For More Information Contact:
Lance Robertson, 984-4716
Eugene Water & Electric Board
Feb. 6 , 2008
Commissioners approve Roosevelt bonding request
Eugene Water & Electric Board Commissioners on Tuesday night (Feb. 5) decided to issue up to $85 million in bonds to finance construction of a new electric and water operations center in west Eugene.
The 4-0 vote by the Board was a key milestone for the project, which will construct a new operations building, vehicle repair shops, warehouse and storage yard on 52 acres at the southeast corner of Roosevelt Boulevard and Beltline Road.
Most of the current buildings on EWEB’s riverfront site are worn out and are in need of replacement, and EWEB has been planning for nearly 10 years to replace the older buildings now located along the Willamette River in downtown Eugene. The administrative and customer service staff will remain in the existing headquarters building along the river, however.
The next step is approval of bonding authority by the council on Feb. 25, following a council work session on Feb. 13, during which EWEB staff will make a presentation on the project and answer questions from councilors. The Board has established a project budget of $83.5 million for the new facility; the $85 million in bonding authority is needed to cover insurance and other bond-sale costs.
The bonds would be authorized under the Uniform Revenue Bond Act. Under URBA, the bonds can be issued following a 60-day period after council authorization, in which citizens have the opportunity to place the measure on the ballot through an initiative petition.
If bonding authority is successful, EWEB plans to break ground this summer and complete the work by the end of 2010. EWEB currently estimates that customers’ combined electric and water bills would rise by about 2.25 percent, in increments over the next three to four years. The eventual sale of riverfront property vacated by the relocation would reduce the rate impact to only about 1 percent, assuming an eventual sale of about $30 million.