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Home My WebLink About2692 Effective December 3, 2015 ORDINANCE 2692 AN ORDINANCE MAKING CERTAIN DETERMINATIONS AND FINDINGS RELATING TO AND APPROVING THE LAKE GROVE VILLAGE CENTER URBAN RENEWAL PLAN FIRST AMENDMENT, WHICH INCLUDES ADDING 12.88 ACRES OF LAND ON KRUSE WAY AND REMOVING 0.19 ACRES FROM UPPER DRIVE RIGHT-OF-WAY FROM THE PLAN AREA WHEREAS, the City Council of the City of Lake Oswego ("Council") has declared that blighted areas exist in the City of Lake Oswego ("City") and has elected to have the powers of an urban renewal agency exercised by a commission designated by the Council; and WHEREAS, Council has declared that the name of the urban renewal agency shall be the Lake Oswego Redevelopment Agency ("LORA"); and WHEREAS, the Lake Gove Village Center Urban Renewal Plan ("Plan") was adopted by the Lake Oswego City Council on July 24, 2012 by Ordinance No. 2598 ; and WHEREAS, LORA, pursuant to the requirements of ORS Chapter 457, has caused the preparation of a substantial amendment to the Plan which is attached to this Ordinance as Exhibit A, and incorporated herein by this reference ("First Amendment"); and WHEREAS, LORA has caused the preparation of a Report accompanying the First Amendment as required by ORS 457.085(3) ("Report"), which Report is dated September 25, 2015 and is attached to this Ordinance as Exhibit B and incorporated herein by this reference; and WHEREAS, the First Amendment and the Report were forwarded to the Planning Commission for its recommendation and the Planning Commission held a public hearing on October 12, 2015 and found the First Amendment to be in conformance with the Comprehensive Plan; and WHEREAS,the First Amendment and the Report were forwarded on October 7, 2015 to the governing body of each taxing district affected by the First Amendment, and LORA has thereafter consulted and conferred with said districts; and WHEREAS, the City Council has not received any written recommendation from the governing bodies of the affected taxing districts; and WHEREAS, on October 1 and November 1, 2015 the City caused notice of the hearing to be held before the City Council on the First Amendment, including the required statements of ORS 457.120(3), to be mailed to postal patrons within the City of Lake Oswego, and Page 1 of 4 WHEREAS, on November 3, 2015 the City Council held a public hearing to review and consider the First Amendment,the Report,the Planning Commission Recommendation, and the public testimony received on that date, and does by this Ordinance desire to approve the First Amendment; NOW THEREFORE,THE CITY COUNCIL OF THE CITY OF LAKE OSWEGO HEREBY ORDAINS THAT: Section 1. The City Council hereby determines and finds that the First Amendment complies with all requirements of ORS Chapter 457 and the specific criteria of ORS 457.095(1)through (7), in that, based on the information provided in the Report, the Planning Commission Recommendation, and the public testimony before the City Council: 1. The Area as a whole, as modified by the First Amendment, is blighted as defined by ORS 457.010(1)(e) and (g) and as identified in the original Report on the Lake Grove Urban Renewal Area dated July 24, 2012. 2. The rehabilitation and redevelopment described in the Plan as modified by the First Amendment to be undertaken by the Agency is necessary to protect the public health, safety and welfare of the City because absent the completion of the urban renewal projects, the Area will fail to contribute its fair share of property tax revenues to support City services and will fail to develop and/or redevelop according the goals of the City's Comprehensive Plan. 3. The Plan as modified by the First Amendment conforms to the Lake Oswego Comprehensive Plan as a whole, and does not alter the outline for accomplishing the projects described in the Plan, as more fully described in the First Amendment and in the Planning Commission Recommendation. 4. The Plan as modified by the First Amendment conforms to the Lake Oswego Economic Development Plan as a whole as described in the adopted Plan. 5. In connection with any residential displacement occurring as a result of the acquisition and disposition of land in the Plan as modified by the First Amendment, provision has been made to house displaced persons within their financial means in accordance with ORS 35.500 to 35.530 and, except in the relocation of elderly individuals or individuals with disabilities, without displacing on priority lists persons already waiting for existing federally subsidized housing, as required under applicable state and federal law, as also provided in Section XI of the Report. 6. The acquisition of real property provided for in the Plan as modified by the First Amendment is necessary for the development of infrastructure Page 2 of 4 improvements, including parking improvements, in the Area, because the Agency does not own all the real property interests (rights of way, easements, fee ownership)that will be required to undertake and complete these projects. 7. Adoption and carrying out the Plan as modified by the First Amendment is economically sound and feasible in that funds are available to complete the Plan projects using urban renewal tax increment revenues derived from a division of taxes pursuant to section 1c, Article IX of the Oregon Constitution and ORS 457.440, and other available funding as shown in Sections V, VI,VII, VIII and IX of the Report. 8. The City shall assume and complete any activities prescribed it by the Plan as modified by the First Amendment. Section 2:The Lake Grove Village Center Urban Renewal Plan First Amendment is hereby approved, based upon review and consideration by the City Council of the First Amendment, the Report, the recommendations of the Planning Commission, and the public testimony in the record. Section 3: The City Recorder shall forward forthwith to the Agency a copy of this Ordinance. Section 4: LORA shall thereafter cause a copy of the First Amendment to be recorded in the Records of Clackamas County, Oregon. Section 5: The City Recorder, in accordance with ORS 457.115, shall publish notice of the adoption of the Ordinance approving the First Amendment, including the provisions of ORS 457.135, in the Lake Oswego Review no later than four days following adoption of this Ordinance. Enacted at the meeting of the Lake Oswego City Council of the City of Lake Oswego held on the 3rd day of November, 2015. AYES: Mayor Studebaker, O'Neill, Gustafson, Manz, Buck, Gudman. NOES: None. ABSENT: None. ABSTAIN: None. EXCUSED: Collins. Page 3 of 4 Kent Studebaker, Mayor Dated: ' , 20/5. ATTEST: Anne-Marie Simpson, City Recorder APPROVEDAS TO FORM: :),e �' {Cts' �\ e.,-_ -.._ 1 'David Powell City Attorney Page 4 of 4 Exhibit A Ordinance 2692 Lake Grove Village Center Urban Renewal Plan First Amendment Deleted language is shown in strikethrough, new language is shown in bold italics 1) Table of Contents is amended to include a new section called "Plan Amendments" with the description below. The section and page numbers in the rest of the document will be amended to reflect this. PLAN AMENDMENTS The First Amendment to the Lake Grove Village Center Urban Renewal Plan was approved by the City Council on November 3, 2015 by Ordinance No. 2692. The amendment added property totaling 12.88 acres, located at 4101 Kruse Way and formerly known as the West End Building Property, and 21E08BB05300 in the Clackamas County Assessor's records, to the urban renewal boundary. 2) SECTION I - INTRODUCTION: a. Page 3: "The Area, shown in Figure 1, consists of approximately 159.3 172.43 acres of land, including approximately 35.90 36.53 acres of right-of-way." b. Page 4: The maximum amount of indebtedness (amount of tax increment financing for projects and programs) that may be issued for the Plan is $36,000,000 (Thirty- Six Million Dollars). The projections of maximum indebtedness and projects to be funded, as updated for the First Amendment to the Plan, are based on a 2418-year time frame beginning FY2015-16 and ending FY2032-33. This time frame is not absolute, but is used to model the financial projections. The determining factor for the Plan's time frame is the amount and terms of maximum indebtedness. Economic factors may cause that time frame to decrease if the economy strengthens or increase if the economy weakens. Lake Grove Village Center Urban Renewal Plan First Amendment Page 1 c. Figure 1, Lake Grove Village Center Urban Renewal Area Boundary is replaced with the following map. . - ' - �� ~°um- - ph.�� | \Y---1 | ��"`- " � � 0x ` ex � ' ; ,^�'• . �� . _�~~~� J 1 , ,.... _ 3) SECTION VIUU—FUTURE AMENDMENTS TO PLAN: a. Figure 2—Zoning map shall be moved into Section IX, Proposed Land Uses and replaced with the following map. . . __ 1 1..--; - '- *- if_:,11 i •-1. ,-i:',I'l•--.341*T1": - 12! / :11 C " --II 1 i 7------'- q i L i - - . . i ...R 10 CR& gt-- L i . 7„_.. ,..... . . Office Camas f tit.. ,,,, ...., , p, 1-, , .'_. T Cffice CanpustR-3 _,..,..4 1,1 ------.1 , it,,.1---:" Pubic Function -10' • m41`. •_i Park and Natural Areas 1 lig ri-pj -1'"WW,r---`-`: , 'ti,`,..„,.....,,z.:, /1.--iipeliti:41 VILE,: _ West Lake Grove Office Commercial.' 1 , mn • -: = ... '; - ' i R_a 1 1.--i 1_; j, ,z„ At\-:„.„.‘:‘,fr,.. -r,.— .', ,,k,ff, , hirLir_4_1/I go ,.ii.._71 i i LJ LI:t.),.. \l, 4,4,,,,,,,,.. ,„. .1 T...-- .....„:„. „.. ,. -,_. 4 I/.; (--\\ it t-:„..k. ‘ . i 1 i _ ,_ ......., i c . . ......:.1.1,;.. .\-- vr . \ __ __. --- ilk t•-77'.\\\ L'1 .1- G .--:...tit.iivait di- --C%III”.-, - ---- . 4i-fir ._. t. ‘...... .a,,.....7::::::,..z...\,\,),,,:,,,,,..„...i., .... 2.____„ . . , ,;.-.. .-::-.1-----(ci. Lake Grove Village Center URA 0 Lake Grove Mirage Center Urban 11*. .- w-1,41* _,-‘p-.._---"*':4='-------r:::' .U-7--- 1;:71Eil / AIL - I in'"3 Renewal Area Boundary N / Lake Grove Village Center Urban Renewal Plan First Amendment Page 3 4) SECTION IX- PROPOSED LAND USES Pages 18-19 a. Residential R3, R02: To provide lands for single and multi-family residential development with densities of at least 12 dwelling units per gross acre. b. Park and Natural Area Open Space: The purposes of the Park and Natural Area (PNA) Zone are to: 5) SECTION X—RELATIONSHIP TO LOCAL OBJECTIVES a. The description of the Comprehensive Plan policies is amended to read as follows: A. City of Lake Oswego Comprehensive Plan The proposed First Amendment relates to and conforms with several of the stated goals and policies of the City of Lake Oswego Comprehensive Plan. Of particular relevance are sections pertaining to Community Culture, Inspiring Spaces and Places, Complete Neighborhoods and Housing, Economic Vitality, Connected Community, Public Facilities: Surface Water Management, and Urbanization. Community Culture Goal Provide accessible, meaningful and transparent public engagement processes that offer a wide range of opportunities for citizens to participate in local Iand use decision-making. Policies Provide citizen involvement opportunities appropriate to the scale of a given planning effort, and ensure those affected by a Plan have opportunities to participate in the planning process. The Amendment conforms with Community Culture as there has been opportunity for public input at the meetings scheduled for adoption of the First Amendment. These meetings were advertised in Hello LO, the Lake Oswego Review, and posted on the City of Lake Oswego's website. The Amendment will Lake Grove Village Center Urban Renewal Plan First Amendment Page 4 be reviewed formally by the Planning Commission and Lake Oswego City Council after notice to all citizens of Lake Oswego. Inspiring Spaces and Places Goal 1. Maintain and enhance the appearance and quality of Lake Oswego's natural and built environment to preserve Lake Oswego's distinctive sense of place. Policies 9. Preserve the visual attractiveness of the community by limiting adverse visual impacts to the City's public spaces and streetscape. Goal 2. Support future population and job growth within the City's existing urban service boundary and avoid sprawl development through redevelopment and a compact urban form, while maintaining and enhancing an attractive quality of life for Lake Oswego citizens. Policies 3. Maintain a compact urban form by focusing higher density development in Town Centers and Employment Centers, to avoid or minimize expansion of the Urban Growth Boundary and to provide a balanced transportation system. The Amendment conforms with Inspiring Spaces and Places as the projects that are to be implemented in the Plan will maintain and enhance the appearance and design quality of Lake Oswego. The design details of the reconstruction of Boones Ferry Road are described in detail in the Lake Grove Village Center Plan, which is a component of the Lake Oswego Comprehensive Plan. Provision of a redesigned Boones Ferry Road will help promote additional development in the area, helping to maintain a compact urban form. Complete Neighborhoods and Housing Goals 4. Provide opportunity for needed housing while using land and public facilities as efficiently as possible and facilitating greater walking, biking and transit use. Lake Grove Village Center Urban Renewal Plan First Amendment Page 5 5. Foster distinct and vibrant neighborhood mixed-use villages to serve the daily needs of nearby residents. Policies A-4. Maintain land use regulations and standards that provide for mitigation of adverse impacts such as noise, traffic,privacy and visual aesthetics, on differing, adjacent land uses through site and building design. A-6. Incorporate into the Transportation System Plan and Capital Improvement Plan measures to mitigate adverse impacts of major transportation projects on neighborhoods. C-5. Develop and implement a Transportation System Plan (TSP*) that assures multimodal access from residential neighborhoods to transit stops, commercial services, employment areas,parks, and other activity centers. The Amendment conforms to Complete Neighborhoods and Housing as the projects in the Plan will provide for an interconnected street system to encourage pedestrian, bicycle, and public transit travel and help reduce per capita vehicle miles traveled in the Area. The reconstruction of Boones Ferry Road will encourage future development in the Area, which is zoned for mixed-use development and has the ability to incorporate housing uses. Economic Vitality A. Economic Development Goal Provide a full range of economic development opportunities that enhance prosperity and livability. A-8. Designations of Employment Centers, Town Centers,Neighborhood Villages, and Commercial Corners shall be consistent with the following factors: b. Town Centers: iii.Are served by arterial roads; iv. Are served by transit on or near the primary arterials, and may include a transit center; v. May be adjacent to high-density residential areas, connected by pedestrian and bicycle facilities. Lake Grove Village Center Urban Renewal Plan First Amendment Page 6 B. Employment Zones Goal Redevelopment and development in employment zones will address impacts on and enhance the surrounding community and will be well-served by infrastructure. Policies B-1. Provide opportunities for redevelopment and development in employment zones while: a. Providing required public facilities and services; e.Addressing the adequacy of all transportation modes to,from, and within the development site; f. Maintaining a street system which provides efficient connections to transportation corridors and other activity centers including Employment Centers, Town Centers, Neighborhood Villages, and Commercial Corners; g. Maintaining safe and convenient pedestrian, bicycle and transit facilities/amenities that support efficient movements of people to and from the site; h. Promoting the efficient use of land by providing adequate*parking for customers and employees, according to national transportation standards; i. Minimizing the impacts of traffic generated on adjoining neighborhoods by routing traffic to major collectors; j. Promoting shared street access,parking facilities, and pedestrian connections with other businesses to provide more developable land area and reduce traffic congestion,parking, and safety problems. The Plan conforms with Economic Vitality as the reconstruction of Boones Ferry Road will stimulate economic development within the Area by providing much improved auto, pedestrian, and bicycle access to businesses within the Area. The improvements will make the area more pedestrian friendly by installing pedestrian crossings that break down the "strip development"feel of the Area. The road development will create a visually pleasing atmosphere that will also support future economic development in the Area. New development will be guided by the LGVC Plan, which is a component of the Comprehensive Plan. A portion of the project costs are allocated to undergrounding of utilities. Lake Grove Village Center Urban Renewal Plan First Amendment Page 7 Connected Community A. Safety Goal Provide a safe, multimodal transportation system for all users. Policies A-1. Designate, implement, and maintain routes for walking and biking that support safe movements from residential areas to, through and along schools, parks, transit, employment centers, town centers, neighborhood villages, and commercial corners and neighborhood commons. A-2. Incorporate safety considerations in the planning, design and re-design of public streets for the benefit of all intended users. A-6. Identify safety concerns for pedestrians, and bicyclists at high traffic volume streets and/or locations with high levels of pedestrian/bicycle demand and implement improvements. A-7. Identify safety concerns for motor vehicles at high traffic volume streets and/or locations with high levels of demand among all modes of travel, and implement improvements. B. Transportation Choices Goal Subject to fiscal constraints, improve opportunities to comfortably and conveniently drive, walk, bike and take transit. Policies B-2. Provide street and frontage improvements such as dedicated facilities, landscaping, and street lighting and permit amenities such as benches and shelters to encourage walking and biking as viable travel modes,particularly along corridors that serve the primary transit network and employment centers, town centers and neighborhood villages. B-3. Require development, redevelopment, and public transportation improvement projects to provide facilities that accommodate pedestrian, bicycle, and transit use,particularly in areas with identified gaps in the Lake Grove Village Center Urban Renewal Plan First Amendment Page 8 transportation system and in all employment centers, town centers, neighborhood villages, commercial corners, and neighborhood commons. B-4. Public street standards shall recognize the multi-modal nature of the street right-of-way. B-5. Locate off-street parking in commercial, industrial, and high-density residential areas to be at the sides or rear of buildings where practical, with buildings oriented to the street in a manner which is convenient to pedestrians, bicyclists and transit riders. C. Efficiency Goal Optimize the performance of the transportation system for the efficient movement of people and goods. Policies C-2. Balance roadway size and scale with the need to provide safe and efficient transportation for all modes. C-3. Control and consolidate driveway access to major collectors and arterials through the development review process and the implementation of major street projects. C-5. Reduce traffic congestion to enhance traffic flow through such system management measures as intersection improvements, incident management, signal priority, signal optimization, signal synchronization, and a range of measures provided through technological advancements. D. Accessibility Goal Provide a multimodal transportation system that is suitable for community members of all ages, income levels and physical abilities to access daily needs and services. Lake Grove Village Center Urban Renewal Plan First Amendment Page 9 Policies D-1. Plan street standards that accommodate transit service into areas that connect people to employment centers, town centers and neighborhood villages. D-2. Locate appropriate transit stops in employment and town centers that are conveniently located and well-connected to the transportation system. D-3. Locate transit amenities such as transit shelters, benches, lighting, park and ride lots, etc. that meet the access needs of residents and employees, including the youth, elderly, and people with disabilities. D-4. Provide accessibility for walking and biking, transit and vehicle connections within and among the employment centers, town centers, neighborhood villages, schools,parks, commercial corners and neighborhood commons so residents can access their daily needs. D-5. Develop a coordinated transportation system that is barrier-free (accessible) and serves the needs of people and businesses. E. Connectivity Goal Develop connections to and between different modes of transportation. E-1. Acquire right of way, where appropriate, through development for planned and required transportation facilities during the development review process. F. Livability Goal Design and maintain a transportation system that enhances the quality of Lake Oswego's natural and built environment. Policies F-2. Mitigate the impacts of traffic on neighborhood collectors and higher classifications that bisect residential neighborhoods. Lake Grove Village Center Urban Renewal Plan First Amendment Page 10 F-3.Minimize the impacts of traffic generated through new commercial development on adjoining neighborhoods. F-4. Develop design standards that assure that pedestrian, bicycle, and storm water design elements are compatible with the neighborhood character and the street functionality. F-5. Develop design standards that reinforce neighborhood livability by: a. Protecting local streets from being misused by non-local traffic by applying traffic calming and diversion techniques when and where feasible. b.Applying design standards that reinforce neighborhood character, social interaction and community building. c.Addressing parking impacts, including screening and buffering. d.Maintaining truck circulation restrictions. e. Preserving the visual attractiveness of the community by limiting adverse visual impacts to the City's public spaces and streetscape. G. Sustainability Goal Provide a transportation system that maintains and improves economic vitality, environment health, social equity and well-being for citizens today and in the future. Policies G-2. Utilize the financial resources needed to achieve the goals for adequately providing and maintaining the transportation system. G-4. Provide and maintain the transportation system in a manner that is consistent with the Stormwater Management Manual, minimizing storm water pollution and hydrologic impacts. G-5. Ensure that an adequate supply of parking is provided to support economic activity while balancing the need to drive, take transit, and bike and walk to and within employment centers, town centers and neighborhood villages. Lake Grove Village Center Urban Renewal Plan First Amendment Page 11 G-6. Provide off-street parking that is designed to incorporate multiple functions such as storm water management, reducing the urban heat island effect,*decreasing impervious surfaces and providing temporary space for public functions. The Amendment conforms with Connected Community as the main project in the Plan is the reconstruction of Boones Ferry Road, the major arterial through the Area. The reconstruction will help provide more efficient and safer transportation systems in the Area, including auto, pedestrian, and bicycle access in the Area. The reconstruction will encourage additional pedestrian and bicycle trips because of improved facilities. Safer sidewalks and bike lanes will provide much needed connectivity to the adjacent residential neighborhoods, hopefully reducing automobile trips in the future. The road reconstruction includes major landscape elements to improve the aesthetic features in the Area. Public Facilities and Services: Surface Water Management Goals 1. Improve water quality by reducing the amount of pollution conveyed by storm water runoff. 3. Protect and enhance natural ground and surface water drainage systems.* 4. Promote public safety and minimize damage to public and private property from surface water runoff Policies 1. Use natural systems and non-structural methods to treat, convey and dispose of storm water runoff at the source to the extent allowed by site characteristics. 4. Require new and improved storm drainage facilities to have the capacity to accommodate storm drainage flows from upstream development at full build- out and to comply with the City's Surface Water Management Program. The Amendment conforms with Public Facilities and Services: Surface Water Management as the reconstruction of Boones Ferry Road includes a major component to address stormwater issues along the road. The Green Street features include a center median that will serve to manage the water run-off in the Area. Lake Grove Village Center Urban Renewal Plan First Amendment Page 12 Urbanization Goals Ensure that, as population increases, the City of Lake Oswego: 1. Supports a compact form of urban growth, compatible with the City's neighborhood character, that uses land efficiently,focusing redevelopment within the current urban service boundary to discourage urban sprawl, and preserving rural lands outside the boundary; 2. Is well planned with carefully organized patterns of growth and strategic investment in infrastructure within its borders; and 3. Maintains full provision of services within the current urban service boundary. The Amendment conforms with Urbanization as the reconstruction of Boones Ferry Road and other projects included in the Plan will help encourage additional development within the Area, helping to achieve a more compact urban form and protect existing neighborhoods. Improvements to the Area as envisioned in this Plan will add to the quality of life by providing additional pedestrian and bicycle linkages to the adjacent neighborhoods and improved automobile access to the Area. 6) APPENDIX A: LEGAL DESCRIPTION A tract of land located in the southeast quarter of Section 6, the east half of Section 7, the west half of Section 8 and the northeast quarter of Section 18, all within Township 2 South, Range 1 East, of the Willamette Meridian, City of Lake Oswego, County of Clackamas, State of Oregon; more particularly described as follows: Beginning at the most southerly corner of Parcel 2, Partition Plat 2007-004; said point being on the northwesterly right of way line of Boones Ferry Rd (Market Rd No. 13); thence northeasterly along said right of way line to the most easterly corner of Parcel 3, Partition Plat 2007-004; thence crossing Washington Ct(County Rd#1009, AKA Upper Dr), northerly, 100 feet, more or less, to the point of intersection of the north right of way line of Washington Ct and the west line of Lot 166, BRYANT ACRES PLAT 3 (Plat#442); thence northerly along said west line to the northwest corner of said Lot 166; • Lake Grove Village Center Urban Renewal Plan First Amendment Page 13 thence northerly along the west line of Lot 178, BRYANT ACRES PLAT 3, 35.00 feet to the northwest corner of that parcel described in Clackamas County deed#2005-031959 (Grantee: Renaissance Ventures LLC); thence easterly along the north line of said Renaissance Ventures LLC parcel to a point on the east line of said Lot 178; thence northerly along said east line and projection thereof, crossing West Sunset Dr, to a point on the north right of way line of West Sunset Dr; thence easterly along said right of way line 132.00 feet,to a point on the east line of said Lot 187; thence northerly along said east line to the northeast corner of said Lot 187; thence easterly along the north line of Lot 186, BRYANT ACRES PLAT 3 to the northeast corner thereof; said point also being the northwest corner of Partition Plat 2003-045; thence easterly along the north line of said partition to the northeast corner thereof; thence southeasterly along the northeast line of said partition, and projection thereof, to a point on the northwesterly right of way line of Boones Ferry Rd; thence northeasterly along said right of way line 142 feet, more or less,to the intersection with the southeasterly projection of the southwesterly line of Parcel 2, Partition Plat 2009-073; thence northwesterly along said projection and southwesterly line of said Parcel 2 to the northerly southwest corner thereof; thence northerly along the west line of said Parcel 2 to the northwest corner thereof; thence easterly along the north line of said Parcel 2 to the northerly southwest corner of Parcel 1, Partition Plat 2009-073; thence northerly along the west line of said Parcel 1 and the projection thereof, crossing Madrona St (County Rd#1708), to the north right of way line of Madrona St; thence easterly along said right of way line and projection thereof, crossing Waluga Dr(County Rd#2143, AKA Bryant Way),to the east right of way line of Waluga Dr; thence southerly along said right of way line to an angle point and intersection with the northeasterly right of way line of Madrona St; thence southeasterly along said northeasterly right of way line to the northwesterly right of way line of Boones Ferry Rd; thence northeasterly along said right of way line 240 feet, more or less, to a point on the west line of Lot 158, BRYANT ACRES, TRACTS 128 TO 159, INCLUSIVE (Plat# 433); Lake Grove Village Center Urban Renewal Plan First Amendment Page 14 thence northerly along said west line to the northwest corner of said Lot 158; thence easterly along the north line of said Lot 158 to the northeast corner of that parcel described in Clackamas County deed#2011-065991 (Grantee: Arlene Douglass); thence southerly along the east line of said Douglass parcel to the northwesterly right of way line of Boones Ferry Rd; thence northeasterly along said right of way line 279 feet, more or less, to the most easterly corner of that parcel described in Clackamas County land sale contract#88-015028 (Purchaser: Dr. Donald Palmer); thence northwesterly along the northeast line of said Dr. Donald Palmer parcel to the southwest corner of Lot 155, BRYANT ACRES, TRACTS 128 TO 159, INCLUSIVE; thence northerly along the west line of said Lot 155 to the southwest corner of that parcel described in Clackamas County deed#91-008519 (Grantee: Craig Terjeson and Barbara Martin); thence easterly along the south line of said Terjeson/Martin parcel to the southeast corner thereof; thence northerly along the east line of said Terjeson/Martin parcel, and the projection thereof, crossing Firwood Rd (County Rd#1829), to the north right of way line of Firwood Rd; thence easterly along said right of way line 36 feet, more or less,to a point on the east line of Lot 148, BRYANT ACRES, TRACTS 128 TO 159, INCLUSIVE; thence northerly along the east line of said Lot 148 to the northeast corner thereof; thence westerly along the north line of said Lot 148 to the northwest corner thereof; said point also being the southeast corner of Lot 138, BRYANT ACRES, TRACTS 128 TO 159, INCLUSIVE; thence northerly along the east line of said Lot 138 to south right of way line of Oakridge Rd (County Rd#1649); thence westerly along said right of way line to a point on the west line of said Lot 138; thence northerly, crossing Oakridge Rd, along said west line of Lot 138 and continuing northerly along the west line of Lot 133, BRYANT ACRES, TRACTS 128 TO 159, INCLUSIVE to the northwest corner thereof, said point being on the north line of BRYANT ACRES, TRACTS 128 TO 159, INCLUSIVE; thence easterly along said north line and projection thereof, crossing Quarry Rd, 992 feet, more or less, to the southeast corner of Lot 3, Block 1, LAKE GROVE ACREAGE ESTATES (Plat #640); thence northerly along the east line of said Lot 3 and projection thereof 416 feet, crossing Beasley Way, to the northwest corner of Lot 7, Block 2, LAKE GROVE ACREAGE ESTATES; Lake Grove Village Center Urban Renewal Plan First Amendment Page 15 thence easterly along the north line of said Lot 7 and Lot 8, Block 2, LAKE GROVE ACREAGE ESTATES; said point also being the southwest corner of Lot 12, Block 2, LAKE GROVE ACREAGE ESTATES; thence northerly along the west line of said Lot 12 and projection thereof, crossing Douglas Way, to the north right of way line of Douglas Way; thence easterly along said right of way line 480 feet to the southeast corner of Lot 30, Block 3, LAKE GROVE ACREAGE ESTATES; thence northerly along the east line of said Lot 30 and projection thereof 445 feet, crossing Collins Way, to the southeast corner of Lot 14, Block 4, LAKE GROVE ACREAGE ESTATES; thence westerly along the south line of said Lot 14 to the southwest corner thereof; thence northerly along the west line of said Lot 14 and projection thereof 310 feet, to the southeast corner of Lot 12, Block 5, LAKE GROVE ACREAGE ESTATES; thence westerly along the south line of said Lot 12 and projection thereof 480 feet, to the southwest corner of Lot 5, Block 5, LAKE GROVE ACREAGE ESTATES; thence northerly along the west line of said Lot 5 and projection thereof 310 feet, to the southwest corner of Lot 5, Block 6, LAKE GROVE ACREAGE ESTATES; thence easterly along the south line of said Lot 5, (Block 6) to the southeast corner thereof; thence northerly along the east line of said Lot 5, (Block 6) to the south right of way line of Galewood St (County Rd #2179, AKA Rees Rd); thence westerly along said right of way line and projection thereof 865 feet, more or less, crossing Quarry Rd, to a point on the southwest right of way line of Quarry Rd; thence northwesterly along said right of way line 230 feet, more or less, to the east right of line of Carman Dr (Market Rd#31, AKA Upper Boones Ferry Rd); thence northwesterly 108 feet, more or less, crossing Carman Dr, to the most northerly, northeast corner of Parcel 1, Partition Plat 1998-037; said point being on the south right of way line of Meadows Rd (County Rd#L-034); thence northwesterly along said right of way line 443 feet, more or less, to a point on the west line of said Partition Plat 1998-037; thence northerly along said west line and projection thereof 612 feet, more or less, crossing Kruse Way, to the north right of way line of Kruse Way; thence easterly along said right of way line and projection thereof 770 feet, more or less, crossing Carman Dr to the point of intersection of the east right of way line of Carman Dr and the north line of Lot 279, BRYANT ACRES No. 4 (Plat#591); Lake Grove Village Center Urban Renewal Plan First Amendment Page 16 thence easterly along said north line of Lot 279 to the northeast corner thereof; said point also being on the west line of THE FOREST CONDOMINIUM STAGE TWO (Plat#3359); thence southerly along said west line 185 feet, more or less, to the southwest corner of said plat; thence easterly along the south line of said plat rad projection thereof 291 feet, more or less, to -- . . - . - - - ! a. `0, 111• , • - - . 3331). ,...:a paint (Grantee: Safeco Insurance Company of America); feet, more or less, to the northeast right of way line of Kruse Way; thence southeasterly along said right cf way lii.c 643 feet, more or less, to a pci-nt in the west line - •• - • '-- -- • - - ll TL U PLAT No. 2 (Plat#690); Kruse Way P1; thence easterly along the south line of said plat and projection thereof 292 feet, more or less, to the southeast corner of THE FOREST CONDOMINIUM STAGE ONE(Plat#3331), said point also being an angle point in the westerly line of Parcel 1 as described in Clackamas County deed#2015-056692 (Grantor: City of Lake Oswego, Grantee: CSL LLC); thence following the boundary of said Parcel 1 the following courses: North 23°59'40"East, 380.06 feet; North 00°10'28" West, 295.00 feet; South 89°54'30"East, 570.00 feet; South 00°10'28"East, 260.55 feet to a point in the north line of Block 1,LAKE GROVE ACREAGE ESTATES PLAT NO. 2 (Plat#690); North 89°42'00" West along said north line, 145.20 feet to the northwest corner of said Block l; South 00°05'30" West along the west line of said Block I, 592 feet, more or less, to the north right of way line of Kruse Way Pi; thence easterly and southeasterly along said north right of way line of Kruse Way P1 930 feet, more or less, to a point on the east right of way line of Davis Ln(now vacated); thence southeasterly 180 feet, more or less, crossing Boones Ferry Rd, to the most westerly corner of Tract A, BOONES BROOK (Plat#2120); said point being on the north right of way line of Spring Ln; thence along said right of way line 169 feet,more or less, to a point which is 50.00 feet northeast of and radial to said right of way from the most northerly corner of SPRING CREEK CONDOMINIUMS (Plat#2533); thence southwesterly 50.00 feet, crossing Spring Ln, to said most northerly corner; thence southwesterly along the west line of SPRING CREEK CONDOMINIUMS the following courses: Lake Grove Village Center Urban Renewal Plan First Amendment Page 17 South 75° 11' 46" West, 50.65 feet; South 27° 34' 11" West, 128.19 feet; South 59° 45' 16" West, 61.77 feet; South 34° 13' 17" West, 65.12 feet; South 04° 36' 40" East, 29.41 feet; South 30° 42' 00" West, 90.07 feet to the southwest corner of said plat; said point also being on the north line of RIVENDELL ESTATES (Plat#2535); thence easterly along said north line 78 feet, more or less, to the northeast corner of Tract A, RIVENDELL ESTATES; thence southerly and westerly along the easterly line of said Tract A the following courses: South 00° 28' 00" West, 41.26 feet; South 37° 07' 36" West, 88.36 feet; North 67° 22' 19" West, 74.28 feet; South 37° 13' 01" West, 64.36 feet to the most northerly corner of Parcel 2, Partition Plat 1992-143; thence southeasterly along the northeast line of said Parcel 2, South 41° 26' 00"East, 104.18 feet to an angle point; thence easterly along the north line of said Parcel 2 and projection thereof, South 88° 39' 48" East, 89 feet, more or less,to the east right of way line of Boones Way; thence southerly along said east right of way line 532 feet, more or less, to the south right of way line of Red Cedar Way (County Rd#2295, AKA Main St, 50 feet wide); said point also being on the north line of MARCOURT (Plat#2699); thence westerly along said south right of way line 201.48 feet to the northwest corner of said MARCOURT; said point also being on the east line of Lot 5, Block 3, GUNTHER'S LAKE GROVE HOMES (Plat#617); thence southerly along said east line to the southeast corner of said Lot 5; thence westerly along the south line of said Lot 5, to the southwest corner thereof; thence southerly along the west line of Lot 2, Block 3, GUNTHER'S LAKE GROVE HOMES to the north right of way line of Lanewood St(County Rd#2151, AKA Lake Grove Dr); thence easterly along said right of way line 64.5 feet, more or less, to the intersection with the northerly projection of the east line of Lot 7, Block 1, GUNTHER'S LAKE GROVE HOMES; thence southerly along said projection and east line to the north line of LAKE VIEW VILLAS (Plat#339); thence westerly along said north line 56 feet, more or less,to the northwest corner of that parcel described in Clackamas County deed #96-085684 (Grantee: Robert Pastore and Rebecca Holland); Lake Grove Village Center Urban Renewal Plan First Amendment Page 18 thence southerly along the west line of said Pastore/Holland parcel and projection thereof; crossing Lake Grove Ave to a point on the south right of way line thereof; thence westerly along said south right of way line to the northeast corner of 3930 CONDOMINIUM (Plat#2452); thence along the boundary of said 3930 CONDOMINIUM the following courses: South 25° 18' 27" East, 185.37 feet to the southeast corner thereof; South 64° 42' 00" West, 93.87 feet to the most southerly corner thereof; North 25° 18' 00" West, 57.75 feet to an angle point thereof; South 64° 42' 00" West, 45.00 feet to an angle point thereof; said point also being the southeast corner of that parcel described in Clackamas County deed#2006-094884 (Grantee: David H. Ligare); thence westerly along the south line of said Ligare parcel and projection thereof to a point on the west right of way line of Reese Rd; thence northerly along said west line 62 feet, more or less, to a point on the north line of Lot 100, LAKE VIEW VILLAS; thence southwesterly along said north line and the north lines of Lots 99, 98, 97, 96, 95, and 94, LAKE VIEW VILLAS to the northwest corner of said Lot 94; thence southerly along the west line of said Lot 94 and the projection thereof to a point on the south right of way line of Sunset Dr; thence westerly along said south line 306 feet, more or less, to the east right of way line of Bryant Rd; thence southerly along said east line 121 feet, more or less, to the intersection with the easterly projection of the south line of Lot 21, BRYANT ACRES (Plat#383); thence westerly, crossing Bryant Rd, along said projection and south line of said Lot 21 to the east line of Lot 20, BRYANT ACRES; thence northerly along said east line to the northeast corner of said Lot 20; thence westerly along the north line of said Lot 20 and the north line of Lot 19, Bryant Acres to the southeast corner of Lot 7, BRYANT ACRES; thence northerly along the east line of said Lot 7 to the southeast right of way line of Boones Ferry Rd; thence southwesterly along said right of way line 397 feet, more or less, to the east line of Lot 10, BRYANT ACRES; thence southerly along said east line to the southeast corner of said Lot 10; thence westerly along the south line of said Lot 10 to the northeast corner of Lot 14, BRYANT ACRES; Lake Grove Village Center Urban Renewal Plan First Amendment Page 19 thence southerly along the east line of said Lot 14 and projection thereof, crossing Upper Dr, to a point on the south right of way line of Upper Dr; thence westerly along said right of way line 225 feet, more or less, to the point of intersection with the southerly projection of the east line of that parcel described in Clackamas County deed #72-034764 (Grantee: Grant A. Chamberlin and Waneta M. Chamberlin); thence northerly along said projection and the east line of said Chamberlin parcel to the northeast corner thereof; thence westerly along the north line of said Chamberlin parcel to the northwest corner thereof; said point being on the east line of Lot 12, BRYANT ACRES; thence northerly along said east line to the southeast right of way line of Boones Ferry Rd; thence southwesterly along said right of way line to a point on the west line of said Lot 12; thence southerly along said line and projection thereof, crossing Upper Dr, tc a paint an the south right of way line cf Uppar Dr; with the east line of Lot 35, BRYANT ACRES; -- - . . -- . . . . . -- .. . . . - . -- : ., -- . . .. - . - .. - - of a 6 foot wide pathway as shown on the plat of BRYANT ACRES; thence southerly along said line to a point on the north right of way line of Upper Dr; thence westerly along said right of way line 365 feet, more or less, to the point of intersection with the southeasterly right of way line of Boones Ferry Road; thence southerly crossing Upper Drive to a point of intersection of the south right of way line of Upper Drive with the southeasterly right of way line of Boones Ferry Road; thence easterly along said south right of way line of Upper Drive to the point of intersection with the east line of Lot 35, BRYANT ACRES; thence southerly along said east line and projection thereof 175.4 feet to a point on the south line of a 6 foot wide pathway as shown on the plat of BRYANT ACRES; thence westerly along said south pathway line 763 feet, more or less, crossing Boones Ferry Rd, to the point of intersection with the southerly projection of the west line of Partition Plat 2007- 004; thence northerly along said projection 13.44 feet, to the point of beginning. Lake Grove Village Center Urban Renewal Plan First Amendment Page 20 REPORT ACCOMPANYING THE FIRST AMENDMENT TO THE LAKE GROVE VILLAGE CENTER URBAN RENEWAL PLAN September 25, 2015 City of Lake Oswego Mayor: Kent Studebaker City Council: Joe Buck Charles Collins Jeff Gudman Jon Gustafson Jackie Manz Skip O'Neill Planning Commission Chair: Randy Arthur Vice Chair: John LaMotte Adrianne Brockman Ed Brockman Bill Gaar Robert Heape Bill Ward Joe Buck,Council Liaison City Manager: Scott Lazenby Assistant City Manager: Megan Phelan Deputy City Manager: Jordan Wheeler Redevelopment Director: Brant Williams Development Project Manager: Sidaro Sin Finance Director: Shawn Cross City Engineer: Erica Rooney Administrative Assistant: Corinne Strauser GIS Coordinators Jeff Harmon Roger Shepherd Consultant Team Elaine Howard Consulting,LLC Elaine Howard ECONorthwest Nick Popenuk,Rob Wyman,Ali Danko Jeannette Launer,Legal Counsel TABLE OF CONTENTS I. INTRODUCTION 1 II. EXISTING PHYSICAL,SOCIAL,AND ECONOMIC CONDITIONS AND IMPACTS ON MUNICIPAL SERVICES 6 PHYSICAL CONDITIONS 6 LAND USE 6 ZONING AND COMPREHENSIVE PLAN DESIGNATIONS 7 INFRASTRUCTURE:EXISTING CONDITIONS 10 SOCIAL CONDITIONS 11 ECONOMIC CONDITIONS 11 IMPACT ON MUNICIPAL SERVICES 13 III. REASONS FOR SELECTION OF EACH URBAN RENEWAL AREA IN THE PLAN13 IV. THE URBAN RENEWAL PROJECTS AND THE RELATIONSHIP BETWEEN URBAN RENEWAL PROJECTS AND THE EXISTING CONDITIONS IN THE URBAN RENEWAL AREA 13 V. THE ESTIMATED TOTAL COST OF EACH PROJECT AND THE SOURCES OF MONEYS TO PAY SUCH COSTS 13 VI. THE ANTICIPATED COMPLETION DATE FOR EACH PROJECT 17 VII. THE ESTIMATED AMOUNT OF TAX INCREMENT REVENUES REQUIRED AND THE ANTICIPATED YEAR IN WHICH INDEBTEDNESS WILL BE RETIRED 17 VIII. FINANCIAL ANALYSIS OF THE PLAN 24 IX. IMPACT OF THE TAX INCREMENT FINANCING 27 X. COMPLIANCE WITH STATUTORY LIMITS ON ASSESSED VALUE AND SIZE OF URBAN RENEWAL AREA 33 XI. RELOCATION REPORT 33 I. Introduction The Report on the First Amendment to the Lake Grove Village Center Urban Renewal Plan (Report) contains background information and project details pertaining to the First Amendment to the Lake Grove Village Center Urban Renewal Plan (First Amendment). The First Amendment will add property to the boundary of the Lake Grove Village Center Area (Area) and will delete some right of way. The Plan area boundary is shown in Figure 1, the proposed changes on Figures 2a and 2b, with the proposed new Lake Grove Urban Renewal Plan (Plan)boundary in Figure 3. The Report is not a legal part of the First Amendment,but is intended to provide public information and a basis for the findings made by the City Council as part of the approval of the First Amendment. The Report provides the information required by ORS 457.085(3). The format of the Report is based on this statute. Since the Lake Grove Urban Renewal Plan was recently adopted (2012) and the existing conditions within the Area have not significantly changed, many of the components of the Report are not being updated as part of this First Amendment. Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 1 of 33 Figure 1—Lake Grove Village Center Urban Renewal Plan Area Boundary Before Amendment ' 1 tun. 2 w Dr V" • w n oy,ts- !head o �' i bC r. •' I_11 • / \ \— \-�' dP1 . , a - Han'sy ': .Wiy Way `;tg ',. , iD a O titre Q - Canis.- : : . . Wa q. Parkhill Parkhill : Slg8 ��c)J°" . - 6j . - - . - . - - a 1---.'--- -- Grove Ave J H . _- 'SW . 00‘ 9` Sw wevd - - . FeJ -.Prrweod .. _ O. r \ SW . . Madrona -. ... - • Vet t • , '� `_� F- / 1 . r 44,0 ` •ti -' .fir .G/. \_•',1 Lake Grove Village Center URA -`` Ot MIRLake Grove Village Center Urban IS,' Renewal Area Boundary `. tamµ S,4> 0 300 00C 500 1 200 t,500 j • Source:City of Lake Oswego GIS Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 2 of 33 Figure 2a—Lake Grove Urban Renewal First Amendment Property e11711.1 rDr k :t+ o C--...1 mow" . . I Ln I. • If,/ � �^ Way - -✓ U Harvey Y WaY 0 writ- © _ v, a Collins wa 0Parkhill SI `CA . 4 • Way a 4� n 'dQ St Bea* O �� I Grove Ave sw y, rr .71 SW Firvood R Fuwocd - - r I . .i. c,. f • \• . _ in©� Q` Madrona SW !'1 . VpPet ' L-1 1,, -----\ a Lake Grove Village Center URA \\ Amendment - (172.43 acres total) `. fa \\ -\------ L_A Amendment Removed( 19 acres) -� _ __..... '° - = Amendment Added 12-88 acres) , '-pt Existing Boundary(159-74 acres) • �' '� � 0 300 500 900 r,:OD 1.500 Source:City of Lake Oswego GIS Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 3 of 33 Figure 2b—Removal Property 1 co — a) 0l), \v ?�— � �1 yqqq/�� N .►fi►rs SW►s.F. (Xi C11 �'�6 .0. - / V 2 w tS I / `� _ I�J zyz �i, t �. is-6 .4...14 UPPet CpUN11 I / to CO r�� , Cr • Washington + pi�ol N t 4) \ • • 0 ig .3;2' \\_____ -7--____-_-- : °°06 OS� GO e 168 8 EKE --- ---"-- Grove Village Center URA 0 ��' Boundary Change ..•a r1OF(eeJEc.9k.~y Cr&ge N N K.:.•:?;AJ es IV b?Rearm-di 19 acre51 La3ke c'Mve a Boa cialy Unrengorlled Ca rery CW.•A '�' L 173 :i..11BCC) '. t Source:City of Lake Oswego GIS Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 4 of 33 Figure 3—Revised Lake Grove Village Center Urban Renewal Plan Area Boundary o ;'�j1sione Ca mao,L .;, S or or la TAesd6"s Ln / , P! Harvey Way �� Nprd & way §'. Herm v. Collins Say Parkhill Stgg: W. �rOav U7 Way Vl a lit Grove Ave 111111s- -----1.--100telc311 11* i SW Firwoad irwood •" ill 1 1 Ot 5�� O� SW Madrona —1-511— OF a • Illia . __---- . .ccr f • 01,,,,,i; Lake Grove Villa a CenterURA� p ' ' Lake Grove Village Center Urban . rl •t Q c Renewal Area Boundary � D 300 600 900 1.200 1,300 r Source:City of Lake Oswego GIS Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 5 of 33 II. Existing Physical, Social, and Economic Conditions and Impacts on Municipal Services This section of the Report describes existing conditions of the property to be added to the urban renewal area, and documents the occurrence of"blighted areas," as defined by ORS 457.010(1). The property to be added in the First Amendment is 4101 Kruse Way, specifically 21E08BB05300, also known as the West End Building (WEB) property. The tables for land use, zoning, comprehensive plan designations, and improvement to land ratios will represent the full urban renewal area with the specifics of the First Amendment in the narrative preceding the table. Physical Conditions Land Use The 12.88 acre parcel to be added in the First Amendment is presently an exempt use as classified by the Clackamas County Assessor. Prior to August 22, 2015 it was used for city of Lake Oswego Parks Department offices and programming of parks and recreation classes and activities, and office space for the Lake Oswego-Tigard Water Partnership. It is now owned by Yakima Products. The assessor will re-classify the use from exempt to commercial in October of 2016. For the purposes of this table, the use is shown as commercial. There are 36.53 acres of right of way, for total acreage of the Area of 172.43. Table 1 -Land Use of Area Land Taxwith Existinglots Acres with Percent of Use Amendment Amendment Acres Commercial 99 88.0 64.75% Vacant 49 20.3 14.94% SF Residential 62 7.7 5.67% MF Residential 40 9.5 6.99% School/Exempt 4 10.4 7.65% Total 254 135.9 100.00% Source:City of Lake Oswego GIS Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 6 of 33 Zoning and Comprehensive Plan Designations The property being added in the First Amendment is zoned as OC/R-3, Office Campus/Residential 3. This is also the comprehensive plan designation. Table 2a and Figure 4 indicate the zoning of the Area and Table 2b and Figure 5 show the comprehensive plan designations of the Area. If the table shows 0 tax lots, the acreage represents right of way only. Table 2a-Zonin: of Area Zoning Acres Tax lots Percentage of Total Acreage General Commercial 75.90 85 44.02% Office Campus 20.21 14 11.72% Office Campus/R-3 15.22 3 8.83% Public Function 11.95 6 6.93% R-5 7.69 44 4.46% Campus Research and Development 6.84 2 3.97% WLG Residential Mixed-Use 6.42 9 3.72% R-0 6.29 19 3.65% WLG Office Campus 5.58 15 3.24% Parks and Natural Area 4.80 10 2.78% Neighborhood Commercial/R-0 4.48 26 2.60% R-7.5 2.90 4 1.68% WLG R-2.5 2.21 14 1.28% R-3 1.10 3 0.64% R-10 0.84 0 0.49% Total 172.43 254 100.00% Source:City of Lake Oswego GIS WLG—West Lake Grove R—Residential Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 7 of 33 Figure 4-Zoning of the Area '24> •t00. , e n• Carne ti� >. n o II a• s Dr r • .•I re y Rb R10CR"C r : • a PNA • • ■ CRMOOCJR-3 • Mead°ws +•, OC gEPf15d••.• Campus R5O +ate 0� QC •+• s General Commercial +a•••dirk W+arod•a.• Neighborhood ComrneroaltR-0 - r Ln Office Campus i I, 1 *a — Office Campus/R-3 a •ra Public Function : !+•a way • Park and Natural Areas m Harvey Way * PNA• R-0 Mete •f 0OCIR-3 a R.3 Collins. 1Ne4a pa GC . ce R-5 • . . • _ • , • g Red rcoil Way R-7 5 0.v e a••• �u Ias.We R-5 R-f0 • g Y • Weal Lake Grove R-2 5 r` e' I I West Lake Grove Office Commercia/ Ease Y Way PF k Lane�8od "St Neighborhood Commercial r a West Lake Grove Office Cornneroaii • Town Home Residential • a a• . a R-& 0 NC/R-0 a }2-t.5 R 4 /"1 I+( •r O�tkrad0a r iL\--\ --:.--1_ S ot,,o, L. 1 IL-1 R-0 ��ad R ' • akar... Grove Ave W .--i•y *Aso*a.a`a FUnvood - • rrwaod it GC s•• • �• •. ..0 10 o . 4 f � L va SW 4 iidrona PF e ts. %AY- 1- ,r w—tirartzNYLGR .it.#s VI/ • - . • • -- t 7-i�wvLJ , g R:2 G OCa r= _ Lake Grove Village Center URA •M� i .po Zoning Designations a• - . I Lake Grove Village Center Urban • ..•'` -3-= . . ••"a Renewal Area Boundary *••rix Cd �.-;. •r• _ -=='-- s t OWet ` . • i0 300 600 9C0 f,200 1,500 , reel Source:Lake Oswego GIS Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 8 of 33 Table 2b - Comprehensive Plan Designations of Area Tax Percentage of Comprehensive Plan Acres Lots Total Acrea.e General Commercial 74.66 84 43.30% Office Campus/R-3 23.20 9 13.46% Public 12.20 6 7.08% Office Campus 11.52 8 6.68% Campus Research and Development 8.10 2 4.70% R-5 6.93 44 4.02% WLG Residential Mixed-Use 6.57 8 3.81% R-0 6.44 19 3.74% WLG Office Commercial 5.58 15 3.24% Neighborhood Commercial/R-0 5.22 27 3.02% Parks and Natural Area 4.80 10 2.78% R-7.5 3.53 4 2.05% WLG R-2.5 2.09 15 1.21% R-10 0.94 0 0.54% R-3 0.66 3 0.38% Total 172.43 254 100.00% Source:City of Lake Oswego GIS WLG—West Lake Grove R—Residential Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 9 of 33 Figure 5—Comprehensive Plan Designations ,. �7 L _ ! i u. P-- (� } t '4 rFA ;AO. =' r i i Y o _ 3c;� gig Campus R&D3. 1 ~ '•� General Commercial f[� r1.a•-.ij ��t/..____ Neighborhood CammarccevR-0 /\ z-1 ,\1* r.i CD Mice Campus moi. _ y% `� V1 CRhce Campus,R-3 \;'- ....I.': f I -"iiit_7'- +-t I S - e / Park anc Natural Area; + '`1._y� ,r` � ... tz_-• -Public { tiY Y.M �^ ll., , R-3 i`� Vlay! tri R-5 .• +'S,... an R-7 5 j •'+eesei_s- Ta._• R-69 . ,r- I...Sjlpy • � ! Fit K � [7 _ Itj_ R-�0 f. a.r} r;; I I West Lake Grow R-2 5 !^ • P - ?I. R 4 [ .. L. - 4_ i Wrist Lake Grow Olkce CommlrcraU I 1 0 �.--� , , If Town Home RMrdenU•I • ,- ��+ est Ylest Lake Grove Office Commercial/ ...{��'" WIN s's. �,� -,' f" Neighborhood CommerceI AF}FI III r p .-S • -, \....„,:7-7--N--.....:..) ' ii�lell tilt/ a•' �. R • { r a * � R^t! t-i' T'�1 �'i/ �a�i�i Giaae �T Sas;-,tl L � +--� _-1 _I qty , . /4./j�(�� - - 1.--,--,x,,..\v .-I 1 1 , D.. t 1.1...1 y.•y1� ?, ��-'``-..! 5 � --__i-T,,,,, 7_4 ;--- - i T7,7,,, 1_ \. ,._v , ..:._,.,..?-- ,y • �: sw •I 7Alaiftops /".' S telli c":40 1 mo i,I .•I t „t ._,....\1. Y yd,• �\ `R ., , Lake Grove Village Center URA ,a R' �� '' •-- Lake Grove Village Center Urban dam„" K.s -•S- 1t2,-; ;s/s�� s-•as Renewal Asea Boundary vv ` -r,\ ,, :,.'7), 90 T 3 330 600 0 1.200 1 560 I Source:Lake Oswego GIS Infrastructure: Existing Conditions Other than the one project noted below, the existing conditions of the infrastructure in the Area have not changed since the adoption of the original urban renewal plan, so revisions to this section are not required. There are still deficiencies in the Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 10 of 33 transportation network, including parking, as described in detail in the 2012 Report Accompanying the Lake Grove Village Center Urban Renewal Plan. Project Completed since 2012: Lake Oswego-Tigard waterline project: Improvements were constructed in Lanewood Street to the West Waluga water reservoir. Social Conditions There are no residents in the First Amendment Area. Economic Conditions There is presently no total assessed value of the First Amendment area, as it is exempt from property tax payments because it was a public use on July 1, 2015 (ORS 311.410(1)). The property will change to a private use on the FY 2016/17 property tax rolls. The assessed value of the Lake Grove Village Center Urban Renewal Area inclusive of the First Amendment is $179,677,819. The frozen base value is $150,812,257. Improvement to Land Ratio An analysis of property values can be used to evaluate the economic condition of real estate investments in a given area. The relationship of a property's improvement value (the value of buildings and other improvements to the property) to its land value is generally an accurate indicator of the condition of real estate investments. This relationship is referred to as the "Improvement to Land Ratio," or "I:L." The values used are real market values. In urban renewal areas, the I:L may be used to measure the intensity of development or the extent to which an area has achieved its short and long-term development objectives. A healthy neighborhood/mixed-use commercial district would have an improvement to land value of 4:1. Sixty nine percent of the properties are below the 4:1 ratio, an additional 11% are non-taxable, 2.8%have no land value and 15%have no improvement value. The I:L ratio of the Amendment property is .59, well below the healthy indicator, indicating an underdevelopment of the property. In the table below, the property is combined with the .51 - 1.0 category. Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 11 of 33 Table 3—Improvement to Land Ratio Percent Improvement/Land Ratio Tax lots Acres of Acres Not Taxable 16 14.75 10.86% No Land Value(Condos and condo 44 3.81 2.80% assoc) No Improvement Value(Vacant) 31 20.40 15.01% 0.01-0.50 24 11.08 8.16% 0.51-1.00 18 28.71 21.13% 1.01 -1.50 21 15.30 11.26% 1.51-2.00 35 8.48 6.24% 2.01 -2.50 31 10.57 7.78% 2.51-3.00 16 7.46 5.49% 3.01 -4.00 12 12.62 9.29% >4.0 6 2.70 1.99% Total 254 135.86 100% Source:Base data from Clackamas County Assessor Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 12 of 33 Impact on Municipal Services The fiscal impact of tax increment financing on taxing districts that levy taxes within the Area (affected taxing districts) is described in the section on Impact of Tax Increment Financing in this Report. This subsection discusses the fiscal impacts resulting from potential increases in demand for municipal services. It is not anticipated that adding the property to the urban renewal area will have an impact on municipal services to the property. The property had commercial uses prior to the First Amendment and will continue to have commercial uses after the First Amendment. III. Reasons for Selection of Each Urban Renewal Area in the Plan The reason for selecting the Area is to cure blight, in the Area. The blight in the Area as a whole is inadequate streets and utilities and improvement to land ratios that are not as high as they should be. IV. The Urban Renewal Projects and the Relationship Between Urban Renewal Projects and the Existing Conditions in the Urban Renewal Area There are no new projects identified in the First Amendment. V. The Estimated Total Cost of Each Project and the Sources of Moneys to Pay Such Costs • There are no new projects identified in the First Amendment. However, the financial analysis has been updated to incorporate the impacts of this amendment and other new development that has occurred since the 2012 plan adoption. Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 13 of 33 Table 4-Project Fund PROJECT FUND 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 Resources Beginning Fund Balance $0 $0 $9,900,000 $149,500 $446,785 $874,964 Pay-as-you-go(Transfer from TIF Fund) $19,345,887 $0 $0 $0 $296,537 $425,945 $592,299 City Bond(Transfer from D/S Fund) $ 17,400,000 $17,400,000 GO Bond Transfer $ - Transfer from TIF Fund for URA admin $ 2,506,680 $51,750 $107,640 $111,950 $116,430 $121,090 $124,720 Interest Earnings $ 362,215 $0 $0 $49,500 $748 $2,234 $4,375 Total Resources $39,614,782 $51,750 $17,507,640 $10,061,450 $563,215 $996,054 $1,596,358 Expenditures (nominal$) Boones Ferry Road-Phase 1 -$17,300,000 -$7,500,000 -$9,800,000 Boones Ferry Road-Phase 2 -$ 7,920,305 Parking -$ 2,725,600 URA Admin -$ 2,506,680 -$51,750 -$107,640 -$111,950 -$116,430 -$121,090 -$124,720 Transfer to D/S Fund -$ 9,162,197 Total Expenditures -$39,614,782 -$51,750 -$7,607,640 -$9,911,950 -$116,430 -$121,090 -$124,720 Ending Fund Balance $0 $9,900,000 $149,500 $446,785 $874,964 $1,471,638 Source:ECONorthwest Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 14 of 33 Table 4—Project Fund, continued PROJECT FUND 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 Resources Beginning Fund Balance $1,471,638 $2,253,875 $3,231,346 $1,688,726 $3,074,120 $4,539,345 Pay-as-you-go(Transfer from TIF Fund) $774,879 $966,202 $1,166,823 $1,376,950 $1,449,854 $1,603,397 City Bond(Transfer from D/S Fund) GO Bond Transfer Transfer from TIF Fund for URA admin $128,460 $132,310 $136,280 $140,370 $144,580 $148,920 Interest Earnings $7,358 $11,269 $16,157 $8,444 $15,371 $22,697 Total Resources $2,382,335 $3,363,656 $4,550,606 $3,214,490 $4,683,925 $6,314,359 Expenditures(nominal$) Boones Ferry Road-Phase 1 Boones Ferry Road-Phase 2 Parking -$2,725,600 URA Admin -$128,460 -$132,310 -$136,280 -$140,370 -$144,580 -$148,920 Transfer to D/S Fund Total Expenditures -$128,460 -$132,310 -$2,861,880 -$140,370 -$144,580 -$148,920 Ending Fund Balance $2,253,875 $3,231,346 $1,688,726 $3,074,120 $4,539,345 $6,165,439 Source:ECONorthwest Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 15 of 33 Table 4—Project Fund, continued PROJECT FUND 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33 Resources Beginning Fund Balance $6,165,439 $8,024,389 $10,128,116 $4,568,805 $6,808,909 $9,116,614 Pay-as-you-go(Transfer from 1il Fund) $1,828,123 $2,063,605 $2,310,353 $2,217,260 $2,273,660 $0 City Bond(Transfer from D/S Fund) GO Bond Transfer Transfer from TIF Fund for URA admin $153,390 $157,990 $162,730 $167,610 $172,640 $177,820 Interest Earnings $30,827 $40,122 $50,641 $22,844 $34,045 $45,583 Total Resources $8,177,779 $10,286,106 $12,651,840 $6,976,519 $9,289,254 $9,340,017 Expenditures(nominal$) Boones Ferry Road-Phase 1 Boones Ferry Road-Phase 2 -$7,920,305 Parking URA Admin -$153,390 -$157,990 -$162,730 -$167,610 -$172,640 -$177,820 Transfer to D/S Fund -$9,162,197 Total Expenditures -$153,390 -$157,990 -$8,083,035 -$167,610 -$172,640 -$9,340,017 Ending Fund Balance $8,024,389 $10,128,116 $4,568,805 $6,808,909 $9,116,614 $0 Source:ECONorthwest Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 16 of 33 VI. The Anticipated Completion Date for Each Project There are no new projects identified in the First Amendment. The anticipated completion dates are shown in Table 4, above. VII. The Estimated Amount of Tax Increment Revenues Required and the Anticipated Year in Which Indebtedness Will Be Retired There are no increased tax increment revenues required to service the maximum indebtedness. However, with the addition of the First Amendment property, it is anticipated that the duration of the plan will be reduced by one year. The new construction of other properties in the Area since the 2012 plan adoption has projected to decrease the time of the urban renewal plan by 5 years, from FY 2038-39 to FY 2033-34. The First Amendment projects to further reduce that time frame to FY 2032-33. Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 17 of 33 Table 5—TIF Fund TIF Fund 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 Resources Beginning Fund Balance $619,590 $1,073,383 $704,246 $435,214 $0 $0 TIF for URA $43,280,680 $502,445 $1,056,238 $1,162,499 $1,298,679 $1,870,137 $2,040,121 Interest Earnings $ 15,501 $3,098 $5,367 $3,521 $2,176 $0 $0 — Total Resources $46,396,465 $1,125,133 $2,134,988 $1,870,266 $1,736,069 $1,870,137 $2,040,121 Expenditures Transfer to Project Fund For URA admin -$ 2,506,680 -$51,750 -$107,640 -$111,950 -$116,430 -$121,090 -$124,720 Transfer to Debt Service Fund -$21,711,815 $0 -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 Transfer to Other City Resources $ - $0 $0 $0 $0 $0 $0 Transfer to Project Fund for other projects -$ 19,345,887 $0 $0 $0 -$296,537 -$425,945 -$592,299 Total Expenditures -$43,564,382 -$51,750 -$1,430,742 -$1,435,052 -$1,736,069 -$1,870,137 -$2,040,121 Ending Fund Balance $1,073,383 $704,246 $435,214 $0 $0 $0 Source:ECONorthwest Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 18 of 33 Table 5—TIF Fund, continued TIF Fund 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 Resources Beginning Fund Balance $0 $0 $0 $0 $0 $0 TIF for URA $2,226,441 $2,421,614 $2,626,205 $2,840,422 $2,917,536 $3,075,419 Interest Earnings $0 $0 $0 $0 $0 $0 Total Resources $2,226,441 $2,421,614 $2,626,205 $2,840,422 $2,917,536 $3,075,419 Expenditures Transfer to Project Fund For URA admin -$128,460 -$132,310 -$136,280 -$140,370 -$144,580 -$148,920 Transfer to Debt Service Fund -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 Transfer to Other City Resources $0 $0 $0 $0 $0 $0 Transfer to Project Fund for other projects -$774,879 -$966,202 -$1,166,823 -$1,376,950 -$1,449,854 -$1,603,397 Total Expenditures -$2,226,441 -$2,421,614 -$2,626,205 -$2,840,422 -$2,917,536 -$3,075,419 Ending Fund Balance $0 $0 $0 $0 $0 $0 Source:ECONorthwest Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 19 of 33 Table 5—TIF Fund, continued TIF Fund 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 Resources Beginning Fund Balance $0 $0 $0 $0 $0 $0 TIF for URA $2,226,441 $2,421,614 $2,626,205 $2,840,422 $2,917,536 $3,075,419 Interest Earnings $0 $0 $0 $0 $0 $0 Total Resources $2,226,441 $2,421,614 $2,626,205 $2,840,422 $2,917,536 $3,075,419 Expenditures Transfer to Project Fund For URA admin -$128,460 -$132,310 -$136,280 -$140,370 -$144,580 -$148,920 Transfer to Debt Service Fund -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 Transfer to Other City Resources $0 $0 $0 $0 $0 $0 Transfer to Project Fund for other projects -$774,879 -$966,202 -$1,166,823 -$1,376,950 -$1,449,854 -$1,603,397 Total Expenditures -$2,226,441 -$2,421,614 -$2,626,205 -$2,840,422 -$2,917,536 -$3,075,419 Ending Fund Balance $0 $0 $0 $0 $0 $0 Source:ECONorthwest Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 19 of 33 Table 5—TIF Fund,continued TIF Fund 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33 Resources Beginning Fund Balance _ $0 $0 $0 $0 $0 $0 TIF for URA $3,304,615 $3,544,697 $3,796,185 $3,707,972 $3,769,402 $720,003 Interest Earnings $0 $0 $0 $0 $0 $0 Total Resources $3,304,615 $3,544,697 $3,796,185 $3,707,972 $3,769,402 $720,003 Expenditures Transfer to Project Fund For URA admin -$153,390 -$157,990 -$162,730 -$167,610 -$172,640 -$177,820 Transfer to Debt Service Fund -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 -$542,183 Transfer to Other City Resources $0 $0 $0 $0 $0 $0 Transfer to Project Fund for other projects -$1,828,123 -$2,063,605 -$2,310,353 -$2,217,260 -$2,273,660 $0 Total Expenditures -$3,304,615 -$3,544,697 -$3,796,185 -$3,707,972 -$3,769,402 -$720,003 1 Ending Fund Balance _ $0 $0 $0 $0 $0 $0 Source:ECONorthwest Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 20 of 33 Table 6—Tax Increment Revenues, Other Funds and Allocations to Debt Service Debt Service Fund 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 Resources Beginning Balance $0 $0 $0 $0 $0 $0 Transfer from TIF Fund $21,711,815 $0 $1,323,102 $1,323,102 $1,323,102 $1,323,102 $1,323,102 Transfer from Other City Resources $0 $0 $0 $0 $0 $0 $0 Transfer from Project Fund $9,162,197 $0 $0 $0 $0 $0 $0 Bond/Loan Proceeds $17,748,000 $17,748,000 Total Resources $48,622,012 $0 $19,071,102 $1,323,102 ,102 $1,323102 $1,323,102 $1,323 Expenditures Disbursement of Bond Proceeds -$17,400,000 -$17,400,000 Finance Fees -$348,000 -$348,000 Debt Service-City Bond -$30,874,012 -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 Total Expenditures -$48,622,012 $0 -$19,071,102 -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 Ending Balance $0 $0 $0 $0 $0 $0 Source:ECONorthwest Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 21 of 33 Table 6—Tax Increment Revenues, Other Funds and Allocations to Debt Service, continued Debt Service Fund 2021-22 2022-23 2023-24 2024-25 2025-26 2026-27 Resources Beginning Balance _ $0 $0 $0 $0 $0 $0 Transfer from [IF Fund _ $1,323,102 $1,323,102 $1,323,102 $1,323,102 $1,323,102 $1,323,102 Transfer from Other City Resources $0 $0 $0 $0 $0 $0 Transfer from Project Fund $0 $0 $0 $0 $0 $0 Bond/Loan Proceeds Total Resources $1,323,102 $1,323,102 $1,323,102 $1,323,102 $1,323,102 $1,323,102 Expenditures Disbursement of Bond Proceeds Finance Fees Debt Service-City Bond -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 Total Expenditures -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 Ending Balance $0 $0 $0 $0 $0 $0 Source:ECONortinvest • Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 22 of 33 Table 6—Tax Increment Revenues, Other Funds and Allocations to Debt Service, continued Debt Service Fund 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33 Resources Beginning Balance $0 $0 $0 $0 $0 $0 Transfer from TIF Fund $1,323,102 $1,323,102 $1,323,102 $1,323,102 $1,323,102 $542,183 Transfer from Other City Resources $0 $0 $0 $0 $0 $0 Transfer from Project Fund $0 $0 $0 $0 $0 $9,162,197 Bond/Loan Proceeds Total Resources $1,323,102 $1,323,102 $1,323,102 $1,323,102 $1,323,102 $9,704,380 Expenditures Disbursement of Bond Proceeds Finance Fees Debt Service-City Bond -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 -$9,704,380 Total Expenditures -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 -$1,323,102 -$9,704,380 Ending Balance $0 $0 $0 $0 $0 $0 Source:ECONorthwest Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 23 of 33 VIII. Financial Analysis of the Plan The estimated tax increment revenues through FY 2032-33, as shown above, are based on projections of the assessed value of development within the Area and the total tax rate that will apply in the Area. Table 7 shows the estimated exception assessed values of the Area. Exception value is the value of new development or major rehabilitation that is projected to occur in the Area. These values include the Parkway Veterinary Hospital, Wells Fargo Bank, Kruse Village, Citizen's Bank, Kruse Way/Boones Ferry Senior housing, and the West End Building. The West End Building is projected to come onto the tax rolls in FY 2016-17. Table 7—Exception Value Estimates Exception Inflation FY AV(2015$) AV Index 2014-15 $0 1.0000 2015-16 $1,779,761 $1,833,154 1.0300 2016-17 $31,810,251 $33,747,495 1.0609 2017-18 $0 1.0927 2018-19 $1,071,594 $1,206,079 1.1255 2019-20 $27,008,952 $31,311,478 1.1593 Source:ECONorthwest with information from City of Lake Oswego Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 24 of 33 Table 8 shows the projected incremental assessed value, projected tax rates that would produce tax increment revenues, and the annual tax increment revenues (adjusted for compression, truncation, under-collection, penalties, and interest at 4%). These projections of increment are the basis for the projections in the preceding tables. Table 8 -Projected Incremental Assessed Value,Tax Rates, and Tax Increment Revenues Tax Increment Finance Revenue FY Assessed Value Frozen Base Excess Value Tax Rate Gross TIF Adjustments Net TIF Cumulative TIF 2014-15 $ 179,677,819 $150,812,257 $ 28,865,562 $ 14.5885 $ 421,105 $ (21,055) $ 400,050 $ 400,050 2015-16 $ 186,933,574 $150,812,257 $ 36,121,317 $ 14.4895 $ 523,380 $ (20,935) $ 502,445 $ 902,495 2016-17 $ 226,774,744 $150,812,257 $ 75,962,487 $ 14.4841 $ 1,100,248 $ (44,010) $ 1,056,238 $ 1,958,733 2017-18 $ 234,797,726 $150,812,257 $ 83,985,469 $ 14.4184 $ 1,210,936 $ (48,437) $ 1,162,499 $ 3,121,232 2018-19 $ 245,437,494 $150,812,257 $ 94,625,237 $ 14.2963 $ 1,352,791 $ (54,112) $ 1,298,679 $ 4,419,911 2019-20 $ 287,797,896 $150,812,257 $ 136,985,639 $ 14.2209 $ 1,948,059 $ (77,922) $ 1,870,137 $ 6,290,048 2020-21 $ 300,858,939 $150,812,257 $ 150,046,682 $ 14.1631 $ 2,125,126 $ (85,005) $ 2,040,121 $ 8,330,169 2021-22 $ 314,540,382 $150,812,257 $ 163,728,125 $ 14.1650 $ 2,319,209 $ (92,768) $ 2,226,441 $ 10,556,610 2022-23 $ 328,871,693 $150,812,257 $ 178,059,436 $ 14.1667 $ 2,522,515 $ (100,901) $ 2,421,614 $ 12,978,224 2023-24 $ 343,883,742 $150,812,257 $ 193,071,485 $ 14.1690 $ 2,735,630 $ (109,425) $ 2,626,205 $ 15,604,429 2024-25 $ 359,608,863 $150,812,257 $ 208,796,606 $ 14.1706 $ 2,958,773 $ (118,351) $ 2,840,422 $ 18,444,851 2025-26 $ 376,080,927 $150,812,257 $ 225,268,670 $ 13.4910 $ 3,039,100 $ (121,564) $ 2,917,536 $ 21,362,387 2026-27 $ 393,335,414 $150,812,257 $ 242,523,157 $ 13.2093 $ 3,203,561 $ (128,142) $ 3,075,419 $ 24,437,806 2027-28 $ 411,409,489 $150,812,257 $ 260,597,232 $ 13.2093 $ 3,442,307 $ (137,692) $ 3,304,615 $ 27,742,421 2028-29 $ 430,342,083 $150,812,257 $ 279,529,826 $ 13.2093 $ 3,692,393 $ (147,696) $ 3,544,697 $ 31,287,118 2029-30 $ 450,173,975 $150,812,257 $ 299,361,718 $ 13.2093 $ 3,954,359 $ (158,174) $ 3,796,185 $ 35,083,303 2030-31 $ 468,761,155 $150,812,257 $ 317,948,898 $ 13.2093 $ 4,199,882 $ (167,995) $ 4,031,887 $ 39,115,190 2031-32 $ 488,138,290 $150,812,257 $ 337,326,033 $ 13.2093 $ 4,455,841 $ (178,234) $ 4,277,607 $ 43,392,797 2032-33 $ 508,338,953 $150,812,257 $ 357,526,696 $ 13.2093 $ 4,722,677 $ (188,907) $ 4,533,770 $ 47,926,567 Source:ECONorthwest Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 25 of 33 Table 9 shows the projected revenue sharing for the Area, including the projected impact of the First Amendment and development within the Area since original adoption of the Plan. The revenue sharing is projected to occur in FY 2030-31, one year earlier than projected if the First Amendment was not adopted. Revenue sharing triggers are defined in Section IX. Table 9 -Projected Revenue Sharing TIF FY Total for URA Shared 2014-15 $400,050 $400,050 $0 2015-16 $502,445 $502,445 $0 2016-17 $1,056,238 $1,056,238 $0 2017-18 $1,162,499 $1,162.499 $0 2018-19 $1,298,679 $1,298,679 $0 2019-20 $1,870,137 $1,870,137 $0 2020-21 $2,040,121 $2,040,121 $0 2021-22 $2,226,441 $2,226,441 $0 2022-23 $2,421,614 $2,421,614 $0 2023-24 $2,626,205 $2,626,205 $0 2024-25 $2,840,422 $2,840,422 $0 2025-26 $2,917,536 $2,917,536 $0 2026-27 $3,075,419 $3,075,419 $0 2027-28 $3,304,615 $3,304,615 $0 2028-29 $3,544,697 $3,544,697 $0 2029-30 $3,796,185 $3,796,185 $0 2030-31 $4,031,887 $3,707,972 $323,915 2031-32 $4,277,607 $3,769,402 $508,205 2032-33 $4,533,770 $720,003 $3,813,767 Source:ECONorthwest Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 26 of 33 IX. Impact of the Tax Increment Financing This section describes the impact of tax increment financing of the Plan,both until and after the indebtedness is repaid, upon all entities levying taxes upon property in the urban renewal area. The impact of tax increment financing on overlapping taxing districts consists primarily of the property tax revenues foregone on permanent rate levies as applied to the growth in assessed value in the Area. These projections are for impacts estimated through FY 2032-33, and are shown in Tables 10a and 10b,below. Table 11 shows the tax revenues projected to be available to taxing jurisdictions once the Area is terminated. These are estimates only, and the changes in the economy may impact the projections made for the Area. Note that, in FY 2030-31 the Area's TIF revenue is projected to meet the 10% of initial maximum indebtedness trigger stated in the ORS statutes (10% of$36,000,000 is $3,600,000). At that 10% limit, the affected taxing jurisdictions will begin receiving a portion of the TIF revenues (Revenue Sharing). These are estimates, and given the extended period before Revenue Sharing may occur, they cannot be certain. The Agency will notify the Assessor to initiate Revenue Sharing once this threshold is met. The impacts of the Plan on the Lake Oswego School District(LOSD) and Clackamas Education Service District(CESD) are not easily summarized, as Oregon K-12 school funding is determined under a statewide formula that seeks to equitably allocate funding to each district based primarily on enrollment. The foregone revenues for these education districts shown in Table 10b are more accurately categorized as a reduction in resources for schools statewide. As this reduction is shared with all other school districts statewide, the actual impact to LOSD and CESD funding is significantly less than their amounts summarized in Table 8b. Statewide, local property tax revenues for K-12 education derived from permanent levy rates are combined with a fixed biennial allocation from the State's General Fund to effectively form a statewide pool of funds for K-12 public schools and education service districts called the State School Fund (SSF). Allocations from the SSF to individual districts are calculated primarily on a per-student basis, with adjustments for certain demographic and socio-economic factors and costs of transportation, among other things. Thus, the impacts of the Plan on LOSD and CESD permanent rate property tax revenues shown in Table 10b would effectively be spread across all K-12 districts statewide. The final impact of the Plan specific to Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 27 of 33 LOSD and CESD is equal to each district's respective share of SSF revenues, multiplied by the foregone statewide revenues for K-12 education districts. LOSD's allocation of the SSF is approximately 1.1%. Applying this percentage to the projected impacts summarized in Table 10b, the cumulative impact of the amendment over the life of the Plan is approximately$3,795 in nominal dollars (unadjusted for inflation). However, when these figures are adjusted for inflation (assuming 3.0% per year), the impact of the amendment on the School District appears negative (-$875), instead of positive. This is because the Plan amendment would have negative impacts to the School District in early years, but positive impacts in the later years (due to an accelerated timeline for closing down the district). Those positive impacts in the later years appear large in nominal dollars, but when adjusted for inflation they are less significant. Looking at the expected length of the Plan, the average annual impact would be negligible, at -$46 per year. The impacts for LOSD described in the previous paragraph are most certain for the upcoming biennium, as state funding for K-12 schools is subject to the state's biennial budgeting process,which includes political as well as practical considerations, and it is possible that future legislative actions could change state funding of the SSF in direct response to the amount of statewide property taxes diverted to urban renewal programs. If only the Second biennial period for the proposed urban renewal plan is used, lost revenues for LOSD as a result of the Plan will be approximately$863 for the 2015-17 biennial period. The Lake Oswego School District is presently experiencing impacts of compression on their local option levies. The Lake Oswego School District local option levies are not projected to experience additional losses because of this Plan. As market values increase, compression is less of a concern for all local governments. New commercial and residential development in the Area will be subject to the construction excise taxes that are collected for the Lake Oswego School District. Tables 10a and 10b show the projected impacts to permanent rate levies of taxing districts as a result of this Plan. The projections in the Total Impacts column do not exactly match the tax increment projections in Tables 8 and 9 because in the years 2015-2026 there are GO bonds issued prior to 2001 that have an impact on the overall TIF revenue generation, but are an impact on the tax payer not on the taxing jurisdictions. In addition, the tables show that the final year of the Plan brings in additional positive revenues to the taxing jurisdictions. Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 28 of 33 Table 10a-Projected Im.act on Taxing District Permanent Rate Levies-General Government General Government Clackamas County County County Soil City of Lake Lake Grove Port of Vector FY County(City) Extension&4H Library Cons Oswego (in SD) Park Portland Metro Control Subtotal 2014-15 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 2015-16 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 2016-17 ($42,179) ($877) ($6,972) ($877) ($87,198) ($737) ($1,230) ($1,694) ($114) ($141,878) 2017-18 ($43,760) ($910) ($7,234) ($910) ($90,468) ($764) ($1,276) ($1,758) ($118) ($147,198) 2018-19 ($45,620) ($949) ($7,541) ($949) ($94,312) ($797) ($1,330) ($1,833) ($123) ($153,454) 2019-20 ($47,787) ($994) ($7,899) ($994) ($98,792) ($835) ($1,394) ($1,921) ($129) ($160,745) 2020-21 ($50,057) ($1,041) ($8,274) ($1,041) ($103,485) ($875) ($1,460) ($2,012) ($135) ($168,380) 2021-22 ($52,435) ($1,091) ($8,667) ($1,091) ($108,401) ($916) ($1,529) ($2,106) ($142) ($176,378) 2022-23 ($54,926) ($1,142) ($9,078) ($1,142) ($113,549) ($959) ($1,602) ($2,207) ($148) ($184,753) 2023-24 ($57,534) ($1,196) ($9,511) ($1,196) ($118,943) ($1,005) ($1,678) ($2,312) ($156) ($193,531) 2024-25 ($60,267) ($1,253) ($9,962) ($1,253) ($124,592) ($1,053) ($1,757) ($2,422) ($163) ($202,722) 2025-26 ($63,130) ($1,313) ($10,435) ($1,313) ($130,511) ($1,103) ($1841 , ) ($2,537) ($171) ($212,354) 2026-27 ($66,128) ($1,375) ($10,931) ($1,375) ($136,710) ($1,156) ($1,928) ($2,657) ($178) ($222,438) 2027-28 ($69,270) ($1,441) ($11,450) ($1,441) ($143,205) ($1,210) ($2,020) ($2,783) ($187) ($233,007) 2028-29 ($72,560) ($1,509) ($11,994) ($1,509) ($150,006) .($1,268) ($2,115) ($2,915) ($196) ($244,072) 2029-30 ($76,007) ($1,580) ($12,564) ($1,580) ($157,132) ($1,328) ($2,216) ($3,054) ($205) ($255,666) 2030-31 ($20,282) ($421) ($3,353) ($421) ($41,929) ($355) ($592) ($815) ($55) ($68,223) 2031-32 $9,893 $206 $1,635 $206 $20,453 $173 $288 $397 $27 $33,278 2032-33 $545,143 $11,338 $90,109 $11,338 $1,126,995 $9,524 $15,895 $21,904 $1,474 $1,833,720 Total ($266,906) ($5,548) ($44,121) ($5,548) ($551,785) ($4,664) ($7,785) ($10,725) ($719) ($897,801) Source:ECONorthwest Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 29 of 34 Table 10b -Projected Impact on Taxing District Permanent Rate Levies-Education Education ESD FY Clackamas PCC LOSD Subtotal Total 2014-15 $0 $0 $0 $0 $0 2015-16 $0 $0 $0 $0 $0 2016-17 ($6,468) ($4,961) ($78,433) ($89,862) ($231,740) 2017-18 ($6,711) ($5,147) ($81,374) ($93,232) ($240,430) 2018-19 ($6,996) ($5,367) ($84,832) ($97,195) ($250,649) 2019-20 ($7,328) ($5,621) ($88,862) ($101,811) ($262,556) 2020-21 ($7,676) ($5,888) ($93,083) ($106,647) ($275,027) 2021-22 ($8,041) ($6,168) ($97,504) ($111,713) ($288,091) 2022-23 ($8,423) ($6,461) ($102,136) ($117,020) ($301,773) 2023-24 ($8,823) ($6,768) ($106,987) ($122,578) ($316,109) 2024-25 ($9,242) ($7,089) ($112,069) ($128,400) ($331,122) 2025-26 ($9,681) ($7,426) ($117,392) ($134,499) ($346,853) 2026-27 ($10,142) ($7,778) ($122,968) ($140,888) ($363,326) 2027-28 ($10,623) ($8,148) ($128,810) ($147,581) ($380,588) 2028-29 ($11,127) ($8,535) ($134,928) ($154,590) ($398,662) 2029-30 ($11,656) ($8,940) ($141,337) ($161,933) ($417,599) 2030-31 ($3,110) ($2,386) ($37,715) ($43,211) ($111,434) 2031-32 $1,517 $1,163 $18,396 $21,076 $54,354 2032-33 $83,601 $64,123 $1,013,713 $1,161,437 $2,995,157 Total ($40,929) ($31,397) ($496,321) ($568,647) ($1,466,448) Source:ECONorthwest NOTE: Lake Oswego Schools and the Clackamas Education Service District are not directly impacted,as they are allocated funding through the State School Funding Formula that is based on per pupil counts. Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 30 of 33 Table 11 shows the tax revenues projected to be available to taxing jurisdictions once the Area is terminated. These are estimates only, and the changes in the economy may impact the projections made for the Area. The table depicts the taxes from the frozen base of the Area that the taxing jurisdictions receive throughout the life of the Plan, and the taxes estimated from the additional taxes that will be received by the taxing jurisdictions once the Plan is terminated, estimated to be in FY 2033-34. The final column estimates the total amount of taxes estimated for the year that the Plan is expected to be terminated. Table 11-Additional Revenues Projected After Termination of Tax Increment Financing Tax Revenue in FY 2033-34(year after expiration) From From Excess Tax District Name Tax Rate Frozen Base Value Total General Government Clackamas County(City) $2.4042 $362,583 $910,196 $1,272,779 County Extension&4H $0.0500 $7,541 $18,929 $26,470 County Library $0.3974 $59,933 $150,450 $210,383 County Soil Cons $0.0500 $7,541 $18,929 $26,470 City of Lake Oswego(in SD) $4.9703 $749,582 $1,881,685 $2,631,267 Lake Grove Park $0.0420 $6,334 $15,901 $22,235 Port of Portland $0.0701 $10,572 $26,539 $37,111 Metro $0.0966 $14,568 $36,571 $51,139 Vector Control $0.0065 $980 $2,461 $3,441 Total General Government $8.0871 $1,219,634 $3,061,662 $4,281,296 Education ESD Clackamas $0.3687 $55,604 $139,585 $195,189 Portland Community College $0.2828 $42,650 $107,064 $149,714 Lake Oswego School District $4.4707 $674,236 $1,692,544 $2,366,780 Total Education $5.1222 $772,491 $1,939,193 $2,711,684 Total $13.2093 $1,992,124 $5,000,855 $6,992,979 source:ECONorthwest Note:The school district and ESD revenues will not be new direct revenues,due to State School Funding Formula. Table 12 shows the projected impacts of bond rates of taxpayers as a result of this Plan. This impact is due to the spreading of pre-2001 GO Bond rates to taxpayers to equal the amount that would have been raised from properties in the urban renewal area. In other words, properties within the URA have some property tax revenues Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 31 of 33 diverted from paying GO bonds that go to the urban renewal agency. However, jurisdictions still need to pay 100% of their scheduled debt service payment, so the GO bond tax rate is increased, causing taxpayers to contribute more property tax revenues to offset the loss of tax revenue. For new urban renewal areas,bonds and local option levies issued after 2001 are not impacted by urban renewal. The last column of Table 11 show what these impacts would be for a property with an assessed value of$100,000. The impact is minimal, with a projected $2.54 for the life of the district for a property with a$100,000 value. This table ends in FY 2025-26 as all bonds issued prior to 2001 should be paid off at that time. Table 12-Projected Impact on Bonds GO bond tax rate Property Tax Paid per$100,000 AV without with impact of without with impact of FY amendment amendment amendment amendment amendment amendment 2014-15 1.36 1.36 0.0000 $135.71 $135.71 $0.00 2015-16 1.28 1.28 0.0000 $128.02 $128.02 $0.00 2016-17 1.27 1.28 0.0030 $127.48 $127.78 $0.30 2017-18 1.21 1.21 0.0029 $120.91 $121.20 $0.29 2018-19 1.09 1.09 0.0029 $108.70 $108.99 $0.29 2019-20 1.01 1.01 0.0027 $101.16 $101.43 $0.27 2020-21 0.95 0.96 0.0025 $95.38 $95.63 $0.25 2021-22 0.96 0.96 0.0026 $95.57 $95.83 $0.26 2022-23 0.96 0.96 0.0026 $95.74 $96.00 $0.26 2023-24 0.96 0.96 0.0027 $95.97 $96.24 $0.27 2024-25 0.96 0.96 0.0027 $96.13 $96.40 $0.27 2025-26 0.28 0.28 0.0008 $28.17 $28.25 $0.08 2026-27 0.00 0.00 0.0000 $0.00 $0.00 $0.00 Total $1,228.94 $1,231.48 $2.54 Source:ECONorthwest Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 32 of 33 X. Compliance With Statutory Limits on Assessed Value and Size of Urban Renewal Area In cities with a population under 50,000, ORS 457.420 limits the amount of acreage and assessed value in an urban renewal area to 25% of the total acreage in the city and 25% of the assessed value, exclusive of urban renewal excess value. The changes from this amendment still allow the city of Lake Oswego to be in conformance with these requirements. There will be 3.47% of the assessed value in urban renewal, and 4.58% of the total acreage in urban renewal. Table 13—Existing Urban Renewal Areas Frozen Urban Renewal Areas Base Acres Assessed Value East End Redevelopment Area $52,081,513 156.0 Lake Grove Village Center Area $150,812,257 172.4 Total $202,893,770 328.4 City of Lake Oswego* $5,853,951,556 7,168 %of Total 3.47% 4.58% Source:City of Lake Oswego*minus excess value of urban renewal XI. Relocation report There is no relocation anticipated due to this Plan. If any property acquisition under the Plan occurs requiring relocation of the occupants of the acquired property, LORA will follow applicable state and federal regulations to relocate such occupants. Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 33 of 33 X. Compliance With Statutory Limits on Assessed Value and Size of Urban Renewal Area In cities with a population under 50,000, ORS 457.420 limits the amount of acreage and assessed value in an urban renewal area to 25% of the total acreage in the city and 25% of the assessed value, exclusive of urban renewal excess value. The changes from this amendment still allow the city of Lake Oswego to be in conformance with these requirements. There will be 3.47% of the assessed value in urban renewal, and 4.58% of the total acreage in urban renewal. Table 13—Existing Urban Renewal Areas Frozen Base Urban Renewal Areas Acres Assessed Value East End Redevelopment Area $52,081,513 156.0 Lake Grove Village Center Area $150,812,257 172.4 Total $202,893,770 328.4 City of Lake Oswego* $5,853,951,556 7,168 %of Total 3.47% 4.58% Source:City of Lake Oswego*minus excess value of urban renewal XI. Relocation report There is no relocation anticipated due to this Plan. If any property acquisition under the Plan occurs requiring relocation of the occupants of the acquired property, LORA will follow applicable state and federal regulations to relocate such occupants. Report Accompanying First Amendment Lake Grove Village Center Urban Renewal Plan Page 33 of 33