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<br /> <br />EURA <br />UGENE RBAN ENEWAL GENCY <br />AIS <br />GENDA TEM UMMARY <br /> <br /> <br /> <br /> <br />Public Hearing and Action: Resolution 1047 Adopting a Supplemental Budget; Making <br />Appropriations for the Urban Renewal Agency of the City of Eugene for the Fiscal Year <br />Beginning July 1, 2007 and Ending June 30, 2008 <br /> <br /> <br />Meeting Date: March 10, 2008 Agenda Item Number: 4 <br />Department: Central Services Staff Contact: Kitty Murdoch <br />www.eugene-or.gov Contact Telephone Number: 682-5860 <br /> <br /> <br /> <br /> <br />ISSUE STATEMENT <br /> <br />Urban Renewal Agency (URA) approval of the second Supplemental Budget for FY08 is requested in <br />order to carry out the purchase of three properties within the West Broadway redevelopment area. <br />Oregon Local Budget Law (ORS 294.480) allows for supplemental budgets for "an occurrence...which <br />had not been ascertained at the time of the preparation of a budget for the current year..." Supplemental <br />Budget #2 consists of $5.1 million in proposed changes to the FY08 Budget. A brief description of the <br />proposed transactions is provided in Attachment A. This supplemental budget does not authorize any <br />increased property tax levy. <br /> <br /> <br />BACKGROUND <br /> <br />On February 27, 2008, the URA reviewed the proposed financing plan for the three property purchases <br />and agreed “to direct the Agency Director to include the budget transactions necessary to accomplish the <br />property acquisitions in the Supplemental Budget to be considered on March 10, 2008.” The specific <br />transactions included in the URA portion of the supplemental budget will enable the purchase of the <br />Centre Court building and adjacent subsurface lot ($2.8 million), the Washburne building ($1.9 million), <br />and the Diamond property ($290,360). <br /> <br />Timing <br />Expenditure authority is needed immediately to carry out Agency direction prior to the expiration of <br />purchase options on the Washburne building and the Centre Court building and adjacent subsurface lot. <br /> <br /> <br />RELATED CITY POLICIES <br />These transactions conform to the City of Eugene’s Financial Management Goals and Policies, are <br />responsive to adopted Growth Management policies, and carry out the Downtown Initiative Council <br />Goal. <br /> <br /> <br /> <br /> <br /> F:\CMO\2008 Council Agendas\M080310\S0803104.doc <br /> <br />