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Option F. <br /> Original Concept, Different Financing <br />Move forward with Beam & KWG concept previously selected by council with different financing <br />strategy. <br /> <br />Property Considerations <br /> <br /> Property Involved Acquisition Cost Option Expirations <br /> <br />Scan Design $1.9 million 12/19/07 <br /> <br /> <br />Keim $0.9 million 3/15/08 <br /> <br />Snowden $2.19 million 3/19/08 – $12,000 to renew until 3/19/09 <br /> <br />Centre Court & hole $2.8 million 3/24/08 <br /> <br />Washburnee $1.9 million 3/24/08 <br /> <br /> <br />Shawmed to DIVA $3.15 million 3/24/08 <br /> <br />th <br />Diamond $290,360 + 12 & Oak lot 7/31/08 – $6,000 to renew until 1/31/09 <br /> <br />Roberts – Taco Time $1.2 million 9/15/08 <br /> <br />Lazar $1.55 million 9/19/08 <br /> <br /> <br />Davis – John Henry’s $0.675 million 9/25/08 <br /> <br />Louie – Horsehead $1.98 million 11/17/08 <br /> <br /> <br /> <br />Financial Considerations <br /> <br /> <br />?Funds Needed For: <br /> <br /> <br />?Land purchase <br /> <br /> <br />?Public parking, Utilities, Relocation <br /> <br /> <br />?Existing Funds, potential sources: <br /> <br /> <br />?Urban Renewal <br /> <br /> <br />?General Fund <br /> <br /> <br />?BEDI grant (in proportion with Section 108 loan, $2 million) <br /> <br /> <br />?City owned property could be considered for sale – For example Atrium building, Ruth property <br /> <br />th <br />(Franklin Boulevard), property adjacent to Federal courthouse, Hoots (south-east corner of 8 & <br /> <br />thth <br />Mill), ½ block lot on 8 (behind Shedd), and 12 & Oak lot. <br /> <br /> <br />?New Funds, potential sources: <br /> <br /> <br />?GO Bond ?Facility Reserve ?Public facility financing <br /> <br /> <br />?If spending limit reached, downtown urban renewal tax increment ceases <br /> <br /> <br />Possible Strategies: <br /> <br />?Approach community with GO Bond for City owned aspects of project <br /> <br /> <br />? Sell surplus properties <br /> <br />?Adopt urban renewal plan amendment with smaller spending increase <br /> <br /> <br />? Property owners join with developers (contribute property as equity contribution and ownership in <br />project); Attract local investors to partner with selected development teams <br /> <br /> <br /> <br /> <br /> PROSCONS <br /> <br /> <br /> <br /> Capitalize on current property options Uncertainty of new sources <br />oo <br /> <br /> <br /> Capitalize on selected developers Shifts financings needs to other project(s) <br />oo <br /> <br /> <br /> Consistent with Growth Management Longer process could compromise property <br />oo <br />Policies & Downtown Plan policies option agreements <br /> <br /> Supports local businesses and property <br />o <br />owners <br /> <br />