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ATTACHMENT A <br />RESOLUTION NO. XX <br /> <br />A RESOLUTION AUTHORIZING TAX INCREMENT <br />BONDS FOR PROJECTS DESCRIBED IN THE DOWNTOWN <br />URBAN RENEWAL DISTRICT PLAN <br /> <br /> <br />The Urban Renewal Agency of the City of Eugene finds as follows: <br /> <br /> <br />A. <br />The Agency is authorized to issue bonds for projects described in the <br />urban renewal plan (the “Plan”) for the Downtown Urban Renewal District (the <br />“Downtown District”). <br /> <br /> <br />B. <br />The Plan includes the following projects: a) the Lane Community College <br />Downtown Campus (“Downtown Campus”); and b) the Broadway Place parking garages <br />(“Broadway Garages”) <br /> <br /> <br />C. <br />The Agency has pledged $8 million of tax increment funds to help build <br />the new Downtown Campus and plans to issue tax increment bonds to finance a portion <br />of the pledged amount. <br /> <br /> <br />D. <br />A portion of the Broadway Garages were originally financed with the City <br />of Eugene’s Broadway Garages Limited Tax Bonds, Series 1997 (Federally Taxable) in <br />the original principal amount of $7,000,000 (the “Garage Bonds”). <br /> <br /> <br />E. <br />The tax increment revenues of the Downtown District are not pledged to <br />any outstanding borrowings. <br /> <br /> <br />F.. <br />The maximum indebtedness for the Downtown District is $46,600,000 <br />Through March 31, 2011, the Agency has issued borrowings and spent tax increment <br />revenues on indebtedness in the aggregate amount of $32.3 million that is subject to the <br />maximum indebtedness limitation. As a result, the Agency has $13.6 million of capacity <br />(before issuance of the borrowings authorized in this resolution and excluding <br />refinancings) to incur indebtedness for the Downtown District; and, <br /> <br /> <br />G. <br />The Agency desires to finance a grant to Lane Community College for the <br />Downtown Campus and to refund the outstanding Garage Bonds in order to achieve <br />savings in interest payments through the issuance of Agency urban renewal bonds <br />payable from the tax increment revenues of the Downtown District. <br /> <br /> BE IT RESOLVED BY THE URBAN RENEWAL AGENCY OF THE CITY <br />OF EUGENE, a Municipal Corporation of the State of Oregon, as follows: <br /> <br /> <br />Section 1.Bonds for Lane Community College authorized. <br /> The Agency hereby <br />authorizes the issuance of not more than $4,500,000 in aggregate principal amount of tax <br />