Public Notice Hillsboro Economic Development Council North Hillsboro Industrial Renewal Area Annual Notice in Accordance with ORS 457.460

Public Notice Hillsboro Economic Development Council North Hillsboro Industrial Renewal Area Annual Notice in Accordance with ORS 457.460 The North Hillsboro Industrial Renewal Area plan was adopted in December 2015 to address the infrastructure challenges facing the industrial land within the IRA boundary. The North Hillsboro Industrial Renewal Area is required annually to file a financial report in compliance with ORS 457.460. In summary for fiscal year 2017-18, the urban renewal area received $1,494,033 in tax revenues, interest and miscellaneous income from other sources. The renewal area expended $67,976 on personnel, contractual services including environmental planning, assessment studies, and other expenses related to the adopted renewal plan. The budget for fiscal year 2018-19 estimated available resources at $4,714,000 which includes beginning fund balance, current year tax increment, interest and other miscellaneous income sources. Expenditures match resources in the amount of $4,714,000 and include personnel, contractual services, land acquisition costs and a capital reserve. Current estimates for fiscal year 2018-19 differ from the budget due to additional information including the actual increment value that is not available until after the budget is adopted. Additionally, funds for land acquisition that was budgeted in the industrial renewal area from other non-tax increment sources resulted in not being paid for out of the industrial renewal area, thus reducing resources and expenditures in the amount of $2 million. For FY 2018-19, the urban renewal area estimates receiving $1,683,340 and expending $200,000 on infrastructure projects and activities related to the adopted renewal plan. For fiscal year 2017-18, in carrying out the urban renewal plan as adopted, forgone revenues to the overlapping taxing jurisdictions totaled $806,832. The FY 2017-18 report is available on line at https://www.hillsboro-oregon.gov/our-city/departments/economic-development/urban-renewal-area along with other report filings for FY 2016-17. Publish September 11, 18, 2019 HT129233

ad: 129233

Publication: OPC Legals 2

Section: Legals

Start Date: 2019/09/11

End Date: 2019/09/18

Owner: City of Hillsboro

City: HILLSBORO

County: Washington