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Timing/Process Multiple part / month process (See Section E below) <br /> <br />o <br />If started March 8: <br /> <br />o <br />review by taxing districts, public, planning commission <br /> <br />- <br />public hearing April 19 <br /> <br />- <br />ordinance action May 24 <br /> <br />- <br />Voting/Elections No election required <br /> <br />o <br />If referred by voters = November 2 ballot <br /> <br />o <br />If referred by Council: <br /> <br />o <br />By June 28 for September 21 ballot <br /> <br />- <br />By August 9 for November 2 ballot <br /> <br />- <br />Unfunded items n/a <br />Other Impacts n/a <br /> <br />Additional Information <br /> <br />A.Proposed Plan Amendments <br /> <br />The requested action will forward the possible amendments to the Downtown Urban <br />Renewal Plan to the Planning Commission and overlapping taxing districts for their review <br />and input prior to holding a public hearing with the City Council. <br /> <br />Three potential amendments to the Downtown Urban Renewal Plan are proposed at this <br />time: (i) increase maximum indebtedness by $16.15 million, for a total of $49.15 million, for <br />only the four specified projects; (ii) terminate the District as soon as projects are paid for, <br />debt issued to fund the projects is repaid, or sufficient funds are collected to fund those <br />th <br />projects or debt; and (iii) expand the boundaries of the District to incorporate the 12 and <br />Willamette site for the VA Clinic. <br /> <br /> <br />Increasing the maximum indebtedness figure is necessary to allow the URA to spend tax <br />increment dollars on additional projects. The current “maximum indebtedness” of $33 <br />million has nearly been spent, with the bulk spent on the library. Adopting a “maximum <br />indebtedness” figure does not authorize or obligate the District to enter into debt. Rather, <br />it allows the current and future URA Boards to have the ability to fund projects over time, <br />either with cash or by issuing debt. Each project will require subsequent approval by the <br />URA Board / Budget Committee. <br /> <br />Attachment K includes a draft of the amended plan. Attachment L includes a draft report <br />on the plan that describes, among other things, the financial impact of the plan. <br />The cost of the proposed projects is $17 million with a maximum indebtedness of $16.15 <br />million after deducting the $0.9 million that has not been spent under the current cap. (The <br />total cost with interest comes to $21.7 million.) <br /> <br />If the URA Board adopts the proposed motion, the plan and report will be sent to the <br />Planning Commission and the overlapping taxing districts for comment, and will be available <br /> <br />