URA Resolution No. 1032 - Laserfiche WebLink

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RESOLUTION NO. 1032 A RESOLUTION AUTHORIZING EXECUTION OF A DESIGN FINANCE AGREEMENT. The Urban Renewal Agency of the City of Eugene, Oregon (the "Agency") finds as follows: A. The Agency ~s authorized to incur indebtedness to finance urban renewal projects that are located in the R~verfront Urban Renewal Area and are described in the urban renewal plan for the R~verfront Urban Renewal Area. B. McKenzie-Wfllamette Medical Center ("McKenzie-Willamette') is considering constructing a hospital and other medical facihties at the s~te currently occupied by the Eugene Water and Electric Board. Constructmn of the hospital and other medmal facilities at that site will require construction of the Patterson Street underpass. McKenz~e-Wfllamette is wilhng to pay the C~ty of Eugene up to $500,000 for ~mtial costs to design the Patterson Street underpass in order to promptly start the design process. The Agency agrees to repay the amounts advanced by McKenz~e-Wfllamette w~th ~nterest if McKenzie-Willamette acquires the Eugene Water and Electric Board s~te and completes construction of the hospital and other medical facilities w~th an expected value of not less than $85 milhon, as prowded m the attached agreement. C. The Patterson Street underpass ~s a transportation access project that ~s located in the R~verfront Urban Renewal Area. Th~s project ~s consistent with the goals and project act~wties described m the Riverfront Urban Renewal Plan. D. The obligation of the Agency to repay McKenz~e-Willamette will be hmited to the tax increment revenues that result from ~ncreases m the assessed value of the Eugene Water and Electric Board site as a result of McKenme-Willamette's acquisition and construction of a hospital and other medical facihties on all or a portion of that site. NOW, THEREFORE, BE IT RESOLVED BY THE URBAN RENEWAL AGENCY OF THE CITY OF EUGENE, OREGON, that the Agency ~s hereby authorized to enter into an agreement with the City of Eugene and McKenzie- Wfllamette that obligates the Agency to repay McKenzie-Wfllamette, with interest, for amounts McKenzie- Wfllamette advances to the Agency for costs of designing the Patterson Street underpass. The agreement shall be in a form similar to the agreement attached to this resolution, but w~th such changes as the Agency's Director may approve. The Agency's Director or the person designated by the D~rector of the Agency to act under th~s resolution is hereby authorized, on behalf of the Agency and without additional action by the Urban Renewal Agency, to execute this agreement and take any other action that is required to carry out this resolution. This resolution shall take effect on the date of its adoption. The foregoing resolution adopted, this 6th day of December, 2004. Director ~ URA Resolution 1