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ATTACHMENT D <br /> <br />Intergovernmental Agreement <br /> <br />The following is a general outline of terms for an Intergovernmental Agreement between the City of <br />Eugene (the City) and the Urban Renewal Agency (URA). The terms and conditions contained <br />herein are intended to be for discussion purposes and do not represent the final terms for this <br />Intergovernmental Agreement. Based on Council and URA action, the final terms will be in <br />substantial conformity with this outline. <br /> <br />Purchase of Parking Garage <br />City is purchasing a parking garage from a developer that will be constructed mainly on City- <br />? <br /> <br />owned property. <br />Because the project is located in the Riverfront Urban Renewal District, the URA/Riverfront <br />? <br /> <br />District is responsible for paying for as much of the project cost as possible. <br />Payment for this project will be made from: <br />? <br /> <br />URA/Riverfront District: all unobligated funds available in FY06 and FY07, funds that <br /> <br />o <br />were programmed for purchase of the riparian area on the EWEB site, and proceeds <br />from the sale of urban renewal revenue bonds. <br />City: stormwater funds for rehabilitation the storm line, Library Debt Fund reserves to <br /> <br />o <br />fund new debt service reserve and costs of debt issuance, and the Facility Reserve. <br />If the City Council authorizes an alternative financing strategy, the City would enter into a HUD <br />? <br /> <br />Section 108 Loan, in connection with BEDI grant funds for this project. In this event, the <br />URA/Riverfront District would not issue urban renewal revenue bonds. The URA/Riverfront <br />District would instead be responsible for making annual payments to the City equal to the debt <br />service on the HUD Section 108 Loan. <br />Reimbursement to City for Funds Advanced for Garage Purchase <br />The City contribution in the form of a Facility Reserve payment or BEDI grant funds shall be <br />? <br /> <br />reimbursed by the URA/Riverfront to the extent possible, under the following terms: <br />No interest will be due to the City from the URA/Riverfront District for the City’s up- <br /> <br />o <br />front cash contribution to this project. <br />Each year after the audit is completed, the URA/Riverfront District will pay the City a <br /> <br />o <br />minimum of 1/2 of any excess of current year revenues over current year expenses in the <br />just completed fiscal year for the combined URA/Riverfront District funds. <br />Prior to the URA/Riverfront entering into any additional loans or debt, the <br /> <br />o <br />URA/Riverfront District will determine a fixed reimbursement schedule to ensure that <br />the City will be fully reimbursed for its Facility Reserve or BEDI grant contribution to <br />the garage project, and will include that fixed reimbursement schedule into the cash <br />flows to determine future borrowing capacity. <br />Other Terms <br />If any urban renewal bond documents conflict with the terms of this IGA, then the terms of the <br />? <br /> <br />bond documents will take priority over the IGA terms. <br />L:\CMO\2006 Council Agendas\M060315\S060315A.doc <br /> <br />