Item 3: Ordinance on Downtown Urban Renewal Plan Amendments

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2. Method. Rehabilitation and conservation may be achieved in two ways: a. By owner and/or tenant activity, with or without financial assistance; b. By the enforcement of existing City codes and ordinances. 3. Financial Building Rehabilitation Assistance. The Agency, with funds available to it, may promulgate rules, guidelines and eligibility requirements for the purpose of establishing below-market or market rate loan programs, grants, or other financial incentives to advance the goals and objectives of the Central Eugene Downtown Urban Renewal District Plan. Loans, grants or incentives provided by the Agency may be used for voluntary rehabilitation of buildings, façade improvements, provision of amenities on private property in compliance with adopted design guidelines and standards, construction of new buildings, pre-development assistance, connecting to Agency- provided underground electrical and communication systems, or other activities approved by the Agency . I. OWNER PARTICIPATION It is the intent of the Renewal Agency to provide low-interest loans to assist develop- ment and redevelopment of private property in the district. Property owners within the plan area proposing to improve their properties and receiving financial assistance from the Agency shall do so in accordance with all applicable provisions of this plan and with all applicable codes, ordinances, policies, plans, and procedures of the City of Eugene. Section 700 – Methods for Financing the Projects The Agency may borrow money and accept advances, loans, grants, and other legal forms of financial assistance from the Federal government, the State, City, County, or other public body, or from any source, public or private, for the purposes of undertaking and carrying out this development plan, or may otherwise obtain financing as authorized by ORS Chapter 457. Ad valorem taxes, if any, levied by a taxing body upon the taxable real and personal property situated in the urban renewal area, shall be divided in accord with and pursuant to ORS 457.420 through 457.450. The Agency shall adopt and use a fiscal year ending June 30 accounting period. Each year the agency shall develop a budget in conformance with the provisions of ORS Chapter 294 and ORS 457.460 which shall describe sources of revenue, proposed expenditures, and activities. The Urban Renewal Agency Board of Directors must approve all projects, other than loans, in excess of $250,000. Downtown District Urban Renewal Plan - Circulation Draft of MayJune 2007 12