CC Minutes - 08/11/10 Work Session

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MINUTES Eugene City Council McNutt Room —City Hall 777 Pearl Street — Eugene, Oregon August 11, 2010 Noon COUNCILORS PRESENT: Mike Clark, Betty Taylor, Jennifer Solomon, George Poling, Andrea Ortiz, Chris Pryor, Alan Zelenka, George Brown. Her Honor Mayor Kitty Piercy called the August 11, 2010, work session of the Eugene City Council to order. Mr. Zelenka joined the meeting via speaker phone. A. WORK SESSION - Downtown Site Development City Manager Jon Ruiz introduced Finance Director Sue Cutsogeorge and Senior Management Analyst Denny Braud to provide planning and financial information regarding downtown site development in Eugene. City Manager Ruiz reminded the council that it had provided direction regarding a number of downtown economic development strategies approximately one year ago. He briefly reviewed the downtown development strategies for the benefit of the council, including the Centre Court building redevelopment project and the Lane Community College development project. He noted that the Bennett Management Company's (BMC) development proposal for the vacant parcel adjacent to the Centre Court building space would represent a significant advancement toward several downtown economic goals. Mr. Braud provided the council with background information regarding the subject property as well as an overview of the BMC development proposal for the vacant parcel adjacent to the Centre Court building. Mr. Braud reported that the construction on the Beam Development project for the Centre Court Building had appeared to generate enormous interest in the redevelopment of nearby downtown properties and had generally boosted confidence in the economic viability of the downtown area. He said the current proposal before the council would allow Beam Development to transfer the property and development rights for the vacant parcel adjacent to the Centre Court Building to BMC. Mr. Braud briefly described BMC for the benefit of the council, reporting it was a local firm with over 40 years of experience in local property development. Mr. Braud further noted that BMC generally retained ownership and management of the properties it had developed. Mr. Braud stated that BMC's proposal was very similar to the original Beam Development proposal for the vacant property. The total cost of the BMC project had been anticipated at approximately $10 million, $2 million of which BMC was immediately prepared to invest with the remaining funds to be financed as the project moved forward. Mr. Zelenka joined the meeting via speaker phone at 12:05 p.m. MINUTES— Eugene City Council August 11, 2010 Page 1 Work Session .