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Item A: Urban Renewal
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Item A: Urban Renewal
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Agenda Item Summary
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7/8/2009
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1. FINANCING TOOLS <br /> <br /> <br />A. Urban Renewal <br /> <br />Urban Renewal Summary <br /> <br />? <br /> Funds must be spent to benefit the district and for projects listed in the plan; currently, <br /> <br />includes public improvements, off-site facilities, acquisition and redevelopment, relocation, <br /> <br />development and redevelopment, staff for downtown projects, property disposition, and <br /> <br />rehabilitation and conservation. <br /> <br />? <br /> Any expenditure over $250,000 (other than loans) must be explicitly approved by the URA <br /> <br />Board <br />? <br /> <br /> Currently, $0.5 million remains under the spending limit (“maximum indebtedness”) <br /> <br />? <br /> Substantial plan amendment needed to increase spending limit (enter into obligation > $0.5 <br /> <br />million) or expand boundary (>1%); 100+ day process: <br /> <br /> Review by ERAC, URA, & CC; <br />o <br /> <br /> Public notice & public hearing; <br />o <br /> <br /> URA approval & CC ordinance <br />o <br /> <br />? <br /> Additional funds would be available as potential development resources, assuming a plan <br /> <br />amendment (about $14.2 million, assuming current unallocated cash plus debt that is repaid <br /> <br />over remaining life of district) <br /> <br />? <br /> Annual tax increment revenue is currently about $1.7 million <br /> <br />? <br /> The URA can borrow funds to complete projects; there is no current outstanding bonded <br /> <br />debt. Borrowing is limited by several factors: remaining life of district, required debt <br /> <br />coverage ratio and debt service reserve, & project interest rate <br /> <br /> <br /> <br />Urban Renewal is a means to support economic development and civic improvement by a) encouraging private <br />development and b) financing needed public improvements such as infrastructure, parks and open spaces, public <br />plazas, parking garages or environmental improvements within designated districts. The City of Eugene Urban <br />Renewal Agency (URA) is a separate entity authorized by state statutes. City Council acts as the Renewal <br />Agency Board. The URA oversees two urban renewal districts – the Downtown District and the Riverfront <br />District. Each district has its own URA adopted plan. Below is an explanation of available funds, the spending <br />limit (maximum indebtedness), the plan amendment process, current and future obligations, access to future <br />revenue, and an example of a previous urban renewal project. It should be noted, however, that the legislature <br />has approved significant changes to urban renewal, and those changes have not yet been analyzed and <br />incorporated into this analysis. <br /> <br />Available Amounts for Development Projects: The Downtown District currently has an expenditure limit of <br />approximately $0.5 million under the “maximum indebtedness” spending limit. The District currently has total <br />available resources of approximately $3.0 million, as set out in the chart below. (A further explanation of <br />“maximum indebtedness” follows the charts and an explanation of the downtown loan program is item 1.B.) <br /> <br />Summary: Current Capacity of the Downtown Urban Renewal District <br /> Approximate for FY10 <br />Amount Remaining Under Maximum Indebtedness Limit $ 0.5 million <br />Downtown Loan Funds 2.5 million <br /> Total Amount Available $ 3.0 million <br /> <br />If the Downtown District plan were amended to increase the “maximum indebtedness” limit, then there would <br />be additional capacity to undertake downtown development projects. The following chart sets out an initial <br />estimate of the amount that could be available for projects if the plan were amended to increase the limit. <br /> <br />
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