08/12/1985 Meeting (2) - Laserfiche WebLink

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M E M 0 RAN 0 U M . August 30, 1985 TO: Mayor and City Council FROM: Eugene Development Department SUBJECT: RIVERFRONT RESEARCH PARK URBAN RENEWAL DISTRICT Background The council's September 9 public hearing is a result of a Planning Commission recommendation on the formation of an urban renewal district. This publiC hearing is required by State statutes, and the council is scheduled to take final action on the urban renewal proposal at its September 11 meeting. The City Council, acting as the Eugene Rene~ml Agency, created a Riverfront Research Park Tax Increment Advisory Committee in June 1985 to provide recom- mendations on the establishment of an urban renewal district in the Riverfront Park study area. The advisory committee initiated its work at the beginning of Ju1~ and held a public hearing on its findings on August 6. After con- sidering public testimony, the committee finalized its recommendations on e August 8 by forwarding the proposed urban renewal plan and report document to the Planning Commission for a pUblic hearing on August 13. A copy of the advisory committee's August 8 minutes are provided under separate cover. The Planning Commission, after considering public testimony, voted unanimously to recommend to the City Council approval of the Riverfront Research Park Urban Renewal Plan and Report draft dated August 9 with amendments. That document is being provided under separate cover. This memorandum reviews the actions of the advisory commitee and Planning Commission. A summary of the plan and report documents as well as the impact on taxing districts is also included. Advisory Committee The Riverfront Research Park Tax Increment Advisory Committee is composed of members from the original Riverfront Park Study Committee plus a member from the Planning Commission, the League of Women Voters, and the Neighborhood Leaders. The names of the l2-member committee are provided under separate cover. The committee was directed by the council to recommend a boundary, address problems with the area's infrastructure, and determine if a proposed project was financially feasible. The committee reviewed a financing plan that included implementation of the policies and recommendations contained in the Riverfront Park study and phased those projects over a 20-year period. That financing plan covers transportation improvements, sewer system improve- e ments. and other improvements to the Millrace, the area's existing buildings, and other infrastructure. The resources to pay for these improvements include tax increment financing and various loans and bonds to help provide funds in in the early years of the project.