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<br />e <br /> <br />e <br /> <br />e <br /> <br />Spectra-Physics to assist in their plan for future expansion of their <br />business. The company is being required to provide wetlands mitigation for <br />the area of their future expansion as well as for land already developed and <br />subsequently found to be a wetland site. He noted that Spectra-Physics has <br />received fill permit approval from the Oregon ~ivision of State lands and is <br />expecting approval from the US Army Corps of Engineers and the US <br />Environmental Protection Agency in the next several months. <br /> <br />Mr. Croteau indicated that the planned mitigation site, which is <br />approximately 42 acres, is located to the northwest of the Spectra:Physics <br />property along the Amazon Channel. As it is planned, the mitigation site <br />will be improved to replace the loss of wetland functions and values of the <br />property to be filled for Spectra-Physics expansion. <br /> <br />Mr. Croteau explained that as a part of the overall plan for assisting <br />Spectra-Physics with its wetlands mitigation, the council authorized the <br />improvement of Terry Street. This is a cooperative project for which the <br />City has received a loan and grant for $444,000 through the Public Works <br />lottery program. <br /> <br />Mr. Croteau said that Spectra-Physics has requested that the City of Eugene <br />and the State of Oregon assist in the financing of the mitigation costs. The <br />preliminary costs for mitigation include $190,000 for land acquisition, <br />$258,000 for mitigation construction, and $204,000 for professional services <br />such as consulting fees. The State has agreed to fund approximately <br />one-third of those costs, and the City is being asked to share an additional <br />third of the burden, which amounts to approximately $217,000. <br /> <br />Mr. Croteau indicated that staff has explored a number of funding proposals <br />for assisting Spectra-Physics and has determined that creation of an urban <br />renewal district is the most feasible alternative. Staff proposes that the <br />urban renewal district be created to cover both Spectra-Physics and Terry <br />Street north to its connection at the West Eugene Parkway. It has also been <br />proposed that the mitigation site be included within the urban renewal <br />district boundary. The creation of an urban renewal district is believed to <br />be an appropriate funding solution for several reasons, including its ability <br />to help fund infrastructure improvements and its function as a "pilot <br />projectll for assisting in similar types of wetlands mitigation financing in <br />the future. <br /> <br />Mr. Croteau stated that upon creation of the district, the use of tax <br />increment financing would allow the funding to be used for wetland mitigation <br />and at least partial funding of the extension of Terry Street north to the <br />West Eugene Parkway. With the construction of a Phase 1A building, staff <br />predicts a tax increment flow into the urban renewal district of $60,000 <br />beginning in 1993. If a Phase 3 building is constructed later on, staff <br />predicts that the increment could increase to $240,000. Over a ten-year <br />period, the total tax increment amount would be approximately $1.2 million. <br /> <br />Mr. Croteau pointed out that the acquisition and funding of the mitigation <br />site will represent a public asset when it is completed. He added that this <br /> <br />MINUTES--Eugene City Council <br /> <br />February 28, 1990 <br /> <br />Page 3 <br />