07/17/1991 Meeting - Laserfiche WebLink

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e Addressing Ms. Bascom's concerns, Mr. Boles suggested that the City seek the assistance of a loaned executive from lending institutions to lend expertise to the task force. Mr. Sullivan pointed out that because the nature of Federal regulation over CRA activities is uncertain, the task force may need to be adapted in the future. He also noted that the CIC was particularly concerned that member- ship on the task force represent low- and moderate-income neighborhoods. Mr. Boles said that a comprehensive credit needs assessment should include both urban and rural needs. While this proposal addresses the urban need, rural community credit needs should not be excluded from the CRA. The City might seek the expertise of the Lane Council of Governments (L-COG) to bring the urban and rural components together. In response, Mr. Sullivan said that discussions have taken place with L-COG surrounding how to apply its Geo- graphic Information System (GIS) mapping technology to CRA issues; this could serve as the basis for cooperation. Mr. Gleason pointed out that no models for cooperation among lending institutions exist currently. Once a model has been created, its technology can be transferred. Mr. Boles moved, seconded by Ms. Bascom, to adopt the proposed. task force membership structure and the proposed work plan to complete an inquiry into the credit needs of the community and other aspects of the Community Reinvestment Act. e III. LIBRARY OPTION AGREEMENT Lew Bowers, Planning and Development Department, gave the staff presentation. He said that at a recent meeting, the council directed the City Manager to negotiate an extension of an option for the Sears building for one year. He summarized the key components of the option agreement: 1. Extend the option for one year to 7/1/92. 2. Purchase price would be the fair market value of the property as determined by the appraisal. 3. Option price is $60,000. Mr. Bowers said that if the City exercises the option, the amount of the payment applied to the purchase price is $60,000 minus the owner's actual carrying costs, which would be capped at $45,000. Acceptable costs are only those in the following categories: property tax, utilities, equipment main- tenance, and security and fire insurance. In addition, $10,000 of the pay- ment on the original $40,000 option would be applied to the purchase price and half of the cost of the current environmental assessment ($8,425) would also be applied to the purchase price. Responding to a question from Mr. Robinette, Mr. Bowers said that if the City purchases the building, it will receive a credit for half of the environmen- tal assessment. e MINUTES--Eugene City Council July 17, 1991 Page 8