Item 3: Ordinance on Downtown Urban Renewal Plan Amendments

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ATTACHMENT A ORDINANCE NO. ___________ AN ORDINANCE ADOPTING AN AMENDED URBAN RENEWAL PLAN FOR THE DOWNTOWN URBAN RENEWAL DISTRICT, FORMERLY THE CENTRAL EUGENE PROJECT . The City Council of the City of Eugene finds that: A. The Urban Renewal Plan for the Central Eugene Project (the “1968 Plan”) was initially adopted on July 3, 1968 by Resolution No. 257 of the Eugene Urban Renewal Agency, and on December 19, 1968 by Resolution No. 1609 of the Eugene City Council. The City Council subsequently amended the Plan by Ordinance No. 19648 on November 8, 1989 (the “1989 Amendment”), by Ordinance No. 20120 on June 1, 1998 (the “1998 Amendment”), and by Ordinance No. 20328 on September 13, 2004 (the “2004 Amendment” and together with the 1989 Amendment, the 1998 Amendment and the 2004 Amendment, the “Original Plan” ). B. The 1998 Amendment was in response to provisions of Measure 50, and the Council’s action grandfathered the district, selected a tax option, set a maximum indebtedness amount, and specified that tax increment funds only be used for development of a downtown library, completion of certain existing projects, and payment of District administrative expenses. C. The 2004 Amendment expanded the projects for which tax increment funds could be used; created a public advisory committee; and added a requirement of specific Agency approval for projects greater than $250,000, other than loans. D. The City Council’s 2007 Goals include a goal to facilitate significant revitalization of downtown. The City Council and the Urban Renewal Agency of the City of Eugene (the “Agency”) have determined that implementation of the West Broadway redevelopment project, using urban renewal as a financing tool, is consistent with that goal and will require a substantial amendment of the Original Plan, and on May 29, 2007 directed the Agency Director to initiate the process to amend the Original Plan. E. In accordance with the provisions of ORS 457, the Oregon Constitution, and all applicable laws and ordinances, the Planning and Development Department of the City of Eugene has prepared amendments to the Original Plan (the “2007 Amendments”) including: (1) Renaming the Plan “The Urban Renewal Plan for the Downtown Urban Renewal District”; (2) Increasing the maximum indebtedness amount by $40 million, to a total of $73 million; and (3) Extending the termination date from June 30, 2024 to June 30, 2030. Ordinance - 1