Minutes - 09/12/2005
URBAN RENEWAL AGENCY MEETING MINUTES
SEPTEMBER 12, 2005
TAPE
READING
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
MCCALLUMINICHOLS... 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 I - Urban Renewal Agency Minutes, September 12, 2005
URBAN RENEWAL AGENCY MEETING MINUTES
SEPTEMBER 12, 2005
TAPE
READING
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 of revenue
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$1,850,000 of revenue bonds. The motion passed unanimously.
0415 ADJOURNMENT.
COXIMCCALLUM... meeting be adjourned. The motion pa sed unanimo
The meeting adjourned at 6:45 p.m.. "
ATTEST /11~ ~
Mary Te t, Recorder
City of Woodburn, Oregon
Page 2 - Urban Renewal Agency Minutes, September 12, 2005