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------- - ---------- - support of the project, which may have some influence. Mr. Gleason noted that local government could help influence the OCC to determine, as rapidly' as possible, if this is an appropriate project for US Bancorp to participate in. Mr. Bodenhammer also indicated that once the OCC authorizes US Bancorp to sign the joint venture agreement, Lorig Associates, Inc., will be in a position to move more rapidly on the project and to begin to secure other prelease agreements. Responding to a question from Mr. Nicholson about proje~t financing, Mr. Hoffman said that Lorig Associates, Inc., has begun contacting lenders about project financing. One lender has visited the site and might be interested in financing it. Once OCC approval has been obtained, financing is likely to take six to nine months. Mr. Hoffman reiterated that predicting the ability to obtain financing is extremely difficult, particularly in this economic climate. Mr. Rutan commented that this project is a substantial benefit to the commu- nity and said that it would be appropriate for the City, as owners of this site, to assist Lorig Associates, Inc., in any way possible to move the project forward. Mr. Green concurred and said he appreciates the effort that it will take to proceed and secure financing. Ms. Ehrman said that if the OCC does not approve the project, Lorig Associ- ates, Inc., should contact the City as soon as possible. Mr. Boles said, that he hopes. that the participants in the design group would e represent a substantial proportion of the community interest and hopes that Lorig Associates, Inc., would explore the possibility of using pattern lan- guage in the building design. II. LINCOLN SCHOOL REDEVELOPMENT PROJECT UPDATE Mr. Bowers updated the council on the status of the Lincoln School redevelop- ment project. He noted that the project consists of four components: 1) the Lincoln School Apartments, 2) the McNail-Riley house community center, 3) the off-site child care facility, and 4) the community gardens. Discus- sions are continuing with the neighborhood about how to best accomplish their needs for the child care component. Mr. Bowers said that planning for the rehabilitation of the McNail-Riley house is proceeding; the City was recently notified that the annex building adjacent to the house has some historical significance. The plan to demolish this structure may need to be reconsid- ered. Rehabilitation can hopefully get underway in November. He noted that the City will be requesting additional Community Development Block Grant (CDBG) funds to complete the project. Mr. Bowers said that staff recommends that the council authorize the City Manager to proceed with closing the property transfer. This will demonstrate publicly that progress is being made on the building, relieve the City of any - - e - - - MINUTES--Eugene City Council September 18, 1991 Page 3 - -