HomeMy WebLinkAboutResolution SEDA 2016-01 05/02/2016 SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
RESOLUTION NO. SEDA2016-01
A RESOLUTION AUTHORIZING INDEBTEDNESS FOR CAPITAL PROJECTS
DESCRIBED IN THE URBAN RENEWAL PLAN FOR THE GLENWOOD URBAN
RENEWAL AREA.
WHEREAS, the Springfield Economic Development Agency ("SEDA") is authorized by
Oregon Revised Statutes Chapter 457 to incur indebtedness to carry out its Glenwood Urban
Renewal Plan (the "Plan") and by Oregon Revised Statutes Chapter 190 to enter into
intergovernmental agreements; and,
WHEREAS, the City of Springfield, Oregon (the "City") has agreed to pay for the cost of
projects in the Plan, including public parking facilities (collectively, the "Projects") in an amount
not to exceed $678,500 and wishes to pay the debt service from the tax increment revenues of the
Glenwood Urban Renewal Area(the"Area"); and,
WHEREAS, all of the Projects will be located within the within the Area and owned by
SEDA or the City; and,
WHEREAS,the Area is projected to have sufficient tax increment revenues to pay the debt
service on the City's financing for the Projects; and,
WHEREAS, SEDA is willing to commit tax increment revenues from the Area in amounts
sufficient to pay up to $678,550 in principal amount of financing for the Projects; and,
WHEREAS the City has approved a maximum indebtedness for the Area of$32,860,000,
SEDA has the capacity remaining under that maximum indebtedness limit and is willing to use
$678,550 of that maximum indebtedness to finance the Projects.
NOW THEREFORE BE IT RESOLVED, by the Board of SEDA as follows:
1. The Board of SEDA hereby authorizes SEDA to enter into an intergovernmental
agreement with the City that obligates SEDA to pay up to $678,550 to finance the Projects. The
intergovernmental agreement shall constitute indebtedness of SEDA that is payable solely from
the tax increment revenues of the Area and interest earnings on those tax increment revenues. The
intergovernmental agreement shall be in substantially the form attached to this resolution as
Exhibit A but with such changes as are approved pursuant to Section 2 of this resolution.
2. The City Manager, the Finance Director of the City or a person designated by the
City Manager to act under this resolution is hereby authorized, on behalf of SEDA and without
further action by the Board of SEDA to negotiate the final terms of and execute the
intergovernmental agreement described in Section 1 of this resolution, and to execute any
documents and take any other actions that are desirable to assist the City in financing the Projects.
Adopted by the Springfield Economic Development Agency, an Urban Renewal Agency of the
City of Springfield by a vote of 6 for and 0 against this second day of May, 2016.
(1 ABSENT-LEIKEN)
Page 1 - Resolution
THIS RESOLUTION shall become effective upon adoption.
/ Oir e
/
ean Van ordon, Chair
Springfield Economic Development Agency
ATTEST:
Amy 'anek
Sowa, Cf�
Y Recorder
REVIEWED& -PROVED
AS TOF6-'
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DATE: IMP"
SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
Page 2 - Resolution RESOLUTION NO. 2016-01