Resolution No. 3699 - Laserfiche WebLink

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r to the east of the Basin) contribute to the savings in public expenditures for capital projects needed to service the Basin. This demonstrates that the nodal development approach to urbanization, in the context of an already developed City, can be a cost - effective method of dealing with required public expenditures for capital projects. B. Revenue Table 5, does not identify sources of funds for development of the Basin. The potential exists for funding participation by other agencies besides the City of Eugene. As in all other newly developing areas of the City, Eugene will be required to provide a substantial share of the funds needed to construct the infrastructure outlined in Table 5. There are now three basic directions open to the City to provide a long-term funding mechanism for these facilities: 1. The City could rely on the general fund to provide the majority of revenue sources needed construct capital facilities in the Basin. 2. The City could institute a mechanism which earmarks new tax revenues 'generated from new construction in the Basin for construction of capital facilities (a capital projects tax increment district) . 3. The City could i .n sti tute a special systems development charge for application to new construction in the Basin, with the intent of using these funds for development of public capital improvements in Willow Creek. 3. Add new policy B-2, to read as follows: The City of Eugene shall investigate new methods of financing capital projects required for development of the Willow Creek Basin. As development occurs in the willow Creek Basin, public financing of capital projects will 'be required. while these capital improvements will occur over a long period of time, identification of the appropriate revenue mechanisms to provide the required financing can occur in the near future. Through the Council Revenue and Resources Committee, these mechanisms might be put in place in time for the C'ity' s FY 1983-84 Budget. Examples of mechanisms which could be employed by Eugene might include continued use of general fund sources, earmarki -ng of new tax revenues generated from new construction in the Basin for construction of capital projects in the Basin, or special systems development charges applied to new construction in the Basin and earmarked for construction of public capital improvements in Willow Creek. The Revenue and Resource Committee should also investigate funding for capital projects which could be generated in new relationships with cooperating public jurisdictions and the private sector as well as the City of Eugene. EPLNG PLJFMEM4 1