04/15/1992 Meeting - Laserfiche WebLink

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- Mr. Hibschman said that the Bond Inducement Resolution is a new requirement imposed by the Internal Revenue Service (IRS), which does not obligate the City. It is commonly used as a means for developers to maximize the amount of incurred costs they ultimately get from proceeds of a bond sale. After approval of the bond sale, a development agreement and actions required by the council to carry out the bond sale would be presented. Mr. Hibschman reviewed the time line, saying the developer would like to break ground by the end of this year for completion of the project by fall 1993. Responding to a question from Mr. Robinette, Mr. Hibschman said there are other parking options that minimize costs. He pointed out that parking could be located on an adjacent lot, or possibly in a future parking structure. He said the developer feels it is a marketing risk for the project if parking does not have a secure relationship to the project. Staff noted that the council could adopt the concept, approve the site, acknowledge the existing RFP and the bond resolution, but indicate that it wishes to negotiate on the parking. Mayor Miller adjourned the City Council meeting and convened the Urban Renewal Agency. Mr. Rutan expressed support for the project, saying the City's investment in parking can be discussed at another time. Several councilors also favored the project but expressed reservations with ~ regard to the proposed parking program. Mr. Boles initiated straw polls on the following project elements: the re-siting and dispensing with the RFP process. e Mr. Boles moved, seconded by Mr. Green, to approve the Downtown Commission recommendation to relocate the 11th Avenue and Willamette Street project to the quarter-block site at Broadway and lincoln Street without a formal request for proposals process and to financially participate in the project, where financially participate means leaving the City Manager free to negotiate the parking moneys for the Urban Renewal Agency in a fashion that best meets the needs of both the public and the developer. The motion passed unanimously, 7:0. Ms. Bascom left the meeting. Mayor Miller adjourned the meeting of the Urban Renewal Agency and reconvened the City Council. Res. No. 4314--A resolution of the City of Eugene, Oregon, taking official action toward the issuance of housing revenue bonds. MINUTES--Eugene City Council 11:30 a.m. April 15, 1992 Page 4