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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 />Tax Increment Financing means a method of financing urban renewal projects as authorized by <br />ORS Chapter 457. <br />Section 300 – Legal Descriptions <br />The Do <br />wntown Urban Renewal District includes that area of approximately 75 acres. The Plan <br />Area includes all of the land within the boundaries designated on the Plan Area Map attached <br />as Exhibit A and described as containing all lots or parcels of property, situated in the City of <br />Eugene, County of Lane, State of Oregon, bounded generally as described also in Exhibit B. <br /> <br />Section 400 – Goals and Objectives <br />A.GOALS <br /> <br />The goals of the Plan are to: <br /> <br />1.Improve the function, condition, and appearance of the Plan Area through: <br /> <br />th <br />a.Redevelopment of the excavated vacant lot at the 10 and Charnelton Site; <br /> <br />b.Maintenance of critical parking assets; <br /> <br />c.Improved safety for visitors to locations and business within the Plan Area; <br /> <br />d.Improved site for the Farmers’ Market; and <br /> <br />e.Redevelopment of an underutilized medical clinic for use by Veterans Affairs. <br /> <br /> <br />2.Eliminate blight and blighting influences; <br /> <br /> <br />3.Strengthen the economic conditions of the Plan Area; and <br /> <br /> <br />4.Enhance downtown’s role as the regional economic, governmental, and cultural center <br /> <br />and a central location for public and private development and investment. <br />B.OBJECTIVES <br /> <br />Development in the Plan Area has been intended to implement the adopted policies contained <br />in the Downtown Plan and to develop downtown as the heart of a livable, sustainable city. The <br />objectives for the 2010 Amended Plan are to ensure that: <br />th <br />1.LCC is able to redevelop the 10 and Charnelton Site with a building that will bring <br /> <br />thousands of people into the Plan Area; <br />2.The Broadway Place Garages remain available and in good condition to support other <br /> <br />development and redevelopment in downtown and, at the same time, to enable <br />improvements to public safety downtown; <br />3.The Farmers’ Market can continue to bring hundreds of employees and residents into <br /> <br />the Plan Area; and <br />4.Some local public funds are available to maximize the chances that the VA chooses the <br /> <br />th <br />12 and Willamette site. <br />Proposed Downtown Urban Renewal Plan – March 2010 <br />- 3 - <br /> <br />
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