Item 4: Public Hearing and Action: URA - Supplemental Budget 2

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EURA UGENE RBAN ENEWAL GENCY AIS GENDA TEM UMMARY Public Hearing and Action: Resolution 1051 Adopting a Supplemental Budget; Making Appropriations for the Urban Renewal Agency of the City of Eugene for the Fiscal Year Beginning July 1, 2008 and Ending June 30, 2009 Meeting Date: March 9, 2009 Agenda Item Number: 4 Department: Central Services Staff Contact: Kitty Murdoch www.eugene-or.gov Contact Telephone Number: 682-5860 ISSUE STATEMENT Urban Renewal Agency (URA) approval of the second Supplemental Budget for FY09 is requested in th order to carry out the sale of the 10 Avenue and Charnelton Street development site. Oregon Local Budget Law (ORS 294.480) allows for supplemental budgets for "an occurrence...which had not been ascertained at the time of the preparation of a budget for the current year..." Supplemental Budget #2 consists of $940,000 in proposed changes to the FY09 Budget. A brief description of the proposed transactions is provided in Attachment A. This supplemental budget does not authorize any increased property tax levy. BACKGROUND th On October 22, 2008, the URA reviewed the proposed financing plan for the 10 Avenue and Charnelton Street site and agreed “to direct the Agency Director to enter into a Purchase and Sale th Agreement for the sale and development of the 10 & Charnelton development site” by WG Development. The transactions included in the URA supplemental budget will appropriate $440,000 towards the payment of permit fees, attorney fees, contractual services, closing fees and other costs associated with acquisition of the property. In addition, the supplemental budget will recognize $500,000 of proceeds from sale of the property to WG and appropriate those funds in the commercial revitalization loan program. Timing Expenditure authority is needed to carry out Agency direction prior to the sale of the property to WG, which is expected to occur by March 31, 2009, under the Purchase and Sale Agreement authorized by the Agency in October. RELATED CITY POLICIES These transactions conform to the City of Eugene’s Financial Management Goals and Policies, are responsive to adopted Growth Management policies, and carry out the Downtown Initiative Council Goal. Z:\CMO\2009 Council Agendas\M090309\S0903094.doc