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<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 density <br />and use existing vacant and under-used land within the boundary more 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 zoning. <br />Policy 10: Encourage the creation of transportation-efficient land use patterns and implementation <br />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, and <br />redevelopment. <br /> <br /> – <br />This item is also related to the 2007-2008 Council Goal: Downtown InitiativeFacilitate significant <br />revitalization of downtown core. <br /> <br /> <br />AGENCY OPTIONS <br /> <br />1. Authorize the Agency Director to sign a PSA with Beam Development consistent with the terms <br /> included in Attachment A. <br />2. Direct the Agency Director to disengage from the purchase process prior to the May 23 due <br /> diligence period expiration. <br /> <br /> <br />AGENCY DIRECTOR’S RECOMMENDATION <br /> <br />The Agency Director recommends that a purchase and sale agreement be signed between the URA and <br />Beam Development consistent with the terms provided in Attachment A. <br /> <br /> <br />SUGGESTED MOTION <br /> <br />Move to authorize the Agency Director to sign a purchase and sale agreement between the URA and <br />Beam Development consistent with the terms provided in Attachment A. <br /> <br /> <br />ATTACHMENTS <br /> <br />A. Summary of Terms - Purchase and Sale Agreement <br />B. Project Overview <br />C. Purchase and Sale Agreement (under separate cover) <br /> <br /> Y:\CMO\2008 Council Agendas\M080521\S080521A.doc <br /> <br />