Item 4 - Ordinance on Downtown Urban Renewal Plan Amendments

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Attachment C Background Information on Proposed Downtown Urban Renewal Plan Amendments The two plan amendments that are proposed for approval in the ordinance under consideration at this meeting are (i) increase maximum indebtedness and (ii) extend the termination date. The amendments are proposed to allow the Downtown Urban Renewal District to accomplish redevelopment of West Broadway. The draft plan amendments are accompanied by a report on the plan, which includes information about the plan area and financial analysis of the plan amendments. This attachment provides additional information about the proposed plan amendments and answers to questions asked by councilors and the public about the amendments and the report on the plan. Project Spending by Category At this time, the project is in the conceptual stages, and specific project details and costs are unknown. The information contained in the report on the plan is estimated from the prelimi- nary conceptual information received during the Request for Qualifications process. The report on the plan includes a list of project activities and the estimated cost in Chapter 6, Table 5. Table 5 shows that urban renewal financing is estimated to provide $40 million (or approximately 20%) out of an estimated total of $200 million of public and private invest- ment between FY2007/2008 and FY2029/2030. Table 5 lists the project activity categories included in the Plan and attributes estimated spending to several of the categories. The estimated spending is based on preliminary con- ceptual information from the developers. Some categories do not include any spending be- cause the initial information from the developers did not indicate spending in those cate- gories. The Plan, however, allows spending on any of the project activities included in the Plan, even if Table 5 does not show spending in those categories. The Mayor has appointed a citizen advisory committee, the West Broadway Advisory Com- mittee, to provide input on several aspects of a West Broadway redevelopment project. As a result of the Committee’s work, the City/URA and the developers may determine that spending on the project will include items not listed in Table 5 (items not originally included in the conceptual information provided in the developers’ RFQ responses). The Committee is expected to provide their recommendations to the Agency in September 2007. The Agency will review the Committee’s recommendations and consider the terms for an agreement between the URA and the developers to accomplish a West Broadway redevel- opment project. The specific project activities to be undertaken will be defined by the Agency and set out in the agreements with the developers.