Agenda Packet 12-9-19 Meeting - Laserfiche WebLink

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URBAN RENEWAL AGENCY OF THE CITY OF EUGENE, OREGON Notes to Basic Financial Statements (4) Detailed Notes on All Funds, continued (C) Capital Assets Capital assets activity for the year ended June 30, 2019 was as follows: Beginning Ending balance Increases Decreases balance Governmental activities: Capital assets, not being depreciated: Work in process $ 2,953,333 0 (2,808,779) 144,554 Land 493,317 4,081,676 0 4,574,993 Total capital assets, not being depreciated 3,446,650 4,081,676 (2,808,779) 4,719,547 Governmental activities capital assets $ 3,446,650 4,081,676 (2,808,779) 4,719,547 (5) Other Information (A) Risk Management The Agency is a participant in the City’s Risk and Benefits Internal Service Fund which accounts for and finances its risks of loss. Detailed information for the City’s risk management function can be found in the City’s FY19 Comprehensive Annual Financial Report (Notes to Basic Financial Statements). (B) Tax Abatements Property tax abatements are used to encourage business and economic development. Tax abatements reduce or eliminate the amount of property taxes that a property owner pays. Within a District if a property is exempt from taxation, then that District raises less money than if the property was taxable. For the fiscal year ending June 30, 2019, the Agency’s property tax revenues were reduced by $245,984 under agreements entered by the City. The amount of property tax was calculated using post division of tax rates. The amount represents the amount of assessed property taxes, it does not take into consideration early payment discounts or property tax collection rates. 28 December 9, 2019, Meeting - Item 3CC Agenda - Page 268