11/06/1989 Meeting (2) - Laserfiche WebLink

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e should include opening streets, a new library, a transit transfer station, etc. Ms. Schue said that a plan should be viewed as a guideline that points out important issues but does not prescribe specific actions for implementation. Responding to public testimony, Mr. Farkas said that both San Francisco and Seattle have urban renewal districts. The City would receive an estimated $2.4 million for the land at the 8th Avenue and Willamette Street site in addition to approximately $500,000 annually in tax increment revenue. Regarding the valuation of downtown property with respect to the consumer price index, Mr. Farkas said the downtown has not been reassessed on an income approach since 1982 and will not be reassessed for another four years. The assessed value downtown reflects a condition during the height of a recession. The original Urban Renewal Plan did not have an expiration date but the updated plan is proposed to sunset in 20 years. Mr. Farkas refuted the claim that urban renewal funds are available only to out-of-town developers by pointing out that 25 rehabilitation loans have been made to existing businesses in the downtown renewal district, 39 new buildings have been developed primarily by local owners, and the City has made in excess of 41 loans to small businesses throughout the city with block grant resources. The updated plan has been available since 1987 in various forms and Mr. Farkas apologized for the fact that production problems prevented more copies from being available sooner. e V!. ORDINANCE CONCERNING CITY FUNDS; AMENDING SECTIONS 2.153, 2.403, 2.413, 2.555, 2.560, 2.567, 2.575, 2.580, 2.582, 2.642, 2.644, 2.646, 2.648. 3.794, 3.798, 7.025, 7.060, 7.195, 7.245, AND 7.543 OF THE EUGENE CODE, 1971: REPEALING SECTIONS 2.529, 2.565, AND 2.570 OF THAT CODE; AND DECLARING AN EMERGENCY At the request of Mr. Boles, this item was held over to a future council meeting. VI!. RESOLUTION ESTABLISHING A PARKS AND RECREATION TRUST FUND City Manager Mike Gleason introduced the item. Mr. Boles referred to Section 3 and requested an amendment that would add the following: II . and in accordance with the priorities and elements of the memorandum of October 30, 1989.11 Res. No. 4152--A resolution establishing the M. Jacobs Trust Fund. - MINUTES--Eugene City Council November 6, 1989 Page 13