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e the intent of that program is to provide new parking. Mr, Gleason noted that the City's policy over the last few years has been to move away from providing free parking. In order to encourage a high development density in the absence of a free parking program, the City has created the parking reserve program as a tool for financing private investment in the parking program, and then getting the program to pay for itself through user fees. Ms. Bascom moved, seconded by Ms, Schue, that the City Council and Eugene Renewal Agency approve the Memorandum of Understanding with Pankow Development Company for development of the office building at 8th Avenue and Willamette and Olive streets. The motion passed unanimously, 7:0, B. St. Laurent Development Mr. Farkas said the St, Laurent development will consist of 1/4 block owned by the ERA, located at 11th Avenue and Wi 1 lamette Street. Mr, Farkas said staff has been negotiating with the St. Laurent Development Company for the past seven months on a Memorandum of Understanding, which staff will present to the council on April 19, 1989, e Mr. Farkas said the Memorandum of Understanding for this project will describe the project as a mixed-use development containing one floor of retail, two floors of office, and two floors of housing. The project will also require the construction of additional parking, Staff has been considering a $1 million loan to provide below-grade parking for the site. He noted that the integration of housing in the downtown environment has been a long-term goal of the City. Mr. Boles asked if it would be possible for the ERA to offer relief in return for the provision of low-income housing, Mr. Farkas said there is a tax-exempt housing district surrounding and in the renewal district. This project would take advantage of that exemption for the two floors of housing. After three years, ten percent of the normal taxes paid for that housing would go into a low-income housing fund. Thus, the tax abatement does provide a stimulus for low-income housing, Mr, Farkas said in a renewal district, it is possible to provide tax abatement, in which case, no tax increment is captured. The other option is to capture tax increment, which is then invested in public projects, III, WORK SESSION: URBAN RENEWAL UPDATE Bob Hibschman, Planning, Development, and Building staff, reviewed the time line for update of the Urban Renewal Plan. Staff is proposing that the council hold a public hearing on the plan update and report in July and make a decision regarding the urban renewal district at that point. If the council decided to pursue expansion or creation of a new district, a separate process involving the Planning Commission and the Downtown Commission would be initiated. This process would take no less than five months. e MINUTES--Eugene City Council April 12, 1989 Page 4 ~