10/13/1986 Meeting - Laserfiche WebLink

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