Item A: 2012 GO Bonds for Street Preservation Projects

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and an average of six percent, or $516,000, be allocated annually for bicycle and pedestrian improvements. Attachment A includes the draft resolution referring the GO bond measure to the November 2012 ballot along with the specific list of street projects. Attachment B lists the effects of reducing the bond amount from the citizen Street Repair Review Panel recommendation of $43 million to $35.9 million. The attachment identifies street projects removed from the proposed list and includes the estimated effect on taxpayers from different bond amounts. The $43 million bond measure is expected to cost an average homeowner in Eugene $0.65 per $1,000 of assessed value each year for five years or about $127 per year. This rate is also the approximate average tax rate levied over the five years of the current bond measure. The cost to the average homeowner in 2013 (the final year of the 2008 bond) is projected at $121. The cost to the average homeowner in 2014 (the first year of the proposed new $43 million bond) is estimated at $120. Timing A resolution placing the measure on the ballot should be approved no later than July 23 to comply with the election time lines for the November election. The council tentative agenda includes action on July 9 to approve the resolution and place the measure on the November ballot. RELATED CITY POLICIES City Council goals include “Transportation Initiative: Develop mechanisms to adequately fund our transportation system for cars, trucks, bikes and pedestrians including maintenance and preservation and capital reconstruction.” COUNCIL OPTIONS The focus of this council work session is to provide final direction on the resolution placing a bond measure on the ballot to fix streets. The resolution will become part of the materials included in the voters’ pamphlet, and resolution language is the basis for the language contained in the ballot title (caption, question and summary). Option A: Provide final direction and proceed with the resolution and list of street projects as presented in Attachment A to place a GO bond measure to fix streets on the November 2012 ballot. Option B: Modify the resolution or list of street projects as presented in Attachment A to place a GO bond measure to fix streets on the November 2012 ballot. Option C: Take no action. CITY MANAGER’S RECOMMENDATION The City Manager recommends that a resolution placing a GO Bond measure to fund $43 million of street and bicycle and pedestrian projects over five years on the November 2012 ballot should be prepared for consideration at the July 9 City Council meeting. The resolution and projects included in the measure should be consistent with Attachment A and incorporate any additional language as directed by the council at this meeting. S:\CMO\2012 Council Agendas\M120627\S120627A.doc