Notice of the issuance of The Canby Urban Renewal Annual Report in accordance with ORS 457.460
The statement as required by ORS 457.460 has been prepared in the form of the Canby Urban Renewal District Annual Report (the report). The report is on file at the City of Canby City Hall and is scheduled to be presented at the Canby Urban Renewal Agency meeting on February 17, 2016; once adopted it will also be available online at: http://www.ci.canby.or.us/URD/Plan.htm.
The Agency received $2,462,027 in tax increment revenue during fiscal year ended June 30, 2015 and incurred $500,000 in directly contracted debt. Funds were expended for debt service, the Library/Civic Building, and other economic development programs included in the plan such as façade improvement and SDC incentive. The Agency has budgeted to receive $2,562,137 in tax increment revenue and incur $1,234,924 of directly contracted debt during the current fiscal year ending June 30, 2016 which is planned to be expensed for the Library/Civic Building, start making payments to fulfill the commitment the Agency made to the Fire District and continue other economic development projects like the façade improvement program. Year over year the increase in assessed value due to development was approximately $8.5 million and the Agency’s tax revenue increased approximately 7%. Page 20 of the report outlines the tax generated by the incremental development value that was foregone by each overlapping district. Please see the report for more details on the programmatic and financial activities of the Agency and the value it has generated within the community.
Published in the Canby Herald February 24, and March 2, 2016.