06/11/1984 Meeting (2) - Laserfiche WebLink

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- e e II. PUBLIC HEARINGS A. 10th and Oak Assessment District--Rebate of Net Operating Revenues (memo, ordinance, resolution distributed) City Manager Micheal Gleason introduced the agenda item. Due to a potential conflict of interest, Mayor Keller turned the chair over to Councilor Obie and left the meeting at this time. Finance Director Warren Wong presented the staff report, stating that the 10th and Oak Assessment District was established in 1966. He explained that the district received revenue from the structure parking as well as from assessments of the area property owners. Expenditures from that funding included structure maintainance and the debt service. The difference between the revenue and the expenditures being the net operating revenue which was to be rebated to the property owners within the assessment district. Mr. Wong stated that in 1972 the City Council had created the Downtown Development District to finance and administer the free parking program, that code formulation also stating that the ODD would have priority over any rebates. Referring to his June 7, 1984. memorandum to the City Council, he reviewed the six recommendations developed by staff as part of the study directed by the council and as presented to the council on March 12, 1984. In response to a question by Councilor Obie, Mr. Wong stated that staff will present five or six options regarding the disposition of remaining funds to the Downtown Commission on June 12, those same options to be presented to the City Council on June 25. He said the council will be asked to give direction to staff on that date. In response to a question regarding Section 5 of the pro- posed ordinance, Mr. Wong stated that the excess funds will either be retained in the fund for use in the ODD or could be rebated to the property owners. He added that there was no predisposition of those funds. In response to a question regarding the June 7, 1984 memorandum, Mr. Wong stated that approximately $700,000 of the net operating revenue would be applied as credits on the lien dockets of the 10th and Oak assessment payers. The public hearing was opened. Neal Sande, 294 West 11th Avenue, stated that he was against the letter which he recelved from the City regarding the discussion of the $900,000 in rebates owed to the assessment district payers. He said it was up to the City to complete the promise made to the citizens of Eugene. He distributed copies of the City Council minutes of February 14, 1972, in which the council at that time stated that the net operating revenue for the assessment district was to be declared and that the entire principal and part of the interest was to be rebated. While he believed that everyone was in favor of paying off the bonds, he stressed the need to maintain the issue in a positive vein and that all the money should be rebated. Ralph Robinson, 1555 East 31st Avenue, stating that he had been chairperson of the assessment district at its beginning, said he had promised the property MINUTES--Eugene City Council June 11, 1984 Page 2