Item C: URA Action on East Broadway Motions

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EURA UGENE RBAN ENEWAL GENCY AIS GENDA TEM UMMARY Action: Downtown Update - East Broadway Development Projects Meeting Date: March 15, 2006 Agenda Item Number: C Department: Planning and Development Staff Contact: Nan Laurence www.eugene-or.gov Contact Telephone Number: 682-5340 ISSUE STATEMENT The Urban Renewal Agency (URA) is asked to approve an intergovernmental agreement (IGA) between the City and the Urban Renewal Agency. This action is a necessary component of the financing strategy for the public parking garage, as part of the East Broadway Development Projects. BACKGROUND Please refer to the Eugene City Council Agenda Item Summaries for February 8, February 13, February 22, March 13 and March 15 for background information on this item. At the February 22 City Council meeting, a question was raised about the reimbursement component of the proposed intergovernmental agreement. Under the IGA, the URA will send one-half of any excess of current year revenues over current year expenses back to the City to reimburse the City’s contribution from the Facility Reserve. The question raised was whether the URA had the ability to increase spending in the budget each year to ensure that there was no excess available to be sent back to the City. The answer to the question is yes, the URA has the ability to increase spending in the budget. It would be the City Council (when they act as the URA board), however, that would approve any budget changes and choose whether or not to ensure excess funds are available to repay the City’s contribution from the Facility Reserve. That decision cannot be made unilaterally by staff or by the Eugene Redevelopment Advisory Committee. It is only a decision of the City Council when they act as the URA board. RELATED CITY POLICIES Relevant Downtown Plan policies include the following: Downtown development shall support the urban qualities of density, vitality, livability and ? diversity to create a downtown, urban environment. Actively pursue public/private development opportunities to achieve the vision for an active, ? vital, growing downtown. Facilitate dense development in the Courthouse area and other sites between the core of ? downtown and the river. L:\CMO\2006 Council Agendas\M060315\S060315C.doc