Item A: Downtown Financing Strategy

Home Browse Search

2.The Agency may acquire, rent, or lease office space and office furniture, equipment, and facilities necessary for it to conduct its affairs in the management and implementation of this Plan. 3.The Agency may invest its reserve funds in interest-bearing accounts or securities. 4.The Agency may borrow money, accept advances, loans, or grants from any legal source, issue urban renewal bonds and receive tax increment proceeds as provided for in Section 700 of this Plan. 5.The Agency also may continue to operate the downtown revitalization loan program. (All dollars loaned must come from the loan fund and not from tax increment revenues.) F.EXISTING ACTIVITIES The Agency may complete projects authorized prior to the 2010 Amendment. Section 700 – Methods for Financing the Projects The Agency may borrow money and accept advances, loans, grants, and other legal forms of financial assistance from the Federal government, the State, City, County, or other public body, or from any source, public or private, for the purposes of undertaking and carrying out the Projects authorized by this Plan. Ad valorem taxes, if any, levied by a taxing body upon the taxable real and personal property situated in the urban renewal area, shall be divided in accord with and pursuant to Section 1c, Article IX of the Oregon Constitution and ORS 457.420 through 457.460, and used by the Agency for the Projects authorized by this Plan. The Agency shall adopt and use a fiscal year ending June 30 accounting period. Each year, the Agency shall develop a budget in conformance with the provisions of ORS Chapter 294 and ORS 457.460, which shall describe sources of revenue, proposed expenditures, and activities. Section 800 – Annual Financial Statement Required A financial statement shall be prepared and provide information in accordance with ORS 457. The statement shall be filed with the City Council and notice shall be published in accordance with ORS 457. Section 900 – Citizen Participation The activities and projects defined in this Plan, and the adoption of amendments to this Plan shall be undertaken with the participation of citizens, owners, tenants as individuals, and organizations who reside within or who have financial interest within the Plan Area together Proposed Downtown Urban Renewal Plan – March 2010 - 6 -