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Chapter 7: Estimated Amount of Money and Anticipated Year in Which Indebtedness will be Retired or Otherwise Provided For Under ORS 457.420 to 457.460. Table 5 sets out the estimated costs of the projects to be completed under the Renewal Plan. The total cost of afl projects is estimated at almost $105 million between FY04-05 and FY28-29. The projects will be funded with a combination of urban renewal tax in- crement financing under ORS 457 and other sources. The Urban Renewal Agency expects to apply for funding from other federal, state and local grants in order to com- plete the projects. Private developers will fund some of the project costs. In addition, the public facilities included within the plan may also be funded in part with other public funds, such as systems development charges and general obligation bonds, among other sources. The project activities will begin immediately in FY04-05 and will continue through the final year of the Renewal Plan, in FY28-29. In order for the renewal district to complete afl programmed activities and retire any outstanding bonded indebtedness, the maxi- mum indebtedness figure will need to be increased in the future, however. When the Central Eugene Project plan was amended in June of 1998, the City Council added a maximum indebtedness figure of $33 million to the plan. That figure was based on the estimated cost of building a new main library, plus continuation of the administrative costs in the district, preparing annual financial statements, disposing of the Sears building, overseeing completion of the Broadway Place and Overpark elevator projects, and administering the loan portfolio. It excluded existing debt. Based on the estimated cash flow for the district between now and FY09-10, it is ex- pected that the current maximum indebtedness figure will be insufficient to cover anti- cipated expenditures for projects. The maximum indebtedness figure is not being considered for revision at this time because such a change in the Plan would result in a loss of the "grandfather" status of the district under Measure 50. The Plan includes a review in 2009. At that time, it will be necessary for the review to include consideration of a change in maximum indebtedness in order to carry out addi- tional tax increment financing projects within the plan area. Chapter 8 sets out more details about the financial feasibility of the Renewal Plan, along with projected revenues and expenditures through FY09-10. The timing and amounts for individual project activities will be determined by the Urban Renewal Agency each year during the annual budget process. An advisory committee with citizen participation will provide advice on improvements to the district and the expenditure of funds. Completion dates for individual activities may be affected by changes in local economic and market conditions, changes in the availability of tax increment funds, and changes in priorities for carrying out project activities. 15