Vote on the City of Lowell Urban Renewal Plan, September 2009
The measure called for voters to vote "yes" or "no" on an urban renewal plan that proposed to improve specific areas of the city that are poorly developed or underdeveloped.
The question on the ballot was, "Shall the City Council adopt the Lowell Urban Renewal Plan dated April 2, 2009."
The measure was defeated.
According to the county records, the ballot summary reads as follows:
A yes vote supports adoption of the Urban Renewal Plan. A no vote rejects adoption of the Plan. The Plan establishes boundaries, goals and objectives and projects for an Urban Renewal District (URD). It uses tax increment financing above a frozen assessed value base to fund projects. the frozen base is $6,888,730 or 14.5% of total city assessed value. The Plan establishes a maximum indebtedness of $6,371,000 over an anticipated 22 years. Based on development related planning assumptions, the present values of diverted incremental taxes are as follows:Lane Community College, $220,733; City of Lowell, $770,587; LFRP District, $961,695; and Lane County, $456,120. The Lowell SD and Lane ESD will not be impacted. The plan anticipates that all taxing districts will receive revenues in excess those diverted within seven years of Plan termination. Urban Renewal does not increase property tax rates. For certain bonded debt, taxes actually paid may increase an estimated $1.03 annually based on $200,000 assessed value. The entire Plan and accompanying Report are available for review at City Hall or www.ci.lowell.or.us.