URA Resolution 2023-01 - Bond Pledge for Community CenterWOODBURN URBAN RENEWAL AGENCY RESOLUTION NO. 2023-01
A RESOLUTION PLEDGING TO AUTHORIZE THE FUTURE ISSUANCE AND NEGOTIATED
SALE OF URBAN RENEWAL BONDS IN THE AMOUNT OF $5,000,000 TO MATCH
LOTTERY BOND FUNDS CONTAINED IN HB 5030 AND AID IN FINANCING OF THE
CONSTRUCTION OF A COMMUNITY CENTER IN WOODBURN
WHEREAS, the City of Woodburn (the "City") and the Urban Renewal
Agency ("Agency") of the City of Woodburn have formed the Woodburn Urban
Renewal Area in compliance with Oregon law, and City Ordinance No. 2298
approving the Urban Renewal Plan was enacted on August 14, 2001, and
petitions were filed with the City seeking to refer the ordinance to the City voters,
who approved the ordinance at an election held on March 12, 2002; and
WHEREAS, the Urban Renewal Agency of the City of Woodburn is
authorized to issue bonds payable from the tax increment revenues of the Urban
Renewal Area; and,
WHEREAS, the City of Woodburn has approved a maximum indebtedness
for the Urban Renewal Area of $29,300,000; and
WHEREAS, the Agency has previously issued $11,128,782 of short-term
indebtedness that is subject to that maximum indebtedness limitation; and
WHEREAS, the Urban Renewal Area has capacity of additional
indebtedness of $18,171,218 that is subject to the maximum indebtedness
limitations; and
WHEREAS, Woodburn's proposed Community Center Project will serve
traditionally underrepresented populations and diverse cultures in the Greater
North Marion County Area, including youth services, senior programing, food
access, access to health services and programming, the under housed and
houseless, educational programing athletics and community wellness; and
WHEREAS, the Oregon State Legislature is currently deliberating on passage
of HB 5030 (2023), where pursuant to Section 16 of that bill, the City is designated
to receive up to $15 million in lottery bond proceeds for purposes of constructing
a community center in Woodburn; and
WHEREAS, the City offers this Resolution as express support for passage of HB
5030 with a $5 million good faith URA cash match for the use of lottery bond
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proceeds, and hereafter commits the Agency to the future issuance of $5 000,000
in Urban Renewal Bonds as a financial match and commitment to the State
Legislature for receiving the lottery bond funding for purposes of aiding in the
construction of the community center project, NOW THEREFORE,
THE WOODBURN URBAN RENEWAL AGENCY RESOLVES AS FOLLOWS:
Section 1. Conditioned upon the City's inclusion as a beneficiary of
lottery bond proceeds issued pursuant to an enrolled HB 5030 (2023) and passage
of a local bond measure voted on by the Woodburn voters, the City and Agency
hereby pledge to authorize the future issuance of bonds which are payable from
the tax increment revenues of the Woodburn Urban Renewal Area in a principal
amount of $5,000,000 to be applied towards the construction of the Woodburn
Community Center Project.
ADOPTED by the Urban Renewal Agency of the City of Woodburn at a
regular meeting thereof this 22nd day of May, 2023.
Approved as to Form: Qrj ZZ Zt�Z�
City Attorn Date
APPROVED:Xz-�✓� . 9,n=s=:f�
Frank Lo rgan, Chair
Passed by the Agency ►ICI &a I 2 0 9
Submitted to the Chair M Z .
Approved by the Chair iy(wy ,?�, 2073
Filed in the Office of the Recorder ®Z.�
ATTEST:
Heather Pierson, City Recorder
City of Woodburn, Oregon
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