Item B: West Broadway Project - Laserfiche WebLink

Home Browse Search

Option E. Revise Concept Maintain or reduce the West Broadway redevelopment area and change the project characteristics. 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 ?Costs associated with selected project ?Existing Funds, potential sources: ?Urban Renewal ($6 million) ?General Fund ?BEDI grant (in proportion with Section 108 loan, $2 million) ?New Funds, potential sources: ?If large project, downtown urban renewal district plan amendment ?If small project and spending limit reached, downtown urban renewal tax increment ceases Possible Strategies: ?Work with KWG & Beam to redefine the project characteristics ?Buy portions of existing optioned properties based on revised redevelopment concept ?Work with existing property owners and tenants on leasing vacant spaces and property improvement strategies ?Identify new developer to work on revised development concept th ?Put public facility on 10 & Charnelton block ?Acquire property and go out with new RFP ?New urban renewal plan amendment with specific project details including green/open space PROSCONS Capitalize current property options Uncertain future use oo Active strategy to move forward with Longer process could compromise property oo positive redevelopment option agreements Consistent with Growth Management o Policies and Downtown Plan policies Supports local business and property owners o