Item 4C: Resolution Authorizing Issuance of Parks, Athletic Fields and Open Space Bonds

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ECC UGENE ITY OUNCIL AIS GENDA TEM UMMARY Adoption of Resolution 4898 Authorizing Issuance of Parks, Athletic Fields and Preservation of Open Space Bonds Meeting Date: January 8, 2007 Agenda Item Number: 4C Department: Central Services Staff Contact: Sue Cutsogeorge www.eugene-or.gov Contact Telephone Number: 682-5589 ISSUE STATEMENT The City Council is asked to authorize issuance of the $27,490,000 of General Obligation Parks, Athletic Fields and Preservation of Open Space Bonds approved by voters in the November 2006 election. BACKGROUND The City Council placed a $27,490,000 General Obligation Bond measure on the November 2006 ballot to fund parks, athletic fields and open space projects. Voters approved the measure by a margin of 59% to 41%. The measure included the following projects: Purchasing land for neighborhood and community parks in the Bethel, River Road/Santa Clara, ? south Eugene, Willakenzie and Willow Creek areas. Purchasing land to expand Amazon Park and parkland in front of the Shelton-McMurphey- ? Johnson House. Expanding and constructing park facilities at Golden Gardens Park. ? Purchasing land for the preservation of natural open spaces near the Ridgeline Trail, the ? Willamette River and Gillespie Butte. Developing a West Eugene Wetlands Education Center in partnership with other federal and ? local agencies. Refurbishing existing synthetic-surface ball fields, and developing new fields and related ? facilities (such as restrooms, lights and bleachers), in partnership with the Eugene 4J and Bethel school districts. Staff has begun work with the City’s bond counsel and financial advisor to develop a plan for issuance of the bonds for these projects. The goals of the issuance plan are to: 1) ensure that the City has sufficient funds on hand to accomplish the projects and make the property purchases when it is most advantageous to do so; 2) comply with all federal and state laws regarding issuance of tax-exempt bonds; and 3) minimize the out-of-pocket costs and staff time required to accomplish these goals. This bond measure is different from other City measures in the recent past because approximately two- thirds of the bond proceeds are programmed to be used for acquisition of property. Due to the many factors involved in the acquisition process, it is difficult to know exactly when a particular property L:\CMO\2007 Council Agendas\M070108\S0701084C.doc