12/02/1987 Meeting - Laserfiche WebLink

Home Browse Search

Mr. Whitlow said the first two Hult Center projects already were included in the funded portion of the Capital Improvements Program for next year, assuming e passage of council funding. Ms. Bascom noted that the last time it had dealt with the Hult projects, the Budget Committee had postponed those items for two years. Mr. Miller and Mr. Bennett said they agreed that the Hult Center projects were important, but they did not agree with the proposal for a funding source. Ms. Schue said she would be willing to include the heating, ventilating, and air conditioning (HVAC) system in the capital projects budget. "An unheated stage in Oregon in December is something you ought to fix," she said. She said she also favored improvements to outside lighting, because of risk management concerns, but she thought the marquee could be funded by a different source. Mr. Byrne noted that the draft budget proposal included expenditures that were considerably greater than the revenue received, for a negative net amount of about $2.4 million. He said that spending would be a good investment if it stimulated private development, particularly on Ci ty-owned property. It would be a poor investment if funds were spent on speculative capital projects or on "window-dressing," he said, and that could send the fund in a backwards direction without anticipating new tax increment receipts. Downtown Commission Chair Roger Neustader said that even with the capital projects line, a balance of $1 million still would be available, plus another $1 million that would remain in an unallocated business development fund. Mr. Whitlow said the balance available at the beginning of next fiscal year was e shown in line B.2.d. and would be $1,051,147 at the start of FY89. Mr. Byrne said discussion of the Riverfront Research Park budget would be deferred to a future meeting. Mayor Obie adjourned the meeting of the Eugene Renewal Agency and reconvened the meeting of the Eugene City Council. II. WORK SESSION: URBAN RENEWAL PLAN UPDATE (DISTRICT EXPANSION/ DEVELOPMENT PROJECTS/FINANCING) Greg Byrne and Bob Hibschman of the Eugene Development Department presented a staff report on follow-up information from the Ci ty Counci 1 meeting of September 30, 1987. Mr. Byrne said staff would address questions about the expansion area, business loan activity, and property owner plans in the proposed expansion area. Mr. Byrne reviewed background information in the agenda item summary, noting council direction to continue with tax increment financing as a policy tool and achievement of most of the original program objectives. He said the major unachieved objective was development of the vacant property owned by the City. He said bonding costs were about the same for tax allocation and for general obligation bonds. He a 1 so noted that expendi tures and revenues for the proposed expansion area were expected to balance over the next 10 years. e MINUTES--Eugene City Council December 2, 1987 Page 7