Item 4: Adoption of Resolution Acknowledging Receipt of the FY10 URA Annual Financial Report

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URBAN RENEWAL AGENCY OF THE CITY OF EUGENE, OREGON Notes to Basic Financial Statements (5) Other Information, continued (B) Commitments Pursuant to an intergovernmental agreement between the City and the Agency, a portion of the Agency’s tax increment revenues were to be used to provide funding resources to the City to cover debt service associated with the certificates of participation (COP’s) issued by the City to finance the construction of a library. During the fiscal year, $2,408,749 in payments were made to the City to pay off the COP’s debt. The payments are included with intergovernmental expenditures in the Agency’s Debt Service Fund. In September 2010, the City and the Agency entered into an intergovernmental agreement whereby a portion of the Agency’s tax increment revenues are to be used to provide resources to cover debt service associated with the limited tax bonds issued by the City to finance construction of the Broadway Garages. Payments are due in August and February each year, and are reported as intergovernmental expenditures in the Agency’s Debt Service Fund. Annual debt service requirements to maturity for the City’s Broadway Garages Limited Tax bonds are as follows: PrincipalInterestTotal Year ending June 30 2011 $420,000320,506740,506 2012 470,000289,913759,913 2013 515,000256,053771,053 2014 565,000218,575783,575 2015 620,000177,100797,100 2016 675,000131,775806,775 2017 735,00082,425817,425 2018 810,00028,350838,350 $ 4,810,0001,504,6976,314,697 (C) Outstanding Encumbrances Encumbrances outstanding at June 30, 2010 which the Agency intends to honor are $70,000 and $56 in the General Fund and Riverfront Capital Projects Fund, respectively.