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Estacada urban renewal budget committee elects Mike McElroy and approves proposed 2026–27 budget
Summary
At a budget committee meeting, the Estacada Urban Renewal Agency heard a presentation from Budget Officer Wagner, was told the district has about $551,000 left under a $6.6 million maximum indebtedness, and approved a motion to assess maximum taxes and adopt the proposed fiscal-year 2026–27 budget by voice vote.
The Estacada Urban Renewal Agency budget committee elected Mike McElroy as chair and approved a motion to assess maximum taxes and adopt the proposed fiscal-year 2026–27 budget after a presentation from Budget Officer Wagner.
Budget Officer Wagner explained the basics of urban renewal and the district’s finances, saying the tool is a state-authorized economic-development mechanism limited by geography and time. "It's a specific district or area, which in this case is Downtown Estacada, and our time limitation is 20 years," Wagner said, adding that the program is funded through tax-increment financing.
Wagner told the committee the district's maximum indebtedness was $6,600,000 and that "through the end of this fiscal year, which will be June 30, we are anticipating to have spent $6,048,615 thereabouts," leaving roughly $551,000 available to budget for new projects. She described two funds — a tax increment fund for debt payments and an operating fund that receives transfers, loan proceeds and other income to pay for projects.
Wagner listed planned uses for the remaining funds and budgeted items: potential property acquisition and public projects with a combined allocation of about $375,000, contractual services to set up a new urban renewal district, completion of in-progress loans or grants, legal expenses and continuing permits for a riverfront/lakeshore access project, and routine debt service. She also said the agency expects loan payments, including a projected payoff of a loan to Ant Farm tied to the Harmony Bakery building; that payoff might occur in June or be pushed to July.
Committee members asked about the Ant Farm grant and whether staff had rechecked asking prices on a property across the street. Wagner said Ant Farm is "anticipating to get that grant through the county" but the funding was not budgeted for the current year; staff have not rechecked the property's price but could if the committee wanted to pursue it. Members also asked about Harvest Market on the Square; Wagner said staff had not pursued acquisition but had discussed nonpurchase agreements for events and that the DEC planned to apply for a grant to support improvements.
Following the presentation and discussion, a committee member moved "to assess maximum taxes as allowed for the urban renewal district and to approve the budget as proposed." The motion was seconded and passed on a voice vote; no roll-call tally was recorded in the meeting transcript. The clerk then moved to adjourn the urban renewal budget committee meeting.
The committee’s immediate next steps, as Wagner outlined, are continued review of the budget, collecting any citizen input before final adoption, and returning with any amendments if necessary. No formal timeline for final adoption was recorded in the meeting transcript.
