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-- ------ ------ e further responsibilities for building maintenance, and allow the City to receive $15,000 toward the purchase price of the property which it will be able to apply to other aspects of the project. Mr. Bowers outlined the agreement under which the project is proceeding. The agreement that is currently in place allows the developer to purchase. the 1 and. In addition, the developer would have twelve months to secure financ- ing and an additional nine months to complete construction. If for some reason the developer cannot complete the project on schedule as outlined, the developer must reconvey the property at the City's request. Mr. Bowers said that the Westside Neighborhood Quality Project (WNQP) has expressed some concerns with the project. They are requesting that the time line for project completion be shortened and that the transfer of the proper- ty be contingent on successfully resolving some concerns with parking. Harris Hoffman, Lorig Associates, Inc., provided the council with an updated time line. He said that progress is being made on the project; Lorig Associ- ates, Inc., remains very committed to getting the project underway. He noted that Lorig Associates, Inc., has spent a good deal of time working with the neighbors to accommodate their needs and concerns. It has also been success- ful in its efforts to place the Lincoln School on the National Register of Historic Places and obtain tax credits for renovation. Mr. Hoffman indicated that Lorig Associates, Inc., has a $2.4 million loan commitment from SeaFirst Bank for this $3.3 million project. In order to complete the project, Lorig Associates, Inc., is looking for a corporation that is interested in using e the tax credits. Mr. Boles clarified that the CDBG funds referred to earlier by Mr. Bowers have already been identified by the Community Development Committee and were being held in reserve for this purpose. He said that in order to use the tax credits in 1992, Lorig Associates, Inc., must have a certificate of occupancy by the last day in 1992. Mr. Boles said that the neighbors continue to ex- press disappointment with the lack of progress on this project. It is very important to the neighbors that the developer agree to six months to secure financing, rather than the twelve months outlined in the current agreement. It is also important that the developer ensure that there will be an adequate buffer between the McNail-Riley house and the project site. With respect to parking, the neighbors have proposed the following: 1) three parking spaces at the southeast of the building be earmarked for exclusive use of the McNail-Riley house, 2) the number of handicapped-accessible spaces be in- creased, 3) parking spaces be assigned to tenants on a one-space-per-apart- ment basis, and 4) as much parking as possible in the southeast lot be desig- nated as visitor parking. Mr. Boles said that the neighbors will be meeting with Lorig Associates, Inc., this afternoon to finalize these negotiations. Mr. Boles said that the neighbors have expressed disappointment that the project could not proceed as rapidly as originally intended. Because the Request For Proposal (RFP) process was closed so early, those who wanted to do a community project did not have enough time to submit a.proposal. _The neighbors have also voiced concern that the City is extending performance e - MINUTES--Eugene City Council September 18, 1991 Page 4 -