URA Resolution No. 1078 - Laserfiche WebLink

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Noncurrent liabilities. On May 25, 2011, the Agency issued $7,900,000 of Downtown Urban Renewal District Tax Increment Bonds, Series 2011 A, bearing a fixed interest rate of 5.20% and maturing on June 1, 2020. The proceeds of the bonds were used to refund $4.4 million in principal associated with the City’s Broadway Garages limited tax bonds and provide $3.5 million in financial assistance to Lane Community College for construction of their new Downtown campus. During the year the Agency paid the scheduled principal payment of $835,000 plus $1.0 million of additional “early” principal payment to reduce the remaining debt obligation. Additional information on the Agency’s noncurrent liabilities can be found in note (4)(D) of this report. Next Year’s Budgets and Rates For FY16, the following factors were taken into account when developing the urban renewal budgets: Property taxes in both the Downtown and Riverfront Districts are predicted to increase due to a projected increase in the assessed value of properties in the districts. The property tax collection rate for both districts is estimated to be 94% in FY16. The FY15 actual collection rate was approximately 97% for both current and delinquent taxes. The Downtown District FY16 budget includes principal and interest payments on debt issued, loan program management, and general oversight. There are no new projects planned in the Riverfront District for FY16, although planning continues for redevelopment of the EWEB property. In addition, the District has budgeted $1.0 million of program revenues, in the new Riverfront Program Revenue Fund, for a new loan program. Requests for Information This financial report is designed to provide a general overview of the Agency’s finances for all those with an interest in the Agency. Questions concerning any of the information provided in this report, or requests for additional financial information, should be addressed to: Fionan Cronin, CPA Assistant Finance Director City of Eugene th 100 West 10 Avenue, Suite 400 Eugene, Oregon 97401 11