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EUGENE CITY COUNCIL <br /> AGENDA ITEM SUMMARY <br /> <br /> Work Session: Civic Center Update <br /> <br /> Meeting Date: April 28, 2004 Agenda Item Number: A <br /> Department: Central Services Staff Contact: Glen Svendsen <br /> www. cl. eugene, or. us Contact Telephone Number: 682-5008 <br /> <br />AGENDA ITEM SUMMARY <br />The purpose of this work session is to update the council on the Mayor's Civic Facilities Visioning <br />Committee and provide additional information on financing plan options, borrowing methods and <br />construction methods. <br /> <br />BACKGROUND <br /> <br />Council Action History <br />The council has worked on projects included in a downtown space plan for more than three years. <br />Most recently, on February 25, 2004, the council held an informational work session on the Civic <br />Center Design Charrette and the Mayor's Civic Center Visioning Committee. The full City Council <br />action history is included as Attachment A. <br /> <br />Policy Issues <br />This work session is informational and the council is not asked for policy direction at this time. <br /> <br />Council Goals <br />This project could fall under the council goal of having a safe community. <br /> <br />Financial and/or Resource Considerations <br />A financing plan for a comprehensive civic center project is currently being developed. Attachment B <br />includes some of the items that are being considered for the plan. The inclusion of some of those <br />items would mean that a portion of the funds will be restricted to particular kinds of expenses, such as <br />Lane County Road Fund dollars that could only be used to help with transportation improvements. In <br />addition, members of the council asked about the potential for using alternate borrowing methods for <br />major construction projects from time to time. A summary of available borrowing methods is <br />included as Attachment C. <br /> <br />Although there are a number of potential funding sources for the project, it is very likely that a <br />significant portion of the project will require General Obligation Bond approval by the voters. The <br />main advantage of GO Bonds is that they come with a revenue source in the form of property taxes. <br />All of the other borrowing methods listed in Attachment C require that there be an existing revenue <br /> <br /> L:\CMO\2004 Council Agendas\M040428\S040428A. doc <br /> <br /> <br />