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EURA UGENE RBAN ENEWAL GENCY AIS GENDA TEM UMMARY Work Session: West Broadway Options Meeting Date: March 12, 2008 Agenda Item Number: A Department: Planning and Development Staff Contact: Denny Braud www.eugene-or.gov Contact Telephone Number: 682-5536 ISSUE STATEMENT The Urban Renewal Agency (URA) has solicited offers from parties interested in an assignment of the purchase option agreements not being exercised by the URA within the West Broadway redevelopment area. At a February URA work session, the URA Board asked the Agency Director to present for review all bids from parties interested in an assignment of the three purchase options set to expire in March. BACKGROUND At the February 20 work session, the URA Board amended (with friendly amendments) the suggested motion in the AIS. With the amendments the motion passed was as follows: To direct the Agency Director to: 1) solicit offers from parties interested in an assignment of the purchase options not being exercised by the URA based on the methodology as amended at this work session; 2) put all property options out at the same time; 3) require proposals for the three options that are set to expire in March to be submitted in the beginning of March, and 4) require proposals for the other options to be submitted later in the spring or early summer. The URA Board will review and select bidders based on the criteria listed in Attachment A. Notice of the bidding process was provided on February 25 in the Register Guard and on February 28 in the Eugene Weekly. Tenants and property owners were notified individually with a direct mailing sent on February 22. Information is also available on the City’s website. Offers for individual options in Lot 1 will be accepted until 2:30 p.m., March 10 and offers for individual options in Lot 2 will be accepted until 2:30 p.m., May 2. (See Attachment B for the notice information and description of Lots 1 and 2.) As of the date of writing this Agenda Item Summary, no bids have been received. Any bids received will be distributed to the URA Board under separate cover, prior to the March 12 work session. RELATED CITY POLICIES Future redevelopment of the West Broadway Redevelopment Area 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. L:\CMO\2008 Council Agendas\M080312\S080312A.doc