09/25/1985 Meeting - Laserfiche WebLink

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OVERPARK IMPROVEMENTS October 2, 1985 ~~2 e In order to inc~ease the revenues through increased commercial lease income, the Downtown Commission has recommended a significant expenditure of tax increment (Renewal Agency) funds to: Make tenant improvements for new tenants; Upgrade the building exterior; Improve access to the parking decks; and Upgrade the parking decks. Since the Commi!sion's action, the staff has been marketing the building more aggressively, using the potential improvements as a selling point. There has been a positive response to the plans, both by current tenants and prospective tenants. We currently have written or verbal intents representing approximately $51,000 in additional annual revenue. These are contingent commitments, based on improvements occuring. With the improvements, the building could be on a cash-positive operating basis by the end of FY 87. In addition, it will make a more positive contribution to the downtown business community. e Proposed improvements and the cost projections are as follows: Lease Space Repair and Improvements $ 70,000 Store Front and Ground Level Renovation 60,616 Alley Improvements and Short Term Parking 32,494 Ground Floor Entries 80,189 Exterior Stairway 50,000 Parking Signing and Lighting 29,774 Stairwell and Upper Entry Renovation 50,446 Concrete Cutting on Parking Decks for Natural Light 39,524 TOTAL $413,043 Nearly half of these improvements can be covered by the existing capital appropriation in the tax increment fund, primarily savings on the opening of Willamette Street between lOth and 11th. The remaining funds will require a supplemental budget action in November. - Action The Downtown Commission recommends that the City Council, acting as the Eugene Renewal Agency, approve the improvements to the Overpark and direct staff to prepare a supplemental budget to increase the capital appropriation. GB:pv/0864S