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How Sisters' urban renewal tax increment works and where the money is going
Summary
Staff explained the URA's frozen base (2003), how new assessed-value growth becomes tax increment, and that recent growth and borrowing have produced roughly $580,000 per year for debt service and projects.
At the meeting, a staff member walked the committee through basic tax-increment financing mechanics for the Sisters Urban Renewal Agency, explaining that properties' assessed values were "frozen" at the district's 2003 establishment and that new growth becomes the increment. The presenter summarized a three-line graph used in the packet and said the increment is divided among overlapping taxing districts before money flows into the URA's debt service fund.
Staff reported the URA's current property-tax increment at about $580,000 a year and noted that growth—especially after the COVID period—helped generate the increment. "Back in 2003 when the district was established ... the assessed values for the properties in the bridal area are frozen," the staff member said, adding that "anything that happens beyond that ... becomes the increment."
