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Oregon Road Conditions & Cams Email Story to a Friend March 16, 2006 MURA board extends agency’s lifespan By MEG LANDERS Mail Tribune The Medford Urban Renewal Agency board approved a 12-year extension of the agency’s life Tuesday to help fund an ambitious downtown building project. If supported by the Medford City Council, the extension would give the agency until 2025 to pay back bonds. The extension is to help fund Middleford Commons, a $147 million, seven-block development between Central and Riverside avenues and Main and Jackson streets that would have Lithia Motors’ national headquarters as its anchor. MURA is scheduled to terminate in 2013, but the staff and board argue the remaining seven years isn’t enough time to pay back borrowed funds. The agency estimates that between 2014 and 2025, $51 million will be collected through tax increment financing. About $13 million will be used to pay MURA bonds. Advertisement "The rest of it will be returned (to the taxing districts)," said Don Burt, MURA’s former executive director who was hired back as a part-time senior planner. "These are estimates." The Middleford Commons plan calls for two 10-story buildings, a six-story residential building with first-floor retail and underground parking and park space where Lithia automobile dealerships are now located. Tax-increment financing is MURA’s primary funding source. The district sells bonds to investors, in effect borrowing money to pay for improvement projects. When property values within the district increase as a result of the improvements, the additional tax money goes to pay off the bonds. The agency’s tax-increment financing amounted to $3.9 million in the 2004-05 budget. When the bonds are paid off, the tax revenues revert back to the city, the county, Rogue Valley Transportation District and other taxing entities. Burt said MURA will collect only what is necessary to repay its debt. He said it may not take 12 years to pay back the borrowed funds. "If we can do it in five years, it’ll be done in five years," he said. Another funding source for MURA is a special levy Medford residents pay. Dan Ross, Jackson County assessor, said the special levy was granted to MURA because of Measure 50.Measure 50 is a 1997 property tax initiative that required the consolidation of levies. The Medford Urban Renewal Agency had existing bonds it had to pay back, so a special levy was created, said Ross. He said the rate is 25 cents per thousand of assessed value, or $62.50 for a $250,000 home, and the money collected varies every year but was $2 million in 2005. The special levy is scheduled to terminate at the end of fiscal year 2012-13. MURA’s proposed extension does not alter the termination of the levy. The urban renewal board’s proposal will be sent to the affected districts and the Medford Planning Commission and be presented in a public hearing before coming before the City Council for approval. The Planning Commission is scheduled to discuss it March 23. Jackson County Administrator Sue Slack said the commissioners have not yet discussed or endorsed the extension, but she thinks people will support it. "I think everybody understands the benefit of urban renewal," said Slack. "If you can eliminate or reduce blight, and improve the livability of your community, you’ve accomplished a couple very important things." Reach reporter Meg Landers at 776-4481 or e-mail MURA board extends agency�s lifespan ">[email protected] . Mail Tribune Home | Local News | Sports | Business | Obituaries | Life | Opinion AP News | Archives | Site Map | Community | Classified Copyright © 1997-2006 Mail Tribune, Inc. All rights reserved. Privacy Policy | Terms & Conditions | Website Feedback www.bingo.com Absinthe Supply Home Security Systems Trunks, Footlocker Custom Build Computers Computer Security Discount Hotel Reservations online casinos news Debt Consolidation California Casinos Generic Viagra Windermere Van Vleet Deep Muscle Stimulator Sports Equipment Online Casino Reviews Hammocks Online Bingo Entertainment Guide Online Casino Fundraisers Sudoku Online Casinos Canada King of Spirits Advertisement s Advertisement