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e is also a good example of the sharing of public and private costs which are an integral part of any economic development venture. Ms. Ehrman asked whether the area being considered for the urban renewal district is large enough to encompass nearby areas that may be needed for mitigation in the future. In response, Mr. Croteau said that while the area currently contemplated is only large enough to deal with the Spectra-Physics problem, there is additional land in this vicinity which could be used for mitigation. Responding to a question from Ms. Ehrman, Mr. Croteau said the tax increment moneys captured from Spectra-Physics expansion would go directly back to assist the company and the surrounding area in wetland mitigation. Ms. Ehrman expressed support for using the extension of Terry Street as part of the project, and asked whether the City has had any discussions with the County about possible assistance with the Terry Street extension. les Lyle, Public Works, said that because the area north of Spectra-Physics is within the city limits, the County will most likely not participate. Ms. Schue asked whether the Amazon bike path runs through this site. Mr. Croteau said that the proposed bike path does run through this site. e Mr. Boles noted that categorization of wetland areas as infrastructure is a creative and viable solution to this problem. He acknowledged that the City has an obligation to help Spectra-Physics find a solution, but felt that the issues of wetland mitigation and Terry Street improvement should be treated separately. Mr. Boles suggested that the City proceed with the Spectra-Physics portion of this plan which, under the current increment plan flow, would allow the urban renewal district to close out in four years. At Mr. Boles request, Mr. Gleason reviewed the funding alternatives that were considered by staff for assisting Spectra-Physics. He said that in addition to urban renewal, staff considered several possible funding opportunities including the Enterprise Zone, a local improvement district, business development loans, and the City Capital Improvement Program. Abe Farkas, Planning and Development, added that although several options were considered conceptually, the urban renewal district option was considered to be the most practical solution. Mr. Boles asked for confirmation of a rumor that eventually this piece of property will be deeded to the City and used as a park. Mr. Croteau explained that while it is possible that this property will be deeded to the City, its eventual ownership has not been determined. It is possible that this property could be used with a kiosk or other viewing areas and that bike path improvements could be made along the Amazon Channel. Responding to a question from Mr. Boles, Mr. Sercombe said that although there is some legal uncertainty about the place of expenditure of urban renewal funds, it is his opinion that the expenditures of such funds does not have to be within the geographic boundaries of the urban renewal district. e MINUTES--Eugene City Council February 28, 1990 Page 4 ~