Item C: PROS General Obligation Bond

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ECC UGENE ITY OUNCIL AIS GENDA TEM UMMARY Work Session: Parks, Recreation and Open Space General Obligation Bond Meeting Date: February 13, 2006 Agenda Item Number: C Department: Public Works Staff Contact: Carolyn Weiss www.eugene-or.gov Contact Telephone Number: 682-4909 ISSUE STATEMENT At the November 16, 2005, City Council work session, the council directed the City Manager to bring back project ideas for a potential parks bond focused on time-sensitive items and projects with low operations and maintenance costs. The purpose of this work session is to provide the requested information. Should the council decide a Parks Recreation and Open Space General Obligation (G.O.) bond measure is to be placed on the November 2006 ballot, a decision on the amount of that bond is needed. BACKGROUND In 1998, Eugene voters approved a 25.3 million dollar G.O. bond with a 66% approval margin. Implementation of the bond funded projects is nearing completion, with just a few projects remaining which are scheduled for construction in 2006. Results of the bond implementation have met or exceeded expectations in all project categories. Additionally, a revised Parks, Recreation, and Open Space Comprehensive Plan is nearing completion following an extensive three-year planning process. In response to the council’s request, staff developed a potential project list consisting of three tiers. Attachment A identifies the projects included in the three tiers, including project descriptions, estimated project costs, and estimated maintenance costs. The three tiers are based on project spending amounts, including: ?$20 million package (Tier 1) ?$35 million package (Tier 2) ?$50 million package (Tier 3) The three tiers are cumulative, in that the 20 million dollar tier is also the basis of the 35 million dollar tier, and the 20 and 35 million dollar tiers are the basis of the 50 million dollar tier. All three tiers are comprised of projects which adhere to the criteria of timeliness, low maintenance and operations costs, or both. The mix of projects within each tier also provides services to all geographic areas of Eugene and includes a diversity of projects which would garner support from different interest groups throughout the city. The financial implications of the three bond measure proposals are set out in Attachment B. The size of the bond measure would include not only the project costs, but also the costs for issuing debt. The three options would range from $20.41 million to $50.97 million. The estimated cost to the median L:\CMO\2006 Council Agendas\M060213\S060213C.doc