Laserfiche WebLink
<br />e building that is envisioned. Mr. Hibschman said if the council wishes to <br /> change the code to expand the parking exemption zone, a series of public <br /> hearings would be required; this process could take up to five months to <br /> complete. <br /> Mr. Rutan asked whether it is possible for a business to secure a waiver, <br /> allowing it to provide off-site parking further than 400 feet from the site. <br /> Mr. Gleason said that this would require expansion of the parking exemption <br /> zone or modification of the C-3 zone throughout the city. He said the City <br /> is not able to "spot" zone by granting waivers for individual properties. <br /> Mr. Gleason said staff will research this issue further. <br /> Mr. Holmer said that the parking exemptions recently adopted in the vicinity <br /> of 19th Avenue and Agate Street indicate that it is possible to "spot" zone, <br /> granting special exemptions to particular areas. <br /> Mr. Boles thought it would be helpful to have a variance procedure that would <br /> allow parking requirements to be met off-site so that businesses could be <br /> credited for reserving spaces in remote lots (e.g., the fairgrounds) where <br /> their employees could utilize "park and ride" programs. <br /> Mr. Hibschman reviewed the commitment of the current reserves ($4 million) in <br /> the renewal district. Of the total, $1.5 million has been committed to the <br /> development at 8th Avenue and Willamette Street, $1 million has been <br /> committed to the development at 11th Avenue and Willamette Street, $.7 <br /> million has been committed to site improvements for both of these projects, - <br />e and $.8 million has been committed to building rehabilitation. Mr. Hibschman <br /> said the tax increment generated from these projects could be used to fund <br /> other projects in the urban renewal district, including: street redesigns <br /> costing between $1.5 million and $2 million; development of a public plaza <br /> costing between $.5 million and $1 million; and redesign of the Lane Transit <br /> District transfer station costing between $.75 and $1 million. <br /> Mr. Hibschman reviewed a chart depicting the amount of tax increment that <br /> would be generated annually by the Centennial Bank project. If Centennial <br /> Bank were to construct a 98,000-square-foot facility at $80 per square foot, <br /> with a tax of $34 per 1,000 square feet and a collection rate of 90 percent, <br /> the annual tax increment flow would range between $235,000-$240,000. Mr. <br /> Hibschman also reviewed the annual debt service for a parking facility at 6th <br /> Avenue and Oak Street. Staff assumed that the air rights for the project <br /> would cost approximately $750,000, and that 480 spaces would be developed at <br /> $8,500 per space. Given these assumptions, the annual debt service for the <br /> project would be approximately $475,000 per year. <br /> Mr. Rutan asked what portion of the annual debt service Centennial Bank would <br /> need to cover. Mr. Gleason said Centennial Bank would need to pay half of <br /> the annual debt service. In theory, the increment generated from the bank's <br /> new facility could cover this amount. <br /> Scott Luell, Planning and Development Department, reviewed the parking <br /> options for the development at 7th Avenue and Oak Street. He said there are <br />e MINUTES--City Council-- July 10, 1989 Page 2 <br /> Dinner/Work Session <br />