*Approve levying taxes for the City for the fiscal year beginning July 1, 2021 and ending June 30, 2022

The City of Portland ordains: Section 1. The Council finds: The Fiscal Year 2021-22 Budget for the City was adopted, and appropriations made by the Council on June 9, 2021, by ordinance. The City has approved and certified tax increment collections, which will be used to pay urban renewal debt service requirements. In no case will an urban renewal district receive more than the amount of tax increment revenue allowed under the statutory formula outlined in ORS 457.440. In addition to the Notice of Property Tax and Certification of Intent to Impose a Tax, Fee, Assessment, or Charge on Property (Form LB-50), the Department of Revenue has issued a Notice to Assessor (Form UR-50), on which the City is required to categorize urban renewal levies by Option One Plans, Option Three Plans, Other Standard Rate Plans, and Other Reduced Rate Plans. Form UR-50 also requires the City to certify the Amount from Division of Tax and the Special Levy Amount. Collection of tax levy revenues is contingent on the actual assessed value. The City will certify and collect property tax revenues based upon the assessed values as determined by the respective County Assessors of Multnomah, Clackamas, and Washington Counties. NOW, THEREFORE, the Council directs: Taxes are hereby categorized and levied for municipal purposes for the fiscal year beginning July 1, 2021, on all taxable property, both real and personal, within the corporate limits of the City as follows: For General Government, the permanent tax rate of $4.5770 per $1,000 of assessed valuation. For General Government, to be credited to the Fire and Police Disability and Retirement Fund, the amount of $209,860,034. For General Government, a voter-approved local option children’s levy taxing rate of $0.4026 per $1,000 of assessed valuation. For General Government, a voter-approved local option Parks levy taxing a rate of $0.8000 per $1,000 of assessed valuation. Excluded from Limitation, for bonded indebtedness the estimated amount of $27,763,868. The City Budget Director is hereby directed to certify on Form LB-50 the tax levies made in Section 1.a of this ordinance to the Assessors of Multnomah, Clackamas, and Washington Counties. In order to continue the City's active urban renewal districts and provide for potential future tax revenue for obligations of the Waterfront Renewal Bond Sinking Fund, the Central Eastside Industrial District Debt Service Fund, the South Park Blocks Redemption Fund, the Convention Center Area Debt Service Fund, the Lents Town Center Urban Renewal Area Debt Redemption Fund, the River District Urban Renewal Area Debt Redemption Fund, the Interstate Corridor Debt Service Fund, the North Macadam Urban Renewal Area Debt Redemption Fund, the Gateway URA Debt Redemption Fund, the Rosewood Neighborhood Prosperity Initiative Debt Service Fund, and the 82nd Avenue/Division Neighborhood Prosperity Initiative Debt Service Fund, the Assessors of Multnomah, Clackamas, and Washington Counties are hereby requested to implement the procedures specified in ORS 457.420 through ORS 457.440 and other applicable state law relative to tax increment financing of urban renewal indebtedness, subject to the certifications contained in Section 1.d of this ordinance. The City Budget Director is hereby directed to certify that the City requests that tax increment revenue be collected for urban renewal bonded indebtedness and other indebtedness in FY 2021-22 for Central Eastside Industrial District, Oregon Convention Center, South Park Blocks, Downtown Waterfront, Lents Town Center, River District, North Macadam, Interstate Corridor, Gateway Regional Center, 82nd & Division, and Rosewood debt service requirements as outlined below. On Form UR-50, the following amounts will be certified for urban renewal collections: Part 1: Option One Plans (Reduced Rate). Plan Area Name Increment Value to Use 100% from Division of Tax Special Levy Amount Not Applicable Part 2: Option Three Plans (Standard Rate). Plan Area Name Increment Value to Use 100% from Division of Tax Special Levy Amount Oregon Convention Center Downtown Waterfront South Park Blocks $5,740,000 $7,710,000 $5,660,000 $14,916,164 $0 $83,836 Part 3: Other Standard Rate Plans Plan Area Name Increment Value to Use 100% from Division of Tax Estimated Division of Tax Lents Town Center Gateway Regional Center River District North Macadam $460,088,000 Yes Yes Yes $23,425,000 $7,045,348 $10,513,010 $25,195,000 Part 4: Other Reduced Rate Plans Plan Area Name Increment Value to Use 100% from Division of Tax Estimated Division of Tax Central Eastside Industrial District 82nd & Division Rosewood $564,194,053 $6,654,000 $5,350,000 $10,450,840 $94,400 $70,000 Part 5: Permanent Rate Plans Plan Area Name Increment Value to Use 100% from Division of Tax Estimated Division of Tax Interstate Corridor $2,648,418,324 $50,785,010 Notice to Assessor of Permanent Increase in Frozen Value. Plan Area Name New frozen value $ Plan Area Name New frozen value $ Collection of the tax increment revenues is contingent on actual assessed value growth. The actions to certify and levy taxes contained in this ordinance are binding City policy. Section 2. The Council declares that an emergency exists because it is necessary to adopt the budget and establish appropriations without delay in order to provide authority to transact the financial affairs of the City for FY 2021-22; therefore, this ordinance shall be in full force and effect from and after July 1, 2021.