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Cons: - Expect significant competition from the two expiring zones in the 2005 State <br /> application round <br /> <br />2. Restricted Boundary: Proceed with application to the State of Oregon in 2005, with a smaller, <br /> restricted boundary. Council previously considered an option that would eliminate greenfield <br /> development sites from the proposed boundary (see Attachment B). In this option, all eligible <br /> projects would be focused on redevelopment, infill, or brownfield redevelopment projects; therefore, <br /> all eligible projects would receive the standard (100%) three-year tax exemption. <br /> <br /> Pros: - Zone more focused on the City's sustainability goals. <br /> - Zone boundary could be expanded in the future if desired. <br /> - Opportunities for new construction are still available on vacant infill sites within the <br /> restricted boundary. <br /> - Restricted boundary would still include a majority of the area recommended by the <br /> Mayor' s Committee. <br /> - Provides opportunity, if selected by the State, to have the enterprise zone operating on <br /> July 1, 2005. <br /> - Reduces the City's administrative burden associated with monitoring compliance with <br /> additional local criteria. <br /> <br /> Cons: - May lose opportunity to attract high value, large job creation projects that are specifically <br /> seeking larger greenfield sites. <br /> - Not entirely consistent with the Mayor's Committee recommendation. <br /> - Expect significant competition from the two expiring zones in the 2005 State application <br /> round. <br /> <br />3. Defer Application to 2006: The council could consider making application to the State of Oregon <br /> in 2006, instead of this year. With two additional zones expiring in 2006, there will be an <br /> opportunity to apply next year. <br /> <br /> Pros: - Provides additional time to further develop City-wide sustainability goals and objectives. <br /> - Allows for the completion of the Buildable Lands Inventory analysis prior to application. <br /> <br /> Cons: - Delays establishment of a zone until July 1, 2006. <br /> - Not consistent with the Mayor's Committee recommendation <br /> - No guarantee that Eugene's application would be successful in 2006, given limited <br /> number of zones available <br /> <br />CITY MANAGER'S RECOMMENDATION <br />The City Manager recommends that the City submit an application for designation of an enterprise zone <br />in 2005, consistent with the recommendation of the Mayor's Committee on Economic Development. <br /> <br /> L:\CMO\2005 Council Agendas\M050307\S050307C.doc <br /> <br /> <br />