Urban Renewal Plan
Happy Valley residents have asked for more investment in improved roads, better sidewalk connections, land for parks, and more.
In an effort to invest in our community and bring these projects to fruition, the City established an Urban Renewal District.
Some of the initial projects the City has undertaken as part of this Urban Renewal District include designing improvements to 172nd Avenue, purchasing land for the future downtown, developing plans for main street (Scouters Mountain Road), and purchasing land for the future recreation center and community park.
For details on additional projects, check out the Helpful Links section to view the map and project list.
Urban Renewal Finance
Urban renewal does not increase permanent rate levy tax rates. When an urban renewal area (URA) is established, the assessed value within the URA boundary becomes the “frozen base” assessed value. As the assessed value in the URA grows time, the difference between the total assessed value and the frozen base is considered “increment” assessed value.
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Urban Renewal Impact to Taxing Districts
Each year, property tax revenue from the frozen base in the URA will be distributed normally to all overlapping taxing districts. This is different from the property tax revenue generated from the increment, called Tax Increment Finance (TIF) revenue, which will go to the URA. After the URA is closed, all future tax revenue from the increased assessed valuations is distributed to the overlapping taxing districts. What this means is urban renewal is purely a division of taxes; it does not create a new tax or increase the existing tax rate.
For more information, please contact:
Ben Bryant, Assistant City Manager, 503-783-3840 or Travis Warneke, Finance Director, 503-783-3827