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Item A: Downtown Financing Strategy
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Item A: Downtown Financing Strategy
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Agenda Item Summary
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3/8/2010
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Then in 2004, council added projects to the Downtown Urban Renewal Plan with a <br />subsequent increase in staffing. (Admin was 0.14 FTE for FY01- FY04; 0.75 FTE in FY05; 1.15 <br />FTE for FY06 & FY07; and 1.4 FTE for FY08 through to current.) <br /> <br />The FY10 Budget for admin includes: <br />1.$200,000 in legal fees for Beam’s construction financing <br /> <br />th <br />2.$440,000 for 10 & Charnelton costs that were budgeted for the WG project <br /> <br />3.$150,157 personnel and $56,000 materials & supplies <br /> <br /> <br />D.Net Impact to Schools <br /> <br />As a result of the Downtown District, schools get more state funds and less local funds. The <br />estimated net impact to schools is that they would receive about $31,000 more if the <br />Downtown District did not use tax increment financing. (See Attachment G for a description <br />of what would happen if the Downtown District stopped receiving a portion of property tax <br />revenue.) This estimate does not take into account any effect from Measure 5 <br />compression. The Tax Assessor has been asked for information about this topic and that <br />information will be passed on to council when it becomes available. <br /> <br />The Downtown District does not collect tax increment funds from bonds or levies approved <br />by voters after October 2001, including the Eugene School District 4j local option levy and <br />the recent bond measure passed for LCC. <br /> <br />E.Timeline for Proposed Plan Amendment – DRAFT <br /> <br />March 8 URA work session to initiate plan amendments <br /> [Council Break March 11 – April 11] <br />Mar 12 1) Notify taxing districts, by mail, that amendments are proposed and inform <br />them of the proposed hearing date (April 19) <br />? <br />Districts receive a copy of the draft plan and are invited to comment <br /> <br />? <br />Lane County given an opportunity to meet and review the maximum <br /> <br />indebtedness proposed in the plan <br />2) Mail out postcard to the general public – include hearing date, web address, <br />etc. (ORS 457.120) <br /> 3) Place materials and proposals on City website <br />Mar 29 Planning Commission review and comment <br />Apr 1 Eugene Redevelopment Advisory Committee <br />(PDD department advisory committee) <br />Apr 19 City Council Public Hearing on ordinance amending the Downtown District Plan <br />May 10 URA work session to review County’s recommendation, comments from other <br />taxing bodies, and the Planning Commission recommendation <br /> <br />
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