03/19/1986 Meeting (2) - Laserfiche WebLink

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e available. Representatives of Lane Community College and the new owners of the McDonald Theatre have indicated they are pleased with the offering. He said the Overpark will provide some parking and the development is to provide parking for its tenants and the public. Answering other questions from Mr. Holmer, Mr. Byrne said a reuse appraisal takes into account restrictions and guidelines imposed on the development by the Renewal Agency. The reuse appraisal for the offering was made this month. The $10,000 finderls fee is paid from the $64,000 price for the land. Replying to questions from Mr. Miller and Ms. Schue, Mr. Byrne said the coun- cil could change the offering to indicate the highest bid would be accepted. He said selling the property for a fixed price will permit the City to empha- size the qualifications of the development team. The Downtown Commission will review the qualifications of developers with criteria in the offering and make a recommendation to the council, which will make the final selection. Several councilors commented on the proposal. Referring to Section 2-F in the offering, Ms. Wooten said she does not want money from the Business Develop- ment Fund included in the package offered a developer. She said cuts in Community Block Grants may reduce the fund. She would not object to using the Business Development Fund to help new retail tenants. She would like to require a building on the property to have at least five stories. e Mr. Holmer agreed with Ms. Wooten about the height of the building. He hoped the solar access protection provisions will not preclude a five-story building. Ms. Schue agreed with Ms. Wooten about the use of the Business Development Fund. Responding to a question from Mayor Obie, Mr. Byrne said the City staff does not intend to use the Business Development Fund for a long-term real estate mortgage. The fund is more suited to loans for working capital, but the fund has been used in the past for long-term loans that could be called in. He was comfortable with the limitations expressed by the council, although the Development Department had not intended to limit the use of the Business Development Fund to helping tenants. He said Tax Increment funds and other Urban Renewal Agency tools can help a developer. Ms. Wooten complimented the staff on the preparation of the offering. She said she is excited about the possibilities. Mayor Obie said he is comfortable with the explanation about the height of the building. He encouraged the council to approve the proposal as presented. e Res. No. 920 --A resolution of the Urban Renewal Agency of the City of Eugene approving the method of selecting a redeveloper for the redevelopment sale of Parcel 134B of the Central Eugene Project. Ms. Ehrman moved, seconded by Ms. Schue, to adopt the resolution subject to a prohibition on the use of the Business Development Fund in the developer's package. Roll call vote; the motion carried unanimously, 6:0. MINUTES--Eugene City Council March 19, 1986 Page 8