The following story is out of The Oregonian from Portland's Urban Renewal Area. It demonstrates the benefits to the other basic taxing districts from eliminating an UR area and allowing the property taxes of that area to revert back to the other districts.
The Community Enhancement Plan can and will have similar effects even though it is an Enterprise Zone.
In the CE Plan, the County District, and the Coos Bay Fire District will both suffer a 40% loss of the anticipated increase in taxes on the assessed value of the land in the EZ. If, those taxes were not given back to the businesses in the zone, in this case the LNG. Both of these taxing districts provide essential services used by everyone in the county, and with the influx of population and an increase of demand for those services created by the LNG project, it will cause the county and the fire district to eventually go the the taxpayer to cover those losses or those districts will have to cut services. The Community Enhancement Plan, Urban Renewal and Enterprise Zones are tools for government economic development and that is a polite term for "Corporate Welfare.".....Rob T.
Why Mayor Charlie Hales' $1 billion urban renewal plan
sounds more impressive than it is: Portland City Hall Roundup
River District, $442 million
Once a rail yard and warehouse wasteland, the Pearl District is now the gold standard for urban renewal in Portland. Thanks to new office buildings and high-end condos, property values have soared exponentially.
Urban renewal generally works by freezing assessed property values in a certain area. Taxes on that base value go to the city, county and schools, as they always have.
But when the neighborhood redevelops, and property values jump, government agencies generally don’t see more tax dollars from the increase.
The difference – called tax increment – is instead reinvested in the urban renewal district for an extended period of time.
With that in mind, the River District urban renewal area has a frozen tax base of about $462 million.
Today, property within the district is worth a whopping $2.2 billion, according to the Tax Supervising & Conservation Commission.
Hales’ plan is pretty simple: the district has been so successful, local agencies should benefit from some of the growth.
He wants to return about $442 million from the increased property values to the tax rolls, according to the city’s urban renewal agency.
(IMPACT TO GOVERNMENT: Taxing that value will provide agencies with an estimated $45.4 million over 30 years, or $36 million in today’s dollars.)
Education district, $104 million
So long, we hardly knew ya.
Portland’s newest district, created just two years ago, will be killed off under Hales’ plan.
Its frozen tax base was $622 million.
City officials are projecting that property values will grow by an additional $104 million when the district is disbanded. That number will keep going up into the future, too – and it’ll all be taxable.
(IMPACT TO GOVERNMENT: Collecting taxes on the full value of the district will provide a massive boost in future years: $190 million more for local agencies over three decades, worth $76 million today.)
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