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CE,O|CFFS|M2016 <br />ITY OF UGENEREGON ONSERVATION INANCE EASIBILITY TUDY AY <br />Measure 4-144- CITY OF CANNON BEACH <br />BOND AUTHORIZATION ACQUIRE ECOLA TRACT TO PROTECT WETLANDS, STREAMS, <br />FORESTLANDS <br />Question: Shall City acquire Ecola Tract to protect wetlands, streams, salmon habitat, forestlands; issue up to <br />$4 million general obligation bonds? <br />If the bonds are approved, they will be payable from taxes on property or property ownership that are not <br />subject to the limits of sections 11 and 11b, Article XI of the Oregon Constitution. <br />Summary: This measure would authorize the City of Cannon Beach to sell up to $4 million in bonds to <br />acquire the 800-acre Ecola Tract from the Oregon Department of Forestry for the protection of wetlands, <br />streams, forestlands, salmon, trout and wildlife habitat. Acquired lands would expand the existing City-owned <br />Ecola Creek Forest Reserve. Additionally, proceeds would pay associated bond issuance costs. <br />The City would establish a citizen oversight committee and require a yearly independent financial audit, as <br />wellas create a management plan withinput from citizens for the acquired land. The management plan <br />would focus on conservation, restoration and passive recreation. <br />Bonds would mature in 21 years or less from issuance and may be issued in one or more series. The <br />estimated additional annual cost to property owners if all $4 million in bonds are sold would be $0.36 per <br />$1,000 of assessed valuation. For the owner of a home with the median assessed value of $200,516, the <br />additional annual cost would be approximately $75 per year. <br />34TTPL::CFD <br />HE RUST FOR UBLIC AND ONSERVATION INANCE EPARTMENT <br /> <br />