Page 4 August 25, 1999 I (J £ ^ By Martha Richmond Contributing Writer Over the past several years, many positive changes have taken place along the boulevard Many of those changes are due to urban renewal and the tax increment financing that it makes available to the projects and programs that can truly make a difference. What is Urban Renewal? Urban Renewal is a program authorized by State of Oregon laws adopted in 1957 and 1961. Its pur pose is to help communities im­ prove and redevelop areas which are deteriorated, unsafe, have a lack of infrastructure such as streets, utilities and sidewalks, and have extensive vacant and under-utilized property. In addition to being un­ sightly and unsafe, these areas of­ ten impose a burden on city ser­ vices and can be costly to city tax payers. More than 40 Oregon cities and counties currently have urban re­ newal programs in operation. 1 he Portland Development Commis­ sion (PDC) is Portland’s urban re newal agency. In the four decades since PDC was established. City Council has created 19 urban re­ newal areas in Portland starting with the South Auditorium Project near Civic Auditorium, where 110 acres of downtown property emerged as an attractive array of new offices, shops, housing and pottiani» ©bseruer - C fo c u s J > ¿ ^ E NEWAL? public plazas. PDC currently ad ministers eight plans. One of those plans, for the North Macadam area, was adopted just a few weeks ago. into the normal property tax col­ lections. How does Urban Renewal work? The community must prepare a document called an Urban Renewal Plan for the area in which it wants to work. The plan details what the community intends to do in the area and how and when it intends to do it. Renewal Plans must be prepared with involvement by the general public. A renewal plan can only be adopted by Portland s City Council after it calls for and conducts a formal public hearing on the plan. After the Urban Renewal Plan is adopted, PDC is responsible for directing and making the major decisions needed to carry out the plan. PDC staff The idea is this: Take an area that is deteriorating, one where property values and tax revenues are low. Draw a line around it. Plan streets, green spaces, utility lines, and other improvements that will attract significant new private investment, the creation of jobs and a full range of housing. Issue urban renewal bonds to pay for the planned improvements. Imple­ ment the plans and encourage in­ vestors to come in or expand in the area. The result: The city as a whole gains new public assets and pri­ vate investment Because of the additional tax base created by the new private development in urban renewal areas, the city is able to finance other public benefits such as parks, en hanced greenways and oppor­ tunities to concentrate growth, such as office buildings and housing complexes outside of existing neighborhoods. 1 he increase in tax revenue result­ ing from the new private in­ vestment (called “tax incre­ ment”) is used to pay off the public urban renewal bonds that finance public improve ments. When they are paid off, all the tax revenues go back Community Renewal Plans administers Portland’s urban re­ newal plans under the direction of the PDC Board Martin Luther King Jr. Blvd. Martin Luther Kingjr. Blvd is part of the Oregon Convention Center Urban Renewal Area. This district was first designated in 1989 and included an area bounded by the Willamette on the west, 16th Avenue on the east, 1-84 on the south and Russell Street on the north. In 1993, as a result of the Albina Community Plan, the area was expanded to include the length of Martin Luther Kingjr., Blvd. from Russell to Portland Boulevard and NE Alberta from MLK to NE 15‘h. Future Plans Recently, PDC began looking into the possibility of creating an­ other new urban renewal area along Interstate Avenue that would run from the Rose Garden arena FREE CONCERTS IN yOUR PARKS! B r in g y o u r fa m ily . f r ie n d s & a p ic n ic b a s k e t f o r f u n -fille d a fte r n o o n s o f m u s ic a n d a r t s . to OREGON SYMPHONY CONCERI »' Murry Sidlin, conductor. Janice J” dassi„ , The Oregon Symphony wd^perform^a^mixture food and x um K f I«.. p w 'r u M Blfh „ „ „ PARK — „ „ „ popular favorites, oo dand beverages . l i a b l e tar purchase L iv e L a t in <>azz W it h P a c a n te ! TOM I^ S S t LPABW .« « t James OePreist.