UR Adopted Budget FY17-18

FINANCIAL RESOURCES ……………………………….…………………………… 1

OVERVIEW SUMMARY ……………………………………………………………… 1

Mission/Goals/Accomplishments...…………………………………….... 2

Projects as of June 30, 2017 - Table I ...…………………………………. 4

FY17/18 Projects - Table III.……………………………………….…… 6

Projects in City Fund 018 - Table IV ………..…………………….…….. 6

Revenues and Expenditures …………………………………….……….. 8

Revenues and Expenditures ...…………………………………….……... 9

Debt Service Schedule …………………………………………….…….. 10

Revenues and Expenditures……………………………………………… 11

The Columbia Gateway Urban Renewal Agency financial resources consist of Beginning Working Capital, Revenues, and Other Financing Sources. The FY 2017-2018 beginning balance of the combined funds is $2,272,171. Revenues consist of property taxes and interest income, and the combined total is $1,532,681. Other resources include sale of surplus property ($365,000), loan principal payments ($329,701) and loan interest payments ($19,729).

The property taxes are to be first received in the Debt Service Fund as required by the bond document. If there are revenues from property taxes remaining after debt service requirements have been met, then and only then are the remaining monies received in the Capital Projects Fund. We are anticipating this will happen in the budget for FY 2017-2018.

By and through the Cooperation Agreement with the City of The Dalles, the primary mission of the Urban Renewal Agency Capital Project Fund is the enhancement of public and private properties, increasing the likelihood of investments in the City, and increasing property values in the District. In many cases, the Urban Renewal monies will be used as matching monies, along with grants and private monies, enhancing property within the Urban Renewal District through the removal of blight. The administration of this program is also expensed in this fund, covering all aspects of money management and planning. In FY12/13 it was determined that the Urban Renewal Agency had committed $20,223,000 to leverage $17,879,000 in grants and $51,335,000 in Private Investment (see attached table and chart on page 5).

The requirement of the Urban Renewal Agency is the creation of accounting funds being collected and the dispensing of monies covering the operation of the Agency. The Capital Projects fund covers all accounting of revenues and expenses in response to the above requirements. All administrative and capital outlay debt is paid from this fund.

✓ Continue the financing of the adopted Plan of the Urban Renewal Agency through the debt instrument (Cooperation Agreement) with the City of The Dalles, the bonded debt service, and the collection of property taxes. (See following pages for a list of projects).

✓ Continue funding of administrative and engineering services provided to the Agency by the City of The Dalles.

✓ Review and re-evaluate the Washington Street or Federal Street Plaza / 1^st Street Streetscape project for possible construction beginning in FY 2017/18.

✓ Complete sale of Recreation and Blue buildings and commence redevelopment of Granada Theatre.

✓ Continue to budget $200,000 more than known projects in the Property Owner Rehabilitation Program.

✓ Provide up to $10,000 to Main Street to advocate for property owner rehabilitation program and to assist applicants.

✓ Approved grant applications for the Lemke, Craig’s, Honald and The Dalles Area Chamber of Commerce buildings.

✓ Maximize opportunities for grants, partnerships, and matching grants for designed projects.

9. Construction of the East Gateway/Brewery Grade Streetscape Roundabout project

Completed (*) or Ongoing Property Rehabilitation Grant and Loan Program Projects:

1. Columbia River Bank Building*

2. Sigman’s Building*

3. Granada Theater roof and marquee sign
(2 grants)*

4. Civic Auditorium (4 grants)*

5. Art Center*

6. Masonic Lodge*

7. American Legion (2 grants)*

8. Old St. Peter’s Landmark (2 grants)*

9. Creek View Townhomes demolition grant*

10. Hilco gas station site demolition grant*

11. Gayer Building (interest buydown ending 06/30/15)*

12. Mural Society (FY12/13)*

13. Art Center (FY12/13)*

14. St Peters Landmark window rehab (FY12/13)*

15. Civic Auditorium (FY 13/14)*

16. IOOF Hall (FY13/14).*

17. Wonderworks Children’s Museum*

18. CCU Church Windows (2 grants) (FY14/15)*

19. Canton Wok (interest buy down)*

20. Dong Xi (Canton Wok FY12/13) (interest buy down)

21. TDRE Façade Improvement (FY14/15)*

22. Petite Provence (façade)*

23. Windermere (façade)*

24. Columbia Gorge Real Estate (façade)*

25. Eagy’s (façade)*

26. Craig’s Office Building (rehab/facade)*

27. Freebridge (FY15/16)*

28. Wonderworks (FY15/16)*

29. Main Street (Way-finding kiosks)*

30. Elk’s Building (FY15/16)*

31. Chamber of Commerce Building(façade)

32. Lemke Building (façade)

33. Honald Building(rehab/façade) **

34. Sweetheart Bake Shop (2 grants and interest rate buy down) **

35. Herbring House **

The mission of the Debt Service Fund is to maintain the one-year reserve payment and to continue to make principal and interest payments on the bonded debt.

The requirement of the bond document calls for all property taxes of the Urban Renewal Agency to be received in this fund before any of these financial resources are directed elsewhere. The revenues, along with the working capital amount of this fund, must be present for payment of debt when it is required. All recommended budgets meet this requirement.

Summary Statistics
Urban Renewal Expenditures*	$18,950,559
City Contributions	$364,000
Property Owner/Developer Contributions	$51,792,826
Federal Grants	$9,188,000
State Grants	$5,187,000
Local Grants	$315,000
Total	$85,797,385