Public Notice Hillsboro Economic Development Council North Hillsboro Industrial Renewal Area Annual Notice in Accordance with ORS 457.460

Public Notice Hillsboro Economic Development Council North Hillsboro Industrial Renewal Area Annual Notice in Accordance with ORS 457.460 The North Hillsboro Industrial Renewal Area plan was adopted in December 2015 to address the infrastructure challenges facing the industrial land within the IRA boundary. The North Hillsboro Industrial 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 $1,688,715 in tax revenues, interest and miscellaneous income from other sources. The renewal area expended $218,193 on personnel, contractual services including environmental planning, assessment studies, and other expenses related to the adopted renewal plan. The budget for fiscal year 2019-20 estimated available resources at $4,759,000 which includes beginning fund balance, current year tax increment, interest and other miscellaneous income sources. Expenditures match resources in the amount of $4,759,000 and include personnel, contractual services, land acquisition costs 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. Additionally, HEDC entered into a loan in the amount of $23 million requiring a supplemental budget in order to acquire and assemble parcels of land for future infrastructure and other development. For FY 2019-20 the urban renewal area estimates receiving $26,111,907 and expending $17,959,813 on land acquisition, infrastructure projects 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 $1,682,437. 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 HT154639

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