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impact on infrastructure and transportation systems, which is ultimately less expensive <br />and more sustainable over the long run. Yet the viability of each individual development <br />project is primarily driven by project cost and risk. Therefore, when the cost and <br />complications of development downtown is greater, development will inevitably occur <br />outside of the downtown area. <br /> <br />The City will strategically use collaborative and financial tools to counter these market <br />conditions and influence the location, character and density of development. <br />Collaborative tools focus on technical development assistance such as reviewing projects <br />or working to promote a more favorable lending environment. These tools often have <br />timing and cost implications, such as fast tracking permits, or providing fee assistance. <br /> <br />Financial tools include revenue for development projects or incentives from a variety of <br />sources, as listed below. The Downtown Financial Tools map shown on page 48 indicates <br />the location of those tools that are geographically based, including the urban renewal <br />districts. <br /> <br />Typically, the purpose of economic tools is to close the gap between the development <br />costs in the downtown core and development costs outside of downtown. Incentives can <br />be used to encourage retail activity and improve the architectural character of new or <br />redeveloped properties. The focused use of these tools materially impacts the location <br />and quality of development, and the image of downtown Eugene as a place to do business <br />and to live. <br /> <br /> · Urban Renewal Districts <br />Tax increment revenue generated through the two urban renewal districts in downtown is <br />the primary financial tool for downtown projects. This revenue can be used for a wide <br />range of development purposes within each district, from land acquisition to renovation <br />and faCade improvements. The City's Urban Renewal District Plans include the <br />requirements of the districts and list examples of downtown-related projects. <br /> <br /> · Commercial Revitalization Loans <br />Urban renewal revenue can be used to make loans for building rehabilitation, renovation, <br />facade improvements, historic preservation, tenant improvements, accessibility, and <br />general property improvements within the Downtown Urban Renewal District. <br /> <br /> · Multi-Unit Property Tax Exemption (MUPTE) <br />The program offers a ten-year property tax exemption for the construction of new multi- <br />unit rental or ownership housing within an eligible boundary. <br /> <br /> · Vertical Housing Development Zone <br />The program offers a ten-year tax exemption on mixed-use projects within an eligible <br />boundary that include housing above ground floor commercial. <br /> <br /> · New Markets Tax Credits <br /> <br /> 12 <br /> <br /> <br />