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MINUTES Eugene City Council Work Session McNutt Room--City Hall April 28, 2004 Noon COUNCILORS PRESENT: Bonny Bettman, George Poling, Nancy Nathanson, Scott Meisner, Betty Taylor, Gary Papd, Jennifer Solomon. COUNCILORS ABSENT: David Kelly. His Honor Mayor James D. Torrey called the meeting to order. A. WORK SESSION: Civic Center Update City Manager Dennis Taylor introduced the item, noting an advisory committee, the Civic Center Visioning Committee, had been formed to oversee the civic center planning process and was in the process of completing its work. The committee's last meeting would occur on May 18, and the council would hold a work session on its recommendations on June 16, 2004. He noted that Facilities Manager Glen Svendsen and Financial Analysis Manager Sue Cutsogeorge were present for the item. Mr. Pap~ arrived. Ms. Cutsogeorge said staff was in the process of determining the scope of the civic center project and did not yet know costs or how the project would be financed. She anticipated staff would have a recommenda- tion on June 16, although the details may not all be fixed. Ms. Cutsogeorge discussed financing options for a civic center. She called the council's attention to Attachment B in the meeting packet, which was a list of the various sources of funds and the purposes for which they could be used. Attachment C was a list of direct borrowing methods. Ms. Cutsogeorge said the only borrowing method that came with any money attached to it was general obligation bonds. Other borrowing methods required the City to have funding available in the budget to make annual payments. She thought it would be impossible to fund the project without some general obligation bonding unless the council wanted to save for the purpose, meaning the cost of the project would be greater in the future, or the council could reprioritize services and place more money in a capital reserve. She thought the cost of the latter option would be too high, but indicated she would bring such an option back in June. Speaking to the issue of borrowing, Ms. Cutsogeorge said it was important to first determine what money would be used to pay for the project; either up-front cash, or make payments over time. She said Oregon was fortunate in that municipalities had access to various direct borrowing methods. Once the scope of the project was known and the council had decided the source of funds for repayment of loans, staff could determine the exact vehicle to employ for borrowing for the project. MINUTES--Eugene City Council April 28, 2004 Page 1 Work Session