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<br /> <br />EURA <br />UGENE RBAN ENEWAL GENCY <br />AIS <br />GENDA TEM UMMARY <br /> <br /> <br /> <br /> <br />Work Session: West Broadway Update <br /> <br /> <br />Meeting Date: February 20, 2008 Agenda Item Number: B <br />Department: Planning and Development Staff Contact: Denny Braud <br />www.eugene-or.gov Contact Telephone Number: 682-5536 <br /> <br /> <br /> <br /> <br />ISSUE STATEMENT <br /> <br />The Urban Renewal Agency (URA) has signed purchase option agreements on several properties within <br />the West Broadway redevelopment area. At the February URA work session, the URA Board asked the <br />Agency Director to bring back a methodology for soliciting offers from parties interested in an <br />assignment of the purchase options. <br /> <br /> <br />BACKGROUND <br /> <br />At the February 11 work session, the URA passed the following motion: <br /> <br />Move to direct the Agency Director to bring back to the URA, as soon as possible, a methodology <br />for soliciting offers from parties interested in an assignment of the purchase options not being <br />exercised by the URA, with the first right to acquire the options to the tenant for the value that the <br />URA paid for the option, and then opening it up to others with some kind of provision that provides <br />for a reasonable time frame for redevelopment after any demolition, with serious consequences if <br />that redevelopment does not occur. <br /> <br />Staff is currently working with the City Attorney to draft a methodology to include the provisions <br />outlined in the above motion. Due to the short turn-around time, the proposed methodology will be <br />distributed under separate cover prior to the February 20 work session. <br /> <br /> <br />RELATED CITY POLICIES <br />Future redevelopment of the West Broadway Redevelopment Area is consistent with the policies and <br />implementation strategies included in the Downtown Plan, including: <br /> <br />Downtown development shall support the urban qualities of density, vitality, livability and <br />? <br /> <br />diversity to create a downtown, urban environment. <br />Actively pursue public/private development opportunities to achieve the vision for an active, <br />? <br /> <br />vital, growing downtown. <br />Use downtown development tools and incentives to encourage development that provides <br />? <br /> <br />character and density downtown. <br />Promote multi-story, mixed-use structures downtown through financial incentives or code <br />? <br /> <br />amendments. <br />Stimulate multi-unit housing in the downtown core and on the edges of downtown for a variety <br />? <br /> <br />of income levels and ownership opportunities. <br /> L:\CMO\2008 Council Agendas\M080220\S080220B.doc <br /> <br />