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Open Space Acquisition <br />Funding and Protection Strategies <br />A Toolbox for the Eugene - Springfield Metropolitan Area <br />Draft — January 2002 <br />Introduction <br />This paper focuses on open space acquisition funding and protection mechanisms <br />available in Oregon. This list will serve as a toolbox for identifying implementation <br />strategies once a comprehensive working vision for parks and open space in the <br />metropolitan region had been identified. The strategies are organized into five <br />categories: Local Funding Mechanisms, State Funding Programs, Federal Funding and <br />Protection Programs, Additional Open Space Protection Mechanisms, and Service <br />Delivery Restructuring. Local funding mechanisms and service delivery restructuring <br />are explored in greater detail since they typically require greater effort in gathering <br />support for implementation. <br />Local Funding Mechanisms <br />Property Tax Serial Levy <br />What is it: Temporary tax on real property (up to 10 years for capital levies) <br />Who pays: Property owners <br />Pros: <br />• Preserves borrowing capacity. <br />• Save interest costs. <br />• Current levy market is desirable because interest rates are low. <br />• Could be more politically acceptable because the set time frame to pay funds <br />back. <br />• Relatively easily administered at the local level. <br />• Provides steady source of revenues can be accurately predicted (i.e., unless <br />affected by downturns in the economy). <br />• Tax burden is fairly equitably distributed. <br />Cons: <br />Funds may be insufficient. <br />May not relate payment to benefits received. <br />Oregon has tightened property tax limits. <br />Open Space Acquisition Funding and Protection Strategies - Draft October 2001 <br />