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<br /> e will reflect the additional cost of the land on which the parking is built. <br /> Responding to a question from Ms. Schue, Mr. Farkas said the current site has <br /> 180 available spaces. This new proposal would provide available parking for <br /> the bUilding tenants and approximately 120 others. <br /> Mr. Boles suggested that it might be possible to consider an option where <br /> long-term parking subsidizes short-term parking. He requested an analysis of <br /> this to consider at the public hearing. <br /> Referring to the contract whereby the City Manager has the authority to <br /> approve and execute the appropriate agreement, Mr. Holmer questioned what the <br /> role of the City Council will be in reviewing these agreements. Mr. Holmer <br /> was concerned that it might be possible for new project ideas to be <br /> authorized without the council's knowledge and consent. Mr. Farkas responded <br /> that when supplemental agreements arise, they will also come before the <br /> council for approval. <br /> Mr. Rutan inquired about the difference between the tax increment flow for <br /> this proposal and for the initial proposal. Mr. Farkas said the initial loan <br /> proposal estimated a parking garage to cost between $4-4.5 million; $2 <br /> million would be taken from the Parking Reserve and $2.5 million from the Tax <br /> Increment Reserve. The initial plan proposal would have substantially <br /> reduced the Tax Increment Fund, whereas this proposal does not. <br /> Responding to a question from Mr. Holmer, Mr. Farkas said the $5 million bond <br /> is the maximum permitted in the Tax Reform Act. Mr. Holmer indicated he <br /> e would like to have a delineation of the public parking spaces at the public <br /> hearing. Mr. Holmer expressed concern that the City might be abandoning its <br /> principle of ensuring that the developer meet all parking costs associated <br /> with development. Mr. Boles added that it is important to consider the <br /> consequences of drawing down the Tax Increment Reserves; the method of <br /> financing for this project frees up money for other projects whereas that the <br /> other project did not. <br /> Mr. Boles indicated that he would like to initiate consideration for bicycle <br /> transportation, beyond the fundamental placement of bike racks. He would <br /> foresee accommodations being made for the establishment of lockers and <br /> showers for cyclists, as well as bike racks. <br /> Ms. Ehrman inquired whether the parking provided by Pankow would be in <br /> accordance with requirements for parking availability for a public library, <br /> if the library were located within walking distance. Scott Luell, Planning <br /> Development Department, said that if the library were located within 400 feet <br /> of the parking structure, it would meet the necessary requirement for <br /> available parking. Mr. Farkas noted that this garage will be built with <br /> additional capacity for future parking densities which will accommodate other <br /> projects in downtown such as the library. <br /> Mr. Rutan asked Mr. Farkas if he felt this is the best site for a public <br /> parking garage. Mr. Farkas indicated that this is clearly the most <br /> cost-effective site, and no other site is being considered. <br /> e MINUTES--Eugene City Council October 25, 1989 Page 3 <br />