11/18/1992 Meeting - Laserfiche WebLink

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e bicycles. That was the case. Mayor Miller adjourned the City Council Meeting and convened the meeting of the Urban Renewal Agency. II. WORK SESSION: LORIG 8TH AND WILLAMETTE MEMORANDUM OF UNDERSTANDING Mr. Gleason said there has been some confusion about the proposal for develop- ment of the 8th Avenue and Willamette Street property. He said that the transfer of property is between the City of Eugene Urban Renewal Agency and U.S. Bank--not with Lorig Associates, the developer. He introduced U.S. Bank Vice President Lee Bodenhamer to address the proposal. Mr. Bodenhamer said that the proposal before the council is unchanged from the original concept. He explained that the bank would be the contributors of the land to the joint venture, i.e., the bank would own the property and retain a minority interest in it, with Lorig Associates being the developer. Mr. Bodenhamer said the bank would continue to operate the property as a parking lot until such time as construction on the project is begun. He asked the council to approve the continuing process. Mr. Robinette noted that the sale price was the fair market value of the property. Addressing questions raised by Mr. Nicholson, Mr. Bodenhamer said reconveyance It could occur in three years if the project is not built in that time. And i f the property is reconveyed, the Urban Renewal Agency will come out whole in the transaction through interest and parking payments. Responding to a question posed by Mr. MacDonald, Lew Bowers, Development Division Manager, said that the City will provide parking spaces within its existing system at market rate; and the City has the capacity to do that up to the project's maximum size (100,000 square feet). He noted that the project will have 40-80 spaces on site, and the City would provide the remainder using the Parcade and the Hult Center garage, without making further investment. In response to a question from Mr. Green, Mr. Bodenhamer said U.S. Bank will consolidate its commercial, mortgage, trust, and branch banking operations in 40,000 square feet of the new building. The remaining 40-60,000 square feet will be available to other tenants. This, he said, creates an opportunity for jobs to be located downtown, including on-site property management. Addressing a question from Mr. Robinette, Mr. Bodenhamer said the bank intends to work closely with the City to keep the parking rate structure consistent with the local market. Mr. Boles moved, seconded by Mr. Green, to direct the City Manager to enter into a memorandum of understanding which involves disposition of the site. Ro 11 ca 11 vote. The motion carried, e MINUTES--Eugene City Council November 18, 1992 Page 3 11:30 a.m.