Authorize a 5-year deferral of residential assessments in the SE 80th Ave and Mill St Local Improvement District (C-10060)

The City of Portland ordains: Section 1. The Council finds: The Council stated its intent to construct improvements in the SE 80th Avenue & Mill Street Local Improvement District (LID) by the adoption of Resolution No. 37337 on January 24, 2018 declaring its intent to initiate local improvement district formation proceedings and establishing the name of the local improvement district. The Council approved formation of the SE 80th Avenue & Mill Street LID with the passage of Ordinance No. 188786 on March 15, 2017. Pursuant to City Code, assessments for the SE 80th & Mill LID will be imposed by a separate Ordinance subsequent to the Ordinances referenced in Findings No. 1 and 2 of this Ordinance. Concurrent with presenting the Final Assessment Ordinance to City Council for approval, the Portland Bureau of Transportation (PBOT) proposes to offer a 5-year deferral program on terms generally consistent with its system development charge contract deferrals. The LID deferrals will be secured by liens on each benefitted property whose owners have elected to pursue a deferral and will accrue simple interest at a rate of 3.75% per year as confirmed by the City’s Debt Manager on January 10, 2022. Deferrals are eligible for renewal at the deferral expiration period at the sole discretion of the Director of PBOT. NOW, THEREFORE, the Council directs: PBOT is authorized subsequent to Council approval of a Final Assessment Ordinance to pay single family residential SE 80th & Mill LID assessments and to replace the assessments with deferral loans for a maximum period of 5 years with new liens recorded with Multnomah County with terms and conditions substantially similar to Exhibit A of this Ordinance. PBOT is authorized to make any necessary changes to the deferral loan as contained in Exhibit A of this Ordinance to meet Multnomah County recording requirements, provided such change do not affect the substantive terms and conditions of Exhibit A. Deferral liens authorized by this Ordinance will not be administered by the Revenue Bureau and will be released by PBOT upon full payment of the deferral obligation.