In most cases, the result will be that Prosper Portland and PHB will collect taxes that would have otherwise gone to the City of Portland, Multnomah County, and other taxing jurisdictions, not an increase in taxes (see the graph below for information on how TIF revenue is captured). The City and community committee work together to set 5-year action plans to determine priorities and investments in affordable housing, home repairs, community amenities, commercial spaces for local businesses, or other eligible projects. Prosper Portland and the Portland Housing Bureau will use those resources to pay for public improvements.
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This revenue includes up to 3% per year for existing properties plus any additional value from new development. Prosper Portland and the Portland Housing Bureau will receive funds from increases in property value that would otherwise go to taxing jurisdictions. In general, TIF captures increases in tax revenue without any change in tax rates. Increment: As property values increase over time from new commercial buildings, housing development, gathering spaces or other projects, or from appreciation, the increment goes to Prosper Portland for reinvestment in the district.Frozen Base: Continues to go to the taxing jurisdictions, such as the City of Portland, Multnomah County, and Portland Public Schools.When a TIF district is created, the existing property tax revenue from the designated area is split into two parts: Assuming those investments increase overall property values and associated taxes over time, TIF allows the City to essentially freeze taxes in this area and capture the increase to fund improvements over 20-30 years that will result in increased district wealth and tax revenues. Tax Increment Financing (TIF) is a funding strategy designed to make strategic investments in housing and economic development to stabilize communities and businesses within a designated geographic area. If adopted, a new Community Leadership Committee will guide decision-making related to the use of TIF funds for the life of the district.
The proposal was created using a co-creation model and the process was community-led. It’s important to ensure community members can stay and benefit from the prosperity that inevitable growth can bring, rather than be pushed out and replaced by it. The Cully TIF District proposal could bring new resources to help stabilize Cully residents and businesses vulnerable to displacement. The Cully TIF District area contains two NPNs, Our 42nd Avenue and Cully Boulevard Alliance. However, these NPN districts are small and limited in duration, generating very modest tax increment finance revenue over a decade. The shift in TIF usage also redirected focus toward low-income populations and communities of color. In 2011, the creation of the Neighborhood Prosperity Network employed a community-city partnership to build capacity for community-specific economic development. TIF has supported Action Plans in Old Town, North/Northeast, Gateway & Lents with goals like affordable commercial tenanting and investments that align with the agency’s strategic goals for healthy neighborhoods and widely shared prosperity.
Prosper Portland’s use of TIF resources has been progressive. As growth comes, we want to ensure all Cully’s residents can stay and benefit from the prosperity that growth can bring, rather than be pushed out and replaced by it. To that end, we participated in a co-creation model that centered those most vulnerable to displacement with an explicit goal of stabilization. In 2018, a coalition of community-based partners in the Cully neighborhood approached Prosper Portland to explore a community-centered TIF district creation process that could lead to a new TIF model that centers historically underserved, marginalized and underrepresented community voices in the TIF district creation process. In recent years, Prosper Portland has used TIF in innovative ways, to support neighborhood Action Plans and implement smaller TIF districts through the creation of the Neighborhood Prosperity Network (NPN), which have been informed by significant community engagement and outreach. Historically, tax increment finance (TIF) districts in Portland have been a vehicle to serve ambitious land use plans and create resources for investment into regional assets like light rail, the Oregon Convention Center, and the East Bank Esplanade.
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