12/14/1988 Meeting - Laserfiche WebLink

Home Browse Search

e Mayor Obie noted that an overpass for West Eugene Parkway access at the area of McKinley and Highway 99 is still undecided. Mayor Obie opened the public hearing. There being no requests to speak, Mayor Obie closed the public hearing. Ms. Wooten moved, seconded by Ms. Bascom, to amend the adopted City of Eugene Capital Improvement Program concerning improvements to Highway 99N, Roosevelt to Beltline. The motion passed unanimously, 7:0. . III. WORK SESSION: FINANCING OF THE FUTURE LIBRARY PROJECT A. Project Proposal Mr. Gleason reviewed the council's request that staff prepare a proposal for the library project that would fund the entire capital portion of the project through the parking and tax increment funds that would have no effect on the General Fund or the general Capital Projects Fund. The proposal being presented to the council had been presented to the developer who is seeking some early indication of whether the City agrees with the concept or intends to separate itself from the development. Mayor Obie noted the importance of the complex proposal's presentation to the community and asked those members of the press present to help inform the e public regarding the multitude of details. Abe Farkas, Director of Development, Planning, and Building, acknowledged the multi-departmental effort behind the library project. Mr. Farkas reviewed the project scope. He described the project, proposed for a half-block site at 8th Avenue and Willamette Street, as presenting unique opportunities because of its siting, mixed-use, and finanCing from a range of different sources. The project would develop 175,000 square feet in office space, 106,000 square feet for the library, and 50,000 square feet of below-grade parking. The office would have completely separate entrances from the 1 i bra ry . The library would occupy 17,000 square feet on the ground floor with the remainder of the library space on the second and third floors. The project would combine several components: an office tower, the library shell, library interior, the land, a parking facility, and various public improvements. The total range of costs for the entire project is between $33 million and $38.5 million, with $20 million of the total being private sector money focused on the office tower. Mr. Farkas recommended that the City be involved in short-term finanCing for the initial construction of the library shell, the parking structure, and some of the site improvements. A $9 million loan at three-percent was proposed for a period not to exceed 24 months. Those resources would come from $4 million backed by Bancroft funds, $3 million from existing tax increment fund dollars, and $2 million from the parking replacement fund. e MINUTES--Eugene City Council December 14, 1988 Page 4