New building helps taxing districts and city general fund
Traditionally, the city of Canby, like most small cities in Oregon, has its general fund funded by healthy building activity and fees.
While Canbys fees remain in place, building over the last five years has been virtually nonexistent, forcing cutbacks and shifts to keep basic service going.
However, should the proposed subdivisions go to full buildout, the financial gain to the city would be substantial, according to Economic Development Director Renate Mengelberg.
If Dinsmore Estates builds out all 39 sites at an estimated value of $280,000, which is for those properties is on the low end, that would be $10.5 million in houses sold.
The estimated revenue to all taxing districts per year would be $164,254.However, that revenue would be split between the 20 taxing districts already at work in Canby, plus two bonds that would take their share, Mengelberg explained.
An even more optimistic look at both Dinsmore and the Northwoods Estates (Phase II) upon completion would mean 72 new houses at a low-end estimate of $24.2 million of market value and an assessed value of $22.01 million.
Total taxes per year on that would be $375,213, which would mean $76,829 to the citys general fund, according to Mengelbergs calculations.