The URL can be used to link to this page

Home My WebLink AboutItem 4: Adoption of URA Supplemental Budget EURA UGENE RBAN ENEWAL GENCY AIS GENDA TEM UMMARY Public Hearing and Action: Resolution 1047 Adopting a Supplemental Budget; Making Appropriations for the Urban Renewal Agency of the City of Eugene for the Fiscal Year Beginning July 1, 2007 and Ending June 30, 2008 Meeting Date: March 10, 2008 Agenda Item Number: 4 Department: Central Services Staff Contact: Kitty Murdoch www.eugene-or.gov Contact Telephone Number: 682-5860 ISSUE STATEMENT Urban Renewal Agency (URA) approval of the second Supplemental Budget for FY08 is requested in order to carry out the purchase of three properties within the West Broadway redevelopment area. Oregon Local Budget Law (ORS 294.480) allows for supplemental budgets for "an occurrence...which had not been ascertained at the time of the preparation of a budget for the current year..." Supplemental Budget #2 consists of $5.1 million in proposed changes to the FY08 Budget. A brief description of the proposed transactions is provided in Attachment A. This supplemental budget does not authorize any increased property tax levy. BACKGROUND On February 27, 2008, the URA reviewed the proposed financing plan for the three property purchases and agreed “to direct the Agency Director to include the budget transactions necessary to accomplish the property acquisitions in the Supplemental Budget to be considered on March 10, 2008.” The specific transactions included in the URA portion of the supplemental budget will enable the purchase of the Centre Court building and adjacent subsurface lot ($2.8 million), the Washburne building ($1.9 million), and the Diamond property ($290,360). Timing Expenditure authority is needed immediately to carry out Agency direction prior to the expiration of purchase options on the Washburne building and the Centre Court building and adjacent subsurface lot. RELATED CITY POLICIES These transactions conform to the City of Eugene’s Financial Management Goals and Policies, are responsive to adopted Growth Management policies, and carry out the Downtown Initiative Council Goal. F:\CMO\2008 Council Agendas\M080310\S0803104.doc AGENCY OPTIONS Particular requests requiring more information or discussion may be removed from the supplemental budget and delayed for action in a future supplemental budget. In certain cases there may be a financial or legal impact to delaying budget approval. The Agency may also adopt amended appropriation amounts or funding sources for specific requests in the supplemental budget. AGENCY DIRECTOR’S RECOMMENDATION The Agency Director recommends adoption of the attached resolution adopting the Supplemental Budget. SUGGESTED MOTION Move to adopt Resolution 1047 adopting a Supplemental Budget; making appropriations for the Urban Renewal Agency for the Fiscal Year beginning July 1, 2007 and ending June 30, 2008. ATTACHMENTS A. Transaction Summary B. Resolution FOR MORE INFORMATION Staff Contact: Kitty Murdoch Telephone: 682-5860 Staff E-Mail: kitty.m.murdoch@ci.eugene.or.us F:\CMO\2008 Council Agendas\M080310\S0803104.doc ttachment AA Transaction Summar y 817 Urban Renewal Agency Downtown General Fund FY08FY08FY08FY08 doptedSB1 ActionSB2 ActionRevised A I.RESOURCES BEGINNING WORKING CAPITA 1,847,171205,9622,053,13 L3 CHANGE TO WORKING CAPITA L Charges for Services2,50002,500 Miscellaneous119,5000119,500 Interfund Transfers303,752350,00050,000703,752 a Fiscal Transactions53,000053,000 Total Revenue478,752350,00050,000878,752 TOTAL RESOURCES2,325,92555,96250,0002,931,88 35 II.REQUIREMENTS Department Operating Planning and Developmen303,752350,00050,000703,752 t a Total Department Operating303,752350,00050,000703,752 Non-Departmental Misc. Fiscal Transactions1,972,171205,9622,178,133 Balance Available50,000050,000 Total Non-Departmental2,022,171205,96202,228,133 TOTAL REQUIREMENTS2,325,92555,96250,0002,931,88 35 817 Urban Renewal Agency Downtown General Fund a) Recognize $50,000 transfer from the URA Debt Service Fund and appropriate same for payment of attorney fees related to the downtown property purchases authorized by the URA on February 27, 2008. 812 Urban Renewal Agency Downtown Debt Servic e FY08FY08FY08FY08 doptedSB1 ActionSB2 ActionRevised A I.RESOURCES BEGINNING WORKING CAPITA L6,797,25476,6676,873,921 CHANGE TO WORKING CAPITA L REVENUE Taxes3,720,00003,720,000 Miscellaneous150,0000150,000 Total Revenue3,870,000003,870,000 TOTAL RESOURCE10,667,25476,667010,743,921 S II.REQUIREMENTS Non-Departmental Interfund Transfers303,752350,0001,655,0002,308,752 b Intergovernmental Expend.2,380,000640,0003,020,000 a Reserve2,500,0002,500,000 Balance Available5,483,502(273,333)(2,295,000)2,915,169 a,b Total Non-Departmental10,667,25476,667010,743,921 TOTAL REQUIREMENT10,667,25476,667010,743,921 S 812 Urban Renewal Agency Downtown Debt Service a)Reduce Balance Available and appropriate funds to send to the City of Eugene to establish a $600,000 debt service reserve in the Community Development Block Grant Fund as required by the HUD 108 loan and pay $40,000 in HUD and bank fees related to the loan. b)Transfer $1,605,000 to the URA Capital Projects Fund to support the property purchases and transfer $50,000 to the URA General Fund for legal fees related to the property purchases. Both transfers reduce Balance Available. 813 Urban Renewal Agency Downtown Capital Projects Fund FY08FY08FY08FY08 doptedSB1 ActionSB2 ActionRevised A I.RESOURCES BEGINNING WORKING CAPITA L561,188(123,836)437,352 CHANGE TO WORKING CAPITA L REVENUE Intergovernmental03,422,0003,422,000 a Interfund Transfers01,605,0001,605,000 b Total Revenue005,027,0005,027,000 TOTAL RESOURCE561,188(123,836)5,027,0005,464,352 S II.REQUIREMENTS Capital Projects Capital Projects05,027,0005,027,000 a,b Capital Carryover553,688(116,336)437,352 Total Capital Projects553,688(116,336)5,027,0005,464,352 Non-Departmental Balance Available7,500(7,500)0 Total Non-Departmental7,500(7,500)00 TOTAL REQUIREMENT561,188(123,836)5,027,0005,464,352 S 813 Urban Renewal Agency Downtown Capital Projects Fund a)Recognize BEDI Grant and HUD 108 loan proceeds received from the City of Eugene and appropriate the funds for the purchase of downtown properties according to the plan authorized by the City Council o n February 27, 2008. b)Recognize and appropriate revenues received from the URA Downtown Debt Service Fund for support of the property purchases. Resolution Number _______ Attachment B A RESOLUTION ADOPTING A SUPPLEMENTAL BUDGET; MAKING APPROPRIATIONS FOR THE URBAN RENEWAL AGENCY OF THE CITY OF EUGENE FOR THE FISCAL YEAR BEGINNING JULY 1, 2007, AND ENDINJUNE 30, 2008. G The Urban Renewal Agency of the City of Eugene finds that adopting the Supplemental Budget and making appropriations is necessary under ORS 294.480. NOW THEREFORE, BE IT RESOLVED BY THE URBAN RENEWAL AGENCY OF THE CITY OF EUGENE as follows: Section 1. ThattheSupplementalBudgetfortheUrbanRenewalAgencyoftheCityof Eugene,Oregon,forthefiscalyearbeginningJuly1,2007,andendingJune30, 2008, as set forth in attached Exhibit "A" is hereby adopted. Section 2. ThesupplementalamountsforthefiscalyearbeginningJuly1,2007,andending June30,2008,andforthepurposesshowninattachedExhibit"A"arehereby appropriated. Section 3. ThatthisSupplementalBudgetispreparedinaccordancewithORS294.480(1)(a), whichauthorizestheformulationofasupplementalbudgetresultingfrom"An occurrenceorconditionwhichhadnotbeenascertainedatthetimeofthe preparationofabudgetforthecurrentyearorcurrentbudgetperiodwhichrequires achangeinfinancialplanning."ThisSupplementalBudgetwaspublishedin accordance with ORS 294.480(4). Section 4. ThisresolutioncomplieswithORS294.480(5),anddoesnotauthorizeanincrease inthelevyofpropertytaxesabovetheamountpublishedintheAnnualBudget publication. The foregoing resolution adopted this 10th day of March, 200. 8 Director EXHIBIT "A" In dollars URBAN RENEWAL AGENCY DOWNTOWN GENERAL FUND Departmental Operating Planning and Development50,000 Total Departmental Operating 50,000 TOTAL URA DOWNTOWN GENERAL FUN50,000 D URBAN RENEWAL AGENCY DOWNTOWN DEBT SERVICE FUND Non-Departmental Interfund Transfer1,655,000 Intergovernmental Expenditures640,000 * Balance Available(2,295,000) Total Non-Departmental 0 TOTAL URA DOWNTOWN DEBT SERVICE FUND0 URBAN RENEWAL AGENCY DOWNTOWN CAPITAL PROJECTS FUND Capital Projects Capital Projects5,027,000 Total Capital Projects 5,027,000 TOTAL URA DOWNTOWN CAPITAL PROJECTS FUN5,027,000 D TOTAL REQUIREMENTS - ALL FUND5,077,000 S * Reserves and Balance Available amounts are not appropriated for spending and are shown for information purposes only.