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affected by changes in the plans of other private or public partners, local economic and market <br />conditions, changes in the availability of tax increment funds, and changes in priorities for <br />carrying out project activities. The Agency will convene a committee at least once each year to <br />prepare a report on expenditures from the previous fiscal year in comparison to the Plan. The <br />Director shall forward that report to the Agency Board upon its receipt. <br /> <br />Current projections show that the tax increment revenues should be sufficient to pay for the <br />projects and associated debt by FY2018/2019. The district would terminate once the debt is <br />repaid. (The district is not expected to need to collect tax revenue in the final year, FY2019.) <br /> <br /> <br />Chapter 8: Financial Analysis of the Plan with Sufficient Information to <br />Determine Feasibility <br /> <br />The financial analysis of the plan shown in Table 6 in Exhibit E includes the anticipated tax <br />increment revenues over the projected remaining life of the Plan. The analysis shows that the <br />anticipated tax increment revenues are based on reasonable projections of new development <br />and appreciation in existing property values. The projection of tax increment revenues is based <br />on the following assumptions: <br /> <br />The Plan Area will be expanded in FY12, increasing the frozen base by approximately $14 <br /> <br />? <br />million. <br /> <br />Property assessed values will increase by 2% per year, which includes increases on existing <br /> <br />? <br />property as well as a small amount of new investment in existing downtown area <br />properties. <br /> <br />One significant, new taxable development is anticipated during the remainder of the life of <br /> <br />? <br />the district. Beam Development is currently working on rehabilitating the Centre Court <br />building, at Willamette and Broadway. The projections assume that this project is <br />completed and generates additional taxable value within the district. <br /> <br /> <br />The Broadway Place development’s Multi-Unit Property Tax Exemption will expire, and the <br /> <br />? <br />project will start paying additional taxes beginning in FY11. <br /> <br /> <br />Tax rates applicable to the Downtown District are projected to go down over time, due to <br /> <br />? <br />the Oregon statute that says that certain urban renewal plans may only collect tax <br />increment on permanent tax rates or bonds and levies approved by voters prior to October <br />6, 2001. In particular, bonded debt tax rates applicable to the Downtown District will be <br />reduced as bonds approved by voters prior to October 6, 2001 are retired. <br /> <br />The projections result in urban renewal tax revenues between FY2010/2011 and FY2018/2019 <br />of approximately $17 million. Together with other revenues and existing fund balances, these <br />14 <br /> <br />