Item D: URA Action on Supplemental Budget 2

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EURA UGENE RBAN ENEWAL GENCY AIS GENDA TEM UMMARY Action: Resolution 1038 Adopting a Supplemental Budget; Making Appropriations for the Urban Renewal Agency of the City of Eugene for the Fiscal Year Beginning July 1, 2005 and Ending June 30, 2006 Meeting Date: March 15, 2006 Agenda Item Number: D Department: Central Services Staff Contact: Kitty Murdoch www.eugene-or.gov Contact Telephone Number: 682-5860 ISSUE STATEMENT This is the second Supplemental Budget for FY06. Oregon Local Budget Law (ORS294.480) 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 provides appropriation for the City’s participation in the redevelopment of property at East Broadway and 8th Avenue as discussed in three recent City Council work sessions. BACKGROUND A public hearing on this Supplemental Budget #2 was held by the Eugene Urban Renewal Agency on March 13, 2006. The supplemental budget for the East Broadway Parking Garage contains most of the funding for the project, as described to the council at meetings on February 8, February 13 and February 22. The project will be paid for out of the parking funds. The funding sources for the 260-space garage project are detailed in the chart below. The Stormwater Fund portion of the project will be included in the FY07 budget, along with $320,000 of Urban Renewal Agency (URA) funding which is not available until next year. East Broadway Garage Project Costs Payment to Developer $6,700,000 Other City Costs (utilities, 1% for Art, etc.) 935,000 Total Project Costs $7,635,000 Debt Service Reserve Fund $400,000 Total Funding Need $8,035,000 L:\CMO\2006 Council Agendas\M060315\S060315D.doc