The proposed legislation creates the East 205 TIF District Debt Service Fund. In October 2024, the City Council approved Ordinance 191937, authorizing the East 205 Tax Increment Financing (“TIF”) Plan. Oregon Revised Statutes 457.440 requires that funds for an urban renewal plan shall be raised by dividing property taxes as provided in Article IX, Section 1c, of the Oregon Constitution (“Tax Increment Revenues”) and shall be deposited into a special fund for each urban renewal plan to be used to pay the principal and interest on any indebtedness issued or incurred by the urban renewal agency to finance or refinance the urban renewal plan. The financing plan for the East 205 TIF District relies upon the issuance of bonded indebtedness secured by the Tax Increment Revenues to fund investments within that urban renewal area. The proposed legislation creates the East 205 TIF District Debt Service Fund in compliance with ORS 457 and will be used to budget repayment of debt issued by the City on behalf of Prosper Portland for the East 205 TIF District.
Official proposal and impact statementShould Portland create the East 205 Tax Increment Financing District Debt Service Fund?
The proposed legislation creates the East 205 TIF District Debt Service Fund. In October 2024, the City Council approved Ordinance 191937, authorizing the East 205 Tax Increment Financing (“TIF”) Plan. Oregon Revised Statutes 457.440 requires that funds for an urban renewal plan shall be raised by dividing property taxes as provided in Article IX, Section 1c, of the Oregon Constitution (“Tax Increment Revenues”) and shall be deposited into a special fund for each urban renewal plan to be used to pay the principal and interest on any indebtedness issued or incurred by the urban renewal agency to finance or refinance the urban renewal plan. The financing plan for the East 205 TIF District relies upon the issuance of bonded indebtedness secured by the Tax Increment Revenues to fund investments within that urban renewal area. The proposed legislation creates the East 205 TIF District Debt Service Fund in compliance with ORS 457 and will be used to budget repayment of debt issued by the City on behalf of Prosper Portland for the East 205 TIF District.
Official impact statementSee the official legal title
*Create the East 205 Tax Increment Financing District Debt Service Fund
What this proposal would actually do.
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The reviewed sources do not clearly identify every existing policy, service, contract, or obligation that would remain unchanged.
Official matter recordThis proposal concerns budget, taxes & finance and requires action through Portland’s public legislative process.
Official matter classification and recordThis is an administrative action taken to authorize creation of the debt service fund. There is no community impact or involvement anticipated.
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Passed · 12–0
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Final action on 2025-112: *Create the East 205 Tax Increment Financing District Debt Service Fund
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There is no financial impact associated with establishing the fund. This action is necessary for budget development to move forward.
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Official documents1 sources
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Open at Portland.govRead the full official text
The City of Portland ordains.Section 1. The Council finds: On October 30, 2024, the City Council approved Ordinance 191937, authorizing the East 205 Tax Increment Financing (“TIF”) Plan. Oregon Revised Statutes 457.440 requires that funds raised for an urban renewal plan shall be raised by dividing property taxes as provided in Article IX, Section 1c, of the Oregon Constitution (“Tax Increment Revenues”) and shall be deposited into a special fund for each urban renewal plan to be used to pay the principal and interest on any indebtedness issued or incurred by the urban renewal agency to finance or refinance the urban renewal plan. The City issues bonds for all urban renewal plans on behalf of Prosper Portland to generate revenues for projects and pays debt service on the bonds on behalf of Prosper Portland. The financing plan for the East 205 TIF District relies upon the issuance of bonded indebtedness secured by the Tax Increment Revenues to fund investments within that urban renewal area. The repayment of the debt will be budgeted in the East 205 TIF District Debt Service Fund in compliance with ORS 457. NOW, THEREFORE, the Council directs: The East 205 TIF District Debt Service Fund (Fund 327000) is hereby created. The purpose of the fund is to achieve a proper matching of revenues and expenditures related to the newly created East 205 TIF District and to achieve compliance with Oregon Revised Statutes, which requires that a separate fund be created for each urban renewal area.The fund shall be managed by the Budget and Finance Service Area. Debt service expenditures are supported by yearly property tax collections. The fund has no reserve or contingency requirements.The Fund Statement of Purpose included as Exhibit A for the East 205 TIF District Debt Fund is hereby adopted. Section 2. The Council declares that an emergency exists in order that creation of the East 205 TIF District Debt Service Fund can be completed for inclusion in the FY 2025-26 budget; therefore, this Ordinance shall be in full force and effect from and after its passage by the Council.
Meetings, motions, amendments, and votes2 meetings · 2 votes
Read all 1 exact motions
Motion to send the Emergency Ordinance Create the East 205 Tax Increment Financing District Debt Service Fund to the full Council with the recommendation that it be passed: Moved by Green and seconded by Avalos. (Aye (5): Avalos, Novick, Green, Pirtle-Guiney, Zimmerman)
Final Council action · Apr 2, 202512 yes · 0 no
Final action on 2025-112: *Create the East 205 Tax Increment Financing District Debt Service Fund
Meeting-level motion or recommendation · Mar 24, 20255 yes
Motion to send the Emergency Ordinance Create the East 205 Tax Increment Financing District Debt Service Fund to the full Council with the recommendation that it be passed: Moved by Green and seconded by Avalos. (Aye (5): Avalos, Novick, Green, Pirtle-Guiney, Zimmerman)
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- First discovered
- Aug 13, 2026, 1:16 PM PDT
- Last checked
- Sep 14, 2026, 2:24 AM PDT
- Evidence hash
- b0e1c8c46b6534d4
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- SOURCE UPDATED
Passed
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- Council Action
Passed
- Council Action
Referred to City Council