Chapter 457 — Urban
Renewal
2011 EDITION
URBAN RENEWAL
PUBLIC HEALTH AND SAFETY
GENERAL PROVISIONS
457.010 Definitions
457.020 Declaration
of necessity and purpose
457.025 Powers
supplemental to other laws
URBAN RENEWAL AGENCIES; PLANS;
ACTIVITIES
457.035 Urban
renewal agencies; creation; ordinance to exercise powers; jurisdiction
457.045 Election
of method of exercise of urban renewal agency’s powers
457.055 Transfer
of agency powers
457.065 Advisory
board for housing authority acting as urban renewal agency
457.075 Termination
of urban renewal agency
457.085 Urban
renewal plan requirements; accompanying report; contents; approval required
457.095 Approval
of plan by ordinance; required contents of ordinance; notice
457.105 Approval
of plan by other municipalities
457.115 Manner
of newspaper notice
457.120 When
additional notice required; to whom sent; content; notice by publication
457.125 Recording
of plan upon approval
457.135 Conclusive
presumption of plan validity
457.160 Exception
to plan requirements for disaster areas
457.170 Urban
renewal agency’s powers in planning or undertaking an urban renewal project
457.180 Powers
of urban renewal agencies in general
457.190 Acquisition
of funds by urban renewal agency; maximum amount of indebtedness
Note Bonded
indebtedness if project agreed to prior to September 29, 1991--1991 c.459 §335e
457.210 Applicability
of housing cooperation law to urban renewal projects; delegation of powers and
functions
457.220 Plan
amendment; limit on additional land and increased maximum indebtedness
457.230 Disposition
of land in urban renewal project; determination of value; obligations of
purchaser or lessee; recordation
457.240 Tax
status of land leased under an urban renewal plan
457.320 Municipal
assistance under plan; assumption by agency of general obligation bond payments
of municipality
TAX INCREMENT FINANCING OF URBAN RENEWAL
INDEBTEDNESS
457.420 Plan
may provide for division of property taxes; limits on land area
457.430 Certification
of assessed value of property in urban renewal area; amendment
457.435 Property
tax collection methods for existing plans; special levies
457.437 Consultation
with municipalities; resolution requirements
457.440 Computation
of amounts to be raised from property taxes; notice; rules
457.445 Election
to use alternative consolidated billing tax rate
457.450 Notice
to tax assessor; provision for debt retirement; distribution of remaining tax
increment funds
457.455 Limiting
collections; notification; consultation with taxing districts
457.460 Financial
report required for agency; contents; notice
457.470 Modification
of assessed value; indexing; concurrence of taxing districts; rules
GENERAL PROVISIONS
457.010 Definitions.
As used in this chapter, unless the context requires otherwise:
(1)
“Blighted areas” means areas that, by reason of deterioration, faulty planning,
inadequate or improper facilities, deleterious land use or the existence of
unsafe structures, or any combination of these factors, are detrimental to the
safety, health or welfare of the community. A blighted area is characterized by
the existence of one or more of the following conditions:
(a)
The existence of buildings and structures, used or intended to be used for
living, commercial, industrial or other purposes, or any combination of those
uses, that are unfit or unsafe to occupy for those purposes because of any one
or a combination of the following conditions:
(A)
Defective design and quality of physical construction;
(B)
Faulty interior arrangement and exterior spacing;
(C)
Overcrowding and a high density of population;
(D)
Inadequate provision for ventilation, light, sanitation, open spaces and
recreation facilities; or
(E)
Obsolescence, deterioration, dilapidation, mixed character or shifting of uses;
(b)
An economic dislocation, deterioration or disuse of property resulting from
faulty planning;
(c)
The division or subdivision and sale of property or lots of irregular form and
shape and inadequate size or dimensions for property usefulness and
development;
(d)
The laying out of property or lots in disregard of contours, drainage and other
physical characteristics of the terrain and surrounding conditions;
(e)
The existence of inadequate streets and other rights of way, open spaces and
utilities;
(f)
The existence of property or lots or other areas that are subject to inundation
by water;
(g)
A prevalence of depreciated values, impaired investments and social and
economic maladjustments to such an extent that the capacity to pay taxes is
reduced and tax receipts are inadequate for the cost of public services
rendered;
(h)
A growing or total lack of proper utilization of areas, resulting in a stagnant
and unproductive condition of land potentially useful and valuable for contributing
to the public health, safety and welfare; or
(i)
A loss of population and reduction of proper utilization of the area, resulting
in its further deterioration and added costs to the taxpayer for the creation
of new public facilities and services elsewhere.
(2)
“Certified statement” means the statement prepared and filed pursuant to ORS
457.430 or an amendment to the certified statement prepared and filed pursuant
to ORS 457.430.
(3)
“City” means any incorporated city.
(4)
“Consolidated billing tax rate” means:
(a)
If the urban renewal plan is an existing urban renewal plan (other than an
existing urban renewal plan designated as an Option Three plan under ORS
457.435 (2)(c)), an urban renewal plan that was an existing urban renewal plan
on October 6, 2001, (other than an existing urban renewal plan designated as an
Option Three plan under ORS 457.435 (2)(c)) and that was substantially amended
as described in ORS 457.085 (2)(i)(A) or (B) on or after October 6, 2001, or an
urban renewal plan adopted on or after October 6, 2001, the total of all
district tax rates used to extend taxes after any adjustment to reflect tax
offsets under ORS 310.105, but does not include any rate derived from:
(A)
Any urban renewal special levy under ORS 457.435.
(B)
A local option tax, as defined in ORS 280.040, that is approved by taxing
district electors after October 6, 2001.
(C)
A tax pledged to repay exempt bonded indebtedness (other than exempt bonded
indebtedness used to fund local government pension and disability plan
obligations that, until funded by the exempt bonded indebtedness, were
described in section 11 (5), Article XI of the Oregon Constitution), as defined
in ORS 310.140, that is approved by taxing district electors after October 6,
2001.
(D)
The increase in the rate of ad valorem property tax allowable under section 11
(5)(d), Article XI of the Oregon Constitution, for a school district with a
statutory rate limit on July 1, 2003, that is greater than $4.50 per $1,000 of
assessed value, to the extent that the increase is excluded from local
revenues, as that term is used in ORS chapter 327, and provided that the school
district notifies the county assessor of the rate to be excluded for the
current fiscal year not later than July 15.
(b)
In the case of all other urban renewal plans, the total of all district ad
valorem property tax rates used to extend taxes after any adjustments to
reflect tax offsets under ORS 310.105, except that “consolidated billing tax
rate” does not include any urban renewal special levy rate under ORS 457.435.
(5)(a)
“Existing urban renewal plan” means an urban renewal plan that provides for a
division of ad valorem property taxes as described under ORS 457.420 to 457.460
adopted by ordinance before December 6, 1996, that:
(A)
Except for an amendment made on account of ORS 457.190 (3) and subject to
paragraph (b) of this subsection, is not changed by substantial amendment, as
described in ORS 457.085 (2)(i)(A) or (B), on or after December 6, 1996; and
(B)
For tax years beginning on or after July 1, 1998, includes the limit on
indebtedness as described in ORS 457.190 (3).
(b)
If, on or after July 1, 1998, the maximum limit on indebtedness (adopted by
ordinance before July 1, 1998, pursuant to ORS 457.190) of an existing urban
renewal plan is changed by substantial amendment, then “indebtedness issued or
incurred to carry out the existing urban renewal plan” for purposes of ORS
457.435 includes only the indebtedness within the indebtedness limit adopted by
ordinance under ORS 457.190 (3)(c) before July 1, 1998.
(6)
“Fiscal year” means the fiscal year commencing on July 1 and closing on June
30.
(7)
“Governing body of a municipality” means, in the case of a city, the common
council or other legislative body thereof, and, in the case of a county, the
board of county commissioners or other legislative body thereof.
(8)
“Housing authority” or “authority” means any housing authority established
pursuant to the Housing Authorities Law.
(9)
“Increment” means that part of the assessed value of a taxing district
attributable to any increase in the assessed value of the property located in
an urban renewal area, or portion thereof, over the assessed value specified in
the certified statement.
(10)
“Maximum indebtedness” means the amount of the principal of indebtedness
included in a plan pursuant to ORS 457.190 and does not include indebtedness
incurred to refund or refinance existing indebtedness.
(11)
“Municipality” means any county or any city in this state. “The municipality”
means the municipality for which a particular urban renewal agency is created.
(12)
“Taxing body” or “taxing district” means the state, city, county or any other
taxing unit which has the power to levy a tax.
(13)
“Urban renewal agency” or “agency” means an urban renewal agency created under
ORS 457.035 and 457.045.
(14)
“Urban renewal area” means a blighted area included in an urban renewal plan or
an area included in an urban renewal plan under ORS 457.160.
(15)
“Urban renewal project” or “project” means any work or undertaking carried out
under ORS 457.170 in an urban renewal area.
(16)
“Urban renewal plan” or “plan” means a plan, as it exists or is changed or
modified from time to time for one or more urban renewal areas, as provided in
ORS 457.085, 457.095, 457.105, 457.115, 457.120, 457.125, 457.135 and 457.220. [Amended
by 1957 c.456 §1; 1969 c.225 §1; 1979 c.621 §10; 1991 c.67 §128; 1991 c.459 §330;
1997 c.541 §442; 1999 c.21 §76; 1999 c.579 §25; 2001 c.477 §1; 2003 c.621 §106;
2007 c.884 §1; 2009 c.700 §11]
457.020 Declaration of necessity and
purpose. It hereby is found and declared:
(1)
That there exist within the state blighted areas.
(2)
That such areas impair economic values and tax revenues.
(3)
That such areas cause an increase in and spread of disease and crime and
constitute a menace to the health, safety, morals and welfare of the residents
of the state and that these conditions necessitate excessive and
disproportionate expenditures of public funds for crime prevention and
punishment, public health, safety and welfare, fire and accident protection and
other public services and facilities.
(4)
That certain blighted areas may require acquisition and clearance since the
prevailing condition of decay may make impracticable the reclamation of the
area by conservation or rehabilitation, but other areas or portions thereof may
be susceptible of conservation or rehabilitation in such manner that the
conditions and evils mentioned in subsections (1), (2) and (3) of this section
may be eliminated, remedied or prevented and that such areas should, if
possible, be conserved and rehabilitated through appropriate public action and
the cooperation and voluntary action of the owners and tenants of property in
such areas.
(5)
That the acquisition, conservation, rehabilitation, redevelopment, clearance,
replanning and preparation for rebuilding of these areas, and the prevention or
the reduction of blight and its causes, are public uses and purposes for which
public money may be spent and private property acquired and are governmental
functions of state concern.
(6)
That there are also certain areas where the condition of the title, the diverse
ownership of the land to be assembled, the street or lot layouts or other
conditions prevent a proper development of the land, and that it is in the
public interest that such areas, as well as blighted areas, be acquired by
eminent domain and made available for sound and wholesome development in
accordance with a redevelopment or urban renewal plan, and that the exercise of
the power of eminent domain and the financing of the acquisition and
preparation of land by a public agency for such redevelopment or urban renewal
is likewise a public use and purpose.
(7)
That redevelopment and urban renewal activities will stimulate residential
construction which is closely correlated with general economic activity; that
undertakings authorized by this chapter will aid the production of better
housing and more desirable neighborhood and community development at lower
costs and will make possible a more stable and larger volume of residential
construction, which will assist materially in maintaining full employment.
(8)
That the necessity in the public interest for this chapter is a matter of
legislative determination. [Amended by 1957 c.456 §2; 1979 c.621 §11]
457.025 Powers supplemental to other laws.
The powers conferred by this chapter are in addition and supplemental to the
powers conferred by any other law. [Formerly 457.110]
457.030
[Amended by 1957 c.456 §18; repealed by 1979 c.621 §28]
URBAN RENEWAL AGENCIES; PLANS;
ACTIVITIES
457.035 Urban renewal agencies; creation;
ordinance to exercise powers; jurisdiction. (1) In
each municipality, as defined in ORS 457.010, there hereby is created a public
body corporate and politic to be known as the “urban renewal agency” of the
municipality. However, the urban renewal agency shall not exercise its powers
until or unless the governing body of the municipality, by nonemergency
ordinance, declares that blighted areas exist in the municipality and that
there is need for an urban renewal agency to function in the municipality and
elects to have the powers of an urban renewal agency exercised in any of the
three ways provided in ORS 457.045.
(2)
An urban renewal agency, upon activation under subsection (1) of this section,
shall have authority to exercise its powers within the same area of operation
given a housing authority of the municipality under ORS 456.060. [Formerly
457.130]
457.040
[Repealed by 1979 c.621 §28]
457.045 Election of method of exercise of
urban renewal agency’s powers. The governing
body of a municipality shall, in the ordinance adopted under ORS 457.035, elect
to have the powers of an urban renewal agency under this chapter exercised in
one of the following ways:
(1)
By a housing authority of the municipality established pursuant to the Housing
Authorities Law in which case the name of the body corporate and politic shall
be the “housing authority and urban renewal agency” of the municipality.
(2)
By appointing a board or commission composed of not less than three members.
(3)
By the governing body, itself, provided, however, that any act of the governing
body acting as the urban renewal agency shall be, and shall be considered, the
act of the urban renewal agency only and not of the governing body. [Formerly
457.140]
457.050
[Amended by 1953 c.230 §3; 1957 c.456 §19; repealed by 1979 c.621 §28]
457.055 Transfer of agency powers.
At any time following adoption of the ordinance under ORS 457.035, or for urban
renewal agencies activated before October 3, 1979, at any time following
adoption of a proper resolution or ordinance of the governing body of the
municipality, the governing body of a municipality may, by ordinance, transfer
the authority to exercise the powers of the urban renewal agency to any other
body authorized to exercise those powers under ORS 457.045. All duties and
obligations of the urban renewal agency shall thereafter be assumed by the body
to which those powers are transferred. [1979 c.621 §16 (enacted in lieu of
457.145)]
457.060
[Repealed by 1979 c.621 §28]
457.065 Advisory board for housing
authority acting as urban renewal agency. For
the purpose of coordinating its activities and undertakings under this chapter
with the needs and undertakings of other local organizations and groups, a
housing authority exercising the powers of an urban renewal agency under ORS
457.045 shall establish an advisory board consisting of the chairperson of the
authority, who shall be chairperson of the advisory board, and of sufficient
members, to be appointed by the chairperson, to represent as far as
practicable:
(1)
The general public and consumers of housing.
(2)
General business interests.
(3)
Real estate, building and home financing interests.
(4)
Labor.
(5)
Any official planning body in the locality.
(6)
Church and welfare groups. [Formerly 457.100]
457.070
[Repealed by 1979 c.621 §28]
457.075 Termination of urban renewal
agency. If the governing body of a municipality
which has an urban renewal agency under ORS 457.035 finds that there no longer
exists a need for an urban renewal agency in the municipality, the governing
body shall provide, by ordinance, for a termination of the agency and a
transfer of the agency’s facilities, files and personnel to the municipality.
The termination of an urban renewal agency shall not affect any outstanding
legal actions, contracts or obligations of the agency and the municipality
shall be substituted for the agency and, for the purpose of those legal actions,
contracts or obligations, shall be considered a continuation of the urban
renewal agency and not a new entity. No urban renewal agency shall be
terminated under this section unless all indebtedness to which a portion of
taxes is irrevocably pledged for payment under ORS 457.420 to 457.460 is fully
paid. [1979 c.621 §6; 1991 c.459 §331; 1997 c.541 §443]
457.080
[Repealed by 1979 c.621 §28]
457.085 Urban renewal plan requirements;
accompanying report; contents; approval required.
(1) An urban renewal agency shall provide for public involvement in all stages
in the development of an urban renewal plan.
(2)
An urban renewal plan proposed by an urban renewal agency shall include all of
the following:
(a)
A description of each urban renewal project to be undertaken.
(b)
An outline for the development, redevelopment, improvements, land acquisition,
demolition and removal of structures, clearance, rehabilitation or conservation
of the urban renewal areas of the plan.
(c)
A map and legal description of the urban renewal areas of the plan.
(d)
An explanation of its relationship to definite local objectives regarding
appropriate land uses and improved traffic, public transportation, public
utilities, telecommunications utilities, recreational and community facilities
and other public improvements.
(e)
An indication of proposed land uses, maximum densities and building
requirements for each urban renewal area.
(f)
A description of the methods to be used for the temporary or permanent
relocation of persons living in, and businesses situated in, the urban renewal
area of the plan.
(g)
An indication of which real property may be acquired and the anticipated
disposition of said real property, whether by retention, resale, lease or other
legal use, together with an estimated time schedule for such acquisition and
disposition.
(h)
If the plan provides for a division of ad valorem taxes under ORS 457.420 to
457.460, the maximum amount of indebtedness that can be issued or incurred
under the plan.
(i)
A description of what types of possible future amendments to the plan are
substantial amendments and require the same notice, hearing and approval
procedure required of the original plan under ORS 457.095 as provided in ORS
457.220, including but not limited to amendments:
(A)
Adding land to the urban renewal area, except for an addition of land that
totals not more than one percent of the existing area of the urban renewal
area.
(B)
Increasing the maximum amount of indebtedness that can be issued or incurred
under the plan.
(j)
For a project which includes a public building, an explanation of how the
building serves or benefits the urban renewal area.
(3)
An urban renewal plan shall be accompanied by a report which shall contain:
(a)
A description of physical, social and economic conditions in the urban renewal
areas of the plan and the expected impact, including the fiscal impact, of the
plan in light of added services or increased population;
(b)
Reasons for selection of each urban renewal area in the plan;
(c)
The relationship between each project to be undertaken under the plan and the
existing conditions in the urban renewal area;
(d)
The estimated total cost of each project and the sources of moneys to pay such
costs;
(e)
The anticipated completion date for each project;
(f)
The estimated amount of money required in each urban renewal area under ORS
457.420 to 457.460 and the anticipated year in which indebtedness will be
retired or otherwise provided for under ORS 457.420 to 457.460;
(g)
A financial analysis of the plan with sufficient information to determine
feasibility;
(h)
A fiscal impact statement that estimates the impact of the tax increment
financing, both until and after the indebtedness is repaid, upon all entities
levying taxes upon property in the urban renewal area; and
(i)
A relocation report which shall include:
(A)
An analysis of existing residents or businesses required to relocate
permanently or temporarily as a result of agency actions under ORS 457.170;
(B)
A description of the methods to be used for the temporary or permanent
relocation of persons living in, and businesses situated in, the urban renewal
area in accordance with ORS 35.500 to 35.530; and
(C)
An enumeration, by cost range, of the existing housing units in the urban
renewal areas of the plan to be destroyed or altered and new units to be added.
(4)
An urban renewal plan and accompanying report shall be forwarded to the
planning commission of the municipality for recommendations, prior to
presenting the plan to the governing body of the municipality for approval
under ORS 457.095.
(5)
An urban renewal plan and accompanying report shall be forwarded to the
governing body of each taxing district affected by the urban renewal plan and
the agency shall consult and confer with the taxing districts prior to
presenting the plan to the governing body of the municipality for approval
under ORS 457.095. Any written recommendations of the governing body of each
taxing district shall be accepted, rejected or modified by the governing body
of the municipality in adopting the plan.
(6)
No urban renewal plan shall be carried out until the plan has been approved by
the governing body of each municipality pursuant to ORS 457.095 and 457.105. [1979
c.621 §2; 1983 c.544 §1; 1987 c.668 §1; 1987 c.447 §130; 1991 c.459 §332; 1997
c.541 §444]
457.090
[Repealed by 1979 c.621 §28]
457.095 Approval of plan by ordinance;
required contents of ordinance; notice. The governing
body of the municipality, upon receipt of a proposed urban renewal plan and
report from the municipality’s urban renewal agency and after public notice and
hearing and consideration of public testimony and planning commission
recommendations, if any, may approve the urban renewal plan. The approval shall
be by nonemergency ordinance which shall incorporate the plan by reference.
Notice of adoption of the ordinance approving the urban renewal plan, and the
provisions of ORS 457.135, shall be published by the governing body of the
municipality in accordance with ORS 457.115 no later than four days following
the ordinance adoption. The ordinance shall include determinations and findings
by the governing body that:
(1)
Each urban renewal area is blighted;
(2)
The rehabilitation and redevelopment is necessary to protect the public health,
safety or welfare of the municipality;
(3)
The urban renewal plan conforms to the comprehensive plan and economic
development plan, if any, of the municipality as a whole and provides an
outline for accomplishing the urban renewal projects the urban renewal plan
proposes;
(4)
Provision has been made to house displaced persons within their financial means
in accordance with ORS 35.500 to 35.530 and, except in the relocation of
elderly individuals or individuals with disabilities, without displacing on
priority lists persons already waiting for existing federally subsidized
housing;
(5)
If acquisition of real property is provided for, that it is necessary;
(6)
Adoption and carrying out of the urban renewal plan is economically sound and
feasible; and
(7)
The municipality shall assume and complete any activities prescribed it by the
urban renewal plan. [1979 c.621 §3; 1989 c.224 §121; 2007 c.70 §263]
457.100
[Amended by 1979 c.621 §12; renumbered 457.065]
457.105 Approval of plan by other municipalities.
In addition to the approval of a plan by the governing body of the municipality
under ORS 457.095, when any portion of the area of a proposed urban renewal
plan extends beyond the boundaries of the municipality into any other
municipality and, in the case of a proposed plan by a county agency, when any
portion of such area is within the boundaries of a city, the governing body of
the other municipality may approve the plan and may do so by resolution, rather
than by ordinance. A proposed plan for an urban renewal area which is wholly
within the boundaries of a city, or which is wholly within the boundaries of a
county and does not include any area within the boundaries of a city, must be
approved only by the governing body of the municipality in accordance with ORS
457.095. [1979 c.621 §3a; 1987 c.668 §2]
457.110
[Renumbered 457.025]
457.115 Manner of newspaper notice.
Notice of adoption of an urban renewal plan required under ORS 457.095 and
notice of filing of an annual financial statement required under ORS 457.460
shall be published in the newspaper, as defined in ORS 193.010, having the
greatest circulation in the municipality and which is published within the
municipality. If no newspaper is published within the municipality, the required
notice shall be published in the newspaper having greatest circulation within
the municipality published nearest to the municipality. [1979 c.621 §3b]
457.120 When additional notice required;
to whom sent; content; notice by publication. (1) In
addition to any required public notice of hearing on a proposed urban renewal
plan or substantial amendment or change to a plan, as described in ORS 457.085
(2)(i) and 457.220, the municipality shall cause notice of a hearing by the
governing body on a proposed plan for a new urban renewal area or on a proposed
change containing one of the types of amendments specified in ORS 457.085
(2)(i) to be mailed to each individual or household in one of the following
groups:
(a)
Owners of real property that is located in the municipality;
(b)
Electors registered in the municipality;
(c)
Sewer, water, electric or other utility customers in the municipality; or
(d)
Postal patrons in the municipality.
(2)
If the urban renewal area governed by the plan or substantial amendment thereof
extends beyond the boundaries of the municipality, notice shall also be sent to
each individual in the selected group who is located in the urban renewal area.
(3)
The notice required by this section shall contain a statement in plain language
that:
(a)
The governing body, on a specified date, will hold a public hearing and
consider an ordinance adopting or substantially amending an urban renewal plan;
(b)
The adoption or amendment may impact property tax rates;
(c)
States the proposed maximum amount of indebtedness that can be issued or
incurred under the plan or amendment;
(d)
The ordinance, if approved, is subject to referendum; and
(e)
A copy of the ordinance, urban renewal plan and accompanying report can be
obtained by contacting a designated person within the municipality.
(4)
If the municipality which activated the urban renewal agency is a county:
(a)
The notice required by subsection (1) of this section shall be sent to each
individual or household in one of the groups listed in subsections (1)(a) to
(d) of this section, except that the notice need be sent only to those
individuals or households located in a school district with territory affected
or to be affected by the tax increment financing for the new urban renewal area
or proposed change.
(b)
In addition to the notice under paragraph (a) of this subsection, the county
shall cause notice to be published in a paper of general circulation throughout
the county. The published notice shall contain the information described in subsection
(3) of this section, be published in an advertisement not less than three
inches in height and three inches in width and be located in a general interest
section of the newspaper other than the classified advertisement section. [1991
c.459 §335f; 1997 c.541 §445]
Note:
457.120 was added to and made a part of ORS chapter 457 by legislative action
but was not added to any smaller series therein. See Preface to Oregon Revised
Statutes for further explanation.
457.125 Recording of plan upon approval.
A copy of the ordinance approving an urban renewal plan under ORS 457.095 shall
be sent by the governing body of the municipality to the urban renewal agency.
A copy of the resolution approving an urban renewal plan under ORS 457.105
shall be sent by the governing body of a municipality to the urban renewal
agency. Upon receipt of the necessary approval of each municipality governing
body, the urban renewal plan shall be recorded by the urban renewal agency with
the recording officer of each county in which any portion of an urban renewal
area within the plan is situated. [1979 c.621 §4]
457.130 [1957
c.456 §§4,5; 1979 c.621 §13; renumbered 457.035]
457.135 Conclusive presumption of plan
validity. After October 3, 1979, any urban
renewal plan purported to be adopted in conformance with applicable legal
requirements shall be conclusively presumed valid for all purposes 90 days
after adoption of the plan by ordinance of the governing body of the
municipality. No direct or collateral attack on the action may thereafter be
commenced. [1979 c.621 §5]
457.140 [1957
c.456 §6; 1975 c.246 §1; 1979 c.621 §14; renumbered 457.045]
457.145 [1967
c.311 §2; repealed by 1979 c.621 §15 (457.055 enacted in lieu of 457.145)]
457.150 [1957
c.456 §8; repealed by 1979 c.621 §28]
457.160 Exception to plan requirements for
disaster areas. Notwithstanding any other
provisions of ORS chapters 455 and 456 or this chapter and ORS 446.515 to
446.547, where the governing body of a municipality certifies that an area is
in need of redevelopment or rehabilitation as a result of a flood, fire,
hurricane, earthquake, storm or other catastrophe respecting which the Governor
has certified the need for disaster assistance under federal law, the governing
body may declare a need for an urban renewal agency, if necessary, and may
approve an urban renewal plan and an urban renewal project for such area
without regard to the provisions requiring:
(1)
That the urban renewal plan conform to the comprehensive plan and economic
development plan, if any, for the municipality as a whole.
(2)
That the urban renewal area be a blighted area. [1957 c.456 §15; 1979 c.621 §18;
1993 c.18 §114]
457.170 Urban renewal agency’s powers in
planning or undertaking an urban renewal project.
An urban renewal agency may plan or undertake any urban renewal project to
carry out an approved urban renewal plan. In planning or undertaking an urban
renewal project, the urban renewal agency has the power:
(1)
To carry out any work or undertaking and exercise any powers which a housing
authority is authorized to perform or exercise under ORS 456.055 to 456.235,
subject to the provisions of this chapter provided, however, that ORS 456.155
and 456.160 do not limit the power of an agency in event of a default by a purchaser
or lessee of land in an urban renewal plan to acquire property and operate it
free from the restrictions in those sections.
(2)
To carry out any rehabilitation or conservation work in an urban renewal area.
(3)
To acquire real property, by condemnation if necessary, when needed to carry
out the plan.
(4)
To clear any areas acquired, including the demolition, removal or
rehabilitation of buildings and improvements.
(5)
To install, construct or reconstruct streets, utilities and site improvements in
accordance with the urban renewal plan.
(6)
To carry out plans for a program of the voluntary repair and rehabilitation of
buildings or other improvements in an urban renewal area in accordance with the
urban renewal plan.
(7)
To assist in relocating persons living in, and property situated in, the urban
renewal area in accordance with the approved urban renewal plan and to make
relocation payments.
(8)
To dispose of, including by sale or lease, any property or part thereof
acquired in the urban renewal area in accordance with the approved urban
renewal plan.
(9)
To plan, undertake and carry out neighborhood development programs consisting
of urban renewal project undertakings in one or more urban renewal areas which
are planned and carried out on the basis of annual increments in accordance
with the provisions of this chapter for planning and carrying out urban renewal
plans.
(10)
To accomplish a combination of the things listed in this section to carry out
an urban renewal plan. [1957 c.456 §7; 1969 c.225 §2; 1969 c.539 §1; 1979 c.621
§19; 1995 c.79 §268]
457.180 Powers of urban renewal agencies
in general. An urban renewal agency, in addition to
its other powers, may:
(1)
Make plans for carrying out a program of voluntary repair and rehabilitation of
buildings and improvements.
(2)
Make plans for the enforcement of laws, codes and regulations relating to:
(a)
The use of land.
(b)
The use and occupancy of buildings and improvements.
(c)
The repair, rehabilitation, demolition or removal of buildings and
improvements.
(3)
Make plans for the relocation of persons and property displaced by an urban
renewal project.
(4)
Make preliminary plans outlining urban renewal activities for neighborhoods to
embrace two or more urban renewal areas.
(5)
Conduct preliminary surveys to determine if the undertaking and carrying out of
an urban renewal project is feasible.
(6)
Develop, test and report methods and techniques and carry out demonstrations
and other activities for the prevention and the elimination of urban blight.
(7)
Engage in any other housing or community development activities specifically
delegated to it by the governing body of the municipality including but not
limited to land acquisition and disposition, conservation and rehabilitation,
residential or business relocation, construction, leasing or management of
housing, and the making of grants and loans from any available source. [1957
c.456 §10; 1975 c.382 §1]
457.190 Acquisition of funds by urban
renewal agency; maximum amount of indebtedness.
(1) An urban renewal agency may borrow money and accept advances, loans, grants
and any other form of financial assistance from the federal government, the
state, county or other public body, or from any sources, public or private, for
the purposes of undertaking and carrying out urban renewal projects.
(2)
An urban renewal agency may do all things necessary or desirable to secure such
financial aid, including obligating itself in any contract with the federal
government for federal financial aid to convey to the federal government the
project to which the contract relates upon the occurrence of a substantial
default thereunder, in the same manner as a housing authority may do to secure
such aid in connection with blighted area clearance and housing projects under
the Housing Authorities Law.
(3)(a)
Each urban renewal plan adopted by ordinance on or after July 14, 1997, that
provides for a division of taxes pursuant to ORS 457.440 shall include in the
plan the maximum amount of indebtedness that may be issued or incurred under
the plan. Notwithstanding subsection (1) of this section, if a maximum amount
of indebtedness is not included in the plan, the urban renewal agency may not
issue indebtedness for which taxes divided under ORS 457.440 are to be pledged
to carry out the plan.
(b)
Each urban renewal plan adopted by ordinance on or after December 6, 1996, and
before July 14, 1997, that provides for a division of taxes pursuant to ORS
457.440 but does not include a maximum amount of indebtedness that may be
issued or incurred under the plan shall be changed, by substantial plan
amendment pursuant to ORS 457.220, to include the maximum amount of
indebtedness that may be issued or incurred under the plan before July 1, 2000.
Notwithstanding subsection (1) of this section, if a maximum amount of
indebtedness is not included in the plan on or before July 1, 2000, the urban
renewal agency may not on or after July 1, 2000, issue indebtedness for which
taxes divided under ORS 457.440 are to be pledged to carry out the plan.
(c)(A)
Each existing urban renewal plan that provides for a division of taxes pursuant
to ORS 457.420 to 457.460 may be changed by substantial amendment no later than
July 1, 1998, to include a maximum amount of indebtedness that may be issued or
incurred under the plan determined as described in subparagraph (B) of this
paragraph. The additional notices required under ORS 457.120 are not required
for an amendment adopted pursuant to this paragraph.
(B)
The maximum amount of indebtedness that may be issued or incurred under the
plan, as determined for purposes of meeting the requirements of this paragraph,
shall be based upon good faith estimates of the scope and costs of projects,
including but not limited to increases in costs due to reasonably anticipated
inflation, in the existing urban renewal plan and the schedule for their
completion as completion dates were anticipated as of December 5, 1996. The
maximum amount of indebtedness shall be specified in dollars and cents.
(C)
Notwithstanding subsection (1) of this section, if a maximum amount of
indebtedness is not adopted for an existing urban renewal plan as described in
this paragraph before July 1, 1998, the urban renewal agency may not collect
funds under ORS 457.435.
(4)
For an urban renewal plan initially approved on or after January 1, 2010, other
than for a large metropolitan plan as defined in ORS 457.470, the initial
maximum indebtedness that may be issued or incurred under the plan shall be
established as follows:
(a)
If the total assessed value in the certified statement under ORS 457.430 is
less than or equal to $50 million, the initial maximum indebtedness may not
exceed $50 million.
(b)
If the total assessed value in the certified statement is more than $50 million
and less than or equal to $150 million, the initial maximum indebtedness may
not exceed $50 million plus 50 percent of the total assessed value in the
certified statement that is over $50 million.
(c)
If the total assessed value in the certified statement exceeds $150 million,
the initial maximum indebtedness may not exceed $100 million, plus 35 percent
of the total assessed value in the certified statement that is over $150
million.
(d)
Beginning July 1, 2010, the dollar limits set forth in this subsection may be
increased on July 1 of each year by the index used in the urban renewal report
to compute the future costs of projects that will be financed under the plan.
(e)
The limits in this subsection do not apply if the agency obtains concurrence as
provided in ORS 457.470. [1957 c.456 §14; 1991 c.459 §333; 1997 c.541 §446;
2007 c.606 §12; 2009 c.700 §1]
Note:
Section 335e, chapter 459, Oregon Laws 1991, provides:
Sec. 335e. Bonded indebtedness if project
agreed to prior to September 29, 1991.
Notwithstanding ORS 457.190, an urban renewal agency may issue bonded
indebtedness to undertake an urban renewal project to carry out an urban
renewal plan if, prior to September 29, 1991, a written contract or other
written agreement for the project was made, the instrument setting forth the
contract or agreement was executed and the parties were bound. The urban
renewal agency of the municipality may use any of the money available to it
from the issuance of the bonds for carrying out the project in accordance with
the contract or agreement. [1991 c.459 §335e; 1997 c.541 §446a]
457.210 Applicability of housing
cooperation law to urban renewal projects; delegation of powers and functions.
(1) Any state public body, as defined in ORS 456.305, shall have the same
rights and powers to cooperate with and assist urban renewal agencies with
respect to urban renewal projects that such state public body has pursuant to
ORS 456.305 to 456.325 to cooperate and assist housing authorities with respect
to housing projects in the same manner as though those sections were applicable
to urban renewal agencies and projects under this chapter.
(2)
Any state public body, as defined in ORS 456.305, hereby is authorized to enter
into agreements with any other public body, including an urban renewal agency,
respecting action to be taken pursuant to any of the powers granted by this
chapter, including, but not limited to, the furnishing of funds or other
assistance in connection with an urban renewal plan or urban renewal project.
(3)
An urban renewal agency hereby is authorized to delegate any of its powers or
functions to the municipality or other state public body, as defined in ORS
456.305, with respect to the planning or undertaking of an urban renewal
project in the area in which such municipality or other state public body is
authorized to act. The municipality, or other state public body to which the
powers or functions are delegated hereby is authorized to carry out or perform
such powers or functions. [1957 c.456 §11]
457.220 Plan amendment; limit on
additional land and increased maximum indebtedness.
(1) Except for the provisions of subsections (2) and (4) of this section, an
urban renewal agency shall carry out the urban renewal plan approved under ORS
457.095.
(2)
Any substantial change made in the urban renewal plan shall, before being
carried out, be approved and recorded in the same manner as the original plan.
(3)
No land equal to more than 20 percent of the total land area of the original
plan shall be added to the urban renewal areas of a plan by amendments.
(4)
On or after January 1, 2010, the urban renewal agency may amend a plan that is
not a large metropolitan plan as defined in ORS 457.470 to increase the maximum
indebtedness, provided that:
(a)
The aggregate of all amendments under this subsection may not exceed 20 percent
of the plan’s initial maximum indebtedness, as adjusted pursuant to paragraph
(b) of this subsection.
(b)
For purposes of computing the 20 percent limit on increases in maximum
indebtedness, the initial maximum indebtedness may be increased annually on the
anniversary date of initial approval of the plan by the index used in the urban
renewal report to compute the future costs of projects that will be financed
under the plan, beginning on the later of July 1, 1999, or the first
anniversary of plan approval. This increase may be applied only to the first
amendment to the maximum indebtedness that is made on or after January 1, 2010.
(5)
The limits in subsection (4) of this section do not apply if the agency obtains
concurrence as provided in ORS 457.470. [1957 c.456 §9; 1979 c.621 §20; 2009
c.700 §2]
457.230 Disposition of land in urban
renewal project; determination of value; obligations of purchaser or lessee;
recordation. (1) The urban renewal agency shall, in
accordance with the approved urban renewal plan, make land in an urban renewal
project available for use by private enterprise or public agencies. Such land
shall be made available at a value determined by the urban renewal agency to be
its fair reuse value, which represents the value, whether expressed in terms of
rental or capital price, at which the urban renewal agency in its discretion
determines such land should be made available in order that it may be
developed, redeveloped, cleared, conserved or rehabilitated for the purposes
specified in such plan.
(2)
To assure that land acquired in an urban renewal project is used in accordance
with the urban renewal plan, an urban renewal agency, upon the sale or lease of
such land, shall obligate purchasers or lessees:
(a)
To use the land for the purposes designated in the urban renewal plan.
(b)
To begin the building of their improvements within a period of time which the
urban renewal agency fixes as reasonable.
(3)
Any obligations by the purchaser shall be covenants and conditions running with
the land where the urban renewal agency so stipulates.
(4)
Any contract for the transfer of any interest in land by the urban renewal
agency may be recorded in the land records of the county in which the land is
situated in the same manner as any other contract for the transfer of an
interest in land is recorded. [1957 c.456 §12; 1965 c.571 §1; 1967 c.312 §1]
457.240 Tax status of land leased under an
urban renewal plan. Any property which the urban renewal
agency leases to private persons as defined in ORS 174.100 under an urban
renewal plan shall have the same tax status as if such leased property were
owned by such private individuals or corporations. [1957 c.456 §13; 1983 c.327 §11]
457.310 [1957
c.456 §16; repealed by 1979 c.621 §28]
457.320 Municipal assistance under plan;
assumption by agency of general obligation bond payments of municipality.
In addition to the other powers granted a municipality under this chapter, a
municipality may exercise any of its powers otherwise provided by law to assist
in the planning or the carrying out of an urban renewal plan. Without limiting
the powers granted by the preceding sentence, a municipality may issue its
general obligation bonds for the purpose of assisting in the planning or the
carrying out of an urban renewal plan. The urban renewal agency of the
municipality may assume payment of the general obligation bonds and may use any
of the moneys available to it for that purpose. [1957 c.456 §17; 1979 c.621 §21]
457.410 [1961
c.554 §2; repealed by 1979 c.621 §28]
TAX INCREMENT FINANCING OF URBAN RENEWAL
INDEBTEDNESS
457.420 Plan may provide for division of
property taxes; limits on land area. (1) Any urban
renewal plan may contain a provision that the ad valorem taxes, if any, levied
by a taxing district in which all or a portion of an urban renewal area is
located, shall be divided as provided in section 1c, Article IX of the Oregon
Constitution, and ORS 457.420 to 457.460. Ad valorem taxes shall not be divided
if there is no provision in the urban renewal plan for the division.
(2)
No plan adopted after October 3, 1979, shall provide for a division of ad
valorem taxes under subsection (1) of this section if:
(a)
For municipalities having a population of more than 50,000, according to the
latest state census:
(A)
The assessed value for the urban renewal areas of the plan, when added to the
total assessed value previously certified by the assessor for other urban
renewal plans of the municipality for which a division of ad valorem taxes is
provided, exceeds a figure equal to 15 percent of the total assessed value of
that municipality, exclusive of any increased assessed value for other urban
renewal areas and without regard to adjustments made pursuant to ORS 457.435
(2)(c), 457.455 or 457.470 (2) to (5); or
(B)
The urban renewal areas of the plan when added to the areas included in other
urban renewal plans of the municipality providing for a division of ad valorem
taxes, exceed a figure equal to 15 percent of the total land area of that
municipality.
(b)
For municipalities having a population of less than 50,000, according to the
latest state census:
(A)
The assessed value for the urban renewal areas of the plan, when added to the
total assessed value previously certified by the assessor for other urban
renewal plans of the municipality for which a division of ad valorem taxes is
provided, exceeds a figure equal to 25 percent of the total assessed value of
that municipality, exclusive of any increased assessed value for other urban
renewal areas and without regard to adjustments made pursuant to ORS 457.435
(2)(c), 457.455 or 457.470 (2) to (5); or
(B)
The urban renewal areas of the plan, when added to the areas included in other
urban renewal plans of the municipality providing for a division of ad valorem
taxes, exceed a figure equal to 25 percent of the total land area of that
municipality.
(3)
Property may not be included in more than one urban renewal area. [1961 c.554 §3;
1969 c.539 §2; 1971 c.544 §4; 1979 c.621 §24; 1991 c.459 §334; 1997 c.541 §447;
2009 c.700 §3]
457.430 Certification of assessed value of
property in urban renewal area; amendment. (1) As
soon as practicable after the approval of a plan containing a provision
authorized by ORS 457.420, the county assessor of each county in which an urban
renewal area is located shall prepare, in duplicate, a certified statement of
the total assessed value, as shown on the county assessment roll last certified
prior to the effective date of the ordinance approving the plan, of all of the
taxable real and personal property contained in the urban renewal area in the
county.
(2)
Wherever only a part of an urban renewal area is located in a taxing district,
the assessor also shall show in the statement required by subsection (1) of
this section the assessed value of the real and personal property in the part
of the urban renewal area located in the taxing district.
(3)
One copy of the certified statement shall be filed by the assessor with the
agency and the other copy shall constitute a part of the public records of the
county assessor’s office.
(4)
Whenever a part of an urban renewal area comes within the territory of a taxing
district either by annexation, incorporation of a new taxing district or
consolidation, after the approval of a plan containing a provision authorized
by ORS 457.420, the county assessor shall in the same manner as under
subsection (3) of this section file a certified statement or an amendment to a
certified statement to show the assessed value of the real and personal
property in that part of the urban renewal area incorporated by annexation or
consolidation into the taxing district. The assessed value of the real and
personal property so incorporated shall be determined in the same manner and as
of the same date as provided in subsections (1) and (2) of this section.
(5)
When a certified statement is filed as required by subsection (1) of this
section, if the law provides a reduction or increase of the valuation for tax
purposes of the taxable property contained in the urban renewal area at the
time of the filing, the assessor shall state the total assessed value as it is
so reduced or increased. After a certified statement has been filed as required
by subsection (1) of this section, if a law is enacted which provides a
reduction or increase of the valuation for tax purposes of the taxable property
contained in the urban renewal area at the time the certified statement was
filed, the assessor shall amend the certified statement annually or as
otherwise required to reduce or increase the stated total assessed value of the
real and personal property accordingly. An amendment to the certified statement
shall be filed in the manner provided by subsections (3) and (4) of this section.
(6)(a)
Subject to subsections (4) and (5) of this section and paragraph (b) of this
subsection, all certified statements and amendments thereto filed under this
section before July 14, 1997, shall continue to remain in effect.
(b)
Effective as of the tax year beginning on July 1, 1997, the assessor shall
amend the amount of assessed value included in a certified statement by
applying to the certified assessed value of each tax code area located within
an urban renewal area the percentage obtained by dividing the total assessed
value within the tax code area, including growth in assessed value over the
certified assessed value, by the total real market value within the tax code
area. [1961 c.554 §4; 1969 c.539 §3; 1979 c.621 §25; 1981 c.804 §105; 1983 s.s.
c.5 §24; 1991 c.459 §335; 1997 c.541 §448]
457.435 Property tax collection methods
for existing plans; special levies. (1) For each
existing urban renewal plan that includes a provision for a division of ad
valorem taxes under ORS 457.420 to 457.460, the municipality that activated the
urban renewal agency that is carrying out the plan shall adopt an ordinance
choosing one of the options listed in subsection (2) of this section as the
method of collecting ad valorem property taxes sufficient to pay, when due,
indebtedness issued or incurred to carry out the plan as permitted by section
11 (16), Article XI of the Oregon Constitution.
(2)
The options referred to in subsection (1) of this section are as follows:
(a)
Option One: To collect amounts sufficient to pay the obligations, as budgeted
for the plan, from ORS 457.440, and if the amount estimated to be received from
ORS 457.440 is not sufficient to meet the budgeted obligations of the plan for
the tax or fiscal year, to make a special levy in the amount of the remainder
upon all of the taxable property of the municipality that activated the urban
renewal agency and upon all of the taxable property lying outside the
municipality but included in an urban renewal area of the plan.
(b)
Option Two: To make a special levy in the amount stated in the notice given
under ORS 457.440 (2) upon all of the taxable property of the municipality that
activated the urban renewal agency, and upon all of the taxable property lying
outside the municipality but included in an urban renewal area of the plan.
(c)
Option Three: To collect an amount equal to the amount stated in the ordinance
adopted as provided in subsection (1) of this section by dividing the taxes
pursuant to ORS 457.440, and to make a special levy upon all of the taxable
property of the municipality that activated the urban renewal agency and upon
all of the taxable property lying outside the municipality but within an urban
renewal area of the plan. The county assessor shall adjust the amount of the total
assessed value included in the certified statement filed under ORS 457.430 so
that the amount collected by dividing the taxes pursuant to ORS 457.440 does
not exceed the amount stated in the ordinance to be collected by dividing the
taxes pursuant to ORS 457.440.
(3)(a)
The total amount obtained under an option listed in subsection (2) of this
section for any plan shall not exceed the maximum amount that could have been
certified to the assessor for the plan under ORS 457.440 (1995 Edition) for the
tax year beginning July 1, 1997.
(b)
For each tax year beginning after the 1997-1998 tax year, the limitation of
paragraph (a) of this subsection shall be adjusted by a percentage change equal
to the percentage change in the increment within the urban renewal area from
the preceding year.
(4)(a)
The ordinance choosing the option referred to in subsection (1) of this section
shall be adopted no later than July 1, 1998, and shall be applicable for tax
years beginning on or after July 1, 1998. If not so adopted, the municipality
shall be considered to have chosen Option One as its method of collection of ad
valorem property taxes sufficient to pay, when due, indebtedness issued or
incurred to carry out the existing urban renewal plan. An option, once chosen,
may not be changed to another option. In addition, if Option Three is chosen,
the amount specified in the ordinance choosing the option to be collected by
dividing the taxes pursuant to ORS 457.440 shall not be changed by subsequent
ordinance or amendment to the certified statement.
(b)
The option chosen, together with the particulars of the option, including but
not limited to any limit on the amount to be received from ORS 457.440, shall
be reflected in the notice filed by the urban renewal agency with the county
assessor.
(5)(a)
The county assessor, or county assessors if the taxable property is in more
than one county, shall extend the special levy against all of the taxable
property of the municipality that activated the urban renewal agency and all of
the taxable property lying outside the municipality but included in an urban
renewal area of the plan.
(b)
Any amounts collected from special levies made under this section shall be paid
into the special fund or funds of the urban renewal agency referred to in ORS
457.440 (6) and shall be used to pay the principal and interest to finance or
refinance the existing urban renewal plan or plans of the urban renewal agency.
(6)
This section applies to existing urban renewal plans with respect to principal
and interest on indebtedness until the indebtedness is fully paid or it is
found that deposits in the special fund are sufficient to pay the principal and
interest on the indebtedness issued or incurred under the existing urban
renewal plan.
(7)
Nothing in this section shall prevent the funding of urban renewal indebtedness
as provided under ORS 457.440. [1997 c.541 §454; 1999 c.579 §32]
457.437 Consultation with municipalities;
resolution requirements. (1) Prior to the establishment
of a maximum amount of indebtedness for an urban renewal plan under ORS 457.190
and before an option is adopted under ORS 457.435, the urban renewal agency
that is carrying out the plan shall meet with the governing bodies of the
municipality that activated the urban renewal agency and other municipalities
affected by the urban renewal plan and review the proposed maximum amount of
indebtedness for the plan and the agency’s recommended option under ORS
457.435.
(2)
After the meeting described in subsection (1) of this section, the governing
bodies shall adopt resolutions in support of or opposition to the recommended
option under ORS 457.435.
(3)
If an affected municipality adopts a resolution in opposition to the
recommended option, then the agency’s recommendations may be adopted only by
the adoption of a separate resolution by the municipality that activated the
urban renewal agency. [1997 c.541 §454a]
457.440 Computation of amounts to be
raised from property taxes; notice; rules. During
the period specified under ORS 457.450:
(1)
The county assessor shall determine the amount of funds to be raised each year
for urban renewal within the county levied by taxing districts in accordance
with section 1c, Article IX of the Oregon Constitution, and ORS 457.420 to
457.460.
(2)
Not later than July 15 of each tax year, each urban renewal agency shall
determine and file with the county assessor a notice stating the amount of
funds to be raised for each urban renewal area as follows:
(a)
If the municipality that activated the urban renewal agency has chosen Option
One as provided in ORS 457.435 (2)(a), the notice shall state that the maximum
amount of funds that may be raised by dividing the taxes under section 1c,
Article IX of the Oregon Constitution, shall be raised for the agency.
(b)
If the municipality that activated the urban renewal agency has chosen Option
Two as provided in ORS 457.435 (2)(b), the notice shall state the amount of
funds to be raised by the special levy.
(c)
If the municipality that activated the urban renewal agency has chosen Option
Three as provided in ORS 457.435 (2)(c), the notice shall state the amount of
funds to be raised by special levy in addition to the amount to be raised by
dividing the taxes as stated in the ordinance adopted under ORS 457.435 (1).
(d)
For plans that are initially approved or substantially amended to increase
maximum indebtedness on or after January 1, 2010, the notice must comply with
ORS 457.470.
(e)
If the agency limits the amount that may be raised by the division of taxes, as
provided in ORS 457.455 (1), the notice shall comply with ORS 457.455 (1).
(f)
If the plan is not described in paragraph (a), (b), (c), (d) or (e) of this
subsection, the notice shall state that the maximum amount of funds that may be
raised by dividing the taxes under section 1c, Article IX of the Oregon
Constitution, shall be raised for the agency.
(3)
If a municipality has chosen Option Three pursuant to ORS 457.435, the maximum
amount of funds that may be raised for an urban renewal agency by dividing the
taxes as provided in section 1c, Article IX of the Oregon Constitution, may be
limited by the municipality in which the urban renewal agency is located. The
decision of the municipality to limit the amount of funds to be included in the
notice filed under subsection (2) of this section shall be reflected in the
certified statement filed by the urban renewal agency with the county assessor.
(4)
Not later than September 25 of each tax year, the assessor of any county in
which a joint district is located shall provide, to the assessor of each other
county in which the joint district is located, the assessed values of the
property in the joint district that is located within the county, including the
certified statement value and the increment for each code area containing any
urban renewal area located within the joint district, and a copy of the notice
filed by the urban renewal agency for the area located within the joint
district under subsection (2) of this section.
(5)
The maximum amount of funds that may be raised for an urban renewal plan by
dividing the taxes as provided in section 1c, Article IX of the Oregon
Constitution, shall be computed by the county assessor as follows:
(a)
The county assessor shall compute the total consolidated billing tax rate for
each code area in which an urban renewal area of the plan is located.
(b)
The assessor shall determine the amount of taxes that would be produced by
extending the tax rate computed under paragraph (a) of this subsection against
the increment of each code area.
(c)
The total amount determined for all code areas containing urban renewal areas
included within the urban renewal plan is the maximum amount of funds to be
raised for the urban renewal plan by dividing the taxes.
(6)(a)
The county assessor shall certify to the tax collector the amount of funds to
be raised for an urban renewal agency as determined under subsection (2) of
this section. The tax collector shall include the amount so certified in the
percentage schedule of the ratio of taxes on property prepared under ORS
311.390 and filed with the county treasurer. Notwithstanding ORS 311.395 (6),
the county treasurer shall credit the amount to the urban renewal agency and
shall distribute its percentage amount to the urban renewal agency as determined
by the schedule at the times other distributions are made under ORS 311.395
(7).
(b)
The county assessor shall notify the urban renewal agency of the amounts
received under subsection (5) of this section or amounts received pursuant to
the notice provided in subsection (2) of this section for each urban renewal
plan area. Any amounts received by the urban renewal agency under paragraph (a)
of this subsection shall be attributed to the urban renewal plan in which the
urban renewal area is included, shall be paid into a special fund of the urban
renewal agency for the urban renewal plan and shall 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.
(7)
Unless and until the total assessed value of the taxable property in an urban
renewal area exceeds the total assessed value specified in the certified
statement, all of the ad valorem taxes levied and collected upon the taxable
property in the urban renewal area shall be paid into the funds of the
respective taxing districts.
(8)
The agency may incur indebtedness, including obtaining loans and advances in
carrying out the urban renewal plan, and the portion of taxes received under
this section may be irrevocably pledged for the payment of principal of and
interest on the indebtedness.
(9)
The Department of Revenue shall by rule establish procedures for giving notice
of amounts to be raised for urban renewal agencies and for determination of
amounts to be raised and distributed to urban renewal agencies.
(10)
The notice required under this section shall serve as the notice required under
ORS 310.060 for the special levy described under ORS 457.435.
(11)
Notwithstanding any other provision of this chapter, a city with a population
of more than 500,000 on January 1, 2010, may, in lieu of its urban renewal
agency, take any actions that an urban renewal agency is authorized to take
under this section and any other actions that are required to certify, collect,
receive, hold and apply tax revenues raised for the urban renewal agency under
section 1c, Article IX of the Oregon Constitution, and taxes authorized for the
urban renewal agency by section 11 (16), Article XI of the Oregon Constitution.
[1961 c.554 §5; 1979 c.621 §26; 1981 c.804 §106; 1983 s.s. c.5 §25; 1985
c.613 §17; 1987 c.158 §87; 1991 c.459 §335a; 1997 c.541 §449; 1999 c.579 §26;
2003 c.190 §§16,17; 2007 c.537 §7; 2009 c.700 §4]
457.445 Election to use alternative consolidated
billing tax rate. The governing body of a
municipality that adopted an urban renewal plan before December 5, 1996 (other
than an existing urban renewal plan designated as an Option Three plan under
ORS 457.435 (2)(c)), that would otherwise be required to use a consolidated
billing tax rate as defined in ORS 457.010 (4)(b) may, by resolution or
ordinance, irrevocably elect to have amounts collected by dividing the taxes
for the urban renewal plan pursuant to ORS 457.440 be determined instead by
using the consolidated billing tax rate as defined in ORS 457.010 (4)(a). This
election applies first to the assessment roll next following if the assessor
has received notice of the election from the urban renewal agency before
January 1. [2009 c.317 §2]
Note:
457.445 was added to and made a part of ORS chapter 457 by legislative action
but was not added to any smaller series therein. See Preface to Oregon Revised
Statutes for further explanation.
457.450 Notice to tax assessor; provision
for debt retirement; distribution of remaining tax increment funds.
(1)(a) ORS 457.440 shall first apply to the assessment roll next following the
tax roll referred to in ORS 457.430 if the assessor is provided notice of a
plan adoption or amendment changing area boundaries by the agency prior to
January 1 before the tax year to which the plan first applies.
(b)
If the assessor is not provided notice of plan adoption or amendment changing
area boundaries by the agency prior to January 1 before the tax year to which
ORS 457.440 would otherwise first apply, then ORS 457.440 shall first apply to
the assessment roll next following the assessment roll described in paragraph
(a) of this subsection.
(2)
When the principal and interest on the maximum indebtedness of an urban renewal
plan to which the portion of taxes is irrevocably pledged for payment under ORS
457.435 or 457.440 is fully paid, or it is found that deposits in the special
fund are sufficient to fully pay principal and interest on the maximum
indebtedness either through direct payment of the indebtedness or by payment of
principal and interest on bonds or notes issued to finance the indebtedness,
the agency shall notify the assessor of that fact.
(3)
All moneys remaining unexpended from the special fund provided for in ORS
457.435 or 457.440, after payment of all the principal and interest on
indebtedness is provided for, shall be turned over to the county treasurer by
the agency and prorated by the treasurer back to the taxing districts in which
the area, or part thereof, is located, in proportion to the amount of money in
the fund attributable to each taxing district for the last fiscal year in which
tax levy moneys were paid into the special fund of the agency under ORS 457.435
or 457.440. [1961 c.554 §6; 1971 c.426 §1; 1979 c.621 §27; 1991 c.459 §335b;
1997 c.541 §450; 2009 c.700 §5]
457.455 Limiting collections;
notification; consultation with taxing districts.
(1) If the maximum amount of funds under ORS 457.440 is not required to pay the
principal and interest on indebtedness incurred for an urban renewal plan, the
urban renewal agency may take formal action to limit collections under a plan
for a single fiscal year, and may notify the county assessor pursuant to ORS
457.440 (2)(e) to compute the division of taxes for the urban renewal area
using an assessed value that is equal to the amount specified by the agency.
The assessor may not use an amount that is greater than the increment.
(2)
If the maximum amount of funds under ORS 457.440 is not required to pay the
principal and interest on indebtedness incurred for an urban renewal plan, the
urban renewal agency may limit future collections under a plan by notifying the
county assessor to permanently increase the amount of the total assessed value
included in the certified statement filed under ORS 457.430. The assessed value
included in the certified statement may not be subsequently decreased except in
connection with boundary changes.
(3)
Before taking formal action under this section, the urban renewal agency shall
consult and confer with each taxing district affected by the urban renewal
plan. [2009 c.700 §7]
Note:
457.455 was added to and made a part of ORS chapter 457 by legislative action
but was not added to any smaller series therein. See Preface to Oregon Revised
Statutes for further explanation.
457.460 Financial report required for
agency; contents; notice. (1) Not later than January 31 of
each year, an urban renewal agency shall prepare a statement on the same basis
on which its financial statements are prepared containing:
(a)
The amount of money received during the preceding fiscal year under ORS 457.420
to 457.460 and from indebtedness incurred under ORS 457.420 to 457.460;
(b)
The purposes and amounts for which any money received under ORS 457.420 to
457.460 and from indebtedness incurred under ORS 457.420 to 457.460 were
expended during the preceding fiscal year;
(c)
An estimate of moneys to be received during the current fiscal year under ORS
457.420 to 457.460 and from indebtedness incurred under ORS 457.420 to 457.460;
(d)
A budget setting forth the purposes and estimated amounts for which the moneys
which have been or will be received under ORS 457.420 to 457.460 and from
indebtedness incurred under ORS 457.420 to 457.460 are to be expended during
the current fiscal year; and
(e)
An analysis of the impact, if any, of carrying out the urban renewal plan on
the tax collections for the preceding year for all taxing districts included
under ORS 457.430.
(2)
The statement required by subsection (1) of this section shall be filed with
the governing body of the municipality. Notice shall be published that the
statement has been prepared and is on file with the municipality and the agency
and the information contained in the statement is available to all interested persons.
The notice shall be published once a week for not less than two successive
weeks before March 1 of the year in which the statement is filed, in accordance
with ORS 457.115. The notice shall summarize the information required under
subsection (1)(a) to (d) of this section and shall set forth in full the
information required under subsection (1)(e) of this section. [1979 c.621 §23;
1991 c.459 §335c; 1997 c.541 §451; 2009 c.700 §8]
457.470 Modification of assessed value;
indexing; concurrence of taxing districts; rules.
(1) As used in this section, unless the context requires otherwise:
(a)
“Assumed increment” means the assessed value of the increment in the prior
year, increased by the average percentage increase of the increment, if any,
during the three prior years.
(b)
“Large metropolitan plan” means a plan for an urban renewal area by a city with
a population of more than 500,000 on January 1, 2010, that is either first
approved on or after January 1, 2010, or is substantially amended to increase
maximum indebtedness on or after January 1, 2010.
(c)
“Maximum division of taxes” means the maximum amount of funds that may be
raised for an urban renewal plan by dividing the taxes as provided in section
1c, Article IX of the Oregon Constitution, as described in ORS 457.440 (5),
without regard to notices to assessors under this section or ORS 457.455 (1) or
adjustments made pursuant to ORS 457.435 (2)(c).
(d)
“Transition amount” means the maximum division of taxes for a plan in the year
in which the plan is first substantially amended to increase maximum
indebtedness on or after January 1, 2010.
(2)(a)
Except as provided in paragraphs (b) and (c) of this subsection, an urban
renewal agency may notify the assessor to collect the maximum division of taxes
for a plan, other than a large metropolitan plan, that is first approved on or
after January 1, 2010.
(b)
Beginning with the later of the 11th year after the initial approval of the
plan or the first year after the year in which the maximum division of taxes
equals or exceeds 10 percent of the initial maximum indebtedness in the plan,
the agency shall notify the assessor pursuant to ORS 457.440 (2)(d) to compute
the division of taxes for the urban renewal area using an assessed value that
is not greater than the sum of:
(A)
The amount of assessed value the agency estimates will produce division of tax
revenues equal to 10 percent of the initial maximum indebtedness in the plan;
and
(B)
25 percent of the amount by which the assumed increment exceeds the assessed
value of the increment the agency estimates will produce division of tax
revenues equal to 10 percent of the initial maximum indebtedness in the plan.
(c)
Beginning with the first year after the year in which the division of taxes
equals or exceeds 12.5 percent of the initial maximum indebtedness in the plan,
the agency shall notify the assessor pursuant to ORS 457.440 (2)(d) to compute
the division of taxes for the urban renewal area using an amount of assessed
value that the agency estimates will produce division of tax revenues that does
not exceed 12.5 percent of the initial maximum indebtedness in the plan.
(d)
After computing the assessed value as required under paragraph (b) or (c) of
this subsection, an urban renewal agency shall further modify the value if, for
reasons other than use of the assumed increment, the value included in the
prior year’s notice to the assessor resulted in division of tax revenues
different from the respective target amounts under paragraphs (b) and (c) of
this subsection. The modification under this paragraph may not exceed an amount
that would result in the difference between the actual revenues and the target
amounts.
(3)(a)
Except as provided in paragraphs (b) and (c) of this subsection, an urban
renewal agency may notify the assessor to collect the maximum division of taxes
for a plan, other than a large metropolitan plan, that is substantially amended
on or after January 1, 2010, to increase maximum indebtedness.
(b)
Beginning with the later of the year after the year in which the plan is
substantially amended or the 11th year after the plan was initially approved,
when the maximum division of taxes exceeds 10 percent of the initial maximum
indebtedness in the plan, the agency shall notify the assessor pursuant to ORS
457.440 (2)(d) to compute the division of taxes for the urban renewal area
using an assessed value that is not greater than the sum of:
(A)
The amount of assessed value the agency estimates will produce division of tax
revenues equal to the greater of:
(i)
10 percent of the initial maximum indebtedness in the plan; or
(ii)
The transition amount; and
(B)
25 percent of the amount by which the assumed increment exceeds the assessed
value of the increment the agency estimates will produce division of tax
revenues equal to the greater of:
(i)
10 percent of the initial maximum indebtedness in the plan; or
(ii)
The transition amount.
(c)
Beginning with the first year after the year in which the division of taxes
equals or exceeds the greater of 12.5 percent of the initial maximum
indebtedness in the plan or the transition amount, the agency shall notify the
assessor pursuant to ORS 457.440 (2)(d) to compute the division of taxes for
the urban renewal area using an amount of assessed value that the agency
estimates will produce division of tax revenues that does not exceed the
greater of 12.5 percent of the initial maximum indebtedness in the plan or the
transition amount.
(d)
After computing the assessed value as required under paragraph (b) or (c) of
this subsection, an agency shall further modify the value if, for reasons other
than use of the assumed increment, the value included in the prior year’s
notice to the assessor resulted in division of tax revenues different from the
respective target amounts under paragraphs (b) and (c) of this subsection. The
modification under this paragraph may not exceed an amount that would result in
the difference between the actual revenues and the target amounts.
(4)(a)
Except as provided in paragraphs (b) to (d) of this subsection, an urban
renewal agency may notify the assessor to impose the maximum division of taxes
for a large metropolitan plan that is initially approved on or after January 1,
2010.
(b)
In the first year after the year in which the maximum division of taxes equals
or exceeds three percent of the initial maximum indebtedness in the plan, the
agency shall notify the assessor pursuant to ORS 457.440 (2)(d) to compute the
division of taxes for the urban renewal area using an assessed value that is
not greater than the sum of:
(A)
The amount of assessed value the agency estimates will produce division of tax
revenues equal to three percent of the initial maximum indebtedness in the
plan; and
(B)
75 percent of the amount by which the assumed increment exceeds the assessed
value of the increment the agency estimates will produce division of tax
revenues equal to three percent of the initial maximum indebtedness in the
plan.
(c)
Except as provided in paragraph (d) of this subsection, beginning with the year
after the year described in paragraph (b) of this subsection, the agency shall
notify the assessor pursuant to ORS 457.440 (2)(d) to compute the division of
taxes for the urban renewal area using an assessed value that is not greater
than the sum of:
(A)
The amount of assessed value the agency estimates will produce division of tax
revenues equal to the greatest amount of division of tax revenues the agency
was permitted to use in any prior year to compute assessed value under this
paragraph or paragraph (b) of this subsection; and
(B)
75 percent of the amount by which the assumed increment exceeds the assessed
value of the increment the agency estimates will produce division of tax
revenues equal to the greatest amount of division of tax revenues the agency
was permitted to use in any prior year under this paragraph or paragraph (b) of
this subsection.
(d)
Beginning with the first year after the year described in paragraph (c) of this
subsection in which the division of tax revenues equals or exceeds 10 percent
of the initial maximum indebtedness in the plan, the agency shall notify the
assessor pursuant to ORS 457.440 (2)(d) to compute the division of taxes for
the urban renewal area using an amount of assessed value the agency estimates
will produce division of tax revenues that does not exceed 10 percent of the
initial maximum indebtedness in the plan.
(e)
After computing the assessed value as required under paragraph (b), (c) or (d)
of this subsection, an agency shall further modify the value if, for reasons
other than use of the assumed increment, the value included in the prior year’s
notice to the assessor resulted in division of tax revenues different from the
respective target amounts under paragraphs (b) to (d) of this subsection. The
modification under this paragraph may not exceed an amount that would result in
the difference between the actual revenues and the target amounts.
(5)(a)
As used in this subsection, “substantial amendment” refers to the first
substantial amendment to increase maximum indebtedness for the urban renewal
plan after January 1, 2010.
(b)
This subsection applies to an urban renewal plan that becomes a large
metropolitan plan because it is substantially amended to increase its maximum
indebtedness on or after January 1, 2010. This subsection applies beginning in
the first year after the year in which the urban renewal plan is first amended
to increase its maximum indebtedness on or after January 1, 2010. Except as
provided in paragraphs (c) to (e) of this subsection, an urban renewal agency
may notify the assessor to impose the maximum division of taxes.
(c)
In the first year following a year that the maximum division of taxes exceeds
three percent of the maximum indebtedness in effect for the plan immediately
before the substantial amendment, the agency shall notify the assessor pursuant
to ORS 457.440 (2)(d) to compute the division of taxes for the urban renewal
area using an assessed value that is not greater than the sum of:
(A)
The amount of assessed value the agency estimates will produce division of tax
revenues equal to the greater of:
(i)
The transition amount; or
(ii)
Three percent of the maximum indebtedness in the plan immediately before the
substantial amendment; and
(B)
75 percent of the amount by which the assumed increment exceeds the assessed
value of the increment the agency estimates will produce division of tax
revenues equal to the greater of:
(i)
The transition amount; or
(ii)
Three percent of the maximum indebtedness in the plan immediately before the
substantial amendment.
(d)
Except as provided in paragraph (e) of this subsection, beginning with the year
after the year described in paragraph (c) of this subsection, the agency shall
notify the assessor pursuant to ORS 457.440 (2)(d) to compute the division of
taxes for the urban renewal area using an assessed value that is not greater
than the sum of:
(A)
The amount of assessed value the agency estimates will produce division of tax
revenues equal to the greatest amount of division of tax revenues the agency
was permitted to use in any prior year to compute assessed value under this
paragraph or paragraph (c) of this subsection; and
(B)
75 percent of the amount by which the assumed increment exceeds the assessed
value of the increment the agency estimates will produce division of tax
revenues equal to the greatest amount of division of tax revenues the agency
was permitted to use in any prior year under this paragraph or paragraph (c) of
this subsection.
(e)
Beginning with the first year after the year in which the division of tax
revenues equals or exceeds the greater of the transition amount or 10 percent
of the maximum indebtedness in effect for the plan immediately before the
substantial amendment, the agency shall notify the assessor pursuant to ORS
457.440 (2)(d) to compute the division of taxes for the urban renewal area
using an amount of assessed value that is not greater than an amount the agency
estimates will produce division of tax revenues equal to the greater of the
transition amount or 10 percent of the maximum indebtedness in effect for the
plan immediately before the substantial amendment.
(f)
After computing the assessed value as required under paragraph (c), (d) or (e)
of this subsection, an agency shall further modify the value if, for reasons
other than use of the assumed increment, the value included in the prior year’s
notice to the assessor resulted in division of tax revenues different from the
respective target amounts under paragraphs (c) to (e) of this subsection. The
modification under this paragraph may not exceed an amount that would result in
the difference between the actual revenues and the target amounts.
(6)(a)
The initial maximum indebtedness for a large metropolitan plan that is
initially approved after January 1, 2010, shall be established as provided in
ORS 457.190 (4)(a) to (c).
(b)
Beginning in 2010, the dollar amounts in this subsection may be increased on
July 1 of any year by the percent change in average construction costs since
July 1, 2009, according to the Engineering News-Record Northwest (Seattle,
Washington) Construction Cost Index. The adjusted dollar amounts may be used
only when a large metropolitan plan is initially approved.
(c)
The maximum indebtedness may not be increased by more than 20 percent of the
initial maximum indebtedness of the plan.
(d)
The maximum indebtedness for a plan that becomes a large metropolitan plan
because it is substantially amended on or after January 1, 2010, to increase
its maximum indebtedness may not be increased above 20 percent of the maximum
indebtedness in effect for the plan immediately before the first substantial
amendment to increase maximum indebtedness that was made on or after January 1,
2010.
(7)
Limitations imposed under this section and ORS 457.190 (4), 457.220 (4) and
457.455 do not apply to the extent the municipality approving a plan obtains
the written concurrence of taxing districts imposing at least 75 percent of the
amount of taxes imposed under permanent rate limits in the urban renewal area.
For plans that are initially approved or substantially amended on or after
January 1, 2010, compliance with this section is determined based on the amount
of taxes imposed under permanent rate limits in the fiscal year prior to the
fiscal year in which the plan is approved or amended, as applicable.
(8)
For purposes of this section, a plan is treated as approved or amended on the
day on which the municipality took final action to enact the nonemergency
ordinance approving or amending the plan.
(9)
The amounts shown in the certified statement filed under ORS 457.430 are not
affected by subsections (2) to (5) of this section. If the increment for an
area is less than the assessed value that the assessor is directed to use under
subsections (2) to (5) of this section, the division of taxes shall be computed
based on the increment and the assessor shall impose the maximum division of
taxes for the plan.
(10)(a)
Notwithstanding subsection (1) of this section, as used in this subsection, “transition
amount” means the maximum division of taxes for the plan in the fiscal year
that the first amendment made after June 1, 2008, to increase maximum
indebtedness takes effect.
(b)
Notwithstanding any provisions in this section to the contrary, an urban
renewal plan that was first approved in 1998 and had an initial maximum
indebtedness of $224,780,350 may be substantially amended after June 1, 2008,
to increase maximum indebtedness by not more than $343,719,650.
(c)
Except as provided in paragraph (d) of this subsection, an urban renewal agency
may notify the assessor to collect the maximum division of taxes for an urban
renewal plan described in paragraph (b) of this subsection that is
substantially amended to increase its maximum indebtedness after June 1, 2008.
(d)
Beginning with the first fiscal year after the fiscal year in which the first
amendment made after June 1, 2008, to increase maximum indebtedness in the plan
described in paragraph (b) of this subsection takes effect that the maximum
division of taxes exceeds three percent of the maximum indebtedness in effect
for the plan immediately after the first amendment made after June 1, 2008, to
increase maximum indebtedness takes effect, the agency shall notify the
assessor pursuant to ORS 457.440 (2)(d) to compute the division of taxes for
the urban renewal area using an assessed value that is the sum of:
(A)
The amount of assessed value the agency estimates will produce division of tax
revenues equal to the greater of:
(i)
The transition amount; or
(ii)
Three percent of the maximum indebtedness in effect for the plan immediately
after the first amendment made after June 1, 2008, to increase maximum
indebtedness takes effect; and
(B)
75 percent of the amount by which the assumed increment exceeds the assessed
value of the increment the agency estimates will produce division of tax
revenues equal to the greater of:
(i)
The transition amount; or
(ii)
Three percent of the maximum indebtedness in effect for the plan immediately
after the first amendment made after June 1, 2008, to increase maximum
indebtedness takes effect.
(e)(A)
To the extent permitted by law, a plan amendment described in this subsection
shall provide direct economic benefits to the county in which the plan’s urban
renewal area is located in the following amounts:
(i)
If the plan is substantially amended to increase maximum indebtedness by
$343,719,650 or more, at least $35,000,000.
(ii)
If the plan is amended to increase maximum indebtedness by less than
$343,719,650, no less than 10.18 percent of any increase in maximum
indebtedness.
(B)
Benefits required under subparagraph (A) of this paragraph shall be paid as
follows:
(i)
$10,000,000 no later than June 30, 2014; and
(ii)
The balance no later than June 30, 2021.
(11)(a)
The Director of the Department of Revenue shall adopt rules necessary to
apportion assessed value among tax code areas in an urban renewal area for
which the urban renewal agency has notified the assessor pursuant to this
section or ORS 457.440 (2)(d) or 457.455 to compute the division of taxes.
(b)
The director may adopt any rule necessary or convenient for the imposition and
collection of taxes under this section or ORS 457.455.
(12)
The taxing districts affected by the urban renewal plan and the urban renewal agency
are not liable for any amount by which amounts intended to be collected
pursuant to this section differ from the targeted amounts in subsections (2) to
(5) of this section. The sole remedy for any difference is the agency’s
modification of assessed value in subsequent years’ notices as provided in
subsections (2)(d), (3)(d), (4)(e) and (5)(f) of this section. [2009 c.700 §10]
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