190907

The City of Portland ordains:

Section 1. The Council finds:

1. The Council stated its intent to construct improvements in the N Burlington Avenue & Edison Street Local Improvement District (LID) by the adoption of Resolution No. 37281 on May 3, 2017 declaring its intent to initiate local improvement district formation proceedings and establishing the name of the local improvement district.

2. The Council approved formation of the N Burlington Avenue & Edison Street LID with the passage of Ordinance No. 188494 on June 28, 2017.

3. A deferral option for the N Burlington Avenue & Edison Street LID is not included in the record of Council approval of Resolution No. 3721 nor of Council approval of Ordinance No. 188484.  However, property owner interest in a deferral option was received by the Local Improvement District Administrator in a telephone conversation on May 18, 2018.  Therefore the Local Improvement District Administrator recommends offering this deferral option to residential, owner-occupied properties with a proposed assessment amount of $20,000 or greater after reflecting the 13.8% savings on LID assessments from estimates at LID formation.

4. Pursuant to City Code, assessments for the N Burlington Avenue & Edison Street will be imposed by a separate Ordinance subsequent to the Ordinance referenced in Finding No. 2 of this Ordinance.

5. Concurrent with presenting the Final Assessment Ordinance to City Council for approval, the Portland Bureau of Transportation (PBOT) proposes to offer a 5-year deferral program on terms generally consistent with its system development charge contract deferrals.

6. The LID deferrals will be secured by liens on each benefitted property whose owners have elected to pursue a deferral and will accrue simple interest at a rate of 3.75% per year as confirmed by the City’s Debt Manager on January 10, 2022.

7. Deferrals are eligible for renewal at the deferral expiration period at the sole discretion of the Director of PBOT.

NOW, THEREFORE, the Council directs:

1. PBOT is authorized subsequent to Council approval of a Final Assessment Ordinance to pay single family residential N Burlington Avenue & Edison Street LID assessments of $20,000 or greater for owner-occupied property and to replace the assessments with deferral loans for a maximum period of 5 years with new liens recorded with Multnomah County with terms and conditions substantially similar to Exhibit A of this Ordinance.
    
2. PBOT to notify eligible property owners of this deferral option upon passage of this Ordinance, with PBOT authorized to establish a deadline to apply for a deferral not less than 21 days after the date of mailing of the deferral notice.
    
3. PBOT is authorized to make any necessary changes to the deferral loan as contained in Exhibit A of this Ordinance to meet Multnomah County recording requirements which do not affect the substantive terms and conditions of Exhibit A.
    
4. Deferral liens authorized by this Ordinance will not be administered by the Revenue Bureau and will be released by PBOT upon full payment of the deferral obligation.  PBOT is under no obligation to offer a deferral after the passage of the deadline referenced in directive ‘B’.