Laserfiche WebLink
<br />RESOLUTION NO. 4665 <br /> <br />A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO <br />AN INTERGOVERNMENTAL AGREEMENT WITH THE URBAN <br />RENEWAL AGENCY OF THE CITY OF EUGENE TO LEND $3.5 MILLION <br />TO THE URBAN RENEWAL AGENCY OF THE CITY OF EUGENE FOR <br />PURCHASE OF THE CHIQUITA PROPERTY. <br /> <br />The City Council of the City of Eugene finds that: <br /> <br />A. Prior Council Resolutions have expressed the Council's support for acquisition of the <br />Chiquita property by the Urban Renewal Agency of the City of Eugene ("Agency"). It is anticipated <br />that a portion of the site will be disposed of for relocation of a new federal courthouse. <br /> <br />B. The Agency has adopted a Resolution authorizing its Director to borrow $3.5 million <br />from the City for acquisition of the property and to enter into an Intergovernmental Agreement with <br />the City for repayment of the loan. <br /> <br />C. City has funds available in its Fleet Fund to lend Agency for acquisition of the <br />Chiquita property, and the loan to Agency will be further authorized by adoption of a supplemental <br />budget adopted by the City Council. The City Manager should be authorized to enter into an <br />Intergovernmental Agreement with the Agency that includes among its provisions a requirement that <br />Agency repay the $3.5 million within a period of 5 years from the date of the Intergovernmental <br />Agreement, at an interest rate not less than the City's portfolio earnings rate on an actual basis during <br />the period the loan is outstanding and which shall incorporate a repayment schedule as reflected in <br />Exhibit A to this Resolution. <br /> <br />Now, therefore, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a <br />Municipal Corporation of the State of Oregon, as follows: <br /> <br />Section 1. Based on the above findings, which are adopted herein, the City Council <br />authorizes a loan of $3.5 million to the Agency, with the funds to be used to acquire the Chiquita <br />property. It is anticipated that the Agency will dispose of a portion of the site for relocation of a new <br />federal courthouse. <br /> <br />Section 2. The City Manager is authorized to enter into an Intergovernmental Agreement <br />with the Agency for repayment of the $3.5 million within a period of 5 years from the date the <br />Intergovernmental Agreement is executed, at an interest rate not less than the City's portfolio <br />earnings rate on an actual basis during the period the loan is outstanding and which shall incorporate <br />a repayment schedule as reflected in Exhibit A to this Resolution. <br /> <br />The foregoing Resolution adopted the 5th day of March, 2001. <br /> <br />Lza__ /. ~ <br /> <br />City Recorder <br /> <br />Resolution <br />