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ORDINANCE NO. 20564 AN ORDINANCE ADOPTING AN AMENDED URBAN RENEWAL PLAN FOR THE DOWNTOWN URBAN RENEWAL DISTRICT. The City Council of the City of Eugene finds that: A. The Downtown Urban Renewal Plan (the "Plan") was initially adopted on July 3, 1968, by Resolution No. 257 of the Urban Renewal Agency of the City of Eugene (the "Agency"), and on December 19, 1968, by Resolution No. 1609 of the Eugene City Council. The Plan has subsequently been amended, most recently on May 24, 2010, by Ordinance No. 20459 of the Eugene City Council. B. Starting in December 2015, the City Council considered downtown improvements with the desire to foster a vibrant downtown, provide near-term economic stimulus, and prepare for the 2021 World Track and Field Championships in a way that results in long-term benefit to the community. The City Council considered different funding mechanisms, including urban renewal, for funding those improvements. C. In March 2016, the City Council, acting as the Urban Renewal Agency Board of Directors (the "Agency Board"), decided that, as an option for funding the desired downtown improvements, the public should be provided an opportunity to comment on whether the Plan should be amended and, if so, what projects should be included. To meet the timelines for a possible adoption, the Plan would include four possible projects, with the extent of funding for the possible projects to be determined after the public has commented. In accordance with the provisions of ORS 457, in March 2016, the Agency Director prepared an amended Plan (the "proposed Plan") which included a range of options with the maximum being: (1) Increasing the maximum indebtedness by $48 million, to a total of $96.6 million, to cover the specific projects itemized in Finding D; (2) Continued annual review of tax increment projects by a community member panel (the Expenditure Review Panel); and (3) Expanding the boundary by 10% (7 acres) to incorporate the East Park Block area and the City Hall block. D. The four possible downtown projects are consistent with the outcomes set forth in Finding B above, and the proposed Plan included these projects: (1) High -Speed Fiber. Creation of high-speed fiber network downtown will reduce costs and increase telecommunications speed to support existing businesses and new businesses. High-speed fiber supports employment growth and attracts new Ordinance -- Page 1 of 4