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53 °F Forecast | Road Cams Saturday, October 9, 2004 Today's News | Classifieds | Autos | Homes | Jobs | Tempo | Health | Community | Home Delivery SECTIONS Home Page Local News Sports Business Obituaries Life Opinion - Politics Tempo AP News Weather Classified Archives Site Map SPECIAL SECTIONS Since We Asked Outdoor Journal Menu Guide How To Guide Wellness Connection Readers' Choice Real Estate Showcase Joy Magazine Homelife Magazine Wedding Guide Rogue Valley's Finest EXTRA Newspaper in Education Personals Movie Times TV Times E The People MARKETPLACE Find a Car Find a Home Find a Job Classifieds Place an ad eSouthernOregon Automotive Communities Entertainment Publications Recreation Calendar CUSTOMER SERVICE Frequent Questions Advertising Information Home Delivery Employment Contact Us Media Kit Network Affiliate Oregon Road Conditions & Cams Email Story to a Friend September 28, 2004 Urban renewal agency plans to sell bond By MEG LANDERS Mail Tribune The city’s downtown renovation agency is out of money, so it’s planning to sell a $9.5 million bond. "We’ve exhausted the funds from previous bond sales," said Medford Urban Renewal Agency Director Kurt Olsen, adding that selling bonds and paying off the debtwith future income is how urban renewal agencies function. The MURA board will vote on an increment revenue bond that includes $7.4 million of tax-exempt and $2.1 million of taxable issues at 7 p.m. today in Council Chambers at City Hall, 411 W. Eighth St., Medford. This happens every three or four years, said Olsen, adding that the last bond was for $9 million in 2002, which was used primarily to refund past bonds that had higher interest rates. "That’s the only place we get funding," he said. "You work from indebtedness." Advertisement He said if the deal is approved by the board, the agency will sell revenue bonds to the Bank of America, and projects can keep moving forward. "They buy the bonds and then we use tax increment (revenue)to pay back the bonds," said Olsen. The agency is funded through tax increment financing — taxes collected on growth since 1988 in the assessed value of properties within MURA’s boundaries goes to the agency. That is the money that will be used to pay back the bond. Among the projects are $7 million for a 410-space, five-story parking structure under construction on a portion of the former Winetrout site at West Main and Fir streets and $600,000 to upgrade the circuitry of downtown railroad crossings. The agency is in the midst of a $900,000 project for new sidewalks, trees and lights along Central Avenue. Senior Planner Eric Iversen said asphalt on the torn-up portion of the street is scheduled to be laid this week, and the agency is awaiting sidewalk pavers to be cut and placed alongside the Southern Oregon Historical Society History Center on the corner of Central Avenue and Sixth Street. Meanwhile, work on a new pedestrian bridge across Bear Creek, near Bad Ass Coffee, is moving forward. A grand opening is set next month, said Iversen. Olsen said he thought the board would approve the bond. The agency received proposals from Bank of America, Key Bank and US Bank. Bank of America had the lowest fixed interest rate at 3.55 percent for the $7.4 million in tax-exempt issues and 4.45 percent for the $2.1 million in taxable issues. Reach reporter Meg Landers at 776-4481 or e-mail [email protected] . National League of Cities honors MURA A Medford agency has won national recognition for changing the face of downtown. The Medford Urban Renewal Agency’s facade improvement program won the 2004 James C. Howland Award for municipal enrichment. It is given by the National League of Cities. The city will receive $2,000 to be donated to community nonprofit organizations of the city’s choice. MURA has spent $338,738 on 27 projects so far, including $37,500 on the $420,000 Lawrence’s Jewelers building renovation on West Main and Bartlett streets. The public-private partnership program assists property and business owners by granting funding for the rehabilitation of downtown facades and storefronts. MURA has contributed $15,000 for the $45,253 renovation of the Joseph Winan building on West Main and Fir streets and $37,500 for the $80,533 renovation of Heritage Motors on Third Street and Central Avenue, among others. The James C. Howland Award is designed to highlight and encourage community efforts that have preserved and enriched the environmental quality of life in cities and towns. Medford is one of eight cities named as winners. The others are West Lafayette, Ind., Lexington-Fayette County, Ky., San Diego, Calif., Dodge City, Kan., Sunnyvale, Calif., Tallahassee, Fla., and Oklahoma City, Okla. The official announcement of the award will take place during the National League of Cities annual Congress of Cities conference in Indianapolis Nov. 30-Dec. 4. 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