CC Minutes - 11/27/06 Work Session
City of Eugene
CC Minutes - 11/27/06 Work Session
6/9/2010 10:32:52 AM
1/11/2007 11:39:12 AM
City Council Minutes
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goals for downtown, as well as capture momentum generated by recent development activities in and around <br />the downtown area. <br /> <br />Mr. Braud said that assembling the properties through purchase options could be the first step in an active <br />redevelopment strategy for West Broadway. He illustrated the properties for which the URA had made <br />offers in the form of purchase options. He said that signed agreements had been executed with seven owners <br />representing 12 properties covering three full-block faces along Broadway. He noted that many of the <br />properties and storefronts were vacant or underutilized; in some cases buildings were deteriorated and most <br />of the retail space was poorly configured for today’s retail sales. He said that terms and option periods <br />varied among properties, but a majority had an initial six-month period to execute purchase at the agreed <br />upon price, followed by an available six-month extension period with payment of additional option money. <br />He said the cost to obtain options on properties with a combined purchase price of $15.6 million was <br />slightly over $54,000, with an additional $25,000 for consultant fees and expenses. <br /> <br />Mr. Braud noted that some of the purchases prices appeared high for the area and pointed out that a number <br />of the properties were not actively for sale at the time negotiations started; assembling property could be <br />significantly more expensive than buying an individual parcel. He said that property assembly was a typical <br />urban renewal strategy for cities and urban renewal agencies; earlier property assembly-based projects <br />included the Library, the Hult Center, the Hilton Convention Center, the U.S. Bank building, Broadway <br />Place and the federal courthouse. He said cities also typically provided tools and incentives for downtown <br />redevelopment, including sale of property below market value to improve the feasibility of development <br />proposals. <br /> <br />Mr. Hacker remarked that work on the new City Hall complex master planning project had familiarized his <br />firm with Eugene’s downtown. He said that redevelopment of the West Broadway area was absolutely <br />essential to the future of a healthy downtown. He said the City created the groundwork to transform that <br />area and bring a density and activity to downtown that would be very advantageous. He believed the City <br />had an opportunity to build on the success of downtown planning and development activities and create the <br />West Broadway district as a mixed-use, multi-story, high-quality downtown destination point. He used <br />computer images to provide a sense of the uses and sizes of possible development to enliven the street and <br />achieve vitality through commercial, cultural and living activities. <br /> <br />Mr. Hacker emphasized that the redevelopment of West Broadway was not simply a design issue; the <br />economics of that redevelopment would ultimately determine how the area got built. He believed that a <br />comprehensive redevelopment approach could elevate the economics of downtown Eugene much more <br />quickly and redevelopment along Broadway would attract other developers to the area. He listed three <br />points that were critical to the success of Broadway redevelopment: <br /> <br />? <br /> Create an opportunity for a comprehensive redevelopment, have the vision and commitment to see <br />the whole project through; <br />? <br /> Visualize the development potential and imagine the type of future desired for the area; <br />? <br /> Move forward with the Request for Qualifications (RFQ) and identify a private sector development <br />partner to implement the strategy. <br /> <br />Mr. Braud reviewed possible next steps, including issuing an RFQ, purchasing some or all of the properties <br />and then offering them for redevelopment either individually or as a comprehensive package, or reopening <br />discussions with Connor and Woolley/Opus regarding their original proposal. He said staff recommended <br />issuing an RFQ based on the criteria included in the agenda packet. He remarked that the RFQ process <br /> <br /> <br />MINUTES—Eugene City Council November 27, 2006 Page 3 <br /> Work Session <br /> <br />
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