Agenda Packet 9-23-19 Work Session

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September 23, 2019, Work Session – Item 2 infrastructure to be built in 2020. By this October, the site will be stabilized and prepared for the rainy season. Infrastructure and the Local Improvement District Based on council direction initiating the Local Improvement District process, engineering and design work for site infrastructure is well underway. Construction bids are estimated to be received in early 2020 and will be presented at a public hearing before a hearings official. Council action to form the LID and authorize the City Manager to award a construction contract is estimated for spring 2020. Subsequent to the completion of construction and a public hearing on proposed assessments, council will take action on an ordinance levying the assessments, expected for early 2021. Proposed Concept Plan Changes The current concept plan and proposed changes are depicted side by side in Attachment A. Here is a summary of the changes being proposed: A. Combine lots 9A with 9B and 10A with 10B o Allows for taller buildings (4 stories instead of 3) and moves from surface parking to structured parking on new lots 9 and 10 and existing lot 7 o Removes private alleys that separated parcels and consolidates building footprint into one structure on new lots 9 and 10 o Potentially could shift access to lots 9 and 10 to the primary street adjacent to the railroad B. Hotel moved to lot 3 (from lot 7) C. Affordable housing moved to lot 3 (from lot 10A) The proposed changes would increase WDA’s level of investment and the number of residential units being developed. Previously, the total site estimated investment for WDA was $100 million with about 340 housing units. WDA anticipates that under the proposed concept plan change, the investment in the first phase of the project on the multi-family housing buildings on parcels 7, 9, and 10 will be approximately $115 million and about 500 units. The City/Agency share of the costs and level of involvement will remain the same. The private investment will, in turn, generate new taxable value. Over thirty years, the increased density of development on 7, 9, and 10 will generate about $3.5 million more in property taxes to the Riverfront Urban Renewal District, the City, Lane County, School District 4J, Lane Community College, and Lane Education Service District combined, for an estimated total of $45.5 million over the 30-year period. Of the total amount, the District will collect about $500,000 by the time it sunsets in 2024, and the City will collect about $22.8 million from 2025 to 2050. Additional potential benefits from the proposed changes include: Accelerates the timeline on vertical development for lots 7 and 9 resulting in more eyes on the park sooner and contributing to activity and safety of public spaces. If approved, the proposed concept change would have construction anticipated to begin on lot 7 or 9 in the fall of 2020. The timing for construction of affordable housing would be unchanged. Increased housing density and the addition of structured parking is a more efficient use of the land and consistent with a more sustainable, urban development form.