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'~ Central Services <br />Finance <br />City of Eugene <br />100 West 10~' Ave., Suite 400 <br />Eugene, Oregon 97401 <br />MEMO~ZANDUM (541) 682-5022 <br />(541) 682-5802 FAX <br />vwvw.ci.eugene.or. us <br />Date: Apri128, 2005 <br />To: Members of the Eugene Budget Committee <br />From: Kitty Murdoch, Budget Manager <br />Subject: Questions! <br />The new questions from the April 25a' meeting are appended on the master question list in this <br />packet. Many of the questions will be answered during the presentations each Executive <br />Manager will make to the Committee on the proposed changes to their budgets. Where that is <br />not feasible or timely, a written response will be included in the meeting packet or at the <br />meeting. <br />52. 2/22/05 McDonald Provide more information on the regional 5/2/05 Packet <br />agreement for Hayward Field im rovements. <br />The purpose of this contract is to help pay the cost of the bonds issued for the renovation of <br />Hayward Field in the late 1980's. Eugene's payment is $65,000 per year for 20 years <br />($1,300,000) and is paid with Transient Room Tax (TRT) receipts. Payment is due September <br />15th of each year, with the final payment being due 9/15/06 (FY07). <br />The City of Eugene receives 5 days of free use of Hayward Field per year under the contact. <br />Lane County and the City of Springfield are also part of this contract and are using TRT funds <br />for their payments. <br />The reasoning behind why the local governments should pay for the renovation with TRT <br />monies: Major track and field events, such as the US Masters Championships, Track City <br />Invitational, the NCAA Championships, and the Olympic Trials, have proven beneficial to the <br />Eugene-Springfield and Lane County economy. Such events bring large numbers of visitors to <br />this region and thus provide a tourist trade. It was expected that the renovation of Hayward Field <br />would attract a greater number of tourists and visitors to the area, which, in turn, would increase <br />employment in tourist-related industries and contribute to the economic health of the region. <br />The cities and the County also desired to contribute to the cost of the renovation in order to <br />assure that Hayward Field was more accessible to residents of the area. <br />