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Home My WebLink AboutAgenda Item - 2025-04-23 - Number 12.0 - LORA Proposed Budget 12.0 Lake Oswego Redevelopment Agency The URBAN RENEWAL AGENCY of the City of Lake Oswego, Oregon (A Component Unit of the City) Proposed Budget 2025-27 Biennium Table of Contents Introduction 2 Lake Oswego Redevelopment Agency- Summary of Funds 5 East End Redevelopment District Budget 6 Summary of Resources and Requirements 7 Capital Projects Fund 8 Capital Outlay 8 Debt Service Fund 9 Redevelopment Plan Active and Future Projects 10 Projects Completed through Fiscal Year 2023-24 11 Lake Grove Village Center Urban Renewal District Budget 12 Summary of Resources and Requirements 13 Capital Projects Fund 14 Debt Service Fund 14 Urban Renewal Plan Project Priorities 15 Appendix 17 Cash Flow and Bonding Capacity—East End Redevelopment District 18 Cash Flow and Bonding Capacity—Lake Grove Village Center Urban Renewal District 20 Division of Taxes for Fiscal Year 2024-25—East End Redevelopment District 22 Division of Taxes for Fiscal Year 2024-25—Lake Grove Village Center Urban Renewal District 22 Lake Oswego Redevelopment Agency—Budget Resolution 23 Budget Committee Agency Board Members Joe Buck,Chair Ali Afghan Trudy Corrigan Massene Mboup Aaron Rapf Rachel Verdick John Wendland Citizen Members Rick Ahlander Jinwen Chai Carrie Love Gary Rebello Jamie Rye Shima Salehi Elisabeth Zeller Cover photo of Millennium Plaza Park by Paula Posadas,2022 Lake Oswego Redevelopment Agency BACKGROUND Urban renewal is a program used to revitalize cities and create a stronger economic base that increases property values and generates a return on the public investment made within the urban renewal area. In 1979,the Lake Oswego City Council created the Lake Oswego Redevelopment Agency (LORA)to manage urban renewal activities for the City. In 1986, after a lengthy public planning process,the Council adopted the East End Redevelopment Plan, establishing an urban renewal area focused on revitalization of downtown Lake Oswego. In 2012,the Council adopted the Lake Grove Village Center Urban Renewal Plan and created the area to support the revitalization of the Lake Grove area consistent with the 2008 Lake Grove Village Center Plan. Urban renewal agencies leverage actual and projected incremental property tax revenue within a designated urban renewal area to issue debt to fund projects that achieve specified goals and objectives. After projects are completed and debt is repaid, the taxing authority of the area is terminated and the "tax increment" created is returned to the respective taxing districts. Using tax increment financing, LORA has participated in and completed a number of significant redevelopment projects in the East End Redevelopment area that have transformed downtown Lake Oswego. These include Lake View Village, City Hall, the Main Fire Station, Millennium Plaza Park, Sundeleaf Plaza Park,the Water Sports Center on the Willamette River,façade improvements along State Street,the remodeled Lake Theatre and Café,Willamette Shore Line Trolley Station,the Windward mixed- use development, pedestrian and parking lot improvements, several street beautification and infrastructure projects, and property acquisitions to assemble sites for the First Street North Anchor mixed-use and boutique hotel redevelopment project. ADOPTED 2025-27 BIENNIAL BUDGETS The primary focus for the 2025-27 fiscal years for LORA will be to work on the City Council's initiative to construct the First Street North Anchor project and the associated boutique hotel. The First Street North Anchor project is identified as Project "H" in the East End Redevelopment Plan ("Plan") and is intended to "anchor" the north end of the First Street compact shopping district.This development would complement Lake View Village,the Windward and Millennium Plaza Park at the south end and encourage more pedestrian activity within this retail area of the downtown. The North Anchor project also incorporates Project"T"of the Plan,which envisions a high-quality boutique style hotel that provides lake, river and mountain views and is located close to restaurants, retail and transit. LORA has partnered with a local development firm to implement these projects. In alignment with another City Council initiative, LORA will work to review the status of the City's urban renewal areas, including the previous planning and urban renewal area plan for the Foothills area. For the Lake Grove Village Center Urban Renewal area, LORA will continue to seek opportunities to implement the two remaining projects in the area,which includes development of parking in the area and Phase 2 of the Boones Ferry Road improvement project. Page 2 of 24 Each of the two urban renewal plans in the LORA budget is accounted for in two separate funds: The Capital Projects Fund and the Debt Service Fund. The Capital Projects Fund accounts for project and program activity and the Debt Service Fund accounts for the repayment of debt issued to fund each plan's projects and programs. For more information about the Redevelopment Agency, the urban renewal plans and projects, and tax increment financing,visit http://www.lakeoswego.city/lora. Page 3 of 24 This page intentionally left blank Page 4 of 24 Lake Oswego Redevelopment Agency - Summary of Funds Proposed Budget for the 2025-27 Biennium East End East End Lake Grove Lake Grove Capital Projects Debt Service Capital Projects Debt Service Fund Fund Fund Fund Resources Beginning Balance $ 486,045 $ 20,418,722 $ 1,729,692 $ 10,253,656 Department Revenues 200,000 14,984,000 54,000 7,234,000 Proceeds Sale of Capital Assets 5,000,000 - - - Total Resources $ 5,686,045 $ 35,402,722 $ 1,783,692 $ 17,487,656 Requirements Expenditures: Materials&Services $ 2,018,000 $ - $ 80,000 $ - City Internal Contracted Services - - 545,000 - Debt Service 3,000,000 3,993,000 - 3,224,000 Contingency 668,045 - 1,158,692 - Reserve for Future Expenditure - 31,409,722 - 14,263,656 Total Requirements $ 5,686,045 $ 35,402,722 $ 1,783,692 $ 17,487,656 Budget Notes-Highlights • The proceeds from sale of capital assets is for the sale of North Anchor properties to developer. • Debt Service includes the district's reimbursement per City/LORA intergovernmental agreement of debt service payments by the City on a Full Faith and Credit Bond. Page 5 of 24 East End Redevelopment District -j- t-1�J East End Redevelopment Plan Boundary _ - irg - 11--1 L .-3; Flo r---,--J 2,___,4 __, _l_ ,:„ 1 „4.7 f -"- .=-___.... / 61 iii r_ LJ LJ f) -f-f - Il0),0104 f .4... ,,L___ _,1 _ , q_ . 7- :T./Ejt---'--tilet:-.7 fli--= PPR- F-3 ItIT:LA.11Trri I r .--'-, t' __,— t-__,I it-- rffj 77-tii -7 0 L rlg r-f \ ft. ___R- II - L-T- ;Ill V-11 --j / 7 '"' - /- - , -14 1 5 I-144: : -_ J ' -fr--:". Edi--ISE i / -(----- \ fir_-I I - L_ � I ;7nq; t_ - IEJj'1.-�-��JJI I � Ejl r 1 _ L L ff I--/ 4_- 1 I I / �, 41/ 7IIIl-1 ' `� t~ - l- ' i— L Ii'''',„ r 1 I I l A ii _ I • � - _, - , `��J»T Ti I -j 1I Ii ` ` ` iI �-�- i i I ` t------, ,c, /„..., 1_1 11 ffi„,,t,04511 .1149' -tr---7 P-7:1- - -"---1 1—.5 ''\ , 4tV CAB (t''') . , — 1-- —1' 1----r---1 F_-4—__ i L / 11 j , r-1-:__-, ----,7" M-_-,,,_,_-_, ?':--*-7. (--- ----,----- „ell ,if ' ---A. ,_,_____,..., -, ______,.., j )1 I •,\�I Z ? 1 1.14.--__T____I ri/....i/ ( /1/i. q A. - k --1 eV r4,,1 i-.-k-__I -771 ,,____ ., i �r + I� S ` I + ; I I M I t �� , .i r 'I ' r�L1` — --fiat---1- r to _ �~ I I I j�r ' L i,it , , _)litel -- D {pQ, 1_, 1 1 /1 r , / f I I ' ~} ,+ �� +!" 4 �1 _^��l_ �- East End Redevebomrnt Pan 1 - ! II, I l l LI - I r-— . 1 i 1 II II �11 1 y —J ��Jq;-- I +fI � :-- ;.f —use oz.nd Cr/umlm I ~ I 6 ) I ---- I--__, 0 400 600 Lao 1 Feet Page 6 of 24 East End Redevelopment District Summary 2025-27 Proposed Budget 2019-2021 2021-2023 2023-25 1st Year 2nd Year Biennium BN ACTUAL BN ACTUAL BN BUDGET 2025-26 2026-27 2025-27 Resources Beginning Balance $ 34,976,791 $ 8,488,719 $ 9,291,076 $ 20,904,767 $ 26,764,767 $ 20,904,767 Department Revenues 11,796,133 12,718,654 13,617,000 7,606,000 7,578,000 15,184,000 Intergovernmental 3,000,050 - - - - - Transfers from Debt Service Fund - 200,000 - - - - Proceeds Sale of Capital Assets - - 5,000,000 3,160,000 1,840,000 5,000,000 Total Resources $ 49,772,974 $ 21,407,373 $ 27,908,076 $ 31,670,767 $ 36,182,767 $ 41,088,767 Requirements Materials&Services $ 139,157 $ 95,403 $ 5,033,000 $ 1,409,000 $ 609,000 $ 2,018,000 City Internal Contracted Services 808,000 400,000 - - - - Debt Service 5,646,884 10,845,831 3,995,000 3,497,000 3,496,000 6,993,000 Transfers to Capital Projects Fund - 200,000 - - - - Capital Outlay 34,690,214 200,103 - - - - Contingency - - 144,479 837,045 668,045 668,045 Reserve for Future Expenditure - - 18,735,597 25,927,722 31,409,722 31,409,722 Unappropriated Ending Balance 8,488,719 9,666,036 - - - - Total Requirements $ 49,772,974 $ 21,407,373 $ 27,908,076 $ 31,670,767 $ 36,182,767 $ 41,088,767 Page 7 of 24 East End Capital Projects Fund 2025-27 Proposed Budget 2019-2021 2021-2023 2023-25 1st Year 2nd Year Biennium BN ACTUAL BN ACTUAL BN BUDGET 2025-26 2026-27 2025-27 Resources Beginning Balance $ 32,621,881 $ 529,127 $ 117,479 $ 486,045 $ 837,045 $ 486,045 Department Revenues 544,617 139,496 60,000 100,000 100,000 200,000 Intergovernmental 3,000,000 - - - - - Transfers from Debt Service Fund - 200,000 - - - - Proceeds Sale of Capital Assets - - 5,000,000 3,160,000 1,840,000 5,000,000 Total Resources $ 36,166,498 $ 868,623 $ 5,177,479 $ 3,746,045 $ 2,777,045 $ 5,686,045 Requirements Materials&Services $ 139,157 $ 95,403 $ 5,033,000 $ 1,409,000 $ 609,000 $ 2,018,000 City Internal Contracted Services 808,000 400,000 - - - - Debt Service - - - 1,500,000 1,500,000 3,000,000 Capital Outlay 34,690,214 200,103 - - - - Contingency - - 144,479 837,045 668,045 668,045 Unappropriated Ending Balance 529,127 173,117 - - - - Total Requirements $ 36,166,498 $ 868,623 $ 5,177,479 $ 3,746,045 $ 2,777,045 $ 5,686,045 Budget Notes • Department revenue reflects investment income increase due to fund balance. • Materials and Services include contracted professional and technical services to support project development and district financial planning,materials and supplies,and a cost reimbursement to the City for contracted City staffing and support services. Proposed 2025-27 • Materials and Services includes$2 million for the North Anchor project. • Proceeds from the sale of capital assets reflects the sale of the North Anchor project to a developer. East End Capital Outlay 2025-27 Proposed Budget 2019-2021 2021-2023 2023-25 1st Year 2nd Year Biennium BN ACTUAL BN ACTUAL BN BUDGET 2025-26 2026-27 2025-27 City Hall(Civic Center)/Police 911 $ 15,247,320 $ - $ - $ - $ - $ - Block 137(Wizer Redevelopment) 5,500 - - - - - Total Capital Outlay $ 15,252,820 $ - $ - $ - $ - $ - Page 8 of 24 East End Debt Service Fund 2025-27 Proposed Budget 2019-2021 2021-2023 2023-25 1st Year 2nd Year Biennium BN ACTUAL BN ACTUAL BN BUDGET 2025-26 2026-27 2025-27 Resources Beginning Balance $ 2,354,910 $ 7,959,592 $ 9,173,597 $ 20,418,722 $ 25,927,722 $ 20,418,722 Department Revenues 11,251,516 12,579,158 13,557,000 7,506,000 7,478,000 14,984,000 Intergovernmental 50 - - - - - Total Resources $ 13,606,476 $ 20,538,750 $ 22,730,597 $ 27,924,722 $ 33,405,722 $ 35,402,722 Requirements Debt Service $ 5,646,884 $ 10,845,831 $ 3,995,000 $ 1,997,000 $ 1,996,000 $ 3,993,000 Transfers to Capital Projects Fund - 200,000 - - - - Reserve for Future Expenditure - - 18,735,597 25,927,722 31,409,722 31,409,722 Unappropriated Ending Balance 7,959,592 9,492,919 - - - - Total Requirements $ 13,606,476 $ 20,538,750 $ 22,730,597 $ 27,924,722 $ 33,405,722 $ 35,402,722 Budget Notes • Debt Service reflects the district's reimbursement per City/LORA intergovernmental agreement of debt service payments by the City on a Full Faith and Credit Bond. Page 9 of 24 East End Redevelopment Plan Active and Future Projects As of March 2025 Active Proje^*i Project Cost Projections* HIT First Street North Anchor/Hotel ** $ - Subtotal $ - Additional Projects Identified in the Plan Public Improvement Projects C 3rd and 4th Streets between A and B Avenues $ 4,000,000 E B Avenue between State Street to 5th Street 4,700,000 F A Avenue Extension from 4th to 6th Streets 1,650,000 G State Street pedestrian/bikeway 1,900,000 D Transit Center 2,600,000 P Oswego Lakefront(between Lower Millennium and Sundeleaf plazas) 14,750,000 ✓ Public Improvements& Beautification 300,000 Development Projects K Block 45(Safeway site) 9,600,000 M Block 46(3rd St and A Ave) 2,850,000 I Blocks 48 and 49-1st Street Revitalization 7,200,000 R West of State Street(between B Ave and C Ave) 9,000,000 Q West of State Street(between C Ave and E Ave) 6,750,000 S East of State Street(between A Ave and B Ave) 900,000 U Evergreen Housing Redevelopment Site 3,600,000 W Facade Grants 150,000 Subtotal $ 69,950,000 Total Plan Projects $ 69,950,000 Total Cost Estimate for Remaining Active and Planned Projects $ 69,950,000 Estimated Administrative Costs(thru 2027) 190,000 Total East End Costs Remaining(beginning July 1,2025) $ 70,140,000 Remaining Maximum Indebtedness(estimated for June 30, 2025) $ 190,000 Balance to Complete Remaining Projects $ (69,950,000) *Tax increment funds only **The future project costs will be paid with proceeds from sale of the N.Anchor properties Page 10 of 24 East End Redevelopment Projects Completed through Fiscal Year 2023-24 Fiscal Years Ending 1989 through 2024 actual Project Description Project Code Project Cost 1986 Plan Block 138-Lake View Village B $ 8,210,759 Millennium Plaza Park-Phase 1 and 2 C 4,906,049 Block 136 D 205,110 First Street improvements E/H 1,578,236 Pinafore property acquisition(for Millennium Fountain and Headlee Walkway) F 338,130 A Avenue improvements G 2,901,255 Sewer construction H 44,896 Lakewood Bay Boardwalk/Headlee Walkway I 76,792 Marina land acquisition J 715,056 Trolley land acquisition I< 345,825 Main Fire Station L 1,516,379 Whaler property acquisition(for future Sundeleaf Plaza) M 2,252,955 North Entry(acquisition and landscaping) N 287,111 Third Street Alley/pathway G 21,813 23,400,366 2004 Plan Lakewood Bay Boardwalk/Headlee Walkway A 709,475 Millennium Park-Phases III&IV B 2,949,215 Second Street improvements C 1,700,686 Third Street-Turn lane from A Avenue V 94,133 Leonard Street improvements V 743,307 Parking Lot acquisition E 1,123,920 Fifth and A Pedestrian Crossing F 144,361 State Street Pedestrian Improvements G 272,298 North Anchor (in progress) H/T/R 7,170,132 Block 137(Wizer Redevelopment) J 4,507,625 Trolley Project V 443,475 B Ave Alley L 575,021 Civic Center-New Police Facility and City Hall 0 37,777,785 Oswego Lakefront Park/Sundeleaf Plaza P 3,454,056 North Shore/State St intersection improvement V 705,603 62,371,092 TOTAL $ 85,771,458 Page 11 of 24 Lake Grove Village Center Urban Renewal District '-----/ *Avis estoiw. l Ltd_ i - _.`''�K AI _ rus� ` ,a .11 lw 4 1 . .114, , ki:i.me_--..-. ,, Air or Ai. aiikeTiii Nio arm .�,�ligli gm ,,m, Alkreaki itillialriella Alt AWallit to milliinn aiiirms• 0 0�iii j/ Now i ,,,,, lir;.,,,,s, er d Ililllil� ,�. � 3 III � �, "1 . ti .,�111111111111 e•uglas Way ra ill .0111/ .'‘ . ama RI! /_ Lane,. Y r r asv w:,,�� Rd in, Will :` ' 111 _gym Woods ie PirAgla 1.1 II* IP Oak ridge Q?c) _p ' - 's . Ipi, _ I1t11iIIi1 a •. o I. . id rillarillit' L .. •...• WAN; 111101M111111 111111.1.111 II 01.41t1* V IIRYi '� - rdl!u.I1.IIIp P si%413ti -** '-'10* ."*.s. d t1Prise.„,„„ro- ....„„00 0 i'Ali** o**NA i *lit MIN ,___. *jk-fdRph, or ii**.da isk_. vw *lb 11111157 tillmo,„ r"7:00014111111:141 It ir - ' 1 .I A‘V ill I I t-W ...%fto tiov.., r, fir,,_,.6 ..t. illitiii, A Lake Grove Village Center URA PPI � --ALSO, . �• Lake Grove Village Center Urban "` • ®" Renewal Area Boundary '-' ��`: : ,;`� 0 300 600 900 1,200 1,50eet Page 12 of 24 Lake Grove Village Center Urban Renewal District Summary 2025-27 Proposed Budget 2019-2021 2021-2023 2023-25 1st Year 2nd Year Biennium BN ACTUAL BN ACTUAL BN BUDGET 2025-26 2026-27 2025-27 Resources Beginning Balance $ 14,049,710 $ 8,542,365 $ 8,269,286 $ 11,983,348 $ 13,601,348 $ 11,983,348 Department Revenues 3,612,839 5,333,093 6,799,000 3,564,000 3,724,000 7,288,000 Intergovernmental 16,803,890 - - - - - Transfers from Debt Service Fund - 900,000 - - - - Proceeds Sale of Capital Assets - 2,494,790 - - - - Total Resources $ 34,466,439 $ 17,270,248 $ 15,068,286 $ 15,547,348 $ 17,325,348 $ 19,271,348 Requirements Materials&Services $ 175,311 $ - $ - $ 80,000 $ - $ 80,000 City Internal Contracted Services 395,000 819,000 608,000 266,000 279,000 545,000 Debt Service 2,288,839 3,043,125 3,125,000 1,600,000 1,624,000 3,224,000 Transfers to Capital Projects Fund - 900,000 - - - - Capital Outlay 23,064,924 4,002,399 - - - - Contingency - - 1,045,948 1,410,692 1,158,692 1,158,692 Reserve for Future Expenditure - - 10,289,338 12,190,656 14,263,656 14,263,656 Unappropriated Ending Balance 8,542,365 8,505,724 - - - - Total Requirements $ 34,466,439 $ 17,270,248 $ 15,068,286 $ 15,547,348 $ 17,325,348 $ 19,271,348 Page 13 of 24 Lake Grove Village Center Capital Projects Fund 2025-27 Proposed Budget 2019-2021 2021-2023 2023-25 1st Year 2nd Year Biennium BN ACTUAL BN ACTUAL BN BUDGET 2025-26 2026-27 2025-27 Resources Beginning Balance $ 10,211,772 $ 3,565,617 $ 1,594,948 $ 1,729,692 $ 1,410,692 $ 1,729,692 Department Revenues 185,190 46,879 59,000 27,000 27,000 54,000 Intergovernmental 16,803,890 - - - - - Transfers from Debt Service - 900,000 - - - - Proceeds Sale of Capital Assets - 2,494,790 - - - - Total Resources $ 27,200,852 $ 7,007,286 $ 1,653,948 $ 1,756,692 $ 1,437,692 $ 1,783,692 Requirements Materials&Services $ 175,311 $ - $ - $ 80,000 $ - $ 80,000 City Internal Contracted Services 395,000 819,000 608,000 266,000 279,000 545,000 Capital Outlay 23,064,924 4,002,399 - - - - Contingency - - 1,045,948 1,410,692 1,158,692 1,158,692 Unappropriated End Balance 3,565,617 2,185,887 - - - - Total Requirements $ 27,200,852 $ 7,007,286 $ 1,653,948 $ 1,756,692 $ 1,437,692 $ 1,783,692 Budget Notes • Materials&Services is the cost reimbursement to the City for administering the District funds,district boundary amendments, and bond sale expense. Lake Grove Village Center Debt Service Fund 2025-27 Proposed Budget 2019-2021 2021-2023 2023-25 1st Year 2nd Year Biennium BN ACTUAL BN ACTUAL BN BUDGET 2025-26 2026-27 2025-27 Resources Beginning Balance $ 3,837,938 $ 4,976,748 $ 6,674,338 $ 10,253,656 $ 12,190,656 $ 10,253,656 Department Revenues 3,427,649 5,286,214 6,740,000 3,537,000 3,697,000 7,234,000 Total Resources $ 7,265,587 $ 10,262,962 $ 13,414,338 $ 13,790,656 $ 15,887,656 $ 17,487,656 Requirements Debt Service $ 2,288,839 $ 3,043,125 $ 3,125,000 $ 1,600,000 $ 1,624,000 $ 3,224,000 Transfers to Capital Projects Fund - 900,000 - - - - Reserve for Future Expenditure - - 10,289,338 12,190,656 14,263,656 14,263,656 Unappropriated End Balance 4,976,748 6,319,837 - - - - Total Requirements $ 7,265,587 $ 10,262,962 $ 13,414,338 $ 13,790,656 $ 15,887,656 $ 17,487,656 Page 14 of 24 Lake Grove Urban Renewal Plan Project Priorities As of March 2025 Projects Project Cost Projections* Parking Improvements(2029-2031) $ 12,500,000 Transportation Improvements-Phase 2(2031-2033) 35,000,000 Total Plan Projects Cost $ 47,500,000 Total Cost Estimate for Projects $ 47,500,000 Estimated Administrative Costs thru 2032 2,000,000 Total Lake Grove URA Costs Remaining $ 49,500,000 Remaining Maximum Indebtedness $ 2,249,000 Balance to Complete Remaining Projects $ (47,251,000) *Tax increment funds only Page 15 of 24 This page intentionally left blank Page 16 of 24 Appendix Page 17 of 24 Cash Flow and Bonding Capacity Analysis for LORA East End Assessed value computation Gross urban renewal taxes levied Projected Urban renewal(UR)property tax rates Gross Assessed general Projected Assessed Less Incremental %change in Less Plus LORA's tax increment Less Plus Fiscal value(AV) growth specific value(AV) frozen AV or incremental Tax rate County's City's direct before M5 Spec Levy year beg-of-year 3% growth end-of-year value UR excess AV n007-083 UR levy portion tax rate MS compr compression or Adj 1987-88 55,664,920 - (2,617,350) 53,047,570 (55,664,920) (2,617,350) - 22.3500 0.0000 - 22.3500 - - 1988-89 53,047,570 1,591,427 483,333 55,122,330 (55,664,920) (542,590) - 21.9181 0.0000 - 21.9181 - - 1989-90 55,122,330 1,653,670 11,534,640 68,310,640 (55,664,920) 12,645,720 - 24.0665 0.0000 - 24.0665 304,338 1,204 1990-91 68,310,640 2,049,319 12,691,751 83,051,710 (55,664,920) 27,386,790 116.57% 24.3838 0.0000 - 24.3838 667,794 - 1991-92 83,051,710 2,491,551 6,667,339 92,210,600 (55,664,920) 36,545,680 33.44% 23.1774 (0.1108) (0.4100) 22.6566 828,001 21,356 1992-93 92,210,600 2,766,318 5,118,282 100,095,200 (55,664,920) 44,430,280 21.57% 21.8348 (0.1099) (0.4503) 21.2746 945,236 62,084 1993-94 100,095,200 3,002,856 (3,665,246) 99,432,810 (55,664,920) 43,767,890 -1.49% 19.0965 (0.0673) (0.4033) 18.6259 815,216 157,773 1994-95 99,432,810 2,982,984 12,643,076 115,058,870 (55,664,920) 59,393,950 35.70% 15.8720 (0.0595) (0.4213) 15.3912 914,144 1 258,870 1995-96 115,058,870 3,451,766 1,239,254 119,749,890 (55,664,920) 64,084,970 7.90% 12.6886 (0.0642) (0.3989) 12.2255 783,471 pre Measures 47 459,239 1996-97 119,749,890 3,592,497 2,219,703 125,562,090 (55,664,920) 69,897,170 9.07% 12.6473 (0.0602) (0.3872) 12.1999 852,738 and so 469,157 1997-98 97,097,164 2,912,915 8,459,391 108,469,470 (45,832,170) 62,637,300 -10.39% 15.5562 (0.1827) (0.1945) 15.1790 950,772 - 591,472 1998-99 108,469,470 3,254,084 1,016,586 112,740,140 (45,832,170) 66,907,970 6.82% 15.5475 (0.1825) (0.2036) 15.1614 1,014,418 (456) 643,936 1999-00 112,740,140 3,382,204 8,932,606 125,054,950 (45,832,170) 79,222,780 18.41% 15.1596 (0.1331) repealed 15.0265 1,190,441 (665) expired 2000-01 125,054,950 3,751,649 3,764,878 132,571,477 (45,832,170) 86,739,307 9.49% 15.3961 (0.1665) - 15.2296 1,321,005 (17,658) - 2001-02 132,571,477 3,977,144 1,964,317 138,512,938 (45,832,170) 92,680,768 6.85% 16.5132 (0.1665) - 16.3467 1,515,025 (17,034) - 2002-03 138,512,938 4,155,388 3,205,539 145,873,865 (45,832,170) 100,041,695 7.94% 16.3373 (0.1575) - 16.1798 1,618,655 (19,991) - 2003-04 145,873,865 3,382,204 2,891,656 152,147,725 (45,832,170) 106,315,555 6.27% 16.5593 (0.3280) - 16.2313 1,725,640 (3,116) - 2004-05 152,147,725 4,564,432 19,768,161 176,480,318 (45,832,170) 130,648,148 22.89% 16.8590 (0.5310) 0.1587 16.4867 2,153,957 - 3,236 2005-06 176,480,318 5,294,410 3,317,225 185,091,952 (45,832,170) 139,259,782 6.59% 17.0324 (0.4923) 0.1587 16.6988 2,325,471 (2,857) - 2006-07 185,091,952 5,552,759 2,746,227 193,390,938 (45,832,170) 147,558,768 5.96% 16.9554 (0.5960) 0.1587 16.5181 2,437,390 - - 2007-08 193,390,938 5,801,728 2,154,112 201,346,778 (45,832,170) 155,514,608 5.39% 16.7992 (0.5960) 0.1587 16.3619 2,544,514 - - 2008-09 201,346,778 6,040,403 2,154,112 209,541,293 (45,832,170) 163,709,123 5.27% 16.9373 (0.5960) 0.1587 16.5000 2,701,201 - - 2009-10 209,541,293 6,286,239 16,195,675 232,023,207 (45,832,170) 186,191,037 13.73% 17.8224 (0.5960) 0.1587 17.3851 3,236,941 - - 2010-11 232,023,207 4,838,465 458,322 237,319,994 (45,832,170) 191,487,824 2.84% 17.3410 (0.1184) 0.0000 17.2226 3,297,918 - (6,705) 2011-12 237,319,994 7,119,600 6,257,137 250,696,731 (45,832,170) 204,864,561 6.99% 17.1255 (0.1025) 0.0000 17.0230 3,487,409 - (6,873) 2012-13 250,696,731 (1,326,915) - 249,369,816 (45,832,170) 203,537,646 -0.65% 17.2159 (0.1090) 0.0000 17.1069 3,481,898 - (5,033) 2013-14 249,369,816 5,005,444 - 254,375,260 (45,832,170) 208,543,090 2.46% 17.1998 0.0000 0.0000 17.1998 3,586,899 - (7,060) 2014-15 254,375,260 7,631,258 10,717,962 272,724,480 (52,081,513) 220,642,967 5.80% 17.0079 (0.0960) 0.0000 16.9119 3,731,492 - (4,957) 2015-16 272,724,480 8,181,734 1,188,584 282,094,798 (52,081,512) 230,013,286 4.25% 16.7284 (1.5110) 0.0000 15.2174 3,500,204 - (6,608) 2016-17 282,094,798 8,462,844 604,090 291,161,732 (52,081,513) 239,080,219 3.94% 16.8108 (1.5110) 0.0000 15.2998 3,657,879 - (6,846) 2017-18 291,161,732 8,734,852 5,678,524 305,575,108 (52,081,513) 253,493,595 6.03% 17.9301 (1.7590) 0.0000 16.1711 4,099,270 - (5,855) 2018-19 305,575,108 9,167,253 8,653,953 323,396,314 (52,081,513) 271,314,801 7.03% 18.0412 (1.7590) 0.0000 16.2822 4,417,602 - (5,699) 2019-20 323,396,314 9,701,889 62,400,945 395,499,148 (52,081,513) 343,417,635 26.58% 18.4196 (2.0333) 0.0000 16.3863 5,627,344 - (8,039) 2020-21 395,499,148 11,864,974 546,407 407,910,529 (52,081,513) 355,829,016 3.61% 18.4196 (2.0333) 0.0000 16.3251 5,808,944 - (6,734) 2021-22 407,910,529 12,237,316 7,826,055 427,973,900 (52,081,513) 375,892,387 5.64% 18.4196 (2.0333) 0.0000 16.2497 6,108,139 - (7,361) 2022-23 427,973,900 12,839,217 805,065 441,618,182 (52,081,513) 389,536,669 3.63% 18.4196 (2.0333) 0.0000 17.0660 6,647,833 - (8,063) 2023-24 441,618,182 13,248,545 (969,828) 453,896,899 (52,081,513) 401,815,386 3.15% 18.4196 (2.0333) 0.0000 17.0769 6,861,761 - (6,935) 2024-25 427,973,900 12,839,217 A 33,412,293 474,225,410 (52,081,513) 422,143,897 5.06% 18.3341 (2.0090) 0.0000 17.0818 7,210,978 - (8,810) ACTUAL PROJECTED 2025-26 474,225,000 14,227,000 V - 488,452,000 (52,082,000) 436,370,000 3.37% 18.3341 (1.3523) 0.0000 16.9818 7,410,000 - - 2026-27 488,452,000 14,654,000 - 503,106,000 (52,082,000) 451,024,000 3.36% 18.3341 (1.4523) 0.0000 16.8818 7,614,000 - - General assumptions: -General AV growth in UR district at 3%annually -The City bonded debt tax rate declines per estimation -The LOSD bonded debt tax rate declines per estimation -Other entities'bonded debt tax rates hold constant -Operating expenses declines per estimation Page 18 of 24 Revenues Operating expenses Gross Debt service payments Additional tax increment Net Plus Other Reimb.for Reimb.for Series Total Total ANNUAL bonding levied Less uncollectible tax increment delinquent interest& FFC 2011 LOC&New 2005-A&B debt Operating operating CASH capacity (certified) % $ collected taxes rents Total Bond Financing /History service expenses expenses FLOWS w/1.25min - 0.0% - - - 52,758 52,758 - - - - 51,651 51,651 1,107 - 0.0% - - - 27,741 27,741 - - - - 157,009 157,009 (129,268) - 305,542 -8.2% (25,066) 280,476 - 280,327 560,803 - - - - 216,710 216,710 344,093 - 667,794 -8.3% (55,456) 612,338 11,051 197,023 820,412 - - - - 137,392 137,392 683,020 - 849,357 -9.4% (79,450) 769,907 31,055 185,243 986,205 - - - - 135,527 135,527 850,678 - 1,007,320 -7.8% (78,130) 929,190 44,607 315,493 1,289,290 - - 622,486 622,486 152,637 775,123 514,167 - 972,989 -6.8% (66,335) 906,654 57,797 218,326 1,182,777 - - 620,320 620,320 143,172 763,492 419,285 - 1,173,014 -6.9% (80,553) 1,092,461 50,171 265,183 1,407,815 - - 621,379 621,379 133,953 755,332 652,483 - 1,242,710 -6.0% (74,452) 1,168,258 59,565 291,350 1,519,173 - - 620,941 620,941 147,984 768,925 750,248 - 1,321,895 -6.1% (80,279) 1,241,616 44,081 312,501 1,598,198 - - 619,460 619,460 187,549 807,009 791,189 - 1,542,244 -5.6% (85,878) 1,456,366 47,811 366,404 1,870,581 - - 621,880 621,880 233,815 855,695 1,014,886 - 1,657,898 -5.8% (96,055) 1,561,843 50,425 256,094 1,868,362 - - 622,868 622,868 268,224 891,092 977,270 - 1,189,776 -6.0% (70,875) 1,118,901 56,184 209,151 1,384,236 - - 622,347 622,347 278,211 900,558 483,678 - 1,303,347 -6.3% (82,155) 1,221,192 52,173 174,486 1,447,851 - - 1,007,649 1,007,649 356,282 1,363,931 83,920 - 1,497,991 -5.8% (87,184) 1,410,807 39,958 73,487 1,524,252 - - 414,922 414,922 485,108 900,030 624,222 - 1,598,664 -4.8% (76,499) 1,522,165 58,867 1,496,388 3,077,420 - - 1,177,881 1,177,881 823,000 2,000,881 1,076,539 - 1,722,524 -4.7% (80,607) 1,641,917 52,859 199,294 1,894,070 - - 1,235,601 1,235,601 376,654 1,612,255 281,815 - 2,157,193 -4.4% (94,485) 2,062,708 47,278 620,115 2,730,101 - - 1,736,693 1,736,693 643,191 2,379,884 350,217 - 2,322,614 -3.9% (90,278) 2,232,336 49,527 490,641 2,772,504 - - 1,089,442 1,089,442 446,191 1,535,633 1,236,871 - 2,437,390 -5.6% (136,544) 2,300,846 51,049 602,312 2,954,207 - - 1,470,787 1,470,787 495,878 1,966,665 987,542 - 2,544,514 -2.0% (50,856) 2,493,658 56,932 429,504 2,980,094 - - 1,539,748 1,539,748 433,856 1,973,604 1,006,490 - 2,701,201 -3.7% (100,800) 2,600,401 70,156 128,249 2,798,806 - - 1,332,980 1,332,980 459,977 1,792,957 1,005,849 - 3,236,941 -5.2% (168,697) 3,068,244 92,801 98,650 3,259,695 - - 1,303,332 1,303,332 708,660 2,011,992 1,247,703 - 3,291,213 -6.1% (200,845) 3,090,368 103,568 105,910 3,299,846 - - 1,322,410 1,322,410 1,133,284 2,455,694 844,152 - 3,480,536 -5.8% (200,668) 3,279,868 84,510 41,237 3,405,615 666,091 - 22,000 688,091 1,352,876 2,040,967 1,364,648 - 3,476,865 -5.5% (189,689) 3,287,176 93,841 206,783 3,587,800 824,575 33,375 - 857,950 806,850 1,664,800 1,923,000 - 3,579,839 -5.1% (181,210) 3,398,629 101,803 206,626 3,707,058 825,775 33,941 - 859,716 644,984 1,504,700 2,202,358 - 3,726,535 -4.6% (172,606) 3,553,929 78,903 231,809 3,864,641 825,525 30,252 - 855,777 669,726 1,525,503 2,339,138 - 3,493,596 -4.4% (155,259) 3,338,337 65,643 223,183 3,627,163 826,725 44,069 - 870,794 643,890 1,514,684 2,112,479 - 3,651,033 -4.4% (160,445) 3,490,588 67,688 198,538 3,756,814 821,525 105,291 - 926,816 716,559 1,643,375 2,113,439 - 4,093,415 -4.4% (181,000) 3,912,415 53,942 525,444 4,491,801 821,975 - - 821,975 1,177,993 1,999,968 2,491,833 - 4,411,903 -4.1% (179,425) 4,232,478 154,198 1,140,879 5,527,555 821,975 1,996,621 - 2,818,596 572,389 3,390,985 2,136,570 - 5,619,305 -4.0% (227,056) 5,392,249 62,762 679,654 6,134,665 826,359 1,999,813 - 2,826,172 440,959 3,267,131 2,867,534 - 5,802,210 -4.2% (243,521) 5,558,689 73,392 29,385 5,661,466 823,149 1,997,562 - 2,820,711 462,705 3,283,416 2,378,050 - 6,100,778 -4.8% (294,312) 5,806,466 70,329 (22,347) 5,854,448 6,851,080 1,998,187 - 8,849,267 239,842 9,089,109 (3,234,661) - 6,639,770 -4.2% (280,745) 6,359,025 121,601 377,782 6,858,408 - 1,996,563 - 1,996,563 211,668 2,208,231 4,650,177 - 6,854,826 -4.3% (295,148) 6,559,678 82,329 915,145 7,557,152 - 1,997,563 - 1,997,563 10,230 2,007,793 5,549,359 - 7,202,168 -6.6% (472,168) 6,730,000 74,000 910,000 7,714,000 - 1,997,000 - 1,997,000 9,000 2,006,000 5,708,000 - 7,410,000 -6.0% (448,000) 6,962,000 74,000 570,000 7,606,000 - 1,997,000 - 1,997,000 9,000 2,006,000 5,600,000 3,631,000 7,614,000 94.0% (458,000) 7,156,000 74,000 348,000 7,578,000 - 27,111,000 - 27,111,000 9,000 27,120,000 (19,542,000) (21,327,000) 14,934,754 43,338,237 18,625,126 76,898,117 Page 19 of 24 Cash Flow and Bonding Capacity Analysis for LORA Lake Grove Assessed value computation Gross urban renewal taxes levied Projected Gross Gross Assessed general Projected Assessed Less Incremental %change in tax increment Plus tax increment Fiscal value(AV) growth specific value(AV) frozen AV or incremental Tax rate before Spec Levy levied year beg-of-year 3% growth end-of-year value UR excess AV #007-093 M5compr orAdj (certified) 2011-12 150,812,257 - - 150,812,257 (150,812,257) - 2012-13 150,812,257 4,524,368 10,581,458 165,918,083 (150,812,257) 15,105,826 2013-14 165,918,083 4,977,542 2,918,518 173,814,143 (150,812,257) 23,001,886 - 14.8043 340,527 (5,456) 335,071 2014-15 173,814,143 5,214,424 649,252 179,677,819 (150,812,257) 28,865,562 25.49% 14.5885 421,105 (4,892) 416,213 2015-16 179,677,819 5,390,335 14,523,612 199,591,766 (150,812,257) 48,779,509 68.99% 14.3899 701,932 (3,757) 698,175 2016-17 199,591,766 5,987,753 27,495,175 233,074,694 (150,928,623) 82,146,071 68.40% 14.3668 1,180,176 (4,348) 1,175,828 2017-18 233,074,694 6,992,241 (646,961) 239,419,974 (150,928,623) 88,491,351 7.72% 14.3099 1,266,302 (5,549) 1,260,753 2018-19 239,419,974 7,182,599 (3,643,583) 242,958,990 (150,928,623) 92,030,367 4.00% 14.2843 1,314,589 (3,805) 1,310,784 2019-20 242,958,990 7,288,770 2,157,449 252,405,209 (150,928,623) 101,476,586 10.26% 14.1088 1,431,709 (6,655) 1,425,054 2020-21 252,405,209 7,572,156 31,566,994 291,544,359 (150,928,623) 140,615,736 38.57% 14.1352 1,987,632 (5,903) 1,981,729 2021-22 291,544,359 8,746,331 3,759,711 304,050,401 (150,928,623) 153,121,778 8.89% 14.1222 2,162,416 (4,376) 2,158,040 2022-23 304,050,401 9,121,512 59,501,070 372,672,983 (150,928,623) 221,744,360 44.82% 14.1117 3,129,190 (5,991) 3,123,199 2023-24 372,672,983 11,180,189 (4,156,746) 379,696,426 (150,928,623) 228,767,803 3.17% 14.1115 3,228,257 (6,050) 3,222,207 2024-25 379,696,426 11,390,893 A (11,203,148) 379,884,171 (150,928,623) 228,955,548 0.08% 14.1051 3,229,441 (5,859) 3,223,582 ACTUAL PROJECTEDv 2025-26 379,884,000 11,397,000 1,393,000 392,674,000 (150,929,000) 241,745,000 5.59% 13.9493 3,372,000 - 3,372,000 2026-27 392,674,000 11,780,000 1,457,000 405,911,000 (150,929,000) 254,982,000 5.48% 13.9943 3,568,000 - 3,568,000 2027-28 405,911,000 12,177,000 1,524,000 419,612,000 (150,929,000) 268,683,000 5.37% 13.2093 3,549,000 - 3,549,000 2028-29 419,612,000 12,588,000 1,592,000 433,792,000 (150,929,000) 282,863,000 5.28% 13.2093 3,736,000 - 3,736,000 2029-30 433,792,000 13,014,000 1,663,000 448,469,000 (150,929,000) 297,540,000 5.19% 13.2093 3,930,000 - 3,930,000 2030-31 448,469,000 13,454,000 1,736,000 463,659,000 (150,929,000) 312,730,000 5.11% 13.2093 4,131,000 - 4,131,000 2031-32 463,659,000 13,910,000 1,812,000 479,381,000 (150,929,000) 328,452,000 5.03% 13.2093 4,339,000 - 4,339,000 General assumptions: -General AV growth in UR district at 3%annually -AV growth between 1.25%and 1.75%per February 2015 Consultant Base Case Forecast -The City bonded debt tax rate declines per estimation -The LOSD bonded debt tax rate declines per estimation -Other entities'bonded debt tax rates hold constant -Operating expenses annual growth at 4% Page 20 of 24 Revenues Operating expenses Debt service payments Additional Net Plus Other Series 2018 Series 2020 Operating Total ANNUAL bonding Less uncollectible tax increment delinquent interest& Debt Debt expenses operating CASH capacity % $ collected taxes rents Total Payments Payments (4%growth) expenses FLOWS w/1.25min -5.7% (19,135) 315,936 - 1,915 317,851 - - 50,000 50,000 267,851 - -4.9% (20,405) 395,808 950 4,979 401,737 - - 50,000 50,000 351,737 - -5.2% (36,218) 661,957 4,727 9,939 676,623 - - 50,000 50,000 626,623 - -5.0% (59,317) 1,116,511 9,878 25,906 1,152,295 - - 50,000 50,000 1,102,295 - -5.1% (64,043) 1,196,710 12,422 97,721 1,306,853 - - 298,996 298,996 1,007,857 - -4.7% (61,143) 1,249,641 25,701 468,652 1,743,994 798,813 - 148,149 946,962 797,032 - -4.3% (60,715) 1,364,339 17,510 318,900 1,700,749 799,125 - 359,371 1,158,496 542,253 - -4.2% (82,980) 1,898,749 20,061 (6,730) 1,912,080 797,250 692,465 210,941 1,700,656 211,424 - -4.8% (104,139) 2,053,901 22,367 (23,788) 2,052,480 799,500 712,750 400,000 1,912,250 140,230 - -4.0% (123,591) 2,999,608 41,278 237,231 3,278,117 795,875 735,000 419,000 1,949,875 1,328,242 - -4.9% (156,735) 3,065,472 34,140 536,322 3,635,934 796,375 756,000 305,389 1,857,764 1,778,170 - -4.6% (149,582) 3,074,000 27,000 480,000 3,581,000 796,000 776,000 311,000 1,883,000 1,698,000 - -4.8% (162,000) 3,210,000 27,000 327,000 3,564,000 800,000 800,000 346,000 1,946,000 1,618,000 1,705,000 -4.7% (168,000) 3,400,000 27,000 297,000 3,724,000 797,000 827,000 279,000 1,903,000 1,821,000 1,827,000 -4.8% (169,000) 3,380,000 28,000 226,000 3,634,000 798,000 852,000 287,000 1,937,000 1,697,000 1,783,000 -4.8% (178,000) 3,558,000 29,000 259,000 3,846,000 798,000 875,000 296,000 1,969,000 1,877,000 1,901,000 -4.8% (187,000) 3,743,000 30,000 294,000 4,067,000 798,000 902,000 305,000 2,005,000 2,062,000 2,019,000 -4.7% (196,000) 3,935,000 31,000 332,000 4,298,000 797,000 927,000 314,000 2,038,000 2,260,000 2,146,000 -4.7% (205,000) 4,134,000 32,000 372,000 4,538,000 8,205,000 11,850,000 323,000 20,378,000 (15,840,000) (8,619,000) 18,575,938 20,705,215 Page 21 of 24 Division of Taxes - Fiscal Year 2024-25 LORA East End Actual Div Tax% Shared Permanent Bonds Division Truncation Allocation of Total TAV Taxing District Rate Outside Total of Taxes Loss to LORA Levy (thousands) Clackamas County 2.4042 - 2.4042 1,014,918 596 1,014,322 4.45% 9,461,963 County Extension&4-H 0.0500 - 0.0500 21,107 291 20,816 4.40% 9,461,963 County Library 0.3974 - 0.3974 167,760 283 167,477 4.45% 9,461,963 County Soils 0.0500 - 0.0500 21,107 291 20,816 4.40% 9,461,963 County Emergency Radio Bond - 0.0914 0.0914 38,584 736 37,848 4.27% 9,461,963 City of Lake Oswego 4.9703 - 4.9703 2,098,184 410 2,097,774 4.44% 9,496,480 City of Lake Oswego Bond - 0.2193 0.2193 92,576 25 92,551 3.60% 9,951,765 ESD Clackamas 0.3687 - 0.3687 155,644 851 154,793 4.42% 9,496,508 Community College Ptld 0.2828 - 0.2828 119,382 204 119,178 4.28% 9,849,399 Community College Ptld Bond - 0.3727 0.3727 157,333 728 156,605 4.43% 9,849,399 Port of Portland 0.0701 - 0.0701 29,592 732 28,860 4.14% 9,951,765 Sch 7-LO 4.4707 - 4.4707 1,887,279 327 1,886,952 4.44% 9,496,480 Sch 7-LO Bond - 0.8958 0.8958 378,157 197 377,960 4.47% 9,496,480 Sch 7-LO Bond 2017 - 1.9546 1.9546 825,122 828 824,294 4.45% 9,496,480 Sry 2 Metro 0.0966 - 0.0966 40,779 972 39,807 4.14% 9,951,765 Sry 2 Metro Bond 2006 - 0.3807 0.3807 160,710 487 160,223 4.15% 9,951,765 Vector Control 0.0065 - 0.0065 2,744 852 1,892 3.08% 9,461,963 TOTAL 13.1673 3.9145 17.0818 7,210,978 8,810 7,202,168 LO RA Lake Grove Actual Div Tax% Shared Permanent Bonds Division Truncation Allocation of Total TAV Taxing District Rate Outside Total of Taxes Loss to LORA Levy (thousands) Clackamas County 2.4042 - 2.4042 550,455 715 549,740 2.54% 9,461,963 County Extension&4-H 0.0500 - 0.0500 11,448 93 11,355 2.40% 9,461,963 County Library 0.3974 - 0.3974 90,987 152 90,835 2.52% 9,461,963 County Soils 0.0500 - 0.0500 11,448 93 11,355 2.40% 9,461,963 City of Lake Oswego 4.9703 - 4.9703 1,137,977 300 1,137,677 2.53% 9,496,480 ESD Clackamas 0.3687 - 0.3687 84,416 847 83,569 2.52% 9,496,508 Community College Ptld 0.2828 - 0.2828 64,749 728 64,021 2.40% 9,849,399 Lake Grove Park 0.0420 - 0.0420 9,616 294 9,322 4.05% 5,826,364 Port of Portland 0.0701 - 0.0701 16,050 127 15,923 2.28% 9,951,765 Sch 7-LO 4.4707 - 4.4707 1,023,592 821 1,022,771 2.53% 9,496,480 Sch 7-LO Bond - 0.8958 0.8958 205,098 924 204,174 2.55% 9,496,480 Sry 2 Metro 0.0966 - 0.0966 22,117 223 21,894 2.38% 9,951,765 Vector Control 0.0065 - 0.0065 1,488 542 946 1.54% 9,461,963 TOTAL 13.2093 0.8958 14.1051 3,229,441 5,859 3,223,582 Page 22 of 24 RESOLUTION 25-01 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LAKE OSWEGO REDELOPMENT AGENCY (URBAN RENEWAL AGENCY) ADOPTING THE LAKE OSWEGO REDVELOPMENT AGENCY BUDGET FOR THE BIENNIUM COMMENCING JULY 1, 2025 (2025-27 BIENNIUM), MAKING APPROPRIATIONS,AND CERTIFIYING THE DIVISION OF TAX REVENUE PURSUANT TO SECTION 1C, ARTICLE IX OF THE OREGON CONSTITUTION. BE IT RESOLVED by the City Council of the City of Lake Oswego Redevelopment Agency that: Section 1. The Lake Oswego Redevelopment Agency hereby adopts the budget for the 2025-27 biennium in the total sum of $60,360,115. The budget is now on file at the Lake Oswego Finance Department, City Hall, Lake Oswego, Oregon. Section 2. The amounts listed below are hereby appropriated for the biennium beginning July 1, 2025, for the purposes stated: East End Debt Service Fund Debt Service $ 3,993,000 Total Appropriations $ 3,993,000 East End Capital Projects Fund East End Activities $ 2,018,000 Debt Service 3,000,000 Contingency 668,045 Total Appropriations $ 5,686,045 Lake Grove Village Center Debt Service Fund Debt Service $ 3,224,000 Total Appropriations $ 3,224,000 Lake Grove Village Center Capital Projects Fund Lake Grove Village Center Activities $ 625,000 Contingency 1,158,692 Total Appropriations $ 1,783,692 Summary of Appropriations for all Funds $ 14,686,737 Summary Total for All Funds Total Appropriations $ 14,686,737 Total Unappropriated Reserves 45,673,378 Total Requirements for 2025-27 $ 60,360,115 LORA Budget Resolution 25-01 Page 23 of 24 Section 3. The Treasurer is hereby directed to certify to the County Assessors of Clackamas County, Multnomah County, and Washington County, Oregon a request for the East End Redevelopment and Lake Grove Village Center Plan Areas for the maximum amount of the revenue that may be raised by dividing taxes under Section 1c,Article IX, of the Oregon Constitution and ORS Chapter 457. Section 4. Effective Date. This Resolution shall take effect upon passage. Considered and enacted at the regular meeting of the City Council of the City of Lake Oswego on the 3rd day of June, 2025. AYES: NOES: EXCUSED: ABSTAIN: Joseph M. Buck, Chair ATTEST: Kari Linder, Recording Secretary APPROVED AS TO FORM: Ellen Osoinach, LORA Counsel LORA Budget Resolution 25-01 Page 24 of 24