Item B: West Broadway Project - Laserfiche WebLink

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Option D. Buy & Hold Target property acquisition using existing resources. Fill any financing gaps with other resources. Hold the property for a short or long period of time. Property Considerations Property Involved Acquisition Cost Option Expirations Scan Design $1.9 million 12/19/07 Keim $0.9 million 3/15/08 Snowden $2.19 million 3/19/08 – $12,000 to renew until 3/19/09 Centre Court & hole $2.8 million 3/24/08 Washburnee $1.9 million 3/24/08 Shawmed to DIVA $3.15 million 3/24/08 th Diamond $290,360 + 12 & Oak lot 7/31/08 – $6,000 to renew until 1/31/09 Roberts – Taco Time $1.2 million 9/15/08 Lazar $1.55 million 9/19/08 Davis – John Henry’s $0.675 million 9/25/08 Louie – Horsehead $1.98 million 11/17/08 Financial Considerations ?Funds needed for: ?Land purchase ?Property management ?Existing Funds, potential sources: ?Urban Renewal ($6 million) ?General Fund ?New Funds, potential sources: ?BEDI grant (in proportion with Section 108 loan, $2 million) ?If spending limit reached, downtown urban tax increment ceases ?BEDI grant expires 2011 Possible Strategies: ?Target specific property or combination of properties for acquisition ?Evaluate future use of properties; Lease vacant space for interim uses; Issue RFP in the future PROSCONS Capitalize on current property options Money invested with no guarantee of oo Encourage interim occupancy of vacant future result o spaces City assumes role of landlord o Supports strategy for future redevelopment Delayed implementation of Downtown oo Consistent with Growth Management Plan o Policies & Downtown Plan policies