(A resolution establishing the purpose of the Heights Plan Fund)
WHEREAS, the Urban Renewal Agency of the City of Hood River is considering the creation of an urban renewal district in the Heights area; and
WHEREAS, the FY 2011/12 budget assumes the creation of the Heights Plan; and
WHEREAS, ORS 457.440 requires that amounts received from the county tax assessor for urban renewal division of taxes be paid into a special fund of the urban renewal agency; and
WHEREAS, the governing body wishes to track tax increment financing proceeds separately for the Heights Plan district, if created.
NOW, THEREFORE, BE IT RESOLVED by the Urban Renewal Agency of the City of Hood River that:
The Heights Plan Fund is created for the tracking and expenditure of tax increment financing proceeds to meet regular Heights Plan needs.
Approved by the Urban Renewal Agency of the City of Hood River this 16 day of June, 2011 to take effect immediately.
Robert D. Hastings, Chair
Jennifer Gray, City Recorder