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<br />Mr. Hansen moved, seconded by Ms. Ehrman, to adopt an <br />airport project budget of $18,341,000, with the project <br />~ scope to be the recommendation of the Council Airport <br />~ Subcommittee submitted on December 5, 1986. <br /> <br />Answering questions from Ms. Bascom and Ms. Schue, Mr. Gleason said the <br />$18,341,000 project cost includes $300,000 (the upfront money) which will <br />finance the bid documents. He said $18,341,000 is the maximum cost for the <br />project. It is possible the project may cost less. He said additions to the <br />project that are financed from other sources will not be overruns. Mr. Hansen <br />added that $18,341,000 is the best estimate of the project cost and includes <br />all contingencies. <br /> <br />The motion carried unanimously, 8:0. <br /> <br />Mr. Hansen moved to adopt a financing approach for the <br />City share which includes: <br /> <br />1. An election on March 31, 1987, for a Revenue-Backed <br />General Obligation Bond, and <br /> <br />2. The appropriation of $1.1 million as recommended by <br />the Council Airport Financing Committee. <br /> <br />Mr. Hansen said the specific amount of the Revenue-Backed General Obligation <br />Bond will be determined at the January 12, 1987, City Council meeting. He <br />said the $1.1 million recommended by the subcommittee includes the $300,000 <br />approved by the council for the preparation of bid documents. <br /> <br />4It Mr. Hansen first included a third item concerning the method of paying for the <br />Revenue-Backed General Obligation Bond in his motion. Ms. Ehrman asked to <br />have a separate vote on that item and the councilors agreed by consensus to do <br />so. <br /> <br />The motion carried unanimously, 8:0. <br /> <br />Mr. Hansen moved, seconded by Ms. Ehrman, to pay part of <br />the debt for the project with the $1.1 million (including <br />$300,000 for bid documents) recommended by the Council <br />Airport Subcommittee. <br /> <br />Ms. Bascom said she is surprised that the $300,000 for bid documents is <br />included in the $1.1 million. <br /> <br />Mr. Hansen said the intent of the motion is that $800,000 of the $1.1 million <br />up-front money will not be spent until the voters have approved the project on <br />March 31, 1987. <br /> <br />The motion carried unanimously, 8:0. <br /> <br /> <br /> <br /> <br /> <br />~ MINUTES--Eugene City Council December 17, 1986 Page 8 <br />