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<br />renewal funds would be available to meet the estimated financial requirements of a West Broadway <br />redevelopment project, as currently proposed. The agency would then need to either delay the project or <br />find other resources to pay for the remaining City’s share of the public/private partnership. The council <br />may also decide to include alternative amendments to the plan. <br /> <br />If the agency decides to choose a shorter termination date, the financial capacity of the Downtown <br /> <br />? <br />District to take on the large-scale project will be affected. <br />If the agency decides to increase the maximum indebtedness by less than $40 million, the Downtown <br /> <br />? <br />District may not have sufficient flexibility and spending authority to accomplish the West Broadway <br />project with district resources. <br />If the council wishes to increase the maximum indebtedness by more than $40 million or expand the <br /> <br />? <br />boundaries of the downtown district, another substantial amendment process would need to be <br />undertaken. <br /> <br /> <br />CITY MANAGER’S RECOMMENDATION <br /> <br />The City Manager recommends that the council adopt the ordinance amending the Downtown Urban <br />Renewal Plan as set out in Attachment A. The amendments include (i) an increased maximum <br />indebtedness of $40 million, for a total of $73 million; and (ii) an extension of the termination date from <br />June 30, 2024 to June 30, 2030. <br /> <br /> <br />SUGGESTED MOTION <br /> <br />Move to adopt an ordinance adopting an amended urban renewal plan for the Downtown Urban <br />Renewal District, formerly the Central Eugene Project. <br /> <br /> <br />ATTACHMENTS <br /> <br /> <br />A.Proposed Ordinance <br /> <br />B.Council and URA Action History on West Broadway Redevelopment Project, BEDI grant, HUD <br />Section 108 Loan and Downtown Urban Renewal District <br /> <br />C.Background Information on Proposed Urban Renewal District Plan Amendments <br /> <br />D.Memorandum from City Attorney on Referral Period for Plan Amendment Ordinance <br /> <br />E.Draft of Amended Downtown Urban Renewal District Plan <br /> <br />F.Downtown Urban Renewal District Plan Report dated July 17, 2007 <br /> <br />G.Letter to Lane County Administrator Regarding Plan Amendments <br /> <br />H.Updated Timeline for the West Broadway Redevelopment Project <br /> <br /> <br />FOR MORE INFORMATION <br /> <br />Finance Contact: Sue Cutsogeorge, Financial Analysis Manager <br />Telephone: 682-5589 <br />Staff E-Mail: Sue.L.Cutsogeorge@ci.eugene.or.us <br /> <br />Development Contact: Richie Weinman, Urban Services Manager <br />Telephone: 682-5533 <br />Staff E-Mail: Richie.D.Weinman@ci.eugene.or.us <br />L:\CMO\2007 Council Agendas\M070813\S0708134.doc <br />