Mar 11, 2009 - WHEREAS, the Portland Beavers AAA baseball team will be displaced by the ... BE IT FURTHER RESOLVED that
RESOLUTION No.
SUBSTITUTE 36687 AS AMENDED
Declare the City’s support for Peregrine LLC’s bid to bring a Major League Soccer Franchise to the City of Portland and authorize Peregrine LLC to present a financing package to Major League Soccer. (Resolution) WHEREAS, Major League Soccer will award two expansion franchises to begin competition in the 2011 season; and WHEREAS, Peregrine LLC is making a formal bid to Major League Soccer to bring a franchise to the City of Portland; and WHEREAS, Major League Soccer franchises must have stadium facilities that meet Major League Soccer standards; and WHEREAS, the Portland Beavers AAA baseball team will be displaced by the necessary improvements at PGE Park; and WHEREAS, a Major League Soccer franchise in Portland will generate significant economic benefit to the City through the generation of event-related economic activity, national and international media exposure, tourism, and a projected 300 permanent jobs in the City; and WHEREAS, the City convened a Major League Soccer/AAA Baseball Task force to make recommendations to the City on any financing shared by the City; and WHEREAS, the Major League Soccer/AAA Baseball Task Force unanimously recommended support for the City entering into a financing deal for stadium improvements and a new AAA baseball stadium under the following conditions: that the City’s basic services supported by the City’s general fund be sheltered from any agreement; that the City limit its liability on any potential cost overruns of the project; that Peregrine LLC take responsibility for identifying financing for the project in a very challenging borrowing environment; that AAA baseball remain in Portland; that no park land be displaced by a new AAA baseball stadium; and, that fair wages be offered to future employees; and WHEREAS, the proposed financing plan and stadium location meets every condition forwarded by the Major League Soccer/AAA Baseball Task force; and WHEREAS, the proposed financing package protects the City’s General Fund from exposure by requiring the Paulson Family to personally guarantee the revenues necessary to service the debt on PGE Park and the AAA baseball stadium; and WHEREAS, Peregrine LLC is committing significant private capital to the construction costs; and WHEREAS, the proposed financing package limits the City’s liability for cost overruns on the projects to a maximum of $2.5 million; NOW, THEREFORE, BE IT RESOLVED that the Portland City Council affirms its support for the awarding of a Major League Soccer franchise to the City of Portland; and BE IT FURTHER RESOLVED that the Portland City Council authorizes Peregrine LLC to present the financing agreement outlined in Exhibit A; and BE IT FURTHER RESOLVED that the Portland City Council agrees to pursue the financing package negotiated with Peregrine LLC subject to the availability of financing and other conditions outlined in the agreement.
Adopted by the Council: March 11, 2009 Mayor Sam Adams Commissioner Randy Leonard T. Kovatch March 11, 2009
GARY BLACKMER Auditor of the City of Portland By /s/ Susan Parsons Deputy
BACKING SHEET INFORMATION AGENDA NO. S-226-2009 ORDINANCE/RESOLUTION/COUNCIL DOCUMENT NO. SUBSTITUTE
36687 AS AMENDED COMMISSIONERS VOTED AS FOLLOWS: YEAS 1. FRITZ 2. FISH 3. SALTZMAN X 4. LEONARD X ADAMS X
NAYS X X
