02/27/1985 Meeting - Laserfiche WebLink

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e DISPOSITION AND DEVELOPMENT AGREEMENT--AX BILLY BUILDING February 19, 1985 Page 2 it was assumed that the City's role would simply be one of a vendor selling the building. The municipal role in development practice has changed sub- stantially since then. Public participation in financing is now an essential development incentive. Disposition and Development Agreement Highlights of the document include: . $213,000 building purchase price; this figure determined by an independent fee appraisal previous to offering the building for sale. . Return of $5,000 of the $10,000 option consideration currently held by the agency upon successful and timely completion of the project. . Scope of plan review by the agency. Major changes require agency approval. Major changes include changes which affect the historic rehabilitation or the availability of major recreational or other facilities in the club. e . Requirement that the developer remain as the business's general partner unless a change is approved by the agency. This is included to protect the City's reinvestment. . Completion deadline of December 31, 1985. . The agency's default remedies that include rights as a holder of a trust deed and personal guarantees by the developer. Construction Plans e The exterior elevation plan for the building was prepared by George McMath, FAIA, of Portland, a respected specialist in historic rehabilitation. The building will be rehabilitated to its appearance in approximately 1930. The third floor addition has been designed to be compatible with the original exterior, but not to imitate it, which is in keeping with policies regarding buildings on the National Register. It is set back ten feet so that it will be less visible from street level. Mr. McMath also consulted with the project engineer, Emile Mortier, regarding the rehabilitation of interior elements of historic significance. The structural drawings show the complete interior reframing, including the historic elements to be retained. The drawings are in keeping with preliminary approvals by the Oregon State Historic Preserva- tion Office and the National Register Division of the National Park Service, Department of the Interior. They have been submitted for final approval, which is expected in March.