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Portland Mayor Charlie Hales wants to take a scalpel to the city’s urban renewal areas, and carve out some significant savings in the process.

On Wednesday, Hales will present to City Council a resolution that would significantly alter six of Portland’s 11 URAs. The changes, according to Hales’ office, would provide $158 million to local taxing jurisdictions over 30 years by placing $1.06 billion worth of property back on tax rolls.

Hales, in a prepared statement, said the purpose of the resolution is to assess whether the city is using urban renewal correctly, and whether tax dollars are being used most efficiently.

Perhaps most significantly, the resolution would eliminate the Education URA – a 144-acre area adopted in 2012 to pay for development around Portland State University. The area originally was estimated to provide $100 million toward development of affordable housing, educational facilities and private development over 25 years.

However, the resolution wouldn’t leave the university high and dry. It calls for expansion of the North Macadam URA to help fund university-related development. The city, the Portland Development Commission and PSU reportedly have signed a preliminary letter of partnership toward the terms and conditions of a master development agreement for PSU-related projects. It would establish an immediate annual savings of $400,000 for PSU, and contribute more than $25 million to the university over 10 years.

The proposed agreement revolves around actions on specific properties, including:

• The PDC would transfer ownership of the Jasmine Block (between Southwest Fourth and Fifth avenues, and Harrison and Montgomery streets) to PSU;

• The PDC would support redevelopment of University Place – at 310 S.W. Lincoln St. – as a long-term development partner and investor;

• The PDC and TriMet would convey to PSU the rights to develop and own the property at 2033 S.W. Fourth Ave.;

• The city would provide tax increment financing assistance for renovation of PSU’s School of Business Administration property (615 S.W. Harrison St.) and School of Engineering property; and

• The city would agree to lease or purchase at least 30,000 square feet of space in a new or remodeled PSU building.