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<br /> no Tax Increment Funds. were spent on the construction of the Hult Center. <br /> However, the tax increment district enabled land to be assembled for the Hult <br /> e Center, the Eugene Conference Center, and the Hilton Hotel. Tax increment <br /> funds were used to construct the Eugene Conference Center, the Conference <br /> Parking Garage, and the Parcade. <br /> Mr. Byrne said the Public Works Department has asked if tax increment funds <br /> can be used for overlaying 8th Avenue. <br /> Mr. Gleason stated that the Bancroft fund is similar to the tax increment fund <br /> because taxes are assessed against the value of property. <br /> Summarizing, Ms. Wooten said about $500,000 accrues annually for improvements <br /> in the tax increment district. <br /> Ms. Schue pointed out that inflation has raised property values everywhere <br /> since 1968. Responding, Mr. Byrne discussed the tax rates and Mr. Gleason <br /> discussed a comparison of property values in the downtown and elsewhere in the <br /> city. He said improvements in the downtown cannot be financed without Tax <br /> Increment Funds. <br /> Mr. Hansen wondered how the growth in value of downtown properties compares to <br /> the growth in value of properties in other parts of the city since 1968. <br /> Mr. Byrne said it is difficult to compare properties. The existing Urban <br /> Renewal Plan was adopted under Federal guidelines and the Federal program no <br /> longer exists. He said the update process will make the Urban Renewal Plan <br /> conform to State law. <br /> e Mr. Holmer wondered if the increase in the total value of downtown properties <br /> resulting from the urban renewal plan has been faster than the increase in <br /> property values in other parts of the city. He said he would like a comparison <br /> of the increase in property values in the urban renewal area to the increase <br /> in another area of the city. <br /> Mr. Hibschman reviewed the process for updating the Urban Renewal Plan. He <br /> discussed five design options for Willamette Street, a proposal to move the . . <br /> Lane Transit District (LTD) transit station, and a possible expansion of the <br /> Downtown Urban Renewal District. <br /> Answering questions from Mr. Rutan, Mr. Hibschman reviewed the areas into <br /> which the Urban Renewal District might be expanded. <br /> Replying to questions from Mr. Hansen and Mr. Holmer, Mr. Hibschman discussed <br /> the value given existing parking lots when the expansion of the Urban Renewal <br /> District is calculated. He said the Downtown Commission did not discuss why <br /> the area near the Hult Center did not develop as the downtown commissioners <br /> think it should have developed. He said some properties in that area have not <br /> been on the market. <br /> Answering questions from Ms. Bascom, Mr. Hibschman said the intent of <br /> enlarging the Urban Renewal District would be to implement the goal of the <br /> e MINUTES--Eugene City Council October 13, 1986 Page 2 <br /> . <br />