01/26/1981 Meeting - Laserfiche WebLink

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e e e Mr. Gleason noted that the final front foot assessment will be determined when the bids and change orders are done. These are estimates at this time and they could change. Mr. Obie stated that it is City policy to have sidewalks on both sides of a street. He does not want to encourage residents to think they would be placed only on one side. He is pleased to see this project moving ahead of schedule because of the safety problems and urged the council to approve it. Mr. Lindberg asked if that was being decided tonight. Mr. Teitzel stated that approval for staff to proceed with letting the bids is being requested. lf there is a specific direction on sidewalks which the council would like staff to pursue, they will look at that. Otherwise, they will not come back until bids are to be awarded. Mr. Gleason said that this decision is important because after they have gone through the bid award process, it is difficult to change the project. Mr. Lindberg stated that he felt that after the hearing, staff would look at modi- fying the sidewalks. Mr. Teitzel stated that that small bid of sidewalks could be decided at the time of the bid awards. Ms. Wooten asked about the status of Bancrofting and asked if bonds could be sold at ten percent and still have the City come out all right. Keith Martin, City Attorney, responded that the project is scheduled for next year with assessments being levied six to eight months later. The time to determine whether to proceed is at the time of the bid award and to look at the bond market then. They could also sit on the project by using short-term warrants for two to three years if Bancrofting is not advantageous at the time of bid awards. Bill McGuire, Finance Director, stated that the last short-term war- rants went for 9-3/8 percent, but the last time the council was alerted to a possible ten-percent interest they were sold for 5-1/2 percent. Ms. Wooten asked whether there are other ways to finance if this is determined not advan- tageous. Mr. McGuire responded that the construction period is covered for two years and then bonds are sold. Ms. Wooten asked what happens if the bond market is bad. Mr. Martin stated that this item should be before the legislature this year. In six months, more data will be available. Mr. Gleason stated that a large portion of this project will not be by Bancrofting but at that time individual assessments could be held. They could hold short-term notes over. Staff will not allow the council to get into a Bancrofting problem. Ms. Miller stated that this project is badly needed. lt is very dangerous. The City can't guarantee a rate on Bancrofting of less than 10 percent even though this has been done historically. Res. No. 3643--A resolution authorizing street paving, sanitary sewer and storm sewer construction on Country Club Road from 1-105 to Willagillespie Road, and on Willagillespie Road from Country Club Road to 300 feet south of Clinton Avenue, and storm sewer construction in the area between Country Club Road and 1-105 (1697). MINUTES--Eugene City Council January 26, 1981 Page 13