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<br />October 14, 2019, Work Session – Item 3 <br /> <br />property within the site and, in part, by the Agency. However, if the actual bids (to be received around March of 2020) exceed the current estimate of $16.2 million, then the developer (Williams & Dame) could choose to not proceed with acquisition of the parcels, and at a minimum the Agency would need to decide whether to provide additional funds to cover its share of the increased cost. Staff have developed a contingency plan to ensure construction of at least that part of the infrastructure needed to provide access to the new park in the event that the developer chooses not to move forward or the increased cost is not approved by the Agency. Information about the various possibilities and contingency plan will be provided at the October 28 work session. <br /> Steam Plant: Earlier this year, the Agency began negotiations with a local development team who proposes to save and adaptively re-use the Steam Plant, transforming it into a vibrant mixed-use gathering place for art, culture, innovation, office and community-building. Adaptive re-use of the existing building is ambitious, facing extraordinary environmental, seismic and financial challenges. Based on early estimates, the team currently anticipates a development gap, even if the Agency provides the property at no cost. The Agency/City is working with the team to identify how to potentially support the project to make it a reality. The River Guides will review the draft deal points in October, and an Agency Board work session to discuss the deal points is scheduled for November 18. <br /> Quiet Zone: In 2017, council approved railroad quiet zone improvements for 10 railroad crossings. In 2018, council approved the use of urban renewal funds for the three crossings within the Riverfront District. Higher construction costs in the market and some modifications to the crossings will increase the cost estimate for the 10 crossings, including the three being funded by urban renewal dollars. More information will be presented at the October 28 work session. <br /> Affordable Housing – Downtown Riverfront: Part of the riverfront redevelopment will include an affordable housing development of not less than 75 units for households at or below 60 percent area median income. Similar to other affordable housing projects, it is anticipated that there will be a gap in the funding needed to construct the project. LIRPTEs, waiver of SDCs, and other types of assistance may be requested in the future. Staff will continue to update council as we learn more from Williams & Dame. <br /> Plaza – Downtown Riverfront: The Downtown Riverfront Plaza will add an acre of urban developed park amenities to the Downtown Riverfront Park and is envisioned to become a city-wide destination. With programmable areas for market tents, community events, kids play and family activities, the Downtown Riverfront Plaza will serve as the heart of the new Downtown Riverfront neighborhood and the front door to Eugene’s beautiful Willamette River frontage in Downtown Eugene. While the Plaza has adequate funding for design, additional funding will be needed to construct the type of urban amenities and experiences envisioned by the community. The project is anticipated to be competitive for grant funding and attractive for community donors, but it is likely that additional funding will be needed. Generally, this topic will be included at the October 28 work session.