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e Res. No. 902--A resolution authorizing the Cityls Executive Manager to act in its behalf and execute the modification to the Exclusive Right to Negotiate Agreement between the Urban Renewal Agency of the City of Eugene and a joint venture partnership of the Price Development Company and Sonoma Financial Corporation. Mr. Obie moved, seconded by Ms. Wooten, to adopt, as the Eugene Urban Renewal Agency, the resolution. Councilor Holmer, stating that two modifications had been presented to the council, requested some clarification of the limits of Paragraph 5 by which the agreement was administratively interpreted. He presumed that the intent of the paragraph was to limit the modifications that the Urban Renewal Agency was delegating to those individuals interpretating the policy substance of the existing and proposed agreement. Ms. Stewart stated that Mr. Holmerls des- cription was accurate. In discussing the agreement with the City Attorneyls Office, she stated that any administrative agreement made would be done so in terms of Items A through E which were based on the policy substance. Roll call vote; the motion passed 7:0, Mr. Hansen abstaining. IV. IMPROVEMENT PROJECT RESOLUTION (memo, map, resolution distributed) - City Manager Micheal Gleason introduced the agenda item. Robert Hibschman of the Eugene Development Department presented the staff report, reviewing the April 6, 1984, Downtown Commission memorandum to the Urban Renewal Agency. He stated that the $150,000 of the early financial settlement urban renewal funds were to be used to complete the central mall area. He added that any unused funds will be used for other improvements in the downtown area. Mr. Hibschman stated that the second and third phases of the project will include opening Willamette Street between 10th and 11th avenues using tax allocation funds, and then the conversion of Willamette Street to two-way traffic through to 20th Avenue using CDBG funds. He stated that a preliminary timetable for the 10th and Willamette project designated the period after the Christmas retail season as the best period for the construction. He stated that the Downtown Commission has recommended approval of the 8th Avenue project so that the process could begin within the next 30 to 40 days. Councilor Holmer stated that the figures for the current fiscal year showed an increase in the operating income of the tax allocation funds in excess of $400,000. He felt that the 10th and Willamette project would use up those funds accumulated during the current fiscal year. Mr. Hibschman responded that this statement was true, adding that the operating reserve funds carried over to the next year would be part of that project. In response to another question, Mr. Hibschman expected that the first phase would be substantially done in time for the Olympic Scientific Congress in July 1985. He did not expect there to be any major disruption of the pedestrian flow in the downtown area. e MINUTES--Eugene City Council April 11, 1984 Page 7