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City manager briefs Parks Commission on urban renewal financing and limits for park projects
Summary
City Manager Nicole Rutherford explained how Coos Bay’s Downtown and Empire urban renewal plans use tax-increment financing (TIF), outlined remaining plan balances and legal limits on spending, and told commissioners that parks projects must be listed in a plan (or added by amendment) to be paid with urban renewal dollars.
City Manager Nicole Rutherford told the Coos Bay Parks Commission on Nov. 7 that urban renewal works by freezing the taxable base in a designated district and capturing the increase in value—tax increment—to repay debt and fund projects in that district. "Everything above that now gets only given to the urban renewal district," Rutherford said during her presentation.
Rutherford said the city’s two plans—the Downtown and Empire urban renewal plans—were originally based on substantially lower frozen values and that tax increment growth has increased the taxable value to roughly $146 million across both districts. She noted the plans set a maximum indebtedness that limits how much the urban renewal agency may…
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