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Item A: Downtown Development Financial Tools
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Item A: Downtown Development Financial Tools
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6/9/2010 1:01:05 PM
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4/19/2007 8:38:15 AM
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Agenda Item Summary
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4/25/2007
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߬¬¿½¸³»²¬ ß <br />Planning & Development <br />Community Development <br />City of Eugene <br />th <br />99 W. 10 Avenue <br />Eugene, Oregon 97401 <br />(541) 682-5443 <br />(541) 682-5572 FAX <br />www.eugene-or.gov <br />M <br />EMORANDUM <br />Date: <br />April 12, 2007 <br />To: <br />Mayor Piercy and City Council <br />From: <br />Mike Sullivan, Community Development Division Manager <br />Subject:DOWNTOWN DEVELOPMENT TOOLS <br />At recent work sessions, City Councilors have asked for additional information regarding available <br />resources and how those resources might be used to support downtown development. The memo <br />includes the following sections: <br />1.Financing Tools <br />2.Development Tools <br />3.Examples from other communities <br />Each of the City’s specific tools is described below with a summation box, detailed narrative <br />explanation, and an example of a downtown Eugene project. Financing tools are sources of funds. <br />The most significant source of funds available is urban renewal.Other financial tools include the <br />Brownfield Economic Development Initiative (BEDI) and Section 108 Loan Guarantee, property <br />tax exemptions (Multi-Unit Property Tax Exemption, Vertical Housing Development Zone), the <br />Downtown Revitalization Loan Program, affordable housing assistance, the City’s general fund, <br />improvement districts, and the Business Development Fund. In comparison, development tools are <br />uses of funds that support public/private partnerships, but generally not sources of funds on their <br />own. Land assembly, public parking, public infrastructure, and direct investment are examples of <br />development tools. <br />The structure and type of downtown development tools vary by community.Detailed case studies <br />on projects in other communities are included in Attachment D. A summary of individual projects, <br />overall cost and results, and the ratio of public to private dollars are included for each example. <br />Please contact me by phone (682-5448) or via email (mike.c.sullivan@ci.eugene.or.us) if you have <br />questions or need further information. <br />Page 1 of 13 <br />
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