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08/08/1990 Meeting
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08/08/1990 Meeting
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8/8/1990
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<br /> e encouraged by IDA to hire locally and to use local architects and <br /> contractors. <br /> Mr. Boles said that, although the State, City, and University were involved <br /> in a 20-year risk venture, the benefits to them were limited to increased <br /> employment in the area and the hiring of local contractors. He said the <br /> agreement should include a provision to provide the City with intellectual <br /> royalties resulting from research projects, and a provision for the City to <br /> have stock in equity. He said he was loath to see the City risk millions of <br /> dollars for minimal reward. <br /> Mr. Miller said the City's risk was similar to that undertaken in other <br /> industrial projects. Mr. Keller said the City was responsible for some <br /> aspects of the project as with other development properties. He said the <br /> risk to the City was minimal. Mr. Boles said the issue was not the City's <br /> risk, but the City's reward. Mr. Holmer agreed that the City should share in <br /> intellectual benefits of the research park if possible. <br /> Abe Farkas, POD Director, said all research park developments included an <br /> element of risk. He said the City's primary financial remuneration would be <br /> in two parts: 1) benefits through tax increment, and 2) money secured from <br /> the State to the City which would be available for the development in the <br /> form of loans. <br /> Mr. Swan said those who would be inventing and creating at the research park <br /> would not be the developers, but the sub-tenants of the developers. He said <br /> e the commission had seriously considered a percentage of gross rental <br /> structure. He said the idea was rejected because the agreement would be very <br /> difficult to negotiate, partly because the project was not staffed to <br /> accomodate this concept. He said the University has always wanted a passive <br /> landlord role. <br /> Ms. Ehrman suggested the idea of intellectual royalties be revisited in 20 <br /> years. She said any attempt to investigate the idea now could impede <br /> progress on the project. Ms. Bascom said the community might benefit <br /> indirectly from the research park as Portland had by being affiliated with <br /> Nike. <br /> Mr. Boles said it was incorrect for the partners in the research park to <br /> think of it as anything less than a high-risk venture. He said the investors <br /> should try to recapture a reward when the park had been developed. He said <br /> the partners in the project should not rely on the good graces of the <br /> tenants. He said they could lose potential benefits if they were not <br /> specified in the development agreement. He said such benefits could be <br /> negotiated to be phased in after several years. <br /> Mr. Boles said the research park project had received Regional Strategy funds <br /> because it was intended to benefit all of Lane County. However, he said the <br /> development agreement did not include a statement that research and <br /> development products should be manufactured locally. <br /> e MINUTES--Eugene City Council August 8, 1990 Page 5 <br />
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