NOTICE OF PUBLIC HEARING
Wed, October 23, 2024, at 2:00 pm
Portland City Council Chambers
1900 SW Fourth Avenue, Room 2500, Portland, OR 97201
Public Hearing to be held on six proposed TIF Plans: Westside; Central Eastside Corridor; Lloyd-Holladay; East 205; 82nd Avenue Area; Sumner-Parkrose-Argay-Columbia Corridor. Learn more
East Portland TIF Districts
Residential and small business stabilization is essential to healthy, inclusive growth throughout East Portland.
In East Portland, as private market pressures intensify, there is an urgent need to stabilize existing businesses and residents and to ensure inclusive economic growth.
Based on existing needs and more than a year of community visioning and guidance, the City is proposing to adopt three new TIF plans to invest in East Portland: 82nd Avenue Area, East 205, and Sumner-Parkrose-Argay-Columbia Corridor.
Over the next 30 years, these three TIF plans are expected to fund $643 million for affordable housing; $622 million for economic and urban development projects; and $165 million for infrastructure within their associated TIF districts.
Central City TIF Districts
The Central City TIF plans will ensure a vibrant, active downtown for the benefit of all Portlanders.
In the Central City there is an opportunity for targeted public investments to move catalytic projects forward and create new, mixed-income neighborhoods on both sides of the Willamette River.
Based on existing needs and more than a year of community visioning and input, the City is proposing to adopt three new TIF plans in the Central City: Central Eastside Corridor, Lloyd-Holladay, and Westside. Over the next 30 years, these three TIF plans are expected to fund $538 million for affordable housing; $419 million for economic and urban development projects; and $239 million for infrastructure within their associated TIF districts.
Proposed TIF Districts Map
Watch testimony and presentations from the August 28, 2024 Prosper Portland Board of Commissioners meeting:
What is TIF?
Tax Increment Financing (TIF) is a long-term source of public funding that can be invested in community priorities for physical improvements within specific areas of Portland. It is not a new tax. Once adopted, these TIF plans will capture increases in property tax revenues that happen over time within each TIF district and invest the increase in those districts to support local priorities related to housing and economic development.
Since 2011, Prosper Portland has used a co-creation model for TIF district implementation. This model was used for the development of the Neighborhood Prosperity Network and the Cully TIF Plan. In 2023, City Council directed Prosper Portland and the Portland Housing Bureau to explore new TIF plans in East Portland and the Central City. That process is now complete, and the community-endorsed proposals for six new TIF plans are moving forward for consideration this fall.
The six proposed TIF plans, if approved, are subject to referendum. The proposed adoption of each Plan would authorize the following associated maximum indebtedness: 82nd Avenue Area ($460 million), Central Eastside Corridor ($200 million), East 205 ($770 million), Lloyd-Holladay ($290 million), Sumner-Parkrose-Argay-Columbia Corridor ($310 million), and Westside ($800 million). These plans may affect property taxes.
How might this impact property taxes?
The City of Portland levies a tax to pay costs of its Fire and Police Disability and Retirement Fund (FPD&R) Plan. It is estimated that over time, the new TIF districts will have a small impact on the FPD&R Plan that will result in a higher amount of taxes, ranging from one cent per $1,000 in assessed value to 15 cents per $1,000 in assessed value in the later 2030s. Therefore, the owner of a house with an assessed value of $300,000 (not real market value) would pay about an additional $3 in 2026. Over time, this amount could may grow based on the higher rate.
Documents
NOTICE OF PUBLIC HEARING
Wed, October 23, 2024, at 2:00 pm
Portland City Council Chambers
1900 SW Fourth Avenue, Room 2500, Portland, OR 97201
Public Hearing to be held on six proposed TIF Plans: Westside; Central Eastside Corridor; Lloyd-Holladay; East 205; 82nd Avenue Area; Sumner-Parkrose-Argay-Columbia Corridor.
City Council will hold a hybrid public meeting at 1900 SW Fourth Avenue, Room 2500, Portland, OR 97201 with both virtual and in-person attendance options. The City has made several avenues available for the public to listen to and watch the broadcast of this meeting, including the City's YouTube Channel, the Open Signal website, and Xfinity Channels 30 and 330. The public may provide oral testimony at the hearing on Wednesday, October 23, 2024, by registering to testify on the online agenda webpage. The agenda will be published by 9:00 AM on the Friday before the meeting, October 18, 2024.
Members of the public must sign up in advance to testify before Council in-person or virtually by registering on the agenda or by calling 311. Registration for virtual testimony closes 1 hour prior to the Council meeting. In-person testifiers must sign up before the agenda item is heard. If joining virtually, a personalized Zoom invite will be sent by email at least 30 minutes prior to the start of the meeting. If joining the meeting in-person, visit portland.gov/council-clerk/1900-building for information on what to expect when attending a Council meeting. Written testimony may be submitted on the agenda. Written testimony will be distributed to members of Council and added to the public record if received before Council votes unless otherwise stated during the meeting or on the agenda.
If you have additional questions, please contact us at 503-823-3200 or notice@prosperportland.us
