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<br /> -- <br />e B. Questions from Councilors <br /> Mayor Obie commented that it must be recognized that the community is <br /> entering a new era in which public and private resources must be packaged and <br /> utilized to facilitate public development. He considered it important to <br /> educate the public regarding how the various components of the proposed <br /> project would fit together. <br /> Answering Mr. Holmer1s question, Mr. Farkas said the present library site is <br /> not within the existing tax increment district. Without a project <br /> stimulating new tax increment revenue, he could not name a source of money <br /> for an expansion. <br /> Mr. Sercombe added that the current urban renewal plan would have to be <br /> amended to allow for the expenditure on the library site. <br /> Mr. Gleason pointed out that the cost of the library shell is reduced by the <br /> fact that the project is larger and would be under one management for which <br /> the City would not be paying. Referring to Mr. Gleason's statement that the <br /> developer needs some indication of the City's agreement around the project <br /> concept or the City needs to separate itself from the development, Ms. Wooten <br /> asked for clarification of what the alternative to commitment would be. Mr. <br /> Gleason responded that considerable legal work is required before <br /> construction details can be finalized. Unless the City commits to being <br /> involved before the end of January, Pankow will not be able to close lease <br /> agreements with prospective tenants. <br />e Mr. Holmer asked if tax increment resources could be used for expansion of <br /> the library at its present site. Mr. Farkas said the present library site is <br /> not within the existing urban renewal district. He added that without new <br /> development stimulating more tax increment revenue, the funds needed for <br /> expansion would not be available. Mr. Sercombe noted that the current urban <br /> renewal plan would have to be amended to allow for an expenditure on the <br /> library site. Mr. Gleason added that the cost of the library shell is <br /> reduced by it being part of a large project and he suggested comparing the <br /> proposed construction costs to those of the EWEB, Airport expansion, or <br /> University projects. Mr. Gleason also said the mixed use portion of the <br /> parking would save a significant amount and the grants possible for the <br /> parking portion are not available on the other sites. <br /> Mr. Rutan said the average citizen will want to know how much the project <br /> will cost the individual City resident. Mr. Farkas assured him that no <br /> General Fund resource would be tapped for construction, nor would other tax <br /> dollars outside those in the existing district be used for capital expenses. <br /> In fact, Mr. Farkas said this project represents a creative way of using tax <br /> increment revenues twice to help forward the project. <br /> Mr. Rutan asked about risks to the City if several million dollars are put <br /> out to a developer. Mr. Farkas said nothing would be spent until the <br /> developer signs a development agreement and there is a commitment on the <br /> office tower. Currently, the developer is spending approximately $40,000 <br />e MINUTES--Eugene City Council December 14, 1988 Page 6 <br />