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<br />September 23, 2019, Work Session – Item 2 <br /> Structured parking increases the overall parking capacity and presents an opportunity for shared parking to serve the park and retail uses during the day. <br /> Additional retail space to be provided on lot 9 adjacent to the plaza. <br /> Provides potential for road between lots 9 and 10 and the road between 10 and the Steam Plant to become more pedestrian oriented with improved access points to the park. <br /> Affordable housing proposed in a location (lot 3) with more convenient access to services, including transportation, and incrementally farther from train noise. The majority of the Downtown Riverfront site is within an Opportunity Zone (see Attachment B). The Opportunity Zone Program is a federal investment incentive program established by the 2017 Tax Cuts and Jobs Act. The program provides tax benefits for real estate development and business investments in designated, low-income areas. Council action is not required to authorize private equity investments in Opportunity Zones. The Riverfront Opportunity Zone has attracted investor interest and provides WDA an opportunity to build significantly more housing than was envisioned in their previous concept plan. <br />Advisory Committee The River Guides are scheduled to meet on September 19 to review the proposed concept plan changes. Staff will provide the River Guides’ recommendation to the Agency Board at the work session. <br />Next Steps If the Agency Board approves the proposed changes, the Agency and WDA will sign an amendment to the DDA and continue working to satisfy the remaining due diligence efforts. A number of City/Agency actions will be necessary before WDA is obligated to purchase the property, including budget authorization, MUPTE approval, and the third step of the LID—all requiring action by council and providing a number of opportunities for public input. <br />PREVIOUS COUNCIL DIRECTION January 31, 2018, Work Session <br /> Riverfront update and WDA representatives presented their project proposal, including the concept plan. July 9, 2018, Work Session <br /> Council authorized the Agency Director to approve a disposition and development agreement with WDA. <br /> Council initiated the process for the necessary land use code and plan amendments to enable the development of the downtown riverfront consistent with the concept plan presented by WDA. <br /> Council initiated consideration of a proposed LID and directed the City Manager to return with the report described in section 7.160(6) of the Eugene Code, so that the council can determine whether to proceed with the LID.