On August 3, 2015, the City Council approved Resolution No. 2549 titled, “Resolution Referring to the Voters Whether a Coffee Creek Urban Renewal District Should Be Formed.” The City is issuing today a Notice of Ballot Title that notifies voters about the upcoming vote and provides registered voters a seven-day period to file a petition to challenge the ballot title. Below is a link to the approved notice. For more information about this Notice of Ballot Title contact Sandra King, City Recorder, 503-570-1506; email@example.com.
CITY OF WILSONVILLENOTICE OF RECEIPT OF BALLOT TITLEPUBLIC NOTICE IS HEREBY GIVEN, that on August 3, 2015, I received the ballot title prepared by the Wilsonville City Attorney as referred by the Wilsonville City Council in Resolution No. 2549 titled, “Resolution Referring to the Voters Whether a Coffee Creek Urban Renewal District Should Be Formed.” Adopted by the Wilsonville City Council at a regularly scheduled meeting held August 3, 2015.CAPTION (10-word maximum):Vote on forming a Coffee Creek Urban Renewal District. (9 words)QUESTION (20-word maximum):Shall Coffee Creek Tax Increment Financing (Urban Renewal) District be formed to fund the district’s streets, utilities, and infrastructure improvements? (20 words)SUMMARY (175-word maximum):Forming Coffee Creek Urban Renewal District is intended to use tax increment financing to stimulate private investment in underdeveloped areas designated for industrial redevelopment for a projected assessed value increase of approximately $728 million.
Tax increment financing is a financing tool which uses taxes paid on increased property values within the district to fund construction of streets and other public infrastructure. Tax increment revenues come primarily from the increase in the taxable value on new construction and equipment.
These revenues are used to repay debt that is secured to fund infrastructure to support redevelopment, including:
• Kinsman, Day, Ridder, Clutter, Garden Acres, Java, and Grahams Ferry Road projects• Water, sewer, and storm pipelines and storm detention associated with these road projects• Fiber conduit• Grahams Ferry Road rail undercrossing and storm outfall
If passed, an urban renewal plan defining district boundaries and specific proposals will be prepared for review and approval by the Planning Commission before adoption by the City Council. If fails, the district may not be formed. (171 words)