12-12-16 Council Agenda Packet - Laserfiche WebLink

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URBAN RENEWAL AGENCY OF THE CITY OF EUGENE, OREGON Notes to Basic Financial Statements (4) Detailed Notes on All Funds, continued (D) Noncurrent Liabilities The Urban Renewal Agency issues tax increment bonds to finance major construction projects within its districts. These bonds are serviced by tax increment revenues. When an urban renewal district is first created, the assessed property value within the district boundaries is established as a “frozen base”. The Urban Renewal Agency receives property taxes related to the incremental increase in the property value that is in excess of the “frozen base.” On May 25, 2011, the Agency issued $7,900,000 of Downtown Urban Renewal District Tax Increment Bonds, Series 2011 A, bearing a fixed interest rate of 5.20% and maturing on June 1, 2020. The proceeds of the bonds were used to refund $4.4 million in debt service associated with the City’s Broadway Garages limited tax bonds and $3.5 million in financial assistance to Lane Community College for construction of their new Downtown campus. Annual debt service requirements to maturity for the tax increment bonds are as follows: (5) Other Information (A) Risk Management The Agency is a participant in the City’s Risk and Benefits Internal Service Fund which accounts for and finances its risks of loss. Detailed information for the City’s risk management function can be found in the City of Eugene’s FY16 Comprehensive Annual Financial Report (Notes to Basic Financial Statements).