Item A: Downtown Development Financial Tools

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Attachment A Downtown Urban Renewal District and Tax Increment Financing Urban Renewal Agency Background The purpose of urban renewal is to stimulate economic development through private investment in a specific area of the community in compliance with ORS Chapter 457. It is a means to support economic development and civic improvement by financing needed public improvements such as infrastructure, open spaces, public plazas, parking garages or environmental improvements, within designated districts. The City manages two urban renewal districts: the Central Eugene Project (also known as the Downtown District) and the Riverfront District. The City of Eugene Urban Renewal Agency (URA) is a separate budgetary entity authorized by state statutes. The URA was established in 1958 as a separate corporate body. In 1982, the City Council assumed the role of the Renewal Agency Board and delegated budget review to the City?s Budget Committee. The URA oversees two urban renewal districts and each district has its own adopted plan. The Eugene Redevelopment Advisory Committee (ERAC) was formed in 2004 to implement recommendations from the updated urban renewal plans approved by City Council. ERAC?s mission is: to advise the Planning and Development Department on the redevelopment of downtown Eugene and activities related to Eugene?s Urban Renewal Districts, including amendments to the existing urban renewal plans, consideration of any new districts and projects associated with the use of urban renewal funds. The committee is comprised of seven members, including one member who lives, works or owns property in the district, one who owns property in the district, one who represents a business association in the district, one who is from the neighborhood association, one from the Planning Commission, one from the voter pool, and one at-large member. Members serve for three-year terms. Central Eugene Project (?Downtown?) District Background The Central Eugene Project District, also known as the Downtown District, was established in 1968 to redevelop 17 blocks in the downtown area. The boundaries of the district are shown in the map on the following page. The original project goals involved land acquisition, building rehabilitation and construction of public improvements.