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? Both developers expressed concerns about downward trends in the market, particularly in the housing market and in their ability to access financing. URA Feedback : (as summarized by Susan Muir at the end of the workshop) ? The URA supports the idea of moving forward with some level of new development within the West Broadway redevelopment area in a timely manner. ? There appears to be some agreement that moving forward with the Beam proposal and the TK Partners project would be a desirable first step. ? The URA is willing to offer some flexibility in working with the configuration of the Beam and TK Partners projects. ? There were various levels of interest expressed in acquiring property currently under purchase option agreement, potentially including Centre Court building and hole, Washburne building, Diamond property, DIVA to Shawmed property, Roberts - Taco Time building, and the Scan Design building. ? If new open space is to be considered, it should not be a stand-alone project. Rather, open space should only be considered as part of a redevelopment project. On December 5, 2007, the City Manager received notification from Tom Kemper that KWG is terminating the Memorandum of Understanding with the URA. Kemper also indicated that TK Partners th has decided not to move forward with the previously proposed project on the 10 and Charnelton site (see Attachment A - letter from Tom Kemper). Using only the Beam Development proposal as the basis, staff prepared a hypothetical financial model for example purposes (see Attachment B). It is intended to be an outline of only one potential financial approach and does not represent a final financing structure. RELATED CITY POLICIES Future development of West Broadway is consistent with the policies and implementation strategies included in the Downtown Plan, including: • Downtown development shall support the urban qualities of density, vitality, livability and diversity to create a downtown, urban environment. • Stimulate multi-unit housing in the downtown core and on the edges of downtown for a variety of income levels and ownership opportunities. • Actively pursue public/private development opportunities to achieve the vision for an active, vital, growing downtown. • Use downtown development tools and incentives to encourage development that provides character and density downtown. • Promote multi-story, mixed-use structures downtown through financial incentives or code amendments. In addition, the redevelopment of West Broadway is responsive to the following Growth Management Policies: F:\CMO\2007 Council Agendas\M071210\S071210C.doc