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01/12/1983 Meeting
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01/12/1983 Meeting
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City Council Minutes
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1/12/1983
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<br />III. AX BILLY OPTION AGREEMENT (memo, agreement distributed) <br /> <br />~ Councilor Hansen said he would abstain from discussion and voting on this matter <br />due to prior contacts. <br /> <br />Mr. Gleason introduced Elaine Stewart, Department of Housing and Community <br />Conservation. Ms. Stewart said that the council would be considering this item <br />in its capacity as the Eugene Renewal Agency. She said that efforts to offer <br />the Ardel Building, later known as the Ax Billy Department Store building, for <br />sale and rehabilitation had commenced in March 1982. She said that of the four <br />offers received, the Eugene Renewal Agency (ERA) had selected that of Bennett <br />Management Company. Ms. Stewart said that Mr. Bennett proposed development of <br />the building as an athletic club. She said that, in exchange for the option <br />agreement, Mr. Bennett would make a deposit of $10,000 to demonstrate his good <br />faith intent to exercise his option by giving the Renewal Agency written notice <br />of his intentions by March 1, 1983. She said that Mr. Bennett had agreed on a <br />purchase price of $213,000, with terms to be negotiated prior to execution of <br />the purchase agreement. <br /> <br />Ms. Stewart noted that during the period of time covered by the option agreement, <br />Mr. Bennett would be undertaking a market study to provide information for use in <br />refining his development proposal. She said that the Downtown Commission had <br />recommended to the council that in the event that this market study indicates <br />that the project is not economically feasible, the cost of the study, not to <br />exceed $6,000, should be deducted from the $10,000 good faith deposit, since the <br />information provided by the study would be of value to the City. Ms. Stewart <br />said the commission felt that this risk-sharing was in the spirit of the publicI <br />~ private partnership. <br /> <br />Ms. Stewart said that the Ax Billy Building was listed on the National Register <br />of Historic Places and noted that Mr. Bennett had agreed to restore the exterior <br />of the building in keeping with its recognized historical significance. <br /> <br />Ms. Stewart said that she and Mr. Bennett were available to answer questions on <br />the option agreement. <br /> <br />Councilor Lindberg asked why the approval of the Department of Housing and Urban <br />Development (HUD) was needed for the sale. Ms. Stewart responded that HUD <br />approval was needed because HUD funds were used to purchase the building. <br /> <br />Ms. Schue moved, seconded by Mr. Ob;e, that the City Council, <br />acting in its capacity as the Eugene Renewal Agency, approve the <br />option agreement between Bennett Management and the Eugene Renewal <br />Agency for the purchase of the Ax Billy Department Store building. <br />Roll call vote; motion carried unanimously, with Mr. Hansen <br />abstaining. <br /> <br />e <br /> <br />IV. MONTHLY ECONOMIC DIVERSIFICATION STATUS REPORT re: DEVELOPMENT-RELATED <br />PROCESS REVIEWS (memo, background information distributed) <br /> <br />Mr. Gleason noted that this item had been held over from the December 15, 1982, <br />council meeting. He said council endorsement was sought for general policy <br />direction of deregulation of development-related processes. He introduced <br /> <br />MINUTES--Eugene City Council <br /> <br />January 12, 1983 <br /> <br />Page 6 <br />
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