Ordinance No. 20585 - Laserfiche WebLink

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Assumptions: The City has taken actions to increase residential housing downtown which will accommodate the remaining 1,003 High Density Residential need. Analysis: These include:' • Adoption of the revised Multiple Unit Property Tax Exemption (MUPTE) program for the downtown. The redevelopment estimating tool analysis results show that some combination of investment tools, for example MUPTE, tax -funded SDCs, below -market - rate sales and leases of government-owned property, and reductions in parking requirements, will be needed to achieve the community's redevelopment target. • The Riverfront Special Area Zone and focused efforts on the EWEB (Eugene Water and Electric Board) downtown riverfront site. The zone was adopted by Council in 2013. Prior to the special area zone adoption, a market analysis was completed during the master planning process that suggests redevelopment of this site has the potential to accommodate up to 404 dwellings. Other efforts focused on this site include project coordination, permit facilitation and park and infrastructure commitments. • Downtown Development Opportunity Areas. The Eugene Downtown Plan listed a "Dozen Downtown Development Opportunity Areas," locations appropriate for redevelopment to high levels of density and activity. The list is being updated to reflect recent development and new opportunities. City staff played a significant role in these projects, including financing, project coordination, design review and permit facilitation and will continue these efforts on the new sites. • In addition to the projects listed as downtown opportunity areas, staff has provided financial assistance to more than 20 businesses downtown, creating a more walkable and livable core area that is likely to support more private investment in housing. The likelihood of accommodating all of the high density residential deficit downtown is demonstrated by the recently adopted MUPTE program and (EWEB) Riverfront Special Area Zone, the history of success in focused efforts and investment tools on downtown redevelopment shown on the updated Downtown Development Opportunity Areas list, the continuation of other programs that have provided financial assistance to businesses downtown, and in both the existing physical capacity and market feasibility of additional high density housing with investment tools. Timing: No actions needed. ➢ Efficiency Gained: See "Efficiency Gained" under Measure 7, below. 6. Downtown & Mixed Use Code Amendments (High Density Residential) Applicability: C-2 Community Commercial Zone, C-3 Major Commercial Zone (downtown), /ND Nodal Development Overlay Zone, and /TD Transit Oriented Development Overlay Zone. s See Technical Support portion of the public record for more information on the programs and incentives to increase housing downtown mentioned here. Residential Land Supply Study I Final Part IV — Page 10