Item 4: Resolution on Receipt of FY11 URA Annual Financial Report

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Noncurrent liabilities. On May 25, 2011, the Agency issued $7,900,000 of Downtown Urban Renewal District Tax Increment Bonds, Series 2011 A, bearing a fixed interest rate of 5.20% and maturing on June 1, 2020. The proceeds of the bonds were used to refund $4.4 million in debt service associated with the City’s Broadway Garages limited tax bonds and $3.5 million in financial assistance to Lane Community College for construction of their new Downtown campus. Next Year’s Budgets and Rates For FY12, the following factors were taken into account when developing the urban renewal budgets: Property taxes are predicted to decrease in the downtown district in FY12 due to a small decrease in the estimated collection rate. Property taxes in the Riverfront District are budgeted to increase slightly due to a higher tax rate applied for the division of tax calculation. The property tax collection rate for both districts is estimated to be 94% in FY12. The FY11 actual was approximately 97% for both current and delinquent taxes. The Downtown District will continue to implement redevelopment of properties in FY12. The budget includes additional construction loans to Beam Development for renovating the Centre Court building, a contribution to the th Lane Community College Downtown Campus at the 10 & Charnelton site, as well as Farmers’ Market improvements and downtown lighting improvements. There are no new projects planned in the Riverfront District for FY12, although planning continues for the EWEB property. Requests for Information This financial report is designed to provide a general overview of the Agency’s finances for all those with an interest in the Agency. Questions concerning any of the information provided in this report, or requests for additional financial information, should be addressed to: Fionan Cronin, CPA Assistant Finance Director City of Eugene th 100 West 10 Avenue, Suite 400 Eugene, Oregon 97401 9