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Summary information on the project follows: Project Description. The proposed Roosevelt Operations Center will be on a 52-acre site at the south- east corner of Beltline Road and Roosevelt Boulevard, and includes an operations and engineering building (combination shops and offices); warehouse; fleet services building; equipment and material storage and staging yard; driveways and employee parking. Sustainability and Efficiency Measures. EWEB intends to incorporate energy conservation and efficiency measures into the new development with the goal of achieving a LEED Gold certification. More detail is provided in Attachment A. Permits. Because part of the Roosevelt site is designated as developable wetlands, EWEB will obtain removal and fill permits from the U.S. Army Corps of Engineers and Oregon Department of State Lands. A permit will also be obtained from the Oregon Department of Environmental Quality. These permits will allow for completion of the earthwork portion of the project construction by fall 2008. Delays in completion of this initial earthwork will push project completion back by at least one year. EWEB is also working with City staff to obtain the required building permits. Wetland Impact and Mitigation. The Roosevelt project will impact approximately 16.5 acres of wetlands on the site. To offset that impact, EWEB will restore and create approximately 10.5 acres of wetlands on site and, in addition, purchase approximately 8.2 acres of mitigation bank credits from the City’s West Eugene Wetlands Mitigation Bank. The EWEB payment to the City mitigation bank is expected to be approximately $435,000. Project Cost and Funding Process. The project budget approved by the EWEB Board in July 2007 is $83.5 million. Following recent review of updated project cost estimates using more detailed design information developed since July 2007, the EWEB staff has reaffirmed the $83.5 million estimate and, as a result, will not be recommending any change in the project budget to the board. On February 5, the EWEB Board will be asked to authorize a final bond financing authorization amount of $85.5 million. That amount includes $83.5 million (the final project budget) less $5.6 million (the remaining proceeds from the $8 million authorized in 2006) plus approximately $1.85 million in issuance costs plus $5.6 million necessary to fund a debt service reserve account. Assuming board approval, submission to the council of an authorization request for the project financing will follow on February 25. The financing is expected to be accomplished under provisions of the Uniform Revenue Bond Act (URBA), which has been used by EWEB since 1992 for electric and water * utility financing authorizations. Estimated Water and Electric Rate Impacts. Based on the project budget assumptions, the combined electric and water rate impact related to the Roosevelt project is estimated to be about 2.3% (approxi- Using the URBA process, the EWEB Board would publish a “Notice of Revenue Bond Authorization” stating its * intention to issue debt, describing the amount, purpose, and process whereby if written petitions signed by at least 5% of the city’s qualified electors are filed within 60 days after the date of publication of the Notice, the question of issuing the debt shall be placed on the ballot at the next available election date. F:\CMO\2008 Council Agendas\M080213\S080213B.doc