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<br /> e financing package was conservative in that it did not include the possibility <br /> of generating revenue from the sale of any eXisting assets, leases, or <br /> commercial activities, or from fund-raising or grants. <br /> Mr. Mounts reviewed three financing methods involving a bond issue and serial <br /> levy. He said the marginal operating costs of all three were approximately <br /> the same, but book funding methods differed. He said books could be funded <br /> through a serial levy or partially through a bond issue. <br /> Mr. Mounts said the cost estimates did not include weekend programming for <br /> families which would add approximately $110,000 to overall costs. <br /> Mr. Mounts said Ballot Measure 5 would affect the definition of capital <br /> construction and would seriously affect the ability to use a serial levy to <br /> finance the increase in library operating costs. Mr. Gleason said staff <br /> recommended the council not make a decision on library financing until after <br /> the November 6 election. <br /> In response to a question from Mr. Rutan, Mr. Mounts said the average <br /> assessed value of a single-family home in Eugene was approximately $70,000. <br /> Mr. Boles said the council had emphasized that it wanted the library to have <br /> a minimal affect on property taxes. He suggested the council explore <br /> alternative revenue sources as a fourth financing option. He said it would <br /> be difficult to convince the public that the library should be financed by <br /> increased property taxes. <br /> e Mr. Rutan said the council should decide on a funding package for the library <br /> before the March election and that a new funding process would require 12-18 <br /> months to develop. <br /> Mr. Bennett said he was concerned about the continuing, comprehensive <br /> financial needs of the community. He said that although he was concerned <br /> about the idea of financing the library with property tax money, he was <br /> encouraged by the funding proposals. He said he had heard many positive <br /> responses to the idea of relocating the library in the Sears building. <br /> Mr. Holmer said the council needed to find a continuing source of revenue. <br /> He asked if book costs for the library could legally be capitalized. <br /> Ms. Schue said that although she agreed that the council needed to reorganize <br /> the City tax structure, it had to operate in the interim and she did not want <br /> the library project delayed because of such a reorganization. She said she <br /> favored proposals to fund the library with increased property taxes. <br /> Mayor Miller said that while property taxes and capital projects should be <br /> coordinated, the council should also look for ways to shift the tax burden. <br /> Mr. Boles said he would like to see someone on the City staff do a "quick <br /> e MINUTES--Eugene City Council October 31, 1990 <br /> Page 5 <br />