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Item A: Downtown Financing Strategy
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Item A: Downtown Financing Strategy
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6/9/2010 1:01:12 PM
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Agenda Item Summary
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3/8/2010
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<br />Chapter 3: Expected Impact, Including Fiscal Impact, of the Plan in Light of <br />Added Services or Increased Population <br /> <br />The 2010 Amendment allows for four specific projects (described in more detail in Chapter 5) <br />that will improve the function, condition, and appearance of the development area through: <br />? <br />Redevelopment of an excavated vacant lot into a new Lane Community College <br /> <br />Downtown Center; <br />? <br />Maintenance of critical parking assets; <br /> <br />? <br />Improved safety for visitors to locations and business within the Plan Area; <br /> <br />? <br />Improved site for the Farmers’ Market; and <br /> <br />? <br />Redevelopment of an underutilized medical clinic for use by Veterans Affairs. <br /> <br /> <br />These four projects also support the Plan goal to strengthen the economic conditions of the <br />Plan Area. One measure of this goal is the expected increase in the taxable property values <br />caused by the projects. Areas adjacent to the Plan Area are also expected to become more <br />viable. From FY2010/2011 through the estimated remaining life of the district (FY2018/2019), <br />property values in the Plan Area are estimated to increase by about $45 million. The projects <br />will also contribute to the goal of enhancing downtown’s role as the regional economic, <br />governmental, and cultural center and central location for public and private development and <br />investment. <br /> <br />The 2010 Amendment projects are not expected to have a significant impact on the Eugene 4j <br />School District. The zoning criteria of C2 and C3 do not encourage residential housing. <br />th <br />However, the LCC new downtown center project on the 10 & Charnelton Development Site <br />may include housing. Most likely the housing would be for college aged students or adults. <br />Past experience also shows residential complexes developed around the Plan Area have <br />focused on adult housing. Based on LCC’s preliminary plans and the prior experience, the new <br />downtown center should have no or minimal impact on the Eugene 4j School District. The <br />added adult population created by this housing project may impact LCC, particularly the <br />Downtown Center, and the University of Oregon with increased registration. The other projects <br />in the Plan are not expected to have any significant impact on the Eugene 4j School District. <br /> <br />All four of the projects, like all development projects, are expected to impact police services, <br />transportation, utilities, and other public services. Projects within the Plan Area were chosen <br />for the way in which they support recent City Council strategies for downtown and planning <br />efforts for the downtown area, such as the Downtown Plan. These planning documents were <br />based on assumptions about the expected need for new and improved services due to <br />population growth and other factors. The Plan is expected to facilitate improvements within <br />the district, thereby implementing the goals of the planning documents. Therefore, the <br />projects under the Plan do not result in an intensification of development beyond that <br />previously anticipated under the planning documents. <br />5 <br /> <br />
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