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ORDINANCE NO. 20328 AN ORDINANCE ADOPTING AN AMENDED URBAN RENEWAL PLAN FOR THE CENTRAL EUGENE PROJECT. The City Council of the City of Eugene finds that: A. The Urban Renewal Plan for the Central Eugene Project (the "Plan") was initially adopted on July 3, 1968 by Resolution No. 257 of the Eugene Urban Renewal Agency, and on December 19, 1968 by Resolution No. 1609 of the Eugene City Council. The City Council subsequently amended the Plan by Ordinance No. 19648 on November 8, 1989, and by Ordinance No. 20120 on June 1, 1998. B. The 1998 Plan amendment was in response to provisions of Measure 50, and the Council's action grandfathered the district, selected a tax option, set a maximum indebtedness amount, and specified that tax increment funds only be used for development of a downtown library, completion of certain existing projects, and payment of District administrative expenses. C. The City Council authorized the issuance of City of Eugene bonds to fund a portion of the cost of constructing a new library on February 28, 2000. At the same time, the Council authorized the City Manager to enter into an intergovernmental agreement with the Urban Renewal Agency of the City of Eugene (the "Agency") for the Agency to pay to the City any amounts needed for the library project, including amounts to cover the debt service on the City bonds issued for the library. D. During 2003 the City Council explored several options for implementation of the Vision for a Greater Downtown, including using urban renewal as a financing tool, and on July 25, 2003 directed the Agency Director to initiate the process to amend the Plan. E. In accordance with the provisions of ORS 457, the Oregon Constitution, and all applicable laws and ordinances, the Planning and Development Department of the City of Eugene has prepared amendments to the Plan including: (1) Expansion of the projects for which tax increment funds can be used; (2) Creation of a public advisory committee; (3) Adding requirement for specific Agency approval for projects greater than $250,000, other than loans; and (4) Adding a limit of $100,000 on the mandate for a public hearing in the event of a plan change. F. The Urban Renewal Agency of the City of Eugene has considered the proposed Plan and Report and has forwarded it to the Council for adoption. G. On June 14, 2004, the Plalming Commission had its final review of the Plan and Report and recommended its adoption. Ordinance- 1