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<br /> Mr. Farkas showed examples of substandard conditions such as exposed wiring, <br /> poor drainage, and improper fire escapes, and he cited absentee ownership and <br />e deferred maintenance as causes. He said urban renewal had resulted in the <br /> underground installation of many utilities and in the addition of covers over <br /> some a 11 eys. He said many buildings on Willamette Street and on Broadway <br /> previously had been underutilized or vacant, and parking had been difficult. <br /> He said some downtown buildings had been saved and rehabilitated, but others <br /> had been beyond repair. He noted the importance of urban renewal resources in <br /> saving and rehabilitating historic buildings. <br /> Mr. Farkas said about one million square feet of space had been added to <br /> downtown, and the existing space had been upgraded to meet codes. He sa i d <br /> retail space had been retained, and parking had been added. He also said mass <br /> transit now was operating more smoothly, and a better environment had been <br /> provided for stimulating and reducing the risk for private investments. <br /> A. 20-Year Financing Plans <br /> Mr. Byrne reviewed 20-year financing plans for the Urban Renewal Update. He <br /> referred councilors to the spread sheets in agenda packets and said detailed <br /> information had been provided to clarify assumptions and to show relations <br /> between development and expenses. He added that information would be <br /> conden sed for the fi na 1 report. Mr. Byrne said the first page described <br /> revenues from all sources, the second page described fixed expenses, the third <br /> page described pay-as-you-go capital projects, and the fourth page described <br />. assumptions of various bond issues. Responding to Ms. Ehrman's question, Mr. <br /> Byrne said the old financial plan had not incorporated planning like that now <br /> done. He said State law now imposed requirements that had not been included <br />e under the old Federal program. <br /> Mr. Byrne said the primary source of revenue was tax increment funds, which <br /> determine the ability to bond. He said the other major source of revenue was <br /> proceeds from bond sales, and other sources were incidental. He said the flow <br /> depicted assumed an intensity of development as called for in the Downtown <br /> Plan, at an average intensity of three floors~ Mr. Hansen asked about current <br /> and past average intensities of development. Mr. Byrne said the Centre Court <br /> Building was developed to a floor area ratio of about 6:1, and new offices <br /> near Valley River Center were about .6:1, or about one-tenth as intensive. He <br /> sa i d deve 1 opment called for in the pl an would be somewhere in between, <br /> probably lot line-to-lot line and between two and six floors. He added that <br /> parking was not considered as a floor. Responding to Mr. Holmer1s question, <br /> Mr. Byrne said the assumption of three floors had been chosen based on the <br /> market absorption projected by consultants and staff. Mr. Farkas said the <br /> three-floor assumption was not a prediction, but a conservative base used for <br /> financial purposes. <br /> Mr. Hansen asked whether projections had been changed because of plans for <br /> retail space. Mr. Farkas said an attempt had been made to incorporate mixed <br /> uses into the plan. Mr. Gleason added that the amount of parking originally <br /> projected had been reduced in response to expected retail development. <br />e MINUTES--City Council Dinner/Work Session December 8, 1986 Page 2 <br />