Item 3 - PH on Downtown UR Plan - Laserfiche WebLink

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Section 1300 - Duration and Validity of Approved Plan Duration of Urban Renewal Plan This plan shall remain in full force and effect through June 30, 2029. ~:"-,.., a ~-.-,"'"""'4,-..- ..,'-~: ,i..,..,.,,, ,.. The City Council shall conduct periodic reviews in 2009 and 2019. Reviews will consider extending the duration beyond 2029; modifying the boundaries; modifying~ the maximum indebtedness; and modifying eligible project activities to be undertaken in the Downtown Urban Renewal District. The review process shall include a review and recommendation from the Eugene Redevelopment Advisory Committee. er. cy '~',...,'-~'''',, ,~ the. I 0t~ ..,o"'~... ,, 5t~ years .~, upda~. Such review willshall include a public hearing '-'-'~ Va#dity Should a court of competent jurisdiction find any word, clause, sentence, section, or part of this plan to be invalid, the remaining words, clauses, sentences, section, or parts shall be unaffected by any such finding and shall remain in full force and effect for the duration of the plan. Section 1400- Maximum Indebtedness The sum of $33,000,000 is-was established in 1998 as the maximum amount of new indebtedness which may-could be issued or incurred under this Plan. This amount does not include funds to pay interest on that indebtedness nor funds to repay indebtedness existing on the date of this the 1998 amendment. CITY-WIDE SPECIAL LEVY. Option One and its city-wide special levy, as described in ORS 457.435(2)(a), were chosen in 1998 as the method for collecting ad valorem property taxes sufficient to pay when due, indebtedness issued or incurred to carry out the Urban Renewal Plan for the Central Eugene Project as permitted by section 11 (16), Article XI of the Oregon Constitution. DRAFT AMENDMENTS- Urban Renewal Plan For ',:p'~!c Junc 3, 200'! Central Eugene