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<br /> <br />Legislation passed in 2009 (ORS 457.220) placed additional limits on how much a municipality <br />can increase maximum indebtedness. That same legislation, however, also provides that those <br />limitations notapplytotheextentthemunicipalityapprovingaplanobtainsthewritten <br />concurrenceoftaxingdistrictsimposingatleast75percentoftheamountoftaxesimposedunder <br />permanentratelimitsintheurbanrenewal The City concurred with that increase in <br />maximum indebtedness when it approved this Plan. After consultation with the other <br />overlapping taxing districts, the School District 4J Board vote <br /> amendment to increase maximum indebtedness <br />for the Downtown Urban Renewal District by up to $48 million in accordance with ORS 457.220 <br />ty and School District 4J imposed at least 75% of the amount of taxes <br />imposed under permanent rate limits in the Downtown Urban Renewal District in FY 2015. <br />Therefore, the legislative limitations are not applicable to the maximum indebtedness increase <br />resulting from the 2016 Amendment. <br />Additionally, the LCC Board and the Lane County Board of County Commissioners provided <br />support for the amendment. On May 11, 2016, the LCC Board of Directors voted 6:0 to support <br />the proposed projects, specifically the LCC Downtown Center project, for inclusion in the <br />Downtown Urban Renewal Plan amendment and the use of tax increment financing as the <br />funding mechanism. On May 24, 2016, the Lane County Board of County Commissioners voted <br />4:1 to approve a letter of support. <br /> <br />The 2020 Amendment does not increase the maximum indebtedness amount. <br />Section1500FormalMatters <br />At this time, no property is anticipated to be purchased that would result in relocation. If <br />property is identified for purchase that would involve relocation, the Agency would <br />develop provisions for relocation. <br />13 <br /> <br />