Laserfiche WebLink
<br /> <br />EURA <br />UGENE RBAN ENEWAL GENCY <br />AIS <br />GENDA TEM UMMARY <br /> <br /> <br /> <br /> <br />Public Hearing: Resolution 1038 Adopting a Supplemental Budget; Making <br />Appropriations for the Urban Renewal Agency of the City of Eugene for the Fiscal Year <br />Beginning July 1, 2005 and Ending June 30, 2006 <br /> <br /> <br />Meeting Date: March 13, 2006 Agenda Item Number: 5 <br />Department: Central Services Staff Contact: Kitty Murdoch <br />www.eugene-or.gov Contact Telephone Number: 682-5860 <br /> <br /> <br /> <br /> <br />ISSUE STATEMENT <br /> <br />This is the second Supplemental Budget for FY06. Oregon Local Budget Law (ORS294.480) allows for <br />supplemental budgets for “an occurrence…which had not been ascertained at the time of the preparation <br />of a budget for the current year…” Supplemental Budget #2 provides appropriation for the City’s <br />participation in the redevelopment of property at East Broadway and 8th Avenue as discussed in three <br />recent City Council work sessions. <br /> <br /> <br />BACKGROUND <br /> <br />The supplemental budget for the East Broadway Parking Garage contains most of the funding for the <br />project, as described to the council at meetings on February 8, February 13 and February 22. The <br />project will be paid for out of the parking funds. The funding sources for the 260-space garage project <br />are detailed in the chart below. The Stormwater Fund portion of the project will be included in the <br />FY07 budget, along with $320,000 of Urban Renewal Agency (URA) funding which is not available <br />until next year. <br /> <br /> <br />East Broadway Garage Project Costs <br />Payment to Developer $6,700,000 <br />Other City Costs (utilities, 1% for Art, etc.) 935,000 <br /> Total Project Costs $7,635,000 <br /> <br />Debt Service Reserve Fund $400,000 <br /> <br /> Total Funding Need $8,035,000 <br /> L:\CMO\2006 Council Agendas\M060313\S0603135.doc <br /> <br />