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Use financial incentives to support the redevelopment of properties in the downtown <br />area. <br />Encourage the development of high density downtown housing. <br />Identify and fund new public space and infrastructure projects as recommended by the <br />Eugene Redevelopment Advisory Committee (ERAC) and City Council. <br />Downtown District Budget <br />The chart on the following page sets out the Downtown District budget for the current fiscal <br />year. The largest revenue for the district is property taxes. These taxes are described in detail <br />following this section. The largest expenditure for the district is the annual payment on the <br />library obligations. <br />Downtown District Budget for FY07 <br />RESOURCES <br />Beginning Working Capital $8,601,989 <br />Property Taxes 3,680,000 <br />Loan Repayments 50,000 <br />Miscellaneous 345,500 <br /> Total Resources $12,677,489 <br />REQUIREMENTS <br />Operating Expenses $299,832 <br />Capital Projects 860,937 <br />Loans Granted* 2,214,421 <br />Intergovernmental Expenditures** 2,441,565 <br />Balance Available 4,360,734 <br />Debt Service Reserve 2,500,000 <br /> Total Requirements $12,677,489 <br />*The budget shows the entire amount of the potential loan fund as potentially expended in FY07, but it is likely that <br />only about $0.4 million will be loaned out in the current year. <br />**Intergovernmental Expenditures are payments to the City to meet the library obligations debt service. <br />Downtown District Property Tax Information <br />The primary funding for urban renewal is tax increment revenue. Tax increment revenue comes <br />from increases in property values since the district was created. These increased property values <br />generate ?tax increment? which is directed to the district. <br />Incremental Property Values and Tax Increment <br />When an urban renewal district is first created, the assessed value within the district boundaries is <br />established as the ?frozen base?. In theory, if urban renewal efforts are successful, the value of the <br />district will grow above the base amount. That increase is called the ?incremental? or ?excess? <br />value. Overlapping jurisdictions (schools, general governments, bonds) continue to receive <br />