City Takes Next Step to Secure Resources for Needed South Redmond US 97 Corridor Improvements
REDMOND, OREGON –Tuesday, June 9, 2020 Redmond City Council unanimously approved the South Redmond US 97 Urban Renewal Feasibility Study. This marks a significant step toward the formation of a second active urban renewal district in Redmond. This impetus for the new district is to provide matching dollars to leverage state and federal resources for the $50 - 80 million needed to enhance the safety, mobility, and economic vitality along the US 97 South Redmond Corridor between Yew Ave. and Veterans Way. The district will also be looked upon to provide infrastructure improvements the nearly 1,000 acres of recently annexed industrial land south of the Fairgrounds.
The proposed district is 1330 acres and has a maximum debt limit of $150 million dollars.
“Unlocking tax increment financing to be invested advances a community priority and improves connectivity, manages growth along an increasingly congested section of a state highway, improves traffic safety and upgrades aging infrastructure,” said Deputy City Manager John Roberts. “Funds generated will be essential for leveraging state and federal transportation resources.”
Outreach to overlapping taxing districts such as Redmond Fire & Rescue, the Redmond School District, and others has been occurring for more than a year. This came on the heels of a multi-year public participation process in partnership with the Oregon Department of Transportation, Stakeholder Advisory Groups, and adjacent businesses, property owners and residents, to develop the South Redmond US 97 Corridor Plan.
With Council’s approval of the feasibility study, City staff will finalize the legally required Urban Renewal Plan and Report by the end of June 2020. These documents will be presented to overlapping taxing districts and pending the outcome of the discussions, be presented to City Council/the Urban Renewal Agency Board for approval on August 25, 2020.
Once the district is formed, future growth in property taxes will be invested in the projects identified in the Urban Renewal Plan over the life of the district (through 2046). The forgone revenue generated by the proposed district is estimated to be $154 million over its 26- year lifespan.
To learn more about the South Redmond US 97 Corridor Plan and the recommended improvements, please visit www.southredmond97.org.