Item 2C: Resolution Placing PROS Bond Measure on November Ballot

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ECC UGENE ITY OUNCIL AIS GENDA TEM UMMARY Adoption of Resolution 4866 Calling a City Election on November 7, 2006, for the Purpose of Referring to the Legal Electors of the City of Eugene a Measure Authorizing the Issuance of a Maximum of $20,410,000 of General Obligation Bonds for Parks, Recreation, and Open Space Projects Meeting Date: April 10, 2006 Agenda Item Number: 2C Department: Public Works Staff Contact: Carolyn Weiss www.eugene-or.gov Contact Telephone Number: 682-4909 ISSUE STATEMENT At the February 13, 2006, City Council work session, the council provided direction to pursue a $20 million General Obligation bond on the November 2006 ballot for acquisition of park lands and construction of the West Eugene Wetlands Education Center. BACKGROUND In response to a City Council request to provide project ideas for a potential parks bond focused on time- sensitive items and projects with low operations and maintenance costs, staff developed a potential project list consisting of three tiers. These three tiers of projects were discussed at a work session on February 13, 2006. The discussion resulted in a decision to focus the bond efforts on park land acquisition ($18.25 million) and the West Eugene Wetlands Education Center ($1.75 million) for a total of $20 million. The size of the bond measure would include not only the project costs, but also the costs for issuing debt. The cost of issuing a $20 million bond is $410,000 for a total bond of $20,410,000. The estimated cost to the median homeowner in the first year (FY08) would be $35, while the average cost over the 20 year repayment would be $20. The resolution to place this bond on the 2006 ballot is included as Attachment A. 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 (PROS) Comprehensive Plan is nearing completion following an extensive three-year planning process. The PROS Comprehensive Plan was adopted by City Council Resolution on February 13, 2006. A public hearing on the PROS Project and Priority Plan will be held later tonight. City Council action on the PROS Project and Priority Plan is scheduled for May 8, 2006. L:\CMO\2006 Council Agendas\M060410\S0604102C.doc