Core Area Tax Increment Financing
The Core Area is envisioned to be a place where you can live, work, and play.
The Core Area is an area in the center of Bend where both urban-scale buildings that include housing and businesses are encouraged. The Core Area includes four of the city’s “opportunity areas”, areas where growth is encouraged including: Bend Central District, KorPine, East Downtown, and Inner Highway 20/Greenwood.
The Core Area Tax Increment Finance (TIF) Plan has a duration of 30 years and a maximum amount of indebtedness – amount of tax increment (funding) that can be issued to fund projects and programs for the Plan, of $195,000,000. These funds can be spent on the following project categories included in the Plan:
- Transportation, Streetscape, and Utility Infrastructure
- Affordable Housing Redevelopment and Development Assistance, Partnership, and Support
- Business Redevelopment and Development Assistance, Partnership, and Support
- Open Space, Facilities, Amenities, and Wayfinding
- Plan Administration, Implementation, Reporting, Planning Refinement, and Support
Core Area Advisory Board
In 2020, the Bend Urban Renewal Agency (BURA) formed the Core Area Advisory Board (CAAB) to oversee implementation of the Core Area TIF Plan including budget oversight and overall performance. CAAB is able to provide recommendations to both BURA and City Council on actions that support implementation of the Plan.
Reports
2023 Annual Performance Metrics Report
2022 Annual Performance Metrics Report
Guiding Principles
- Create a place where you can live, work, and play.
- This is a walkable area with a balanced transportation system.
- This area removes barriers and connects the East and West sides of Bend.
- This plan leads to direct outcomes, it is implemented.
- Affordability is preserved.
- Public investments incentivize and catalyze private development.
- The planning process is transparent and open to ensure that those affected by the decisions are involved in the process.
- This area incorporates sustainable and low impact development principles and practice.
Core Area Revitalization Effort Program
The Core Area Revitalization Effort (CARE) Program is a rolling grant program to support projects that improve the customer and pedestrian experience and enhance overall area aesthetic through upgrades to building facades and frontage areas within the Core Area.
Background
In 2019, the Bend Urban Renewal Agency (BURA) established the Urban Renewal Advisory Board (URAB) to serve as the advisory committee for the Core Area Project (CAP) planning/study process to create a common vision and implementation plan for Bend’s Core Area. The 18-member board, representing a broad cross-section of stakeholders and community members, met between February 2019 and April 2020. The proposed Core Area Tax Increment Finance (TIF) Plan is a result of the URAB’s work, and one of the recommended actions of the CAP Report.
The Core Area TIF Plan includes four of the nine citywide “opportunities areas” that were identified in the 2016 Comprehensive Plan update. These opportunity areas are locations within the City where growth is encouraged, and include the Bend Central District, KorPine, East Downtown, and Inner Highway 20/Greenwood.
The CAP community-driven process had active participation from URAB members, taxing districts, property and business owners, state agency partners, and City officials and staff. In addition to URAB meetings, the process included five “pop-up” outreach events at Bend Core Area businesses, two open houses, an online survey, and discussions with each of the taxing districts. Project staff also provided briefings and work sessions with the Planning Commission, BURA, and City Council.
The Core Area TIF Plan adoption process included formal comment from the taxing districts through individual meetings with each taxing district, and hearings before the Planning Commission, BURA, City Council, and a public briefing with the Deschutes County Board of Commissioners.
Documents and Resources
Tax Increment Financing (TIF)
In 2020, the City adopted a tool to help realize the vision for the area- Tax Increment Financing, commonly known as Urban Renewal.
What is Tax Increment Financing (TIF)?
Tax Increment Financing is an economic development tool, also known as Urban Renewal, that allows cities to reinvest tax increment revenues over a period of time into a specific area that is economically stagnant, unsafe or where the older urban layout no longer works. The goal of TIF is to make investments that spur private development that would not have otherwise occurred without TIF. Learn more about the tool on the City’s Urban Renewal/TIF webpage.