OREGON — The Oregon City Council approved a tax increment financing redevelopment agreement Tuesday night with Marc and Michelle Mongan and Monhow Enterprises, LLC for a commercial property at 1000 Pines Road. The agreement allows the city to provide up to $50,000 in TIF assistance for a renovation project estimated at $300,000. Plans call for the rehabilitation of a commercial building into rental and retail space with three retail suites. The assistance will be issued as a forgivable loan with a 3 percent interest rate over five years. One fifth of the loan and accrued interest will be forgiven each year if the developers meet the terms of the agreement. Conditions include completing the project within one year, maintaining occupied retail space, paying property taxes, avoiding bankruptcy or foreclosure, and following city codes and permit requirements.
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