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Ordinance No. 20316
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2004 No. 20307-20332
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Ordinance No. 20316
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Last modified
6/10/2010 4:45:08 PM
Creation date
10/12/2004 11:49:40 AM
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Template:
City Recorder
CMO_Document_Type
Ordinances
Document_Date
4/12/2004
Document_Number
20316
CMO_Effective_Date
5/15/2004
Author
James D. Torrey
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The City will strategically use collaborative and financial tools to counter~these market <br />conditions and influence the location, character and density of development. <br />Collaborative tools focus on technical development assistance such as reviewing projects <br />or working to promote a more favorable lending environment. These tools often have <br />timing and cost implications, such as fast tracking permits, or providing fee assistance. <br /> <br />Financial tools include revenue for development projects or incentives from a variety of <br />sources, as listed below. The Downtown Financial Tools map shown on page 48 indicates <br />the location of those tools that are geographically based, including the urban renewal <br />districts. <br /> <br />Typically, the purpose of economic tools is to close the gap between the development <br />costs in the downtown core and development costs outside of downtown. Incentives can <br />be used to encourage retail activity and improve the architectural character of new or <br />redeveloped properties. The focused use of these tools materially impacts the location <br />and quality of development, and the image of downtown Eugene as a place to do business <br />and to live. <br /> <br /> · Urban Renewal Districts <br />Tax increment revenue generated through the two urban renewal districts in downtown is <br />the primary financial tool for downtown projects. This revenue can be used for a wide <br />range of development purposes within each district, from land acquisition to renovation <br />and fa9ade improvements. The City's Urban Renewal District Plans include the <br />requirements of the districts and list examples of downtown-related projects. <br /> <br /> · Commercial Revitalization Loans <br />Urban renewal revenue can be used to make loans for building rehabilitation, renovation, <br />facade improvements, historic preservation, tenant improvements, accessibility, and <br />general property improvements within the Downtown Urban Renewal District. <br /> <br /> · Multi-Unit Property Tax Exemption (MUPTE) <br />The program offers a ten-year property tax exemption for the construction of new multi- <br />unit rental or ownership housing within an eligible boundary. <br /> <br /> · Vertical Housing Development Zone <br />The program offers a ten-year tax exemption on mixed-use projects within an eligible <br />boundary that include housing above ground floor commercial. <br /> <br /> · New Markets Tax Credits <br />This is a federal program that uses funds generated from tax credit sales for economic <br />development. <br /> <br /> · Community Development Block Grant (CDBG) <br />Funds received from the federal government each year can be used for activities such as <br />job creation, elimination of slums and blight, and accessibility improvements. <br /> <br />12 <br /> <br /> <br />
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