HomeMy WebLinkAboutResolution No. 4665
RESOLUTION NO. 4665
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO
AN INTERGOVERNMENTAL AGREEMENT WITH THE URBAN
RENEWAL AGENCY OF THE CITY OF EUGENE TO LEND $3.5 MILLION
TO THE URBAN RENEWAL AGENCY OF THE CITY OF EUGENE FOR
PURCHASE OF THE CHIQUITA PROPERTY.
The City Council of the City of Eugene finds that:
A. Prior Council Resolutions have expressed the Council's support for acquisition of the
Chiquita property by the Urban Renewal Agency of the City of Eugene ("Agency"). It is anticipated
that a portion of the site will be disposed of for relocation of a new federal courthouse.
B. The Agency has adopted a Resolution authorizing its Director to borrow $3.5 million
from the City for acquisition of the property and to enter into an Intergovernmental Agreement with
the City for repayment of the loan.
C. City has funds available in its Fleet Fund to lend Agency for acquisition of the
Chiquita property, and the loan to Agency will be further authorized by adoption of a supplemental
budget adopted by the City Council. The City Manager should be authorized to enter into an
Intergovernmental Agreement with the Agency that includes among its provisions a requirement that
Agency repay the $3.5 million within a period of 5 years from the date of the Intergovernmental
Agreement, at an interest rate not less than the City's portfolio earnings rate on an actual basis during
the period the loan is outstanding and which shall incorporate a repayment schedule as reflected in
Exhibit A to this Resolution.
Now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a
Municipal Corporation of the State of Oregon, as follows:
Section 1. Based on the above findings, which are adopted herein, the City Council
authorizes a loan of $3.5 million to the Agency, with the funds to be used to acquire the Chiquita
property. It is anticipated that the Agency will dispose of a portion of the site for relocation of a new
federal courthouse.
Section 2. The City Manager is authorized to enter into an Intergovernmental Agreement
with the Agency for repayment of the $3.5 million within a period of 5 years from the date the
Intergovernmental Agreement is executed, at an interest rate not less than the City's portfolio
earnings rate on an actual basis during the period the loan is outstanding and which shall incorporate
a repayment schedule as reflected in Exhibit A to this Resolution.
The foregoing Resolution adopted the 5th day of March, 2001.
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City Recorder
Resolution