Item A: URA - Review of Responses to the 10th & Charnelton Request for Proposals

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selling price, further design and use details, financing due diligence, project timing, and other terms that will be brought back to the URA for approval prior to the signing of a purchase and sale agreement. th The 10 & Charnelton development site includes the 1/4-block former Sears building property, along th with the 1/8-block surface parking lot on the northwest corner of 10 and Olive. The other half of the th surface parking on 10 and Olive is owned by an adjacent private party. The URA purchased the property in 1993. The acquisition cost of $900,000 (approx. $12/sq ft) included the Sears building, and the half-block on which the new library was constructed. The URA contributed the half-block to the library project in 2004, which represented a land contribution in excess of $1 million at that time. th A new appraisal of the 10 & Charnelton development site, completed on May 10, 2006, indicated a market vale of $970,000 ($25/sqft.). In 2005, the former Sears building structure was demolished for a total cost of approximately $202,000. th The first RFP for sale and development of the 10 & Charnelton site was issued in 1999. Responses were limited, and the URA deferred review of the responses given pending discussion regarding sites for the Federal Courthouse and new City Hall options. In December 2002, a second RFP was issued. In May 2003, the URA reviewed four responses and selected the Oregon Research Institute (ORI) project. Following ORI’s decision to forgo the purchase and development of the site, the URA provided direction to issue an updated RFP. State statutes, the Downtown Urban Renewal Plan, and adopted URA procedures govern the disposition of real property held by the URA. URA procedures provide for the City Manager, as the business agent for the URA, to publicly or privately solicit proposals and negotiate with any party for the disposal of real property consistent with the Urban Renewal Plan. Any proposal which is acceptable to the City Manager must then be presented to the council (acting as the URA) for its approval. RELATED CITY POLICIES th Future development of the 10 & Charnelton development site is consistent with the policies and implementation strategies included in the Eugene Downtown Plan, including: • Downtown development shall support the urban qualities of density, vitality, livability and diversity to create a downtown, urban environment. • Stimulate multi-unit housing in the downtown core and on the edges of downtown for a variety of income levels and ownership opportunities. • 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. th In addition, the proposed future development of the 10 & Charnelton site 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. L:\CMO\2006 Council Agendas\M061016\S0610161-URASpecMeet.doc