02/27/1985 Meeting - Laserfiche WebLink

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M E M 0 RAN DUM e February 20, 1985 TO: Mayor and Eugene City Council as the Eugene Renewal Agency FROM: Downtown Commission SUBJECT: DISPOSITION AND DEVELOPMENT AGREEMENT--AX BILLY BUILDING Background Robert D. Bennett holds the option to purchase and redevelop the Ax Billy Building. He secured the option after his proposal to rehabilitate the building for use as an athletic facility was selected by the Eugene Renewal Agency in a Request for Qualifications process. Bennett has given notice of his intent to exercise the option, which expires February 28, 1985. The Development and Disposition Agreement details the terms of the purchase of the property and its redevelopment. The Downtown Commission has reviewed the Disposition and Development Agreement and forwards a unanimous recommendation for approval. A draft agreement prepared by the City Attorney's Office, formally known as the "Agreement for Sale of Land for Private Deve.1opment," construction plans, and floor plans e come under separa te cover. . City Involvement The Downtown Commission supports City involvement in this project because of the public benefit in downtown economic development. A successful athletic facility at that location will provide: . Fifty new permanent full-time jobs, 80 percent of which are targeted for low- and moderate-income persons, plus additional part-time jobs, . Over $2.8 million in private investment, . Increased mall activity before, during, and after regular business hours, . Rehabilitation of an historic building, . Return of the property to the tax rolls, . Stimulation of additional reinvestment in the area. The commission's downtown revitalization strategy is dependent upon building successful private/public partnerships. Public dollars are invested where ~ substantial private investment occurs. When this project was initiated,