06/27/1988 Meeting - Laserfiche WebLink

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e Ms. Schue said she is interested in the amount of money that is involved. She asked if there is anyway to estimate how much the remainder might be. Ms. Calkins repeated that the remainder is $187,640 for the Hult Center, and approximately $35,000 for the Conference Center. She said there was an approximate increase in room tax revenues of $90,000 this year. In response to a question from Mr. Holmer, Ms. Calkins said further appropriations of remaining funds will have to come back to the council through a supplemental budget action. Ms. Bascom pointed out this is the last year that the City is using room tax money to support performing arts organizations. Ms. Wooten said the reason the City has been phasing out its support to those organizations is because the Eugene Arts Foundation was going to offset the City's contribution. She said she is concerned that has not happened. She said it would be helpful to receive a report from the foundation on how the substitution of private for public money is proceeding. Ms. Wooten said she is not certain that she agrees with forwarding the fund balance to the Hult and Conference Center when the City is cutting programs and cultural services that serve a broad range of the public. She suggested the council take another look at the policy of providing the money to the Hult Center on an ongoing, IIblind" basis. Mayor Obie said that issue will be able to be addressed later when the e council takes up a supplemental budget item. In future discussions of fixed dollar items, Mr. Miller said it would be helpful for staff to note the options if additional or less money is found. Res. No. 4089--A resolution concerning Room Tax Funds; repeal- ing Resolution No. 4045; and adopting new guidelines. Mr. Holmer moved, seconded by Ms. Bascom, to adopt the resolution. Roll call vote; the motion carried unanimously, 8:0. IX. RESOLUTION PROVIDING FOR INTERIM FINANCING FOR LOCAL IMPROVEMENT PROJECT City Manager Mike Gleason introduced the item. Mr. Wong presented the staff report. He said staff is recommending the City negotiate a line of credit for $6 million to provide interim financing of local improvements to the City. He said the City currently has approximately $3.5 million in outstanding warrants that mature September 1, 1988, and needs an additional $2.2 million to fund local improvement projects during the current summer construction season. e MINUTES--Eugene City Council June 27, 1988 Page 9