FIN-5.04 - FY 2007-08 Tax Levy

Binding City Policies (BCP)
Policy category
Policy number
FIN-5.04
FY 2007-08 TAX LEVY
Binding City Policy
BCP-FIN-5.04

PURPOSE
Section 1.  The Council finds:
1.  The FY 2007-08 budget for the City was adopted and appropriations made by the Council on June 27, 2007 by ordinance.
2.  On November 5, 2002, voters in the City approved a five-year local option levy in support of children’s programs, approving a tax rate of $0.4026 per $1,000 of assessed value.
3.  On November 5, 2002, voters in the City approved a five-year local option levy in support of parks’ operations and improvements, approving a tax rate of $0.3900 per $1,000 of assessed value.
4.  The City has approved and certified tax increment collections, which will be used to pay urban renewal debt service requirements.
5.  In no case will an urban renewal district receive more than the amount of tax increment revenue allowed under the statutory formula outlined in ORS 457.440.
6.  In addition to the Notice of Property Tax and Certification of Intent to Impose a Tax, Fee, Assessment, or Charge on Property (Form LB-50), the Department of Revenue has issued a Notice to Assessor (Form UR-50), on which the City is required to categorize urban renewal levies by option selected: 1, 2, 3, Window, or New. Form UR-50 also requires the City to certify the Amount from Division of Tax and the Special Levy Amount.
7.  Collection of tax levy revenues is contingent on the actual assessed value.
8.  The City will certify and collect property tax revenues based upon the assessed values as determined by the respective CountyAssessors of Multnomah, Clackamas, and WashingtonCounties.

POLICY
NOW, THEREFORE, the Council directs:
a.  Taxes are hereby categorized and levied for municipal purposes for the fiscal year beginning  July 1, 2007, on all taxable property, both real and personal, within the corporate limits of the City as follows:
     i.  For General Government, the permanent tax rate of $4.5770 per $1,000 of assessed valuation.
     ii.  For General Government, to be credited to the Fire and Police Disability and Retirement Fund, the amount of $95,365,463.
     iv.  For General Government, a voter-approved local option parks’ levy taxing rate of $0.3900 per $1,000 of assessed valuation.
     v.  Excluded from Limitation, for bonded indebtedness the estimated amount of $7,624,682.
b.  The Chief Administrative Officer of the Office of Management and Finance is hereby directed to certify on Form LB-50 the tax levies made in Section 1.a of this ordinance to the Assessors of Multnomah, Clackamas, and WashingtonCounties.
c.  In order to continue the City's active urban renewal districts and provide for potential future tax revenue for obligations of the Waterfront Renewal Bond Sinking Fund, the Central Eastside Industrial District Debt Fund, the Airport Way Debt Service Fund, the South Park Block Redemption Fund, the Convention Center Area Debt Service Fund, the Lents Town Center Urban Renewal Area Debt Redemption Fund, the River District Urban Renewal Area Debt Redemption Fund, the Interstate Corridor Debt Service Fund, the North Macadam Urban Renewal Area Debt Redemption Fund, the Willamette Industrial Urban Renewal Area Debt Service Fund, and the Gateway URA Debt Redemption Fund, the Assessors of Multnomah, Clackamas, and Washington Counties are hereby requested to implement the procedures specified in ORS 457.420 through ORS 457.440 and other applicable state law relative to tax increment financing of urban renewal indebtedness, subject to the certifications contained in Section 1.d of this ordinance.
d.  The Chief Administrative Officer of the Office of Management and Finance is hereby directed to certify that the City requests that tax increment revenue be collected for urban renewal bonded indebtedness and other indebtedness in FY 2007-08 for Airport Way, Central Eastside Industrial District, Convention Center, South Park Blocks, Downtown Waterfront, Lents Town Center, River District, North Macadam, Interstate Corridor, Willamette Industrial Area, and Gateway Regional Center debt service requirements as outlined below. On Form UR-50, the following amounts will be certified for urban renewal collections:
Tax Increment Authority for FY 2007-08 by Plan AreaAmount from Division of TaxSpecial LevyEstimated   Division of TaxAmount of Special LevyEstimated Collections
Part 1: Option One Plans (must be existing plan)
-
-
-
-
-
     Not Applicable to Portland
-
-
-
-
-
Part 2: Option Two Plans (must be existing plan)
-
-
-
-
-
     Not Applicable to Portland
-
-
-
-
-
Part 3: Option Three Plans (must be existing plan)
-
-
-
-
-
     South Park Blocks
Fixed Amount
Yes
$5,660,000
$2,134,621
$7,794,621
     Airport Way
Fixed Amount
Yes
$2,540,000
$3,196,137
$5,736,137
     Convention Center
Fixed Amount
Yes
$5,740,000
$1,934,621
$7,674,621
     Downtown Waterfront
Fixed Amount
Yes
$7,710,000
$7,734,621
$15,444,621
Part 4: Window Plans
-
-
-
-
-
     Lents Town Center
100.0%
No
$6,944,369
$0
$6,944,369
     Gateway Regional Center
100.0%
No
$1,893,971
$0
$1,893,971
     River District
100.0%
No
$18,075,661
$0
$18,075,661
     North Macadam
100.0%
No
$3,452,703
$0
$3,452,703
     Interstate Corridor
100.0%
No
$8,075,196
$0
$8,075,196
Part 5: New Plans
-
-
-
-
-
     Willamette Industrial Area
100.0%
No
$160,000
$0
$160,000
     Central Eastside Industrial District
100.0%
No
$4,608,947
$0
$4,608,947
Urban Renewal Totals
-
-
$64,860,847
$15,000,000
$79,860,847
e.  Collection of the tax increment revenues is contingent on actual assessed value growth.
f.  The actions to certify and levy taxes contained in this ordinance are binding City policy.
Section 2.  The Council declares that an emergency exists because it is necessary to certify the above amounts to the county assessors by July 15, 2007; therefore, this ordinance shall be in full force and effect from and after July 1, 2007.

HISTORY
Emergency Ordinance No. 181085, passed by City Council June 27, 2007 and effective July 1, 2007.

Search Code, Charter, Policy