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Item B: URA - West Broadway Preliminary Financing Plan
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Item B: URA - West Broadway Preliminary Financing Plan
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6/9/2010 1:17:14 PM
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5/24/2007 9:26:17 AM
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Agenda Item Summary
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5/29/2007
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b. By the enforcement of existing City codes and ordinances. <br />3. Financial Building Rehabilitation Assistance. The Agency, with funds available to <br />it, may promulgate rules, guidelines and eligibility requirements for the purpose of <br />establishing below-market or market rate loan programs, grants, or other financial <br />incentives to advance the goals and objectives of the Central Eugene Downtown Urban <br />Renewal District Plan. Loans, grants or incentives provided by the Agency may be used <br />for voluntary rehabilitation of buildings, façade improvements, provision of amenities on <br />private property in compliance with adopted design guidelines and standards, <br />construction of new buildings, pre-development assistance, connecting to Agency- <br />provided underground electrical and communication systems, or other activities <br />approved by the Agency <br />. <br />I. OWNER PARTICIPATION <br />It is the intent of the Renewal Agency to provide low-interest loans to assist develop- <br />ment and redevelopment of private property in the district. <br />Property owners within the plan area proposing to improve their properties and <br />receiving financial assistance from the Agency shall do so in accordance with all <br />applicable provisions of this plan and with all applicable codes, ordinances, policies, <br />plans, and procedures of the City of Eugene. <br />Section 700 – Methods for Financing the Projects <br />The Agency may borrow money and accept advances, loans, grants, and other legal <br />forms of financial assistance from the Federal government, the State, City, County, or <br />other public body, or from any source, public or private, for the purposes of undertaking <br />and carrying out this development plan, or may otherwise obtain financing as authorized <br />by ORS Chapter 457. <br />Ad valorem taxes, if any, levied by a taxing body upon the taxable real and personal <br />property situated in the urban renewal area, shall be divided in accord with and <br />pursuant to ORS 457.420 through 457.450. <br />The Agency shall adopt and use a fiscal year ending June 30 accounting period. Each <br />year the agency shall develop a budget in conformance with the provisions of ORS <br />Chapter 294 and ORS 457.460 which shall describe sources of revenue, proposed <br />expenditures, and activities. The Urban Renewal Agency Board of Directors must <br />approve all projects, other than loans, in excess of $250,000. <br />Urban Renewal Plan For Central Eugene Draft of May 2007 12 <br />
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