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construction of new buildings, pre - development assistance, connecting to Agency - <br />provided underground electrical and communication systems, or other activities <br />approved by the Agency. <br />1. OWNER PARTICIPATION <br />It is the intent of the Renewal Agency to provide low- interest loans to assist <br />development and redevelopment of private property in the district. <br />Property owners within the plan area proposing to improve their properties and <br />receiving financial assistance from the Agency shall do so in accordance with all <br />applicable provisions of this plan and with all applicable codes, ordinances, policies, <br />plans, and procedures of the City of Eugene. <br />Section 700 — Methods for Financing the Projects <br />The Agency may borrow money and accept advances, loans, grants, and other legal <br />forms of financial assistance from the Federal government, the State, City, County, or <br />other public body, or from any source, public or private, for the purposes of undertaking <br />and carrying out this development plan, or may otherwise obtain financing as authorized <br />by ORS Chapter 457. <br />Ad valorem taxes, if any, levied by a taxing body upon the taxable real and personal <br />property situated in the urban renewal area, shall be divided in accord with and <br />pursuant to ORS 457.420 through 457.450. <br />The Agency shall adopt and use a fiscal year ending June 30 accounting period. Each <br />year the agency shall develop a budget in conformance with the provisions of ORS <br />Chapter 294 and ORS 457.460 which shall describe sources of revenue, proposed <br />expenditures, and activities. The Urban Renewal Agency Board of Directors must <br />approve all projects, other than loans, in excess of $250,000. <br />Section 800 — Annual Financial Statement Required <br />A. By August 1 of each year, a financial statement shall be prepared and provide <br />information containing: <br />1. Amounts of money received during the preceding fiscal year under <br />ORS 457.420 to 457.460 and from indebtedness incurred under ORS <br />457.420 to ORS 457.460; <br />Urban Renewal Plan For Central Eugene Adopted: September 13, 2004 12 <br />