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<br /> <br />ECC <br />UGENE ITY OUNCIL <br />AIS <br />GENDA TEM UMMARY <br /> <br /> <br /> <br /> <br />Public Hearing: Resolution 4861 Adopting a Supplemental Budget; Making <br />Appropriations for the City of Eugene for the Fiscal Year Beginning July 1, 2005 and <br />Ending June 30, 2006 <br /> <br /> <br />Meeting Date: March 13, 2006 Agenda Item Number: 4 <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 carries out recent City Council direction on <br />the City Hall Complex Action Plan and also provides appropriation for the City’s participation in the <br />redevelopment of property at East Broadway and 8th Avenue as discussed in three recent City Council <br />work sessions. <br /> <br /> <br />BACKGROUND <br /> <br />On December 14, 2005, the City Council directed the City Manager to proceed with Phase 2, the <br />Development Plan Phase, of the City Hall Complex Action Plan for $1,135,000. During this phase <br />public input will be sought, remaining issues from Phase 1 will be resolved, and technical work will be <br />conducted to complete the development plan. This supplemental budget establishes capital budget <br />authority by using $1,135,000 from the Facility Reserve to carry out this work. <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 funding which is not available until next <br />year. <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 /> <br /> L:\CMO\2006 Council Agendas\M060313\S0603134.doc <br /> <br />