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COUNCIL OPTIONS Option 1: Purchase approved properties and expire remaining options a)Consider supplemental budget item on March 10 for the acquisition of the Centre Court building and adjacent hole, the Washburne building, and the Diamond property. b)Provide direction for the City Manager to convey ownership of the City-owned Oak Street parking lot to Diamond Parking as partial compensation for the URA’s acquisition of the Diamond property. c)Let the purchase options expire on all of the remaining West Broadway properties. Option 2: Purchase additional properties and expire remaining properties a)Consider supplemental budget item on March 10 for the acquisition of the Centre Court building and adjacent hole, the Washburne building, and the Diamond property. b)Provide direction for the City Manager to convey ownership of the City-owned Oak Street parking lot to Diamond Parking as partial compensation for the URA’s acquisition of the Diamond property. c)Acquire other optioned property(s) within the West Broadway redevelopment area. d)Let the purchase options expire on the remaining West Broadway properties. Option 3: Purchase approved properties and solicit offers for assignment of remaining options a)Consider supplemental budget item on March 10 for the acquisition of the Centre Court building and adjacent hole, the Washburne building, and the Diamond property. b)Provide direction for the City Manager to convey ownership of the City-owned Oak Street parking lot to Diamond Parking as partial compensation for the URA’s acquisition of the Diamond property. c)Provide direction for the Agency Director to solicit offers from parties interested in an assignment of the purchase options not being exercised by the URA. AGENCY DIRECTOR’S RECOMMENDATION The Agency Director recommends Option #3 for the URA to a) consider supplemental budget item on March 10 for the acquisition of the Centre Court building and adjacent hole, the Washburne building, and the Diamond property, b) provide direction for the City Manager to convey ownership of the City- owned Oak Street parking lot to Diamond Parking as partial compensation for the URA’s acquisition of the Diamond property, and c) provide direction for the Agency Director to solicit offers from parties interested in an assignment of the purchase options not being exercised by the URA. SUGGESTED MOTION Urban Renewal Agency Motion Move to direct the Agency Director to solicit offers from parties interested in an assignment of the purchase options not being exercised by the URA. Eugene City Council Motion Move to direct the City Manager to convey ownership of the City-owned parking lot identified in Attachment C to Diamond Parking as partial compensation for the URA’s acquisition of the property identified as property #4 in Attachment A. F:\CMO\2008 Council Agendas\M080211\S080211B.doc