Public Notice Hillsboro Economic Development Council Downtown Hillsboro Urban Renewal Area Annual Notice in Accordance with ORS 457.460

Public Notice Hillsboro Economic Development Council Downtown Hillsboro Urban Renewal Area Annual Notice in Accordance with ORS 457.460 The Downtown Hillsboro Urban Renewal Area plan was adopted in May 2010 to address the parts of Downtown that have languished over the years when compared with more economically robust parts of the City. Many neighborhoods within the Downtown Urban Renewal Area lack basic infrastructure and urban amenities such as sidewalks, lights, street trees, and parks. The Downtown Hillsboro Urban Renewal Area is required annually to file a financial report in compliance with ORS 457.460. In summary for fiscal year 2018-19, the urban renewal area received $1,321,553 in tax revenues, interest, program income and miscellaneous income from other sources. The renewal area expended $723,701 on personnel, debt service, and urban development including System Development Charge financing and brownfield loan for 4th Main project, storefront improvement grants, and other expenses related to the adopted urban renewal plan. The budget for fiscal year 2019-20 estimated available resources at $2,905,330 which includes beginning fund balance, current year tax increment, interest and other miscellaneous income sources. Expenditures match resources in the amount of $2,905,330 and include personnel, material & services, debt service, and a capital reserve. Current estimates for fiscal year 2019-20 differ from the budget due to additional information including the actual increment value that is not available until after the budget is adopted. For FY 2019-20, the urban renewal area estimates receiving $1,333,505 and expending $700,810 on debt service and urban development and activities related to the adopted renewal plan. For fiscal year 2018-19, in carrying out the urban renewal plan as adopted, forgone revenues to the overlapping taxing jurisdictions totaled $1,280,524. The FY 2018-19 report is available on line at https://www.hillsboro-oregon.gov/our-city/departments/economic-development/urban-renewal-area Publish Feb. 26, Mar. 4, 2020 HT154637

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