Agenda - 12/12/2005
CITY OF WOODBURN
URBAN RENEWAL AGENCY
DECEMBER 12, 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, COUNCILOR WARD V
EUDA SIFUENTEZ, COUNCILOR WARD VI
CITY HALL COUNCIL CHAMBERS - 270 MONTGOMERY STREET
1. CALL TO ORDER
2. ROLL CALL
3. CONSENT AGENDA
A. Urban Renewal Agency minutes of September 12, 2005
Recommended Action: Approve the minutes.
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4. GENERAL BUSINESS
A. Audit Report
Recommended Action: Accept the report.
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5. PUBLIC HEARING
6. PUBLIC COMMENT
7. ADJOURNMENT
December 12, 2005
Urban Renewal Agency
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URBAN RENEWAL AGENCY MEETING MINUTES
SEPTEMBER 12, 2005
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0001 DATE. COUNCIL CHAMBERS, CITY HALL, CITY OF WOODBURN,
COUNTY OF MARION, STATE OF OREGON, SEPTEMBER 12, 2005.
CONVENED. The Urban Renewal Agency meeting convened at 6:35 p.m, with Chair
Figley presiding.
0025 ROLL CALL.
Chair Figley Present
Member Bjelland Present
Member Cox Present
Member Lonergan Present
Member McCallum Present
Member Nichols Present
Member Sifuentez Absent
Staff Present: City Administrator Brown, City Attorney Shields, Finance Director
Gillespie, City Recorder Tennant
0044 CONSENT AGENDA.
A) approve Urban Renewal Agency Minutes of June 27, 2005
MCCALLUM/NICHOLS... adopt the Consent Agenda as presented. The motion
passed unanimously.
0060 PUBLIC HEARING: SUPPLEMENTAL BUDGET FOR FISCAL YEAR 2005-06.
Chair Figley declared the public hearing open at 6:38 p.m..
Finance Director Gillespie stated that the Downtown Plaza project was scheduled for
completion by June 30, 2005 but, due to construction delays, the project was not
completed until after the beginning of our current fiscal year. As a result, the beginning
fund balance is $42,228 more than the adopted budget amount and staff is recommending
that this fund balance increase be appropriated to Debt Service ($40,000) and Operating
Contingency ($2,228) so that the construction costs incurred in this fiscal year can be paid
to the contractor. He also stated that the Urban Renewal fund can only pay for debt,
therefore, the actual expense will be paid through the City's General CIP fund and the
Urban Renewal Fund will reimburse the General CIP fund,
No one in the audience spoke either for or against the proposed supplemental budget.
Chair Figley declared the public hearing closed at 6:40 p,m..
BJELLAND/MCCALLUM... adopt the attached Resolution for a supplemental budget.
The motion passed unanimously.
Page 1 - Urban Renewal Agency Minutes, September 12, 2005
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URBAN RENEWAL AGENCY MEETING MINUTES
SEPTEMBER 12, 2005
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0074 RESOLUTION 05-02 ADOPTING A SUPPLEMENTAL BUDGET FOR FISCAL
YEAR 2005-06 AND MAKING APPROPRIATIONS.
COX/NICHOLS... adopt Resolution 05-02 providing for the supplemental budget for
fiscal year 2005-2006. The motion passed unanimously.
0275 RESOLUTION 05-03 AUTHORIZING THE ISSUANCE AND NEGOTIATED
SALE OF URBAN RENEWAL BONDS.
BJELLANDIMCCALLUM... adopt Resolution 05-03 authorizing the sale ofrevenue
bonds and setting terms of parity for future debt issues. The motion passed unanimously.
0340 BOND PURCHASE AGREEMENT.
Staff recommended the acceptance of a proposal from Bank of America for the sale of
$1,850,000 of 10-year revenue bonds which will bear interest at 4,22%.
COX/NICHOLS... authorize the City Administrator to sign an agreement with Bank of
America for the sale of$I,850,000 of revenue bonds, The motion passed unanimously.
0415 ADJOURNMENT.
COX/MCCALLUM... meeting be adjourned. The motion passed unanimously.
The meeting adjourned at 6:45 p.m..
APPROVED
KATHRYN FIGLEY, CHAIR
ATTEST
Mary Tennant, Recorder
City of Woodburn, Oregon
Page 2 - Urban Renewal Agency Minutes, September 12, 2005
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December 7,2005
TO:
Woodburn Urban Renewal Agency Board
FROM:
Ben Gillespie, Finance Director
SUBJECT:
Audit Report
RECOMMENDATION:
Accept the report.
BACKGROUND:
The 2004-05 financial statements have been finalized, and the Agency's auditors, Boldt,
Carlisle, & Smith, have issued an unqualified opinion on them. As required by statute,
the financial statements and the opinion have been filed with the Secretary of State.
The auditors stated:
In our opinion, the financial statements ... present fairly, in all material respects,
the respective financial position of the governmental activities and the major
fund of the Woodburn Urban Renewal Agency, as of June 30, 2005, and the
respective changes in financial position thereof and the respective budgetary
comparisons. . .
DISCUSSION:
The auditors' opinion is the public's assurance that the financial operations of the
Agency have been reported accurately and all material events have been disclosed.
Also included in the financial statements is the Management's Discussion and Analysis
(M D & A), which is intended to help the reader interpret the impact of the Agency's
financial activities. The M D & A (pages a-c) provides a narrative introduction and
overview that will help users interpret the basic financial statements. The MD & A also is
an analysis of key data presented in the financial statements.
Copies of the document are available for review at the library reference desk.
FINANCIAL IMPACT:
The audit was conducted at agreed to contract price of $2,500.
Agenda Item Review:
City Attorney _
Finane
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The Woodburn Renewal Agency Annual Financial Report has been
given to the City Council under separate cover and Is available for
review by the public in the City Recorder's office, In the City Finance
office, and at the reference desk of the Woodburn Public Library.
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