03/12/1984 Meeting (3) - Laserfiche WebLink

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e e - Mr. Gleason clarified that there was some uncertainty as to that amount because of potential liquidation issues, and premature distribution may be unwise. Mayor Keller asked if bonds were called, would those paying into the Overpark Fund for free parking be required to pay the same rate being assessed other properties in the Downtown Development District. Mr. Wong said that once the bonds were paid off, the assessment district would be eliminated and the taxing structure equalized. Everybody would pay the ODD ad valorem tax and, if appro- priate, the gross receipts and professional tax. Jim McCoy, Chairman of the Downtown Commission, gave his assurance that the issues presented tonight had been reviewed in great detail by the Downtown Commission. It was a complex issue, and the proposed timeline appeared optimistic because of the existence of time-consuming issues. He felt that steps No.3 (declaring rebates of net operating revenue) and No.6 (disposing of remaining funds) would be much-discussed issues. He added that only two out of eight regular commissioners were able to vote on issues, but that alternates were used. The commission was aware of the testimony of the property owners, but some of the property owners felt that recommended dis- position represented a loss for them. The commission would review the reliability of the $212,000 amount, as well as the early commitments made to the property owners in detail. The pUblic hearing was opened. Speaking in favor of the issue: Georre Boenke, 2040 Willamette, said he was giving information on behalf of Dr. oomis and Mr. Sands, as well as himself. The three of them wanted to fortify that, in 1969, when the Overpark was built, the business people owning property in the area assessed themselves a Bancroft to build the Overpark. The money generated from Overpark fees and store rental underneath was designated to go into a fund, along with assessments, to payoff the bonds. Subsequently, there was another bond issue with the same stipUlation. Free parking clouded the issue. The original agreement said that when the assessments were paid off, the City was to be given a gift of the Overpark. Any revenues over and above expenses were to be given back to those people up to the amount given the City to build the Overpark. The property owners feel that they have given over $1 million more in assessments and income and want that total back. He was troubled both at the Downtown proceedings and tonight's because the City's accounting department has used 1983 figures rather than 1984 figures. He felt that items 1 through 5 of the staff recommendations should be taken care of, but disagreed with item 6, because the City Council and the property owners made an agreement that all the money should be refunded. He felt that there was a moral obligation to honor the original commitment. The 1969 bonds should have been paid off when the money came in 1979. MINUTES-Eugene City Council March 12, 1984 Page 3