Item B: West Broadway Project Update

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EURA UGENE RBAN ENEWAL GENCY AIS GENDA TEM UMMARY th Work Session: Review of Draft Request for Proposals for 10 and Charnelton Development Site Meeting Date: January 16, 2008 Agenda Item Number: B Department: Planning and Development Staff Contact: Denny Braud www.eugene-or.gov Contact Telephone Number: 682-5536 ISSUE STATEMENT On December 10, 2007, the Urban Renewal Agency (URA) provided direction to bring back for review th a draft Request for Proposals (RFP) for the sale and development of the 10 & Charnelton development site. The draft RFP being considered for the site is included in Attachment A. BACKGROUND th The 10 & Charnelton development site includes the 1/4-block, former Sears building property, along th with the 1/8-block surface parking lot on the northwest corner of 10 and Olive. The other half of the th surface parking on 10 and Olive is owned by Diamond Parking. The URA has a purchase option agreement with Diamond Parking which includes the Diamond parking lot and Bradford’s building. The URA purchased the Sears property in 1993. The acquisition which cost approximately $900,000 ($12/sqft) included the Sears building property and the half-block on which the new library was constructed. The URA contributed the half-block to the library project in 2004, which represented a th land contribution in excess of $1 million at that time. The most recent appraisal of the 10 & Charnelton development site, completed on May 10, 2006, indicated a market vale of $970,000 ($25/sqft.). th The first RFP for the sale and development of the 10 & Charnelton site was issued in 1999. Responses were limited, and the URA deferred review of the responses due to pending discussion of sites for the Federal Courthouse and new City Hall options. In December 2002, a second abbreviated RFP was issued and the URA selected the Oregon Research Institute (ORI) project. Following ORI’s decision to not pursue the purchase and development of the site, a third RFP was issued in June 2006. The URA selected the project presented by TK Partners. In December 2007, TK Partners provided notice that they th would not pursue development of the 10 & Charnelton site. On January 4, 2008, the Eugene Redevelopment Advisory Committee (ERAC) reviewed the draft RFP criteria and provided input regarding the issuance of a new RFP. ERAC unanimously recommended that the URA delay issuance of the RFP until after the URA has: a) entered into a binding agreement with Beam Development for redevelopment of the Centre Court and Washburne properties and, b) resolved the unknown future of the purchase options on properties, particularly the Diamond/Bradford’s property. In ERAC’s discussions, they stressed focusing efforts on the Beam Development project at F:\CMO\2008 Council Agendas\M080116\S080116B.doc