URA Resolution No. 1032 - Laserfiche WebLink

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FORM OF AGREEMENT TO FINANCE DESIGN COSTS OF PATTERSON STREET UNDERPASS The Urban Renewal Agency of the City of Eugene, Oregon (the "Agency), the City of Eugene, Oregon (the "City") and McKenzie-Willamette Medical Center ("McKenzie-Willamette') enter into this Agreement to Finance Design Costs as of the __ day of__, 2004. 1. Recitals. (a) McKenzie-Willamette is considering constructing a hospital and other medical facilities (the "Medical Facilities") on property in the City of Eugene, Oregon, that is located in the Riverfront Urban Renewal District and is currently occupied by the Eugene Water and Electric Board (the "Site") (see Exhibit A for a listing of the properties). (b) Locating the Medical Facilities at the Site will require construction of the Patterson Street underpass. The Patterson Street underpass project is described in Exhibit B. (c) McKenzie-Willamette desires that the City commence design work on the Patterson Street underpass promptly, and therefore enters into this Agreement with the City and the Agency to provide financing for the initial costs of designing the Patterson Street underpass. (d) The Patterson Street underpass is located in the Agency's Riverfront Urban Renewal Area. The Patterson Street underpass is a transportation access project that is consistent with the goals and project activities described in the urban renewal plan for the Riverfront Urban Renewal Area. Costs of designing the Patterson Street underpass are therefore eligible for financing with tax increment revenues from the Riverfront Urban Renewal Area. (e) The parties contemplate that the Agency will finance the cost of designing and construct- ing the Patterson Street underpass by selling a tax increment bond to McKenzie- Willamette. The tax increment bond will be payable solely from the tax increment rev- enues that result from the increases in the assessed value of the Site and improvements to the Site as a result of McKenzie-Willamette's acquisition or development of the Site. (0 The City is willing to undertake the design of the Patterson Street underpass if McKenzie-Willamette finances the cost of starting the design process as provided in this Agreement. 2. Obligations of the City. (a) In consideration of McKenzie-Willamette financing the initial cost of designing the Patterson Street underpass as provided in this Agreement, the City will commence designing the Patterson Street underpass. (b) The City will use its best efforts to complete design of the Patterson Street underpass to the 30% level by September 30, 2005. Page 1 Agreement to Finance Design Costs of Patterson Street Underpass