My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
Item A: Urban Renewal
COE
>
City of Eugene
>
Council Agendas 2009
>
CC Agenda - 07/08/09 Work Session
>
Item A: Urban Renewal
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
6/9/2010 1:10:33 PM
Creation date
7/2/2009 1:48:36 PM
Metadata
Fields
Template:
City Council
City_Council_Document_Type
Agenda Item Summary
CMO_Meeting_Date
7/8/2009
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
57
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
full. Property tax revenue on the property was $3,570 in 1984. Since the historic tax exemption expired in <br /> <br />2005, the DAC properties have paid $375,000 in property taxes. <br /> <br />The Urban Renewal Agency and the City entered into an Intergovernmental Agreement that committed the <br />Agency to make the debt service payments on $18.5 million of City debt obligations for the library and to <br />provide additional cash contributions to the project, if excess urban renewal revenues were available in future <br />years. The resolution authorizing the City Manager to sign the Intergovernmental Agreement was approved by <br />the Council and the Agency on February 28, 2000, along with the resolution authorizing issuance of the debt <br />obligations. On April 27, 2000, the City issued $18.5 million of debt that was to be repaid from Agency <br />resources. The debt was to be repaid in annual amounts of about $2.5 million and the final maturity is on <br />December 1, 2009. The City pledged its full faith and credit to repay these bonds, but that pledge has not been <br />used because tax increment revenues have been sufficient to make the debt payments. <br /> <br />B. Downtown Revitalization Loan Program (DRLP) <br /> <br />Downtown Revitalization Loan Program Summary <br /> <br />? <br /> Available funds FY10: $2.5 million <br /> <br />? <br /> Building improvements within Downtown Urban Renewal District <br /> <br />? <br /> Below market interest rate <br /> <br />? <br /> Matched with private financing <br /> <br />The DRLP is a revolving loan program funded through Urban Renewal District program revenue. The FY10 <br />budget will include approximately $2.5 million available for DRLP loans, with approximately $82,000 in <br />principal and interest repayments forecasted in FY10. Available to businesses and property owners located <br />within the Downtown Urban Renewal District, the DRLP is a flexible financing program designed to encourage <br />investments within the Downtown District that contribute to the economic vibrancy and density goals for <br />downtown. The primary goal of the DRLP is to provide funding assistance to projects that meet the goals and <br />objectives of the Urban Renewal Plan for Central Eugene Project and the Eugene Downtown Plan. The program <br />is also designed to be responsive to unique redevelopment opportunities, specific downtown redevelopment <br />challenges, and specific individual project financing needs. <br /> <br />The DRLP aims to encourage private, non-profit, and mixed-use development and public/private partnerships in <br />overcoming issues with a low loan to value ratio, insufficient cash flow, and extraordinary project specific costs. <br />The DRLP provides project financing typically between 25% and 50% of total eligible project costs. Eligible <br />projects include building rehabilitation, façade improvements, tenant improvements, awnings, historic <br />preservation, and accessibility improvements. Remaining project financing is provided by private sources. <br />Loan amounts are generally between $10,000 and $500,000. <br /> <br />The URA currently has approximately $900,000 of outstanding loans under the DRLP. The revolving nature of <br />the program means that it is self-financing. As new loans are made, the payments on the loans are then returned <br />to the loan pool and loaned out for new projects. Loans are approved by the City Manager. <br /> <br />Example: Tiffany Building <br />Built in the early 1900s, the Tiffany Building was severely damaged by a 1986 fire. The uninhabitable structure <br />sat vacant for over five years and the improvements had an assessed value of only $500. In 1991, the URA <br />provided gap financing in the amount of $350,000 for the renovation of the building. The Tiffany Building is <br />now on the National Register of Historic Places. The renovation project included the creation of 18 new <br />downtown housing units. Prior to the renovation, it had been several years since any new housing units were <br />developed in the downtown core. The immediate market success of the Tiffany Building apartments played a <br />major role in stimulating other downtown housing, including Broadway Place and High Street Terrace. The <br />project has also attracted successful, local retailers. Financing provided for the project has been repaid in full. <br />Since the historic tax exemption expired in 2005, the Tiffany Building property has paid $55,828 in property <br /> <br />taxes. <br />
The URL can be used to link to this page
Your browser does not support the video tag.