aye; Green — aye; Councilor Guinee — aye; Zimmerman — aye. Motion carries; recommended to full council for passage.
- Create the Westside tax increment financing district debt service fund. Motion to forward: Councilor Green; second: Councilor Avalos. Roll call: Avalos — aye; Novick — aye; Green — aye; Councilor Guinee — aye; Zimmerman — aye. Motion carries; recommended to full council for passage.
Beery said Prosper Portland will develop TIF project plans and programs separately and annually. The committee discussion focused on the administrative need to create funds so the mayor’s proposed 2025–26 budget can include the districts’ property‑tax revenue streams; staff recommended emergency placement on the April 2 consent agenda so the funds are available for the budget system.
There was one public comment on the Central East Side Corridor item. Karen Chiray, a stakeholder who spoke during the committee’s public testimony period, urged that TIF revenues be allocated transparently to public infrastructure, transportation improvements and affordable housing and that each proposed project include projected budgets and timelines.
All six ordinances were forwarded to the full council with a recommendation they be passed as emergency ordinances on the consent agenda so they can be incorporated into the mayor’s proposed budget filing scheduled for May 7.
