Should Portland approve levying taxes for the City for the fiscal year beginning July 1, 2025 and ending June 30, 2026?

The City of Portland ordains. Section 1. The Council finds: The Fiscal Year 2025-26 Budget for the City was adopted, and appropriations made by the Council on June 18, 2025, 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 and Permanent 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, 2025, 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 $251,613,821.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 $33,570,654.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 North Macadam Urban Renewal Area Debt Redemption Fund, the Gateway URA Debt Redemption Fund, and the Cully Tax Increment Finance District 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 2025-26 for Gateway Regional Center; North Macadam; and Cully, 82nd Avenue, East 205, Sumner-Parkrose-Argay-Columbia Corridor, Lloyd-Holladay, Central Eastside Corridor, and Westside Tax Increment Finance District debt service requirements as outlined below. On Form UR-50, the following amounts will be certified for urban renewal collections: View full size image of Table showing names and estimated amounts for nine urban renewal districts for fiscal year 2025-2026 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.