RESOLUTION No. 36280

Adopt the final capital finance plan for the Portland Streetcar Gibbs Extension Project. (Resolution)

WHEREAS, on August 22, 2003, the Portland Development Commission (PDC) entered into the South Waterfront District Project Development Agreement with Oregon Health & Science University; River Campus Investors, LLC; North Macadam Investors, LLC and Block 39, LLC; and

WHEREAS, the Development Agreement provides for the City to extend the Portland Streetcar to SW Gibbs Street no later than December 2006; and

WHEREAS, Resolution No. 36241, adopted by the City Council on August 4, 2004, recognized the benefits of accelerating the construction of the Portland Streetcar Gibbs Extension Project (Project) in order to realize significant savings; and

WHEREAS, Resolution No. 36241, among other things, adopted the preliminary capital budget for the Portland Streetcar Gibbs Extension Project (Project); and

WHEREAS, on August 4, 2004, the City Council passed Ordinance No. 178654 authorizing an amendment to Agreement No. 31428 with Portland Streetcar, Inc. to provide for completion of design services related to the Project; and

WHEREAS, other services called for in the PSI Agreement No. 31428 include assisting the City in negotiating an amendment to the Construction Contract with Stacy and Witbeck, Inc.(SWI) and assisting the City in negotiating a price for three (3) additional streetcars from the Inekon Group; and

WHEREAS, the design has been completed, SWI and the City have agreed to an amendment to their contract and the cost to construct the Project and the Inekon Group and the City have agreed to an amendment to procure three additional streetcars and the costs to do so; and

WHEREAS, the City and PSI have negotiated an amendment to Agreement No. 31428 for construction management and other services during the construction phase of the Project; and

WHEREAS, all items necessary for the implementation of the Project including previously authorized and completed studies, preliminary and final engineering and design, the purchase of additional vehicles, the related expansion of the maintenance facility, construction and construction management of trackway, stop utility relocations, street work, traffic and train signals and other civil improvements can be provided within the $15.8 million budget; and

WHEREAS, while the sources of funds remain the same, the MTIP funds will be available on approximately July 1, 2005, and $3.3 million in tax increment funds from the Portland Development Commission (PDC) are available now with the balance of $480,000 to be committed only after the South Waterfront Central District Development Agreement Basic Contingencies have been satisfied or otherwise resolved; and

WHEREAS, a temporary loan from the Sewer System Rate Stabilization Fund to the Transportation Operating Fund will provide interim financing until MTIP funds are received by the City and the balance of the tax increment funds are available.

NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portland, a municipal corporation of the State of Oregon, the Council adopts the Final Capital Finance Plan for the Portland Streetcar Gibbs Extension Project, as set forth in Exhibit A attached to the original of this Resolution, and by reference made a part hereof.

Adopted by the Council, December 22, 2004

 GARY BLACKMER

Commissioner Jim Francesconi  Auditor of the City of Portland

Vicky L Diede:slg              BY /S/ Susan Parsons

December 15, 2004

RES-Cap Finance-Final.doc  DEPUTY

BACKING SHEET INFORMATION

AGENDA NO. 1505-2004

ORDINANCE/RESOLUTION/COUNCIL DOCUMENT NO. 36280