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Item A: Beam Development
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CC Agenda - 04/16/08 Work Session
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Item A: Beam Development
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6/9/2010 12:58:24 PM
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4/11/2008 9:44:28 AM
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Agenda Item Summary
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4/16/2008
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<br />URA would receive a refund of its deposit, the purchase options on the properties would expire, and <br />control of the properties would revert back to the property owner. <br /> <br />In Option 3, Beam could negotiate independently with the property owner to structure a satisfactory <br />transaction and the URA would continue to work with Beam on financing acquisition and <br />construction (URA Loans #1 and #2). <br /> <br /> <br />AGENCY DIRECTOR’S RECOMMENDATION <br /> <br />The Agency Director recommends Option 2. Beam has expressed concerns about the existing purchase <br />option timeline relative to their need to satisfy financing, tenanting and other contingencies. Option 2 <br />would attempt to extend the duration of the purchase option agreements so that Beam would have the <br />best opportunity to move forward with a successful redevelopment project. Option 2 also eliminates the <br />risk of the URA forfeiting its 10% deposit or obtaining ownership of the properties for an extended <br />period with no assurance of redevelopment. <br /> <br /> <br />SUGGESTED MOTION <br /> <br />Move to direct the Agency Director to 1) work with Beam and the property owner to extend the timeline <br />for the purchase option agreements on the Centre Court building and adjacent lot, and the Washburne <br />Building, 2) work towards an assignment of the purchase options to Beam, and 3) continue to work with <br />Beam on elements of acquisition and redevelopment financing consistent with the amounts and terms <br />outlined in this agenda item. If an extension of the option agreement timeline is not approved prior to <br />May 7, then the Agency Director shall inform the property owners and the escrow agent that the URA <br />will not be acquiring the property and the deposit should be returned. If a satisfactory extension is <br />approved, the Agency Director shall bring back terms to be included in the assignment of the purchase <br />options to Beam as soon as practicable. <br /> <br /> <br />ATTACHMENTS <br /> <br />None. <br /> <br /> <br />FOR MORE INFORMATION <br /> <br />Staff Contact: Denny Braud <br />Telephone: 682-5536 <br />Staff E-Mail: denny.braud@ci.eugene.or.us <br /> <br /> <br /> <br /> <br /> <br /> L:\CMO\2008 Council Agendas\M080416\S080416A.doc <br />
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