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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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<br /> <br />URBAN RENEWAL PLAN FOR THE DOWNTOWN URBAN RENEWAL DISTRICT <br /> <br />Section 100 – Introduction <br />The Downtown Urban Renewal District Plan (formerly known as the Central Eugene Project <br />Plan), was updated in 2010 for the sole purpose of funding four new projects: (1) assistance to <br />th <br />Lane Community College (LCC) for development on the on the 10 and Charnelton <br />Development Site; (2) additional assistance in funding the Broadway Place Garages; (3) <br />improvements to the Parks Blocks to provide better opportunities for the Farmers’ Market; and <br />th <br />(4) assistance with a Veterans Affairs (VA) clinic, if the 12 and Willamette site is selected by <br />the VA. No other new projects will be funded with tax increment dollars. Upon the repayment <br />of debt related to these new projects and previously approved projects, the Downtown Urban <br />Renewal District will be terminated, any unused tax increment funds will be returned to Lane <br />Country for redistribution to overlapping taxing districts, and other assets and liabilities <br />transferred to the City of Eugene. <br />Section 200 – Definitions <br />The following definitions will govern this Plan. <br /> <br />th <br />10 and Charnelton Site means the Agency owned property bounded by Charnelton Street on <br />th <br />the west, 10 Avenue on the south, and Olive Street on the east. The downtown public library <br />th <br />is directly across 10 Avenue from this site. <br /> <br />2010 Amendment means the update to the Plan that was completed in 2010. <br /> <br />Agency means the Urban Renewal Agency of the City of Eugene. <br /> <br />Broadway Place Garages means the structured parking at Broadway and Charnelton streets. <br /> <br />Downtown Plan The Policies in the Downtown Plan were adopted by the Eugene City Council in <br />2004 as a refinement of the Eugene Springfield Metropolitan Area General Plan. <br /> <br />Plan means the Downtown District Urban Renewal Plan. <br /> <br />Plan Area means the property included in the Downtown Urban Renewal District as more fully <br />described in Section 300. <br /> <br />th <br />Projects means (1) assistance to LCC for development on the 10 and Charnelton Site; (2) <br />additional assistance in funding the Broadway Place Garages; (3) improvements to the Parks <br />Blocks to provide better opportunities for the Farmers’ Market; and (4) assistance related to a <br />th <br />new VA Clinic, if the VA chooses the 12 and Willamette site. <br /> <br />Proposed Downtown Urban Renewal Plan – March 2010 <br />- 2 - <br /> <br />
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