10/25/1989 Meeting - Laserfiche WebLink

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e Mr. Bennett noted that in light of the difficulty in attracting housing in the downtown area, the council should give its support to this project. Mr. Bennett encouraged the council to analyze the extent of its commitment toward providing housing downtown. Mr. Boles shared Mr. Bennett's concerns. In reference to the November 6 public hearing on the update of the Urban Renewal Plan, Ms. Ehrman indicated that she thought the public hearing would encompass the plan as a whole, rather than individual portions of the plan. In response, Mr. Sercombe, the City Attorney, said that the City is not legally required to hold a public hearing on individual projects prior to giving them authorization. He stressed, however, that although this is not a legal requirement, it is a good practice. A. Pankow Project Abe Farkas, reported on the status of the Pankow Project. The Pankow Company, located in Altadena, California, has been working with the City on this project for the past 15 months. Mr. Farkas noted that the Urban Renewal Agency will be responsible for three core agreements in respect to this project: the ground lease, a development agreement, and a parking agreement. The City requested the Pankow Company to develop, design, and construct an office retail complex that is a minimum of 140,000 square feet. Pankow has also been asked to build a public parking garage with a minimum of 300 parking spaces to be integrated into that complex. Responding to a question from Ms. Ehrman, Mr. Farkas said parking access, e both entrance and exit, will be off Olive Street. Mr. Boles questioned the rationale behind having Olive Street access rather than 8th Avenue. He noted that there are parking establishments at present that enter and exit from 8th Avenue with seemingly little impact. Mr. Boles expressed concern that requiring access off Olive Street would place additional pressure on Olive Street--forcing it, in effect, to become a north-south arterial. Mr. Farkas responded that this issue of parking access has been discussed with transportation and traffic engineers, and they felt 8th Avenue access would pose a greater problem for traffic flow. Referring to financing for this project whereby the Urban Renewal Agency receives 10% of Pankow's net cash flow on this project in year six, Mr. Miller questioned the prognosis for having any net profit, and asked whether this calculation for determining net profit is a standard procedure. Mr. Farkas said that if there is no net cash flow, Pankow would not be required to pay any fee. He added that net profit determination is a standard practice. Ms. Ehrman inquired about the cost and type of available parking in this garage, and the number of spaces that would be made available to the public. Mr. Farkas stated that this parking would most likely be operated with a "ticket spitter". He estimated that approximately 150 parking spaces would be made available to the public on a daily basis. The monthly cost will exceed $50 per month, which is currently the most expensive parking cost in downtown Eugene. It is important to consider, however, that this higher cost e MINUTES--Eugene City Council October 25, 1989 Page 2