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April 15, 2019, Work Session – Item 1 <br />reducing risk for the developer. It has been an effective tool in downtown Eugene, supporting Broadway Place, High Street Terrace, the Tate and others. The MUPTE boundary does not currently include the Bethel neighborhood. <br />Enterprise Zones are a tool that aims to stimulate new investments that create jobs. Eligible new investments in the Zone can be exempted from property taxes for a period of three years and potentially up to five years. The West Eugene Enterprise Zone covers a portion of the Bethel neighborhood. <br />Opportunity Zones are an incentive program resulting from the 2017 Tax Cuts and Jobs Act, enacted by the U.S. Congress. These zones are intended to encourage investments in low-income communities towards real estate development and business through Opportunity Funds. Opportunity Funds encourage investment in them by allowing investors to reduce their tax burden from capital gains. Much of the Bethel neighborhood is in an Opportunity Zone. In addition to incentive programs, the City of Eugene is able to use its taxing authority to fund improvements using local improvement districts, general obligation bonds, and General Fund revenue. <br />Planning History in Bethel The City has planned for and implemented a variety of efforts focused on the Bethel neighborhood The City of Eugene also has planning documents that identify city-wide goals and policies and planned city-wide infrastructure improvements. Some of these documents include planned infrastructure improvements in the Bethel area. Below is a brief description of Bethel-specific plans. Please see Attachment C for more information and maps that describe the plans that affect the Bethel neighborhood. <br />PREVIOUS COUNCIL DIRECTION There has been no previous direction from council on this topic. <br />COUNCIL OPTIONS This work session is for informational purposes only. No action from council is asked for at this time. <br />CITY MANAGER’S RECOMMENDATION City Manager has no recommendation at this time. <br />ATTACHMENTS A. Building a Better Bethel B. Visualizing Tax Increment Financing C. Summary of Planning Documents – Bethel Neighborhood