The Tualatin City Council voted Monday to give up on plans to extend the city’s Central Urban Renewal District, according to a report in the Oregonian newspaper.
The 35-year-old district, in which tax-increment bond financing had been used to fund improvement projects, will expire at the end of June.
The district was the first to be affected by a recent Oregon law that requires significant support from other agencies that share property tax revenue from the district in order to extend the life of an urban renewal agency, the newspaper reported. Tualatin was unable to gain the requisite support from either the Tualatin Valley Fire and Rescue agency or Washington County, the report said.
As a result, $2 million in annual property tax revenue that had been dedicated to redevelopment will shift to various local agencies. Tualatin, a city of about 25,000, is 15 miles south of Portland.