Agenda & Minutes

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Medford Urban Renewal (View All)

Medford Urban Renewal Board Meeting Agenda & Minutes

Minutes
Thursday, April 21, 2016

AGENDA
Thursday, April 21, 2016
6:00 P.M.
City of Medford Council Chambers
411 West 8TH Street   Medford, OR  97501
 
AGENDA
10.    Roll Call
 
20.    Approval or correction of the minutes of the March 3, 2016 regular meeting
 
30.    Oral requests and communications from the audience
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40.    Consent calendar
 
50.    Items removed from consent calendar
 
60.    Resolutions
 
70.    Public Hearings
 
80.    Director and other staff reports
80.1 Substantial Amendment Process
 
90.    Propositions and remarks from the Board members, including committee reports
 
100. Adjournment

MINUTES

Thursday, April 21, 2016
6:00 P.M.
City of Medford Council Chambers
411 West 8TH Street   Medford, OR  97501

The meeting was called to order at 6:00 p.m. in Medford City Hall Council Chambers, 411 W. Eighth Street with the following members and staff present:
 
Boardmembers Clay Bearnson, Chris Corcoran, Tim Jackle, Eli Matthews, Kevin Stine, Gary Wheeler
 
Executive Director Pro Tem Bill Hoke; City Attorney Lori Cooper; Deputy City Recorder Winnie Shepard
 
Boardmembers Dick Gordon and Michael Zarosinski were absent.
 
20.    Approval or correction of the minutes of the March 3, 2016 regular meeting
         There being no corrections or amendments the minutes were approved as presented.
 
30.    Oral requests and communications from the audience
         None.
 
40.    Consent calendar
         None.
        
50.    Items removed from consent calendar
 
60.    Resolutions
        
70.    Council Business
             
80.    Director and other staff reports
         80.1     Substantial Amendment Process
Executive Director Pro Tem Bill Hoke noted staff was asked to determine the process to raise the maximum indebtedness for the Medford Urban Renewal Agency (MURA). 
 
Finance Director Alison Chan spoke regarding the process for a substantial amendment, clarifying the maximum increase of indebtedness is 20% of the original loan amount or $13.4 million.  If a substantial amendment is adopted, the special levy will end and cannot come back; it may also require revenue sharing.
 
When or if MURA sunsets, the City’s revenue portion would revert back to the City; which is approximately $1.2 million, not including the special levy funds.
 
A substantial amendment takes both time and money and will eliminate the sunset provision which is currently extended to 2025. 
 
 
Mr. Hoke clarified that if the Board proceeded with a substantial amendment and eliminated the sunset, MURA would need to modify their project list outlining how the funds will be used.
 
If MURA sunsets, the current revenue stream of approximately $2 million annually would revert back to the taxing entities.  Also, none of the taxes and appreciation can be spent on a MURA project; the taxes must be used to pay off the debt.  Ms. Chan noted that our revenue stream would need to pay the debt outstanding.
 
During this fiscal year, MURA has collected more than $5 million dollars in taxes, with only the $20 million bond outstanding; January 15, 2017 is the first call date on that bond.
 
Mr. Hoke noted that $1.28 million is diverted from the City every year to MURA and if it sunsets that funding could be used for special projects. 
 
Boardmembers discussed possible funding projects for MURA including parking meters, parking lots, affordable/high density housing, tourism, the convention center and a waterpark.
 
Boardmembers discussed the requirement that increases in indebtedness needed 75% approval of the taxing districts in the urban renewal area, which agencies were involved and whether those agencies would support an urban renewal agency.  
 
Boardmember Corcoran noted that Boardmembers Gordon and Zarosinski were missing from tonight’s meeting and he preferred their input before making a decision. 
 
90.    Propositions and remarks from the Boardmembers, including committee reports
         None.
 
100.  Adjournment
         There being no further business the meeting adjourned at 6:53 p.m.
 
The proceedings of the meeting were recorded and are filed in the City Recorder's Office. The complete agenda of this meeting is filed in the City Recorder's Office.
 
 
 
Winnie Shepard
Deputy City Recorder

 

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