Ordinance No. 20564 - Laserfiche WebLink

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2. Relationship of the Value of Improvements to the Value of Land The current ratio of improvement value to land value within the Plan Area, based on 2015 assessment records and excluding all tax exempt property, is 4.2 to 1. D. Environmental Conditions The Plan Area has been an established commercial business area for many years. Most streets, sidewalks, alleys, and sewers are in place and will be upgraded and maintained. The public park areas within the Plan Area will be maintained as needed by the City. There are opportunities through this Plan Amendment, however, to improve the function and condition of some of the streets, public parks, and public plazas. The Park Blocks are directly on a pedestrian, bicycle, and car path to the river and are a critical piece of the Willamette to Willamette Initiative. A central intent of that project is to transform 8th Avenue from a predominantly one-way west bound street with inadequate pedestrian and bicycle amenities into a two-way, inviting, and gracious path to and from the river and the anticipated development on the EWEB property as well as the university area to the east. Significant infrastructure design and construction will be required to implement this transformative project. Chapter 3: Expected Impact, Including Fiscal Impact, of the Plan in Light of Added Services or Increased Population The 2016 Amendment allows for several projects (described in more detail in Chapter 5) that will improve the function, condition, and appearance of the Plan Area through: • Improved parks and plazas throughout the Plan Area, including improvements to the Park Blocks for overall community use, and to support the continued use for the Saturday Market; • Improved permanent area for the Farmers' Market; • Funding of critical high-speed fiber utility; and • Redevelopment of the Old LCC Building. These projects also support the Plan goal to strengthen the economic conditions of the Plan Area. One measure of this goal is the expected increase in the taxable property values caused by the projects. Areas adjacent to the Plan Area are also expected to become more viable. From FY17 through the estimated remaining life of the District (FY27), assessed values in the Plan Area are estimated to increase by about $64 million. The projects will also contribute to the goal of enhancing downtown's role as the regional economic, governmental, and cultural center and central location for public and private development and investment. Improvements to parks and plazas will contribute to the goal of reinforcing the Plan Area as a place to live, work, or visit by providing inviting and highly functional spaces for the community to enjoy on a daily basis as well as for programmed events. Report on the 2016 Amendment