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<br /> <br />Urban renewal/tax increment financing <br />? <br /> <br />Brownfields Economic Development Initiative Grant (with HUD Section 108 Loan) <br />? <br /> <br />Tax exemptions <br />? <br /> <br /> <br />Multi-Unit Property Tax Exemption <br />o <br /> <br />Downtown Eugene Vertical Housing Development Zone <br />o <br />Downtown Revitalization Loan Program <br />? <br /> <br />Affordable housing assistance <br />? <br /> <br /> <br />Low-income housing tax credits (State administered) <br />o <br /> <br />Other potential tools for downtown: systems development charge waivers, property tax <br />o <br />exemption, and Homeownership Assistance Program <br /> <br />City’s General Fund/Full Faith and Credit Pledge <br />? <br /> <br />Assessments/local improvement districts/business improvement districts <br />? <br /> <br />Business Development Fund <br />? <br /> <br />Development Tools for Downtown Development <br />These financial tools may be used in different ways to create a development financing package. The <br />typical methods that these financial resources are used to create a development financing package are <br />referred to in this discussion as development tools. Briefly, they are: <br /> <br />Land assembly (direct purchase or purchase of options, preparation of the land for development, <br />? <br /> <br /> and/or sale of the land to developers at a reduced price) <br />Public parking <br />? <br /> <br />Public infrastructure - such as utility relocations and upgrades or transportation improvements <br />? <br /> <br />Direct investment – provide a payment to the developer to reduce the overall cost of the project <br />? <br /> <br />Financial Risk Mitigation Measures <br />Development activities can carry a degree of financial risk that is higher than other types of governmental <br />activities. When creating a development finance package, the City may build in various kinds of financial <br />risk mitigation measures. These measures can provide assurances that the development activities meet <br />certain goals, such as the size and nature of development, job creation levels, property value increases, and <br />amount of affordable housing with specific income level targets. They can also provide assurance that any <br />debt obligations have protections against defaults. These mitigation measures may include items such as: <br /> <br />Withholding key resources until the project is complete, such as turnkey purchase <br />? <br /> <br /> <br />Providing City funds last into a project (after the developer equity is contributed) <br />? <br /> <br /> L:\CMO\2007 Council Agendas\M070425\S070425A.doc <br /> <br />