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Urban Renewal Feasibility
In 2009, the City contracted with a consultant team led by Jeff Tashman of Tashman Johnson, LLC for a feasibility-level analysis urban renewal potential in Milwaukie. Contractor work elements include:
- Development of revenue projections for Tax Increment Financing (“TIF”).
- Review and input on possible urban renewal projects, with the understanding that a central element of any plan must be a tool to better balance public and private contributions to the cost of streetscape improvements (Public Area Requirements) in downtown.
- Support of City’s public education efforts.
A contract amendment was developed and approved to improve the City’s understanding the extent to which key City standards, such as off-street parking requirements and Public Area Requirements, currently restrict opportunities for development or redevelopment in the downtown.
Key findings:
● The Town Center area encompasses approximately 15% of the City’s existing Taxable Assessed Value and contains 16 opportunity sites with the potential for development of 160,000 square feet of retail, 150,000 square feet of office, 575 residential units, and 200 lodging units.
● TIF revenues projected over 20 years have a net present value of over $40 million, or a borrowing capacity of $61 million.
● Current rents do not justify site acquisition costs for redevelopment in the downtown. * Plan must focus on supporting incremental increases in achievable rents.
● Build-to-suit owner-occupied office is a viable development form.
● Current development standards, public improvement requirements, and parking requirements all present partial barriers to redevelopment in downtown.
● Portland to Milwaukie Light Rail and Riverfront Park redevelopment are important (probably essential) improvements to shifting downtown market dynamics, but should not be funded with TIF.
● Early UR investments must focus on public investments with clear opportunities to leverage private investment, such as:
o Public Area Requirements: Assistance
o Murphy and McFarland Sites: Planning/Infrastructure/Quiet Zone
o Site Acquisition/Opportunity Sites
o Storefront Improvement Program o Development Incentive Fund
o Downtown Parking Structure
o McLoughlin Pedestrian Over-crossing
In January 2010, City Council directed staff to apply for grant funding from Metro under the Construction Excise Tax (CET) planning grant program to develop an actual urban renewal proposal, update downtown zoning codes, and do some detailed site-specific planning work. Metro awarded the City $300,000, though the grant was held up by litigation until July 2012.
For Additional Information:
See the attached materials, including Jeff Tashman’s November 2009 PowerPoint Presentation to Council Staff report on CET application (item 6b)
Contact
Alma Flores, Community Development Director
(503) 786-7652
floresa@milwaukieoregon.gov
