Urban renewal districts must have a spending limit, also known as the “maximum indebtedness” amount. The Downtown District currently has a spending limit of $66 million. The Agency has nearly reached this limit, with the bulk of that funding spent on development of the Downtown Eugene Library, Lane Community College’s Downtown Campus on 10th Avenue, the Farmers Market Pavilion and Plaza, the downtown fiber network, and physical improvements to enhance downtown public safety.
The approved amendment includes a $50 million increase to the spending limit. Now that the Plan is amended, the Agency will continue to collect tax increment revenue within the Downtown Urban Renewal District. The amendment will not reduce the amount of tax revenue the overlapping taxing districts (such as the City, County, and Eugene 4J School District) are currently receiving from within the Downtown District boundary. Based on current financial projections, a $50 million spending limit increase would extend the life of District by an estimated 19 years. The 2023 Plan amendment does not include any boundary changes to the Downtown District.