04/15/1992 Meeting - Laserfiche WebLink

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e e e occupation of 40,000 feet and a limited partnership agreement that outlines an agreement with Lorig Associates and u.s. Bank. A rough time line has construction beginning in the summer, with occupancy by January 1994. Abe Farkas, Planning and Development Department, said that the removal of the Federal hurdle (OCC approval) and agreement between the parties are significant steps forward. Mr. Boles asked staff to explore the opportunity for conveyance of u.s. Bank property to an arts group for a Eugene Art Museum as part of the project. Ms. Ehrman asked that there be open discussion of the issue with the entire arts community. Mr. Rutan and the council thanked U.S. Bank representatives for the bank's investment in the community. B. Lincoln School Development Update Staff said the Lincoln School property was sold to the developer January 1992, as per the council's approval. The developer paid $25,000 and signed a note for the remaining $100,000, which is due September 1992. The City has the option to take back the property if construction is not started by September. Developer Harris Hoffman of Lorig Associates gave a progress report on the project, saying a building permit has been issued. He also said that Seafirst Bank made a loan commitment and agreed to become an equity partner. Seafirst, however, must secure oee approval before the project can move forward. Alternately, he said, the developer is in the process of applying for a Housing and Urban Development (HUD) loan, as well as pursuing tax credit participation. Mr. Hoffman assured the council that the developer remained committed to the project. Responding to a question from Ms. Ehrman, Mr. Hoffman said there have been no significant changes in the bUilding plans. Mr. Boles said the delays have also been very frustrating to the community because there are community projects "on hold" until the project is complete. He said the maintenance of the interior and exterior of the grounds is also of importance to the community. Mr. Hoffman assured the council it has addressed many maintenance problems since taking over the building, and will assign local responsibility. VI. EUGENE DECISIONS: PROCESS FOR COUNCIL WORK SESSIONS Tony Mounts, Administrative Services, reviewed packet information, saying information on revenues and enhancements will be distributed in council's Friday packet. He said new council score sheets are forthcoming to include numbers for revenues and enhancements and a revised strategy for Building and MINUTES--Eugene City Council 11:30 a.m. April 15, 1992 Page 7