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full. Property tax revenue on the property was $3,570 in 1984. Since the historic tax exemption expired in 2005, the DAC properties have paid $375,000 in property taxes. The Urban Renewal Agency and the City entered into an Intergovernmental Agreement that committed the Agency to make the debt service payments on $18.5 million of City debt obligations for the library and to provide additional cash contributions to the project, if excess urban renewal revenues were available in future years. The resolution authorizing the City Manager to sign the Intergovernmental Agreement was approved by the Council and the Agency on February 28, 2000, along with the resolution authorizing issuance of the debt obligations. On April 27, 2000, the City issued $18.5 million of debt that was to be repaid from Agency resources. The debt was to be repaid in annual amounts of about $2.5 million and the final maturity is on December 1, 2009. The City pledged its full faith and credit to repay these bonds, but that pledge has not been used because tax increment revenues have been sufficient to make the debt payments. B. Downtown Revitalization Loan Program (DRLP) Downtown Revitalization Loan Program Summary ? Available funds FY10: $2.5 million ? Building improvements within Downtown Urban Renewal District ? Below market interest rate ? Matched with private financing The DRLP is a revolving loan program funded through Urban Renewal District program revenue. The FY10 budget will include approximately $2.5 million available for DRLP loans, with approximately $82,000 in principal and interest repayments forecasted in FY10. Available to businesses and property owners located within the Downtown Urban Renewal District, the DRLP is a flexible financing program designed to encourage investments within the Downtown District that contribute to the economic vibrancy and density goals for downtown. The primary goal of the DRLP is to provide funding assistance to projects that meet the goals and objectives of the Urban Renewal Plan for Central Eugene Project and the Eugene Downtown Plan. The program is also designed to be responsive to unique redevelopment opportunities, specific downtown redevelopment challenges, and specific individual project financing needs. The DRLP aims to encourage private, non-profit, and mixed-use development and public/private partnerships in overcoming issues with a low loan to value ratio, insufficient cash flow, and extraordinary project specific costs. The DRLP provides project financing typically between 25% and 50% of total eligible project costs. Eligible projects include building rehabilitation, façade improvements, tenant improvements, awnings, historic preservation, and accessibility improvements. Remaining project financing is provided by private sources. Loan amounts are generally between $10,000 and $500,000. The URA currently has approximately $900,000 of outstanding loans under the DRLP. The revolving nature of the program means that it is self-financing. As new loans are made, the payments on the loans are then returned to the loan pool and loaned out for new projects. Loans are approved by the City Manager. Example: Tiffany Building Built in the early 1900s, the Tiffany Building was severely damaged by a 1986 fire. The uninhabitable structure sat vacant for over five years and the improvements had an assessed value of only $500. In 1991, the URA provided gap financing in the amount of $350,000 for the renovation of the building. The Tiffany Building is now on the National Register of Historic Places. The renovation project included the creation of 18 new downtown housing units. Prior to the renovation, it had been several years since any new housing units were developed in the downtown core. The immediate market success of the Tiffany Building apartments played a major role in stimulating other downtown housing, including Broadway Place and High Street Terrace. The project has also attracted successful, local retailers. Financing provided for the project has been repaid in full. Since the historic tax exemption expired in 2005, the Tiffany Building property has paid $55,828 in property taxes.