Ordinance No. 20564 - Laserfiche WebLink

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continue to operate the Downtown Revitalization Loan Program. All dollars loaned must come from program revenue and not from tax increment funds. Section 700 - Methods for Financing the Projects The Agency may borrow money and accept advances, loans, grants, and other legal forms of financial assistance from the Federal government, State, City, County, or other public body, or from any source, public or private, for the purposes of undertaking and carrying out the Projects authorized by this Plan. Ad valorem taxes, if any, levied by a taxing body upon the taxable real and personal property situated in the Plan Area, shall be divided in accord with and pursuant to Section 1c, Article IX of the Oregon Constitution and ORS 457, and used by the Agency for the Projects authorized by this Plan. The Agency shall adopt and use a fiscal year ending June 30 accounting period. Each year, the Agency shall develop a budget in conformance with the provisions of ORS Chapter 294 and ORS 457, which shall describe sources of revenue, proposed expenditures, and activities. Section 800 - Annual Financial Statement Required A financial statement shall be prepared and provide information in accordance with ORS 457. The statement shall be filed with the City Council and notice shall be published in accordance with ORS 457. Section 900 - Community Member Participation The activities and projects defined in this Plan, and the adoption of amendments to this Plan shall be undertaken with the participation of community members, owners, tenants as individuals, and organizations who reside within or who have financial interest within the Plan Area together with the participation of general residents of the City. The Agency shall convene not less than once each year a committee of such persons to: a) prepare a report on the activities of the Agency for the previous fiscal year, and b) determine whether the Agency's expenditure of tax increment dollars was limited to the projects authorized by this Plan and the associated administrative costs authorized by the Plan. Prior to the approval of tax increment funds for construction of Section 600 A and C improvements the Agency shall follow the "community engagement and approval process" identified in subsection A of Section 600. Downtown Urban Renewal Plan - 2016 Amendment 8