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<br /> e Responding to concern raised by Ms. Bascom about the time that is being taken <br /> to make a decision on LTD station siting, Mr. Bennett explained that changes <br /> in criteria for the new station have lengthened the time required to complete <br /> the site selection process. Recommendations for the best possible site or <br /> sites among the four currently being considered should be coming to the <br /> council soon. <br /> Mr. Bowers reviewed the City's current means of project financing. He <br /> reported that the Urban Renewal Agency has $5 million within its reserve <br /> accounts which may be available to help fund these projects. He cautioned, <br /> however, that if Ballot Measure 5 (a property tax limitation which is <br /> scheduled to come before the voters in November) passes, the amount of urban <br /> renewal money which can be used to pay for these projects will be greatly <br /> reduced. Mr. Bowers explained that because urban renewal reserves are the <br /> most flexible source of revenue, they are the most desirable form of project <br /> financing. However, in planning for the possible success of Measure 5, the <br /> City is giving consideration to all potential sources of revenue for each <br /> project. <br /> Mr. Bowers said that staff recommends that the council direct staff to work <br /> with the Downtown Commission to prepare a proposal for allocation of urban <br /> renewal reserve fund monies to be brought back before the City Council prior <br /> to its October 31 meeting. <br /> Mr. Holmer voiced concern with the staff recommendation. He felt that such <br /> an important decision as reserve fund allocation is so important that staff <br /> e recommendations for fund allocation should be brought back to the council <br /> before consulting with the Downtown Commission. The consensus of the council <br /> was supportive of Mr. Holmer's position. <br /> Mr. Boles agreed that a staff recommendation should come before the council <br /> before it goes to the Downtown Commission. In light of the uncertainty <br /> surrounding the future of urban renewal reserves, he suggested that the City <br /> begin planning on the assumption that the resources will not be available. <br /> The $5 million should be viewed as a supplement to other more reliable <br /> resource commitments. <br /> Mr. Rutan advised that staff develop a general set of guidelines for <br /> allocating the resource reserves which the council might use to help it <br /> determine how much reserve fund money should be used for each project. He <br /> also emphasized the importance of developing strategies for obtaining other <br /> funding resources for these projects and limiting the amount of reserve <br /> resources committed for them. <br /> Mr. Bennett said that he felt it would be a mistake for the City to allocate <br /> a large portion of the resource reserves toward the library, which he felt is <br /> of benefit to and should, therefore, obtain financial support from the larger <br /> community. <br /> Mr. Green requested that the staff recommendation for Urban Renewal Agency <br /> reserve fund allocation be presented to the council. Mr. Holmer also <br /> e MINUTES--Eugene City Council September 10, 1990 Page 3 <br /> Dinner/Work Session <br />