Thu 25 Oct 2007
This is one that directly affects everybody in Eugene. I can’t think of anyone who doesn’t have an opinion on the Downtown Renovation plans. I work right in the heart of downtown and it is frustrating to see a great area with such potential overrun with street urchins and empty buildings.
Things are on the upswing, but I look forward to the day when I can ride my bike to work and not have to dodge cigarette butts and skateboards.
QUESTION: Shall urban renewal plan be amended to increase the spending limit by $40 million and extend the plan’s ending date?
SUMMARY: If approved by voters, this measure would make two major changes to the downtown urban renewal plan.
First, the measure would increase the amount of urban renewal funds that can be spent on downtown projects by $40 million. The urban renewal plan limits the amount of urban renewal funds that can be spent, known as the maximum indebtedness amount. Under the current plan, approximately $4.5 million is left for downtown projects. These urban renewal funds – officially called tax increment funds – are the property taxes on the increase in assessed value of property in the urban renewal district that occurs after the plan’s adoption. Tax increment financing does not impose new taxes, but instead reallocates the property taxes on the increase in assessed value from other taxing districts to the urban renewal agency. This reduces revenues to the other taxing districts.
Second, the measure would extend the termination date for the downtown urban renewal plan from 2024 to 2030.
A ‘yes’ vote approves the urban renewal plan amendments.
MORE INFO:
GO HERE TO VOTE IN OUR STRAW POLL ON ALL OF THE MEASURES! HOW FUN!
COME TO THE BREWHAHA on October 30th to hear the debate on this measure.
Kitty Piercy gives her Pro 20-134 message while Jim Torrey looks on doing his best “Mr. Burns” impression
