Authorizing the Issuance and Negotiated Sale of the Jory Apartments TIF District Short-Term Subordinate Urban Renewal Bond, Series 2026. Ward(s): All Wards Councilor(s): All Board Members Neighborhood(s): All Neighborhoods Result Area(s): Good Governance; Safe, Reliable and Efficient Infrastructure; Strong and Diverse Economy.

This resolution authorizes the Urban Renewal Agency of the City of Salem to issue a Short-Term Subordinate Urban Renewal Bond, Series 2026, for the Jory Apartments TIF District. The bond's principal amount will not exceed $360,000 or the available Tax Increment Revenues. The bond is a subordinate lien on Tax Increment Revenues, meaning it is paid only after any Senior Lien Bonds are satisfied. The bond will be sold to U.S. Bank National Association and is scheduled to mature on February 27, 2026. Proceeds from the bond will be used for urban renewal projects within the Jory Apartments TIF District, with any remaining funds available after the bond is repaid for future project costs. The bond is not a general obligation of the City or the Agency and is payable solely from Tax Increment Revenues and bond proceeds.