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Ordinance No. 20564
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2016 No. 20560 - 20571
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Ordinance No. 20564
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Last modified
6/15/2016 2:05:21 PM
Creation date
6/15/2016 2:00:16 PM
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Council Ordinances
CMO_Document_Number
20564
Document_Title
Ordinance Adopting Amended Urban Renewal Plan for Downtown Urban Renewal Distrcit
Adopted_Date
6/13/2016
Approved Date
6/14/2016
CMO_Effective_Date
7/15/2016
Signer
Piercy
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the text and/or exhibits of this Plan, if applicable to this Plan, shall be changed accordingly <br />by duly recorded ordinance. <br />Section 1300 - Duration and Validity of Approved Plan <br />A. DURATION OF THE PLAN <br />Taxes may be divided under this Plan only until the maximum indebtedness for the Plan <br />Area has been issued and paid or defeased, or the Agency has determined that it will not <br />issue the full amount of that maximum indebtedness, and all indebtedness that will be <br />issued has been issued and paid or defeased. When that indebtedness has been paid or <br />defeased the Agency will notify the assessor pursuant to ORS 457.450(2) to cease dividing <br />taxes for the Plan Area, and shall return any unused tax increment funds to Lane County for <br />redistribution to overlapping taxing districts. However, the Downtown District and this <br />this Plan may remain in effect as long as legally required to exist and until the Agency <br />transfers any remaining assets and liabilities of the Plan Area to the City of Eugene. As of <br />the date of the 2016 Amendment, it is estimated that the last fiscal year for which taxes will <br />be divided is FY27. <br />I4111k614 <br />Should a court of competent jurisdiction find any word, clause, sentence, section, or part of <br />this Plan to be invalid, the remaining words, clauses, sentences, section, or parts shall be <br />unaffected by any such finding and shall remain in full force and effect for the duration of <br />the Plan. <br />Section 1400 - Maximum Indebtedness <br />The sum of $33 million was established in 1998 as the spending limit (maximum amount of <br />new indebtedness which could be issued or incurred from tax increment funds) under this <br />Plan after June 1, 1998. That figure was developed using the estimated project costs, plus a <br />5% annual inflation factor. The 2010 Amendment increased the maximum indebtedness <br />amount by $13.6 million, to a total of $46.6 million. <br />The 2016 Amendment increased the maximum indebtedness amount by $19.4 million, to a <br />total of $66 million. The maximum indebtedness limit established by this Section 1400 <br />does not apply to or limit: <br />1. The obligation of the Agency to pay interest on indebtedness issued or incurred <br />under this Plan; <br />2. Any indebtedness issued to refund indebtedness issued or incurred under this <br />Plan, to the extent that the refunding indebtedness does not exceed the principal <br />amount of the refunded indebtedness, plus the amount of the refunding <br />indebtedness that is used to pay costs of the refunding; <br />3. Funds to repay indebtedness existing on the date of the 1998 Amendment; and <br />4. Expenditures made from funds other than tax increment funds, such as loans <br />made from the Downtown Revitalization Loan Program. <br />Downtown Urban Renewal Plan - 2016 Amendment 10 <br />
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