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URBAN RENEWAL AGENCY OF THE CITY OF EUGENE, OREGON <br /> <br />Notes to Basic Financial Statements <br /> <br /> <br />(5) Other Information <br /> <br /> (A) Risk Management <br /> <br />The Agency is a participant in the City’s Risk and Benefits Internal Service Fund which accounts for and <br />finances its risks of loss. Detailed information for the City’s risk management function can be found in the <br />City of Eugene’s FY18 Comprehensive Annual Financial Report (Notes to Basic Financial Statements). <br /> <br /> (B) Tax Abatements <br /> <br />Property tax abatements are used to encourage business and economic development. Tax abatements <br />reduce or eliminate the amount of property taxes that a property owner pays. Within the District if a <br />property is exempt from taxation, then the District raises less money than if the property was taxable. For <br />the fiscal year ending June 30, 2018, the District’s property tax revenues were reduced by $241,252 <br />under agreements entered by the City of Eugene. <br /> <br />The amount of property tax was calculated using post division of tax rates. The amount represents the <br />amount of assessed property taxes, it does not take into consideration early payment discounts or <br />property tax collection rates. <br /> <br /> <br /> <br /> <br /> <br />29 <br />December 10, 2018, Meeting - Item 3