Item C - Urban Renewal Amend. - Laserfiche WebLink

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Because the Central Eugene Plan took steps to be "grandfathered" under the provisions of Measure 50, the district is allowed to levy a higher amount of taxes than would otherwise be allowed for the existing life of the district. The base amount allowed to be levied is the "division of tax" levy, which is equal to the incremental property value in the district times the overlapping tax rate for al/jurisdictions (City, County, schools, bonds). In addition, the "grandfather" provision allows the Central Eugene Project to levy a "special levy" in order to protect the level of property tax collections after implementation of the provisions of Measure 50. In FY04, the special levy tax rate was $0.2014/$1000 of A V and the "division of tax" levy is $0.24 71, for a total of $0.4485/$1000 of A V for the Central Eugene Project. When the current district termination date is reached in FYfO, the district will no longer qualify for the special levy and taxes will go down for Eugene taxpayers. Table 6, on the following pages, provides details of the impact of carrying out the Fourth Amendment to the Plan. 18