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Item B: West Broadway Project
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CC Agenda - 11/27/07 Workshop
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Item B: West Broadway Project
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6/9/2010 1:17:21 PM
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11/21/2007 9:29:17 AM
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City Council
City_Council_Document_Type
Agenda Item Summary
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11/27/2007
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<br />Option C. <br /> Pursue Projects with Beam & TK Partners <br />Develop both holes and vacant Centre Court building through separate City partnerships with Beam <br />& TK Partners. Use existing resources and fill any financing gaps with other resources. Consider <br />acquiring Diamond property (1/8 lot & Bradford’s building) to create a ½ block development site <br />for TK Partners. <br /> <br />Property Considerations <br /> <br />Property Involved Acquisition Cost Option Expirations <br /> <br />th <br />10 & Charnelton $0; Owned by URA n/a <br /> <br />Centre Court & hole $2.8 million 3/24/08 <br /> <br /> <br />Washburne $1.9 million 3/24/08 <br /> <br />th <br />Diamond $290,360 + 12 & Oak lot 7/31/08 <br />– $6,000 to renew until 1/31/09 <br /> <br /> <br /> <br />Financial Considerations <br /> <br /> <br />?Funds needed for: <br /> <br /> <br />?Land purchase <br /> <br /> <br />?Related project costs <br /> <br /> <br />?Existing Funds, potential sources: <br /> <br /> <br />?Urban Renewal ($6 million) <br /> <br /> <br />?General Fund <br /> <br />?BEDI grant (in proportion with Section 108 loan, $2 million) <br /> <br />?New Funds, potential sources: <br /> <br />?If spending limit reached, downtown urban renewal tax increment ceases <br /> <br />Possible Strategies: <br /> <br />?Acquire Centre Court & adjacent hole and Washburne, work with Beam <br /> <br />?Acquire Centre Court & adjacent hole, work with Beam <br />th <br /> <br />?Develop 10 & Charnelton site, work with TK Partners <br />th <br /> <br />?Expand 10 & Charnelton footprint by acquiring Diamond property, work with TK Partners <br />th <br /> <br />?Develop 10 & Charnelton site, work with other developer <br /> <br />?Consider smaller urban renewal plan amendment for Beam, TK Partners, and green/open space and <br />infrastructure needs <br /> <br />?Work with property owners to tenant vacant spaces and make property improvements on other <br />properties <br /> <br />?Consider acquisition and land banking of other adjacent property for future phases <br /> <br />?Purchase property and sell to developer, at cost or below cost <br /> <br />?Assign property purchase option to developer <br /> <br /> PROSCONS <br /> <br /> <br />Capitalize on some of current property Unclear developer interest <br />oo <br /> <br />options Could exhaust remaining spending limit to <br />o <br /> <br />Introduces new housing and business activity use for other parts of downtown on projects <br />o <br />on West Broadway and public infrastructure <br /> <br />Focused on two holes and vacant property <br />o <br /> <br />Momentum for new development <br />o <br />
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