04/13/1953 Meeting - Laserfiche WebLink

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~44 e COMPARISONS WERE MADE BETWEEN'REVENUE BONDS AND GENERAL OBLIGATION BONDS. 'IT WAS . . . . - ACKNOWLEDGED THAT GENERAL OBLIGATION BONDS WOULD RESULT IN A LOWER INTEREST RATE, HOW- EVER, THE USE OF GENERAL OBLIGATION BONDS WOULD IMPAIR DEBT LIMITATIONS NOW EXiSTING 'I N MOST C I TI ES I N OREGON. REVENUE BONDS WOULD NOT BE RESTR I CTED BY 'SAID TAX SUPPORTED DEBT LIMITATIONS; IN ALL PROBABILITY WOULD HAVE TO BE SUPPORTED BY SUBSIDIES THROUGH ADDITIONAL REVENUES FROM OTHER SOURCES THAN THOSE FROM THE OFF-STREET PARKING FACILITIES TO MAKE THE BO~DS SALEABLE. MR. FAUSTMAN IS ENDEAVORING TO SET UP A PRELIMINARY OFF-STREET PARKING PROGRAM IN THE SHORT TIME HE IS HERE TO ASSIST IN THE DETERMINATION AS TO THE FUTURE ACTION AND 'I PROCEDURES NECESSARY TO PUT AN OFF-STREET PROGRAM INTO OPERATION. I T WAS BROUGHT OUT THAT THE MANNER IN WHICH THESE FACILITIES WOULD BE PAID FOR 'WAS ENTIRELY THAT OF POLiCY BETWEEN THE LOCAL MERCHANTS AND THE CITY COUNCILMEN., THE MEETING WAS ADJOURNED UNTIL FRIDAY EVENING, APRIL 3RD TO FURTHER DISCUSS AND ANALYZE POSSIBLE PROCEDURES IN DETER- MINING THE BEST MEANS Of fiNANCING OFF-STREtrT PARKING." itA MEETING Of THE OfF-STREET PARKING COMMITTEE WAS HELD ON APRIL 3, 1953 WITH THE FOLLOWING PRESENT: MAYOR JOHNSON; COUNCILMAN CRUMBAKER, CITY MANAGER; CITY RECORDER; CHAMBER Of COMMERCE - MAURIE JACOBS, CHAIRMAN; JOE KIPPER, PRESIDENT;JMESSRS. RUSSELL, FARINA, HOFFMAN AND TIM METCALF, ASSISTANT MANAGER OF THE CHAMBER OF COMMERCE; RAY BOALS EUGENE ~ATER & ELECTRIC BOARD AND MARK WESTLING, LEAGUE OF OREGON CITIES; D. J. FAUSTMAN, PARK I NG CONSULTANT. " CONTINUATION OF THE DISCUSSION OF THE PREVIOUS MEETING WAS HELD. MR. FAUSTMAN OUTLINED fOUR POSSIBLE SITES FOR THE INITIAL PROGRAM TO AFfORD 200 OfF-STREET PARKING SPACES BASED UPON APPROXIMATELY 300 ~QUARE FEET EACH; USING ESTIMATES OF APPROXIMATELY $7.00 PER SQUARE FOOT FOR LAND ACQUISITION, IT WAS ESTIMATED THIS INITIAL PROGRAM WOULD AMOUNT TO APPROXIMATELY $500,000 INCLUDING PAVING, PARKING METERS AND OTHER IMPROVEMENTS 'TO THE LOTS '. BASED UPON TEN CENTS PER HOUR PARKING WITH' AN ESTIMATED TURNOVER Of THREE OR MORE PER DAY, REVENUES WOULD AMOUNT TO APRROXIMATELY $25,000 PER YEAR. RETIREMENT Of THE $500,000 BOND ISSUE OVER A 25 YEAR PERIOD WOULD NECESSITATE A $20,000 PAYMENT PER YEAR PLUS INTEREST AND OPERATING EXPENSES. TOTAL AMOUNT Of EXPENSES AND OBLIGATED COSTS WOULD AMOUNT TO THE INTEREST RATE AND THE MANNER OF OPERATION. CONSIDERABLE DISCUSSIONS TOOK PLACE'RELATIVE TO REVENUE BONDS AND THEIR SALEABILITY UNDER SUCH A PROGRAM. GENERAL OBLIG~TION BONDS WERE AGAIN DISCUSSED WITH THE UNDERSTAND- ING THAT PRESENT DEBT LIMITATIONS Of THE CITY Of EUGENE PROVIDED ONLY ONE AND ONE-HALF MILLION DOLLARS BONDING CAPACITY AT THIS TIME. FINANCING THIS PROJECT THROUGH A SPECIAL ASSESSMENT PROGRAM WAS STUDIED WITH THE MAIN QUESTION BEING THAT Of HOW WOULD THE ASSESS- MENTS BE MADE AND WHAT BASIS - WHETHER IT WOULD BE SQUARE FOOTAGE, VOLUME OF BUSINESS OR ASSESSED VALU~TION. IT SEEMED TO BE GENERALLY AGREED THAT A PROGRAM TO Af,fORD ADDITIONAL Off-STREET PARKING COULD BE SET UP AND ADMINISTERED THROUGH JOINT EffORST AND COOPERATION Of THE CITY Of EUGENE AND THE MERCHANTS AND PROPERTY OWNERS WITH EVERY EFfORT BEING MADE TO MAKE THESE LOTS AS NEAR SELf-SUPPORTING AS'POSSIBLE. Mft. FAUSTMAN BROUGHT OUT THE FACT THAT TO ASSURE ECONOMIC SUCCESS IN OPERATING THESE LOTS THEY MUST BE LOCATED CLOSE ENOUGH TO' ATTRACT THE SHORT TIME PARKERS WHICH SEEMS TO BE THE APPARENT NEED, BASED UPON THE LARGE TURN-OVER Of OUR PRESENT CURB PARKING FACILITIES. MR. FAUSTMAN STATED OUR PARKING TURN-OVER AT THE CURB, RANGING FROM I I TO 15 WAS THE HIGHEST HE HAD EVER SEEN, AND THIS WAS ONE Of THE fACTORS DETERMINING HIS fEELINGS THAT PROPERLY LOCATED OFf-STREET PARKING FACILITIES WOULD VERY NEARLY PAY THEIR WAY. IT WAS GENERALLY AGREED THAT THE NEXT STEP WOULD BE THAT Of CONSULTING REPRESENTA- TIVES Of BONDING COMPANIES (MR. HALL Of BLYTHE AND COMPANY, AS WELL AS MR. SHULER, BOND ATTORNEY IN PORTLAND) IN'AN ENDEAVOR TO ASCERTAIN THEIR OPINIONS'RELATIVE TO THE LEGALITY AND SALEABILITY OF REVENUE BONDS UNDER THIS PROGRAM OR ESTABLISHING THE PRO- GRAM UNDER A BENEfiT DISTRICT PLAN. ~PPRECIATION WAS EXPRESSED TO MR. FAUSTMAN FOR THE CONSTRUCTIVE AND OBJECTIVE MANNER IN WHICH HE HAD APPROACHED OUR PARKING PROBLEM IN THE SHORT TIME HE WAS HERE." IT WAS MOVED BY CRUMBAKER, SECONDED BY GODLOVE THAT THE REPORTS Of THE COMMITTEE BE RECEIVED AND PLACED ON FILE. MOTION CARRIED. REPORTS OF BOARDS AND COMMISSIONS f A REPORT Of THE PLANNING COMMISSION - RE: REZONING FOR OVERSTREET & DONOHUE; OSWALT; SOLBERG; AND MULDOON WAS SUBMITTED AND READ AS fOLLOWS: ItAs A PERMANENT REPORT, PURSUANT TO THE RESOLUTION Of THE COMMON COUNCIL Of THE CITY Of EUGENE, DIRECTING THE CITY PLANNING COMMISSION TO RREPARE A REPORT UPON CERTAIN REQUESTS fOR RECLASSIfiCATION Of ZONING IN AREAS WITHIN THE CITY, THE CITY PLANNING COMMISSION HEREBY ADOPTS AS ITS REPORT, THE fOLLOWING: THE PLANNING COMMISSION RECOMMENDS THAT THE rOLLOWING PETITION fOR CLASSifiCATION Of~ZONING Of PROPERTY IN THE CITY BE APPROVED: ~ I Ii II 'I II I, I: 'I II Ii Ii II ,I II " " I' II II ,I I Ii II I' I' ': ii i' I' Ii I: II II :1 II I: II I: I, ]I Ii " I, I '.' I e I I I I r ,I II Ii I! I I e