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<br />that state that the City should: “Use downtown development tools and incentives to encourage develop- <br />ment that provides character and density downtown.” <br /> <br />A number of financial policies would guide the creation of the final economic development finance plan, <br />including the City’s debt policies. <br /> <br /> <br />COUNCIL OPTIONS <br /> <br />The council may adopt the resolution as proposed, suggest amendments to the resolution, or decline to <br />authorize the resolution. If the resolution is not adopted, the City will not be able to access the $2 <br />million Brownfields Economic Development Initiative Grant for the purchase of property in the <br />redevelopment area. <br /> <br /> <br />CITY MANAGER’S RECOMMENDATION <br /> <br />The City Manager recommends adoption of the proposed resolution. <br /> <br /> <br />SUGGESTED MOTION <br /> <br />Move to adopt Resolution 4914 authorizing execution of a HUD Section 108 loan contract in the amount <br />of $7,895,000 and notes in the amount of $7,895,000. <br /> <br /> <br />ATTACHMENTS <br /> <br /> <br />A.City Council and URA Action History <br /> <br />B.Proposed Resolution <br /> <br />C.Relationship Between HUD, City and URA for Section 108 Loan <br /> <br />D.Proposed Project Details and HUD Requirements <br /> <br />E.Redevelopment Area with Section 108/BEDI Properties <br /> <br />F.Draft Section 108 Individual Project Application for the West Broadway Land Acquisition Project <br /> <br />G.Updated Timeline for the West Broadway Redevelopment Project <br /> <br /> <br />FOR MORE INFORMATION <br /> <br />Finance Contact: Sue Cutsogeorge <br />Telephone: 682-5589 <br />Staff E-Mail: Sue.L.Cutsogeorge@ci.eugene.or.us <br /> <br />PDD Contact: Denny Braud <br />Telephone: 682-5536 <br />Staff E-Mail: Denny.Braud@ci.eugene.or.us <br /> <br /> <br /> L:\CMO\2007 Council Agendas\M070723\S0707233.doc <br />