Item 4: Adoption of Resolution Acknowledging Receipt of the FY10 URA Annual Financial Report

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INDEPENDENT AUDITORS’ REPORT To the Honorable Mayor, Members of the Urban Renewal Agency Board and Administrator of the Urban Renewal Agency of the City of Eugene, Oregon We have audited the accompanying financial statements of the governmental activities and each major fund of the Urban Renewal Agency of the City of Eugene, Oregon (“Urban Renewal Agency”) (a component unit of the City of Eugene, Oregon) as of and for the year ended June 30, 2010, which collectively comprise the Urban Renewal Agency’s basic financial statements, as listed in the table of contents. These financial statements are the responsibility of the Urban Renewal Agency’s management. Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinions. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the Urban Renewal Agency as of June 30, 2010, and the respective changes in financial position for the year then ended in conformity with accounting principles generally accepted in the United States of America. The management's discussion and analysis (page 5 through 9) and budgetary comparison information (page 31 through 32) are not a required part of the basic financial statements but is supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procedures to management’s discussion and analysis, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information and express no opinion on it. The budgetary comparison information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in relation to the basic financial statements taken as a whole. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Urban Renewal Agency’s basic financial statements. The other supplementary information (page 35 through 38) is presented for purposes of additional analysis and is not a required part of the basic financial statements. That information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. ISLER CPA By: Gary Iskra, CPA, a member of the firm Eugene, Oregon December 3, 2010