HomeMy WebLinkAboutResolution SEDA 2016-04 06/13/2016 SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY, AN URBAN RENEWAL
AGENCY OF THE CITY OF SPRINGFIELD
RESOLUTION NO. SEDA2016-04
A RESOLUTION AUTHORIZING THE EXTENSION OF THE INTERGOVERNMENTAL
AGREEMENT TO ADVANCE AND REPAY FUNDS FOR NEEDED URBAN RENEWAL
PROJECTS.
WHEREAS, the City of Springfield voters approved formation of the Glenwood Urban
Renewal District on November 29, 2005; and
WHEREAS, the City of Springfield voters approved formation of the Downtown Urban
Renewal District on November 6, 2007; and
WHEREAS, the Springfield Economic Development Agency (SEDA) is authorized by
Oregon Revised Statutes Chapter 457 to incur indebtedness to carry out its Glenwood
and Downtown Urban Renewal Plans and by Oregon Revised Statutes Chapter 190 to
enter into intergovernmental agreements; and
WHEREAS, the City of Springfield is a municipal corporation of the State of Oregon
and authorized by Oregon Revised Statutes Chapter 190 to enter into
intergovernmental agreements; and
WHEREAS, the Projects listed in the Downtown and Glenwood Urban Renewal Plans
include Public Improvements; Redevelopment Through New Construction;
Preservation, Rehabilitation, Development and Redevelopment; Property Acquisition
and Disposition; and Plan Technical Studies and Administration; and
WHEREAS, the City of Springfield has pledged its cooperation to assist the two urban
renewal districts in the development of Projects located in the urban renewal areas
through an Intergovernmental Agreement to Advance and Repay Funds Needed for
Urban Renewal Projects initially approved on November 29, 2005, amended on July
21, 2008 to incorporate the Downtown Urban Renewal District, further amended on
November 21, 2011 and as amended on June 20, 2016; and
WHEREAS, the City of Springfield has pledged its assistance to extend a line of credit
and authority to accept repayment in the amount of $1.5 million; and
WHEREAS, the current three-year agreement expired on June 30, 2014; and
WHEREAS, SEDA wishes to continue the intergovernmental agreement and the
authority to make repayments.
0
NOW, THEREFORE, BE IS RESOLVED by the Board of Directors of SEDA, an Urban
Renewal Agency of the State of Oregon, as follows:
1. The Board of SEDA hereby authorizes SEDA to enter into the Intergovernmental
Agreement to Advance and Repay Funds for Needed Urban Renewal Projects in
substantially similar forma as attached hereto and incorporated by this reference,
which extends the line of credit and authority to make repayments in the amount
of $1.5 million from July 1, 2014, until the agreement is terminated.
2. This Resolution shall take effect upon adoption.
Adopted by the Springfield Economic Development Agency, an Urban Renewal Agency
of the City of Springfield, by a vote of 5 for and o against, this 13 day
of JUNE , 2016.
Sean Van Gordon, Chair
Springfield Economic Development Agency
Attest:
cio Cry
Marilee Woodrow, Secretary
Springfield Economic Development Agency
;wiEWLD&APPROVED
ASTOF RM
DATE:46001
SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
SEDA2016-04