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RELATED CITY POLICIES The proposed redevelopment along West Broadway is consistent with the policies and implementation strategies included in the Downtown Plan, including: ·Downtown development shall support the urban qualities of density, vitality, livability and diversity to create a downtown, urban environment. ·Actively pursue public/private development opportunities to achieve the vision for an active, vital, growing downtown. ·Use downtown development tools and incentives to encourage development that provides character and density downtown. ·Promote multi-story, mixed-use structures downtown through financial incentives or code amendments. ·Stimulate multi-unit housing in the downtown core and on the edges of downtown for a variety of income levels and ownership opportunities. ·Provide and promote development and community events that reinforce downtown’s role as the cultural center for the city and region. ·Reinforce the creative, distinctive culture of downtown as the arts and entertainment center of the city. In addition, future development along West Broadway is responsive to the following Growth Management policies: Policy 1: Support the existing Eugene Urban Growth Boundary by taking actions to increase density and use existing vacant and under-used land within the boundary more efficiently. Policy 2: Encourage in-fill, mixed-use, redevelopment, and higher density development. Policy 3: Encourage a mix of business and residential uses downtown using incentives and zoning. Policy 10: Encourage the creation of transportation-efficient land use patterns and implementation of nodal development concepts. Policy 14: Development shall be required to pay the full cost of extending infrastructure and services, except that the City will examine ways to subsidize the costs of providing infrastructure or offer other incentives that support higher-density infill, mixed use, and redevelopment. – This item is also related to one of the 2007-2008 Council Goals: Downtown InitiativeFacilitate significant revitalization of downtown core. COUNCIL OPTIONS 1. URA purchases property, sells to Beam, and assists with project financing In Option 1, the URA and Beam would sign a binding agreement for the purchase of the Centre Court and Washburne properties no later than May 1, 2008. (The May 1 date is important because the URA’s deposits on the properties ($470,000) become non-refundable after May 8). Beam would be required to make a 10% deposit upon the signing of the agreement, which would offset the risk of the URA forfeiting its deposit. (The purchase option agreements on the properties require closing of the sale to occur no later than July 8, 2008). In Option 1, it is assumed that Beam would purchase the property after their specific contingencies have been satisfied, including completion of construction drawings, approval of construction financing, tax credit approval, and building permit approval. The L:\CMO\2008 Council Agendas\M080416\S080416A.doc