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City staff review Urban Renewal Agency role, Adams Avenue projects and the 2030 sunset
Summary
Staff explained how the Urban Renewal Agency (URA) uses tax-increment financing and described current and planned projects in the downtown core (Adams Avenue and Cascade Avenue improvements), noted the URA’s 2030 sunset for new projects, and discussed whether to renew or let it lapse.
Presenter described the URA as a separate entity where overlapping taxing districts freeze assessed value and the tax increment funds redevelopment projects: "The URA's job is to typically go get financing and commence projects that will eventually, enhance the area and encourage development in the area." The presenter cited examples of recent URA-financed work including roundabouts, Gateway Park East Portal and Cascade Avenue investments and said Adams Avenue is a target for upcoming capital outlay.
Staff explained the URA maintains distinct debt-service and project funds; tax-increment receipts flow to debt service and to capital projects and staff flagged borrowing and bond counsel costs associated with URA financing. Committee members discussed the URA’s 2030 limit on commencing new projects and whether the council should let the district sunset and allow overlapping taxing districts to recoup tax increment before pursuing new renewal efforts.
