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Committee approves URA debt service fund; staff outlines levy and bank loan for downtown acquisition
Summary
The budget committee approved the Urban Renewal Agency debt service fund ($939,800). Staff said the agency anticipates a levy of approximately $715,000 and described a Grama Bank loan used to acquire 311 East Central, with principal and interest payments budgeting.
The Sutherlin Urban Renewal Agency budget committee approved the debt service fund in the amount of $939,800 at the May 11 meeting. A staff presenter explained this fund repays agency debt, is supported primarily by TIF proceeds and anticipates a levy of roughly $715,000, with about $675,000 expected to be received in fiscal year 2026–27.
Finance staff described a 10-year bank loan taken to acquire 311 East Central, with principal and interest payments scheduled through the loan term. "There will also be some delinquent, TIF collections. Not a lot. We're budgeting conservatively for interest earnings," the presenter said. The presenter noted the loan requires approximately $100,000 twice a year (about $200,000 annually) in payments and that the loan payoff schedule runs to about 2035 based on their reference.
After presentation, a motion to approve the debt service fund in the amount of $939,800 was moved and seconded; the chair called for hands and the motion carried. The committee then moved to finalize the overall URA budget for 2026–27.
