HomeMy WebLinkAboutResolution No. SEDA2024-03- 01/08/2024 SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY (SEDA)
RESOLUTION NO.SEDA2024-03
A RESOLUTION INCENTIVIZING DEVELOPMENT IN THE DOWNTOWN URBAN RENEWAL
AREA AND GLENWOOD URBAN RENEWAL AREA BY ASSUMING PAYMENT OF CERTAIN
SYSTEM DEVELOPMENT CHARGES AS ESTALISHED BY SPRINGFIELD MUNICIPAL CODE
SECTION 3.406 THROUGH THE PERIOD ENDING DECEMBER 31, 2028
WHEREAS, the Downtown Urban Renewal Plan section 600.B and the Glenwood Urban Renewal Plan
section 600.B authorize SEDA to provide financial assistance for new construction, redevelopment, and
rehabilitation of properties within the respective urban renewal areas;
WHEREAS, the SEDA Board finds that it is in the public interest to encourage residential, commercial,
mixed-use, and industrial development, redevelopment, and rehabilitation in the Downtown Urban
Renewal Plan area and the Glenwood Urban Renewal Plan area, for projects that are consistent with
the City of Springfield's adopted land use plans and regulations, by reducing the overall costs of
development;
WHEREAS, the costs of development include transportation, stormwater and local wastewater system
development charges imposed by the City; regional wastewater system development charges imposed
by the Metropolitan Wastewater Management Commission; and system development charges for parks
and recreation imposed by the Willamalane Parks and Recreation District, for the purposes of funding
past and future infrastructure required to meet the needs of community growth;
WHEREAS, on April 19, 2010, the Council adopted Resolution 10-19, amending and adopting the rate
structure for systems development charges for stormwater and local wastewater;
WHEREAS, on December 1, 2014, the Council adopted Resolution 2014-38, modifying a methodology
for the calculation of transportation system development charges;
WHEREAS, the SEDA Board desires to stimulate development in each of the urban renewal areas by
assuming the obligation for certain SDCs imposed by the City of Springfield for the period commencing
January 1, 2024 and ending December 31, 2028;
WHEREAS, to ensure adequate financial resources for other projects authorized by the Glenwood
Urban Renewal Plan, the amount of SDCs that SEDA may incur for projects within the Glenwood Urban
Renewal Area will be limited to a cumulative maximum of $2,000,000, unless amended by future Board
Resolution; and
WHEREAS, the Board wishes to authorize the Springfield City Manager, Finance Director, and
Development and Public Works Community Development Division Director to develop and execute an
interagency memorandum of understanding between the City and SEDA to provide for SEDA payment
of assumed SDCs over time as needed,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SEDA, AN URBAN RENEWAL AGENCY OF THE
CITY OF SPRINGFIELD, AS FOLLOWS:
Section 1: For a period beginning on January 1, 2024, and extending through December 31,
2028, the Springfield Economic Development Agency shall assume payment of the transportation,
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stormwater, and local wastewater system development charges on new construction, redevelopment,
and rehabilitation projects within the Downtown Urban Renewal Area and Glenwood Urban Renewal
Area, consistent with the requirements of the Downtown Urban Renewal Plan and Glenwood Urban
Renewal Plan, respectively. For the Glenwood Urban Renewal Area only, the amount of SDCs that may
be incurred by SEDA under this section shall be limited to $2,000,000.
Section 2: The City Manager, City Finance Director, and Development and Public Works
Community Development Division Director are directed to develop and execute a memorandum of
understanding (MOU) between the City and SEDA providing for the payment to the City of SDCs
assumed by SEDA as follows:
A. Within the Downtown Urban Renewal Area, SEDA will pay the amount of assumed
SDCs to the City at the time they are incurred by SEDA, up to $100,000 per project.
For projects exceeding $100,000 in local SDCs, SEDA and the City will mutually
agree upon a plan for extended repayment, not to exceed the life of the respective
urban renewal plan, as may be directed by the SEDA Board.
B. Within the Glenwood Urban Renewal Area, SEDA will incur SDCs as a debt owed to
the City of Springfield, to be paid to the City upon terms specified in the MOU, to
allow SEDA SDC payments to be strategically applied to costs of eligible public
improvements in Glenwood Urban Renewal Area.
C. SEDA's debts incurred under this Resolution will be subordinate to all other
indebtedness owed by SEDA to the City and to all other borrowings approved by
SEDA that are secured by tax increment revenues.
Section : The City Manager and City Attorney are directed to develop and implement an
applicant agreement setting forth the terms and conditions by which SEDA will incur the obligation to
pay local SDCs on behalf of the applicant. The applicant must agree to abide by the requirements of
sections 600.B. and 800 of the applicable urban renewal plan and any other requirements deemed
necessary by the City Manager to carry out the purposes of this Resolution.
Section 4: The SEDA Staff Liaison is directed to annually report to the Board to allow
the Board to assess the impact of this program on SEDA's financial resources including each urban
renewal area's maximum indebtedness, to assure the program is operating as intended, and to allow
the Board to amend or extend this Resolution as development opportunities change.
ADOPTED by the Board of the Springfield Economic Development Agency this 8thday of
January , 2024, by a vote of 6 for and 0 against. One Absent (Doyle)
and one abstention due to
a direct conflict, (Loveall)
ATTEST:
REVIEWED&APPROVED
AS TO FORM
DATE: �T87�6F4—
Boa rd Secreta ry SPRINGFIELD CITY ATTORNEYS OFFICE
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Resolution No. SEDA2024-03