Ordinance No. 20120 - Laserfiche WebLink

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ORDINANCE N[l. Zo1Z0 AN ORDINANCE REGARDING THE METHGD GF COLLECTING AD VALOREM PRUPERTY TAxES, AND ADAPTING AN AMENDMENT TU THE URBAN RENEWAL PLAN FGR THE CENTRAL EUGENE PRGJECT, The City Council of the City of Eugene finds that: A, The City of Eugene ~"City"} adopted an amended Urban Renewal Plan for the Central Eugene Project on November 5,1959, by Ordinance No.19645 ~"Plan"~. B. As part of legislation implementing changes to the Oregon Constitution adopted by the voters on May 20,1997 Measure 50}, the 1997 Oregon Legislative Assembly amended ORS Chapter 457 to allow a municipality which had adopted an urban renewal plan by ordinance prior to December 6,1996 to provide for the collection of ad valorem property taxes from a special city- wide levy using one of three options to pay when due, indebtedness issued or incurred to carry out the plan as permitted by section 11 X16}, Article XI of the Oregon Constitution. C. In order for the urban renewal agency to collect ad valorem property taxes from the special city-wide levy using one of the three options referred to above, ORS 457.194 requires that the Pian be amended to include a maximum amount of indebtedness that may be issued or incurred under the Plan. D. The Urban Renewal Agency of the city of Eugene ~"Agency"} has undertaken a review of the records relating to the scope and costs of projects in the plan as of December 5,1996. The Agency has determined that the project with the highest priority is a new library. The current estimated cost of a new library is between $1 S and $30 million. Until the Mayor's Library Committee completes its work, and the Council reviews the Committee's recommendation, this estimate remains the most accurate estimate, and constitutes a good faith estimate of the cost of that project. In order to use Agency funds to pay for the library, it is necessary for the Agency to continue topay on-going administration costs, such as creating an annual district budget, preparing annual financial statements, disposing of the Sears building, overseeing completion of the Broadway Place and Overpack elevator projects and administering the loan portfolio. In addition, the Agency has committed funds for construction of the Overpack elevator. This project is nat complete and it is currently estimated that approximately $400,000 of the cost of this project will be paid by the Agency after July 1, 1995. Based on the above, maximum indebtedness should be set at $33,000,000, which is equal to the highest estimated cost of the library including inflation, reserves, and debt issuance costs, completion ofthe Overparkelevatorand on-going administration costs for the Urban Renewal district. In addition to the indebtedness set out above, the Agency is currently obligated to pay for two outstanding debt issues: $1,903,494 far the Urban Renewal Agency Refunding Bonds and $5,543,955 for the Certificates of Participation. E. The Agency met on April 15,1998 to review the testimony from the April 13 public Ordinance -1