Item 3: Ordinance on Downtown Urban Renewal Plan Amendments

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Exhibit means an attachment, either narrative or graphic, to the plan for the project area. ORS means Oregon Revised Statutes (State law). ORS Chapter 457 regulates the urban renewal process. Plan means the Urban Renewal Plan for the Central Eugene ProjectDowntown Urban Renewal District. The plan consists of Part 1, text and Part 2, exhibits. Project means any undertaking or activity within the central Eugene projectDowntown Urban Renewal District, such as a public improvement, street project, or loan program which is authorized by and implements provisions set forth in the Urban Renewal Plan. Plan area means the entire Central Eugene ProjectDowntown Urban Renewal District plan area. Redeveloper (see Developer) means any individual or group which acquires property or which receives financial assistance for the physical improvement of publicly or privately held structures and land within the project area. Rehabilitation means the act or process of returning a property to a state of utility through repair or alteration which makes possible an efficient, contemporary use while preserving those portions or features of the property which are significant to its historical, architectural, and cultural values. Report on the plan means the textual material and graphic exhibits required by ORS 457.085 (3) which explains existing conditions, activities, procedures, and proposals of the plan. State means the State of Oregon and its various agencies, divisions, and departments. Tax increment financing means a method of financing urban renewal projects as authorized by ORS Chapter 457, which uses the tax revenues generated by the increased taxable values in a defined area to pay for improvements within that area or benefiting that area. Text means Part 1 of this Urban Renewal Plan for the Central Eugene ProjectDowntown Urban Renewal District. Downtown District Urban Renewal Plan - Circulation Draft of MayJune 2007 2