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<br /> <br />URAB <br />RBAN ENEWAL GENCY OARD <br />AIS <br />GENDA TEM UMMARY <br /> <br /> <br /> <br />Work Session: Downtown Financing Strategy <br /> <br /> <br />Meeting Date: March 8, 2010 Agenda Item Number: A <br />Department: CS / PDD Staff Contact: Sue Cutsogeorge / Amanda Nobel <br />www.eugene-or.gov Contact Telephone Number: 541-682-5589 <br /> <br /> <br /> <br /> <br /> <br /> <br />ISSUE STATEMENT <br />The Urban Renewal Agency (URA) Board/City Council will consider four funding strategies for the <br />package of downtown projects (Lane Community College (LCC), public safety improvements and <br />increased police staffing, Veterans Affairs (VA) Willamette Street Clinic, and Park Blocks <br />improvements for the Farmers’ Market.) The URA Board is asked to begin the process for making a <br />substantial amendment to the Downtown Urban Renewal Plan, which will include review by the public <br />and overlapping taxing districts prior to making a final decision in May. If the URA Board does not <br />select the Downtown Urban Renewal funding option, the City Council will convene a work session to <br />address the three other funding options. <br /> <br /> <br />BACKGROUND <br />City Council’s discussion of downtown revitalization is part of a larger conversation on local economic <br />development actions. (See Attachment A for a summary of council discussions and actions over the past <br />year and Attachment B for a diagram of the strategies and projects.) The most recent council work <br />session occurred on February 22, 2010, and resulted in direction to the City Manager to present to the <br />URA Board for its review: <br /> <br />1)A proposed amendment to the Downtown Urban Renewal Plan that would: <br /> <br />a.Restrict the use of tax increment funds and increase the spending limit to pay for: <br />(i) Broadway Place Garages’ debt, thereby freeing up funds for downtown public <br />safety and property crime reduction; <br />th <br />(ii) Proposed LCC new downtown center at the 10 and Charnelton site (no more than <br />$8 million); <br />(iii) Additional improvements to the Park Blocks of no more than $500,000 to enhance <br />the area for the Farmers’ Market; and <br />(iv) If the VA pursues PeaceHealth’s Willamette Street site for a new clinic, no more <br />than $2.5 million. <br /> <br />b.Terminate the Downtown Urban Renewal District as soon as the projects are paid for or <br />sufficient funds are collected to fund those projects (estimated FY2018/2019). <br /> <br />2)An analysis of non-tax increment financing funding options, including: <br /> <br />a.Existing resources (excluding the facility reserve); <br /> <br />b.General Obligation bond; and <br /> <br />c.Local Option Levy. <br /> <br /> Z:\CMO\2010 Council Agendas\M100308\S100308A.doc <br /> <br />