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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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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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<br /> <br />If the agency declines to expand the boundaries, there will be no effect on the West Broadway <br />? <br /> <br />development plans. The plan would, however, need a “substantial amendment” at a later date <br />before it could cover other potential redevelopment areas. <br />If the agency decides to choose a shorter termination date, the financial capacity of the Downtown <br />? <br /> <br />District to take on the large-scale project will be affected. <br />If the agency decides to increase the maximum indebtedness by less than $40 million, the district <br />? <br /> <br />may not have sufficient flexibility and spending authority to accomplish the West Broadway <br />project with district resources (see Attachment C for explanation). <br /> <br /> <br />AGENCY DIRECTOR’S RECOMMENDATION <br /> <br />The Agency Director recommends that the URA Board forward to the Planning Commission and <br />overlapping taxing districts the proposed amendments to the Downtown Urban Renewal Plan, consistent <br />with the draft plan and report included as attachments D and E. The amendments include (i) an <br />increased maximum indebtedness of $95 million, for a total of $128 million; (ii) an extension of the <br />termination date from June 30, 2024, to June 30, 2030; and (iii) a boundary expansion to include the <br />Eugene Clinic and Lane County Annex areas. <br /> <br /> <br />SUGGESTED MOTION <br /> <br />Move to forward to the Planning Commission and overlapping taxing districts the proposed amendments <br />to the Downtown Urban Renewal Plan, consistent with the draft plan and report included in attachments <br />D and E. The amendments include (i) an increased maximum indebtedness of $95 million, for a total of <br />$128 million; (ii) an extension of the termination date from June 30, 2024, to June 30, 2030; and (iii) a <br />boundary expansion to include the Eugene Clinic and Lane County Annex areas. <br /> <br /> <br />ATTACHMENTS <br /> <br /> <br />A.City Council and URA Action History on West Broadway Redevelopment Project, BEDI grant, <br /> HUD Section 108 Loan and Downtown Urban Renewal District <br /> <br />B.Preliminary Finance Plan for the West Broadway Redevelopment Project <br /> <br />C.Explanation of the Proposed Downtown Urban Renewal Plan Amendments <br /> <br />D.Draft of Amended Downtown Urban Renewal District Plan <br /> <br />E.Draft of Downtown Urban Renewal District Plan Report <br /> <br />F.Map of Potential Boundary Expansion Areas <br /> <br />G.Updated Timeline for the West Broadway Redevelopment Project <br /> <br /> <br />FOR MORE INFORMATION <br /> <br />Finance Contact: Sue Cutsogeorge, Financial Analysis Manager <br />Telephone: 682-5589 <br />Staff E-Mail: Sue.L.Cutsogeorge@ci.eugene.or.us <br /> <br />Development Contact: Denny Braud, Senior Development Analyst <br />Telephone: 682-5536 <br />Staff E-Mail: Denny.Braud@ci.eugene.or.us <br /> L:\CMO\2007 Council Agendas\M070529\S070529B.doc <br />
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