URAB 5 Update

On October 1st, the Urban Renewal Advisory Board (URAB) met to discuss some important recommendations related to the potential for a new Urban Renewal District within the Core Area as well as recommendations to improve development feasibility within the Bend Central District. Presentation slides from the meeting are available on the URAB webpage. 

Below is a brief update on the committee’s recommendations:

• URAB unanimously “agrees that the formation of an Urban Renewal District in the Core Area would have significant benefit in helping to achieve the vision and goals for the area.”
  • Tax Increment Financing Projections – The board asked staff to develop a finance plan that would generate between $100 million to $125 million or more in $2019 funding capacity over the lifetime of a new Urban Renewal District.
  • Project Recommendations/Funding Allocation – URAB identified initial allocations of how they would like to spend Urban Renewal revenue over the life a new Urban Renewal district among the following project categories.
    • 52%: Transportation, Streetscape, and Utility Infrastructure
    • 18%: Affordable Housing Re/Development Assistance, Partnership, and Support
    • 15%: Business and Re/Development Assistance, Partnership, and Support
    • 10%: Public/Open Space, Facilities, Amenities, and Installations
    • 5%: Plan Administration, Implementation, Reporting, and Support

• URAB recommended that the City amend the Bend Central District Development Code to remove barriers to development/redevelopment, particularly for housing.

City staff will present these recommendations to City Council and the Bend Urban Renewal Agency (BURA) at their meeting next week on Wednesday, October 16.