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~:inancing the Civic Center Vision One of the main policies recommended by the there arc existing revenues that might be used for a Committee is that the need for new public rev- project, the City could include another borrowing enues should be n~inimized, and that the use of method in the financing plan, but it is unlikely that existing, internal resources to fired Civic Center there will be sufficient existing revenues to fired projects be a priority. Financing for the different Civic Center projects entirely without issuance of elements ora future Civic Center is likely to come some amount of General Obligation Bonds. from a variety of sources, and reflect the fiscal needs of the different public and private entities To date, a broad financing strategy has been used involved, to implement the Downtown City' Space Plan proj- ects listed in an earlier section of this report. As A broad list of potential financing sources and uses adopted in 2001, the plan for funding the Down- of funds was provided to the Conlnlittee. This town Space Plan included both internal and exter- included a sunlnlary of the plusses and lninuses nal funding sources to replace City Hall with new associated with the different funding sources and buildings. The funding gap between the projected limitations on their use. (See Attachment B) For cost of these projects and internal revenue sources example, the use of some resources would mean was to be met with a combination of the dedication that a portion of those funds could be restricted to of additional General Fund resources and General particular kinds of expenses, such as Lane County Obligation Bonds. One internal mechanism is the Road Fund dollars that could only be used to payment of market based ~rent" by services that help with transportation improvements, or C/ty would be located in new downtown buildings, of Eugene Parks and Open Space bond funds that and was incorporated as an on-going Ci~, practice could only be used for park-related enhancements, beginning in the adopted FY03 Budget. Although there are a number of potential funding It is expected that funding for future Civic Center sources for future Civic Center projects, there will projects will use this same strategy of combining be a gap between available resources and the cost internal resources with requests for voter approval of constructing most new buildings. As a result, it of General Obligation bonds. Council applied is veu, likely that a significant portion of any spe- this strategy of combining internal and external cific project will require General Obligation Bond resources by funding the Roosevek Police Facility approval by the voters. The main advantage of with City resources from the Facility Replace- GO Bonds is that they come with a revenue source merit Reserve, and funding the new Fire Station # 1 in the form of property taxes. All of the other bor- prinmrily through General Obligation Bonds, with rowing methods listed in Attachment B, includ- City resources used for non-bond eligible capital ing a lease-purchase option, require that there be costs. an existing revenue source available to make the debt service or lease payments. To the extent that Civic Visioning Committee - Report and Recommendations June 2004 Page 25