Urban Renewal Agency

AGENDA Urban Renewal Agency Work Session Tuesday, February 3, 2026 at 6:00 PM Happy Valley City Hall in the Council Chamber 16000 SE Misty Drive, Happy Valley, OR 97086 Page 1. Call to Order 2. Discussion Item 2.1 Urban Renewal Plan Amendments 2-3 Presenter: Travis Warneke, Finance Director Potential Urban Renewal Plan Amendments.docx 3. Adjournment Motion to Adjourn Virtual Link: https://happyvalleyor.zoom.us/j/84426564619 Webinar ID: 844 2656 4619 Virtual Attendees: If you would like to provide general comments or public testimony, please fill out this form at https://docs.happyvalleyor.gov/Forms/SpeakerRegistration no later than 12:00 PM on the meeting date. The meeting location is accessible to people with disabilities. To request an accommodation, please contact Ivy Markesino, the Human Resources Director at (503) 886-8426 or hrinfo@happyvalleyor.gov at least 48 hours before the meeting. You may also call City Hall at (503) 783-3800 or email cityrecorderinfo@happyvalleyor.gov. Page 1 of 3  AGENDA STATEMENT Title Upcoming Urban Renewal Plan Amendments Presenter(s) Travis Warneke, CPA Explanation There are a few potential Urban Renewal Plan Amendments that should be considered. Financial Impact Potential Plan Amendments can increase Urban Renewal revenues and effect the timeline of the UR District. Recommendations Information for Discussion Page 2 of 3 Potential Urban Renewal Plan Amendments Upcoming proposed minor amendments to the Urban Renewal Plan – - Specify which inflationary index shall be used for a future maximum indebtedness increase. Currently, the rate in the plan is a flat 3%. The average West Region CPI over the past five years is 4.4%. - Specify properties that the Agency will acquire from the City. In order for the Agency to acquire property, they must be listed in the UR Plan. - Both of the above items would be minor amendments*. Potential future Urban Renewal Plan changes – - Boundary changes – The Agency has the option to add several hundred acres to the District boundary while still remaining below the 25% limitation. There may be some strategic developable land that could be added. Those additions could increase assessed value and ultimately shorten the timeline of the District. - Increase the UR Plan maximum indebtedness (MI). Statute states that the plan MI can be increased one time by up to 20% plus inflation. For example, this would bring the District MI from $131M to around $170M if done in 2030. This would allow the Agency to complete more of the outlined projects which have increased in cost significantly since the Plan adoption. - Both of the above items would be substantial amendments**. *Minor amendments – can be adopted by the agency with a basic resolution. Does not require notice or concurrence to impacted taxing districts. ** Substantial amendments – Requires notice to impacted taxing districts but not concurrence. Must be presented to the City planning commission and adopted by the Agency. Page 3 of 3