Agenda - 06/13/2005CITY OF WOODBURN
URBAN RENEWAL AGENCY
JUNE 13, 2005 - 6:45 P.M.
KATHRYN FIGLEY, MAYOR
WALTER NICHOLS, COUNCILOR WARD 1
RICHARD BJELLAND, COUNCILOR WARD II
PETER MCCALLUM, COUNCILOR WARD III
JAMES COX, COUNCILOR WARD IV
FRANK LONERGAN, COUNCILORWARD V
ELIDA SIFUENTEZ, COUNCILOR WARD VI
CITY HALL COUNCIL CHAMBERS - 270 MONTGOMERY STREET
CALL TO ORDER
ROLL CALL
CONSENT AGENDA
A. Urban Renewal Agency minutes of April 25, 2005
Recommended Action: Approve the minutes.
GENERAL BUSINESS
None.
PUBLIC HEARINGS
Ae
Public Hearing to Consider the Woodburn Urban Renewal
Agency's 2005-06 Budget
Recommended Action: Conduct public hearing, receive
public comment, and instruct staff to draft a budget
resolution based on the Budget Committee's recom-
mendation, including allowable budget adjustments that do
not change the tax levy requirement.
PUBLIC COMMENT
ADJOURNMENT
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June 13, 2005 Urban Renewal Agency Page i
URBAN R~NEWAL AGENCY MINUTES
APRIL 25, 2005
TAPE
READING
0001 DATE. COUNCIL CHAMBERS, CITY HALL, CITY OF WOODBURN,
COUNTY OF MARJON, STATE OF OREGON, APRIL 25, 2005.
CONVENED. The Urban Renewal Agency meeting convened at 6:50 p.m. with Chair
Figley presiding.
0007 ROLL CALL.
Chair Figley Present
Member Bj elland Present
Member Cox Absent
Member Lonergan Present
Member McCallum Present
Member Nichols Present
Member Sifuentez Present
Staff Present: City Administrator Brown, City Attorney Shields, Public Works Director
Tiwari, Police Chief Russell, Public Works Manager Rohman, Asst. City Engineer
Torgeson, Senior C.E. Tech Scott, Recorder Tennant
0080
MINUTES.
BJELLAND/MCCALLUM... approve the June 28, 2004 minutes as presented. The
motion passed unanimously.
0108
REIMBURSEMENT AGREEMENT.
Administrator Brown stated that the Urban Renewal Agency was established in 2003 and
the City began receiving tax incrernent in the Agency fund in November 2003. In order
to spend the money, the Agency must first have obligated debt. To date, the City budget
has paid for smaller projects and this reimbursement agreement will provide for the
repayment of those funds to the City. The reimbursement agreement establishes the debt
that is necessary for the Agency to pay the City for its share of projects for the 2004-05
and 2005-06 fiscal years. The total amount of reimbursement that is anticipated during
the two year period is $1,597,500 which covers $340,000 in maximum anticipated
reimbursements in the current fiscal year and the balance of $1,257,500 in 2005-06. In
each of those years, a small portion of administrative costs for urban renewal legal
consultation, speciality consultation, and the agency's share of the city-wide audit.
Additionally, the plaza project is being funded in the current fiscal and the street paving
portion of Phase I of Front Street reconstruction project and the undergrounding portion
of Phase II.
BJELLAND/NICHOLS... approve the attached reimbursement agreement between the
City of Woodburn and the Woodburn Urban Renewal Agency for fiscal years 2004-05
and 2005-06, and authorize the Chair of the Agency to execute said agreement.
Page 1 - Urban Renewal Agency Minutes, Apri4 25, 2005
TAPE
RE333FNG
URBAN RENEWAL AGENCY MINUTES
APRIL 25, 2005
The motion passed unanimously.
0304
ADJOURNMENT.
NICHOLS/MCCALLUM... rneeting be adjourned. The motion passed unanimously.
The meeting adjourned at 6:56 p.m..
APPROVED
K~ATHRYN FIGLEY, BOARD CHAIR
ATTEST
Mary Tennant, Recorder
City of Woodburn, Oregon
Page 2 - Urban Renewal Agency Minutes, Ap~l 25, 2005
June 9, 2005
TO:
FROM:
SUBJECT:
Mayor and City Council through City Administrator
Ben Gillespie, Finance Director
Public Hearing to Consider the Woodburn Urban Renewal Agency's
2005-06 Budget
RECOMMENDATION:
Upon completion of the hearing before the Board of the Woodburn Urban
Renewal Agency, staff recommends that the Board authorize staff to draft a
budget resolution based on the Budget Committee's recommendation,
including allowable budget adjustments that do not change the tax levy
requirement.
BACKGROUND:
On May 21, 2005, the Budget Committee concluded a hearing on the
Woodburn Urban Renewal Agency's 2005-06 budget and unanimously
recommended that the budget document be forwarded to the Board of the
Urban Renewal Agency for the next ohase of the budget process.
As required by Oregon Budget Law, the notice of this hearing date, along with
the financial summary, was published in The Woodburn Independent on June 8,
2005. The financial summary documents an Agency budget totaling $1,257,500.
DISCUSSION:
Since the Budget Committee made its recommendation, the City's financial
advisor has brought to staff's attention that a requirement of most debt issues is
that a reserve be established to protect the creditors' interests. The amount of
the reserve is the lesser of 10% of the face amount of the debt or the maximum
annual debt service (MADS). In this case 10% of the face amount is the lesser
amount.
Agenda Item Review:
City Attorney~
3
Mayor and City Councit
June 9, 2005
Page 2
In order to establish the reserve and not reduce the amount available for
construction, the amount of the borrowing should be increased.
To comply with the reserve requirement the amount of the borrowing should be
increased to $714,000 and a reserve should be established for $71,500. The
adjusted URA budget wilt total $1,329,000.
FINANCIAL IMPACT:
The proposed budget is consistent with the budget policies adopted by the
Budget Committee in January 2005.
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