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<br /> <br /> October 28, 2019, Work Session – Item 2 <br /> <br />EUGENE AGENCY BOARD <br />AGENDA ITEM SUMMARY Work Session: Riverfront Urban Renewal Follow-Up Meeting Date: October 28, 2019 Agenda Item Number: 2 Department: Planning and Development Staff Contact: Michael Kinnison <br />www.eugene-or.gov Contact Telephone: 541-682-5500 <br />ISSUE STATEMENT This work session is a follow-up to the October 14 urban renewal overview work session and the Agency Board April 15 direction. Staff will present information on remaining Riverfront District resources and possible uses of those resources. Staff has identified other potential investments and will solicit other ideas from City Council as well as solicit what other information council might like staff to bring back on potential financial resources or projects. <br />BACKGROUND At the April 15, 2019, work session, the Agency Board directed the Agency Director to return to discuss funding strategies for other potential projects within the Riverfront Urban Renewal District. At the October 14 work session, the Agency Board received a high-level overview of projects in the Downtown and Riverfront urban renewal districts in advance of having a series of work sessions on specific topics. (See Attachment A for the overview map.) This is one of the follow-up work sessions. <br />District Financial Capacity Not counting already-earmarked expenditures, it is currently estimated that the District has approximately $6 million left to spend through FY24. Some of the Agency Board approved projects that are underway have some new additional costs (Quiet Zone three eastern crossings, downtown riverfront infrastructure, and borrowing/interest costs). Assuming the Board agrees to fund those additional costs, the District has approximately $3 million available through FY24. It is possible that some additional revenue will be available if tax increment revenue grows faster than projected. The District has the legal authority to spend approximately $2 million more, but to do so, more tax increment needs to be collected than is currently estimated (or—alternatively—the District’s sunset date of 2024 could be extended to maximize the full spending limit). (More information is provided in Attachment B.) Potential uses for that $3 million fall into three main categories: 1) contingency for downtown riverfront infrastructure, 2) projects the Agency Board has discussed previously and given direction on that are in the planning/design stage (Steam Plant and Plaza), and 3) other potential future opportunities.