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<br /> <br />Project Construction <br /> <br /> SOURCES USES <br />HUD Section 108 Loan $ 5,187,000 Renovation of Centre Court Bldg $ 16,700,000 <br />BEDI Grant Loan 1,313,000 New Construction 16,300,000 <br />Bank Loan 15,500,000 <br />Beam Equity 4,000,000 <br />Historic Tax Credit Equity 2,000,000 <br />New Mkt Tax Credit Equity 5,000,000 <br /> Total Sources $33,000,000 Total Uses $ 33,000,000 <br /> <br /> <br />RELATED CITY POLICIES <br />The proposed redevelopment along West Broadway is consistent with the policies and implementation <br />strategies included in the Downtown Plan, including: <br /> <br /> <br />·Downtown development shall support the urban qualities of density, vitality, livability and diversity <br />to create a downtown, urban environment. <br /> <br />·Actively pursue public/private development opportunities to achieve the vision for an active, vital, <br />growing downtown. <br /> <br />·Use downtown development tools and incentives to encourage development that provides character <br />and density downtown. <br /> <br />·Promote multi-story, mixed-use structures downtown through financial incentives or code <br />amendments. <br /> <br />·Stimulate multi-unit housing in the downtown core and on the edges of downtown for a variety of <br />income levels and ownership opportunities. <br /> <br />·Provide and promote development and community events that reinforce downtown’s role as the <br />cultural center for the city and region. <br /> <br />·Reinforce the creative, distinctive culture of downtown as the arts and entertainment center of the <br />city. <br /> <br />In addition, future development along West Broadway is responsive to the following Growth <br />Management policies: <br /> <br />Policy 1: Support the existing Eugene Urban Growth Boundary by taking actions to increase <br />density and use existing vacant and under-used land within the boundary more <br />efficiently. <br />Policy 2: Encourage in-fill, mixed-use, redevelopment, and higher density development. <br />Policy 3: Encourage a mix of business and residential uses downtown using incentives and <br />zoning. <br />Policy 10: Encourage the creation of transportation-efficient land use patterns and <br />implementation of nodal development concepts. <br />Policy 14: Development shall be required to pay the full cost of extending infrastructure and <br />services, except that the City will examine ways to subsidize the costs of providing <br />infrastructure or offer other incentives that support higher-density infill, mixed use, <br />and redevelopment. <br /> <br /> Y:\CMO\2008 Council Agendas\M080519\S0805196.doc <br /> <br />