Item B: Review of West Broadway Request for Qualifications Responses

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The option ternlS and purchase prices associated with each of the ptlrchase options were negotiated independently based on each property ovvner'g individual circumstances. i\H of the agreements aHa,\! the lJR_A to assign the purchase options to another party. Generally, a 1l1ajority of the purchase options include an initial SiX-Ulonth option period \vith the ability to extend for one additional Six-ll1onth period. To date, the LIRA has paid option Inaney totalil1g $34,000 for the right to purchase propertyvvith a cOlnbined total purchase price of$13,655,OOO. ThelJRA \vould be required to pay additional option money totaling $] 22,000 in order to secure the p-urchase options for the second six-tTIont.h period. The combined total purchase price \Nould increase to $13~825,OOO after the initial six-month option period. A detailed list of the properties and option tertns is included in Attachment A. .l~U of the properties that have received purchase option offers fromtheU-R_A are included in the aerial_map (Attachnlent-B). ThelJRA's property assembly effort Vlas initiated by the original proposal. from Connor and Woolley/Opus. The current focus is on a comprehensive redevelopnleot strategy that has the potential to transform West-Broadway into the "Great Street" envisioned in the DO\i\lntovvo_Plan and Vision for G-reaterDo\vnto'Vvn Eugene. The Do\vntovvn Plan envisions Broad\\lay with ground floor retail, restaurants, and sidewalk activities such as outdoor cafes. Currently, the t\VO blocks of\Vest Broadway are characterized by high-vacancy, low-density, and 10\\1 lease rates. A majority of the properties are one- and t\vo-story structures, many of\vhich are underutilized and not \~lell suit.ed for retail use because of the narrow and deep configurations. Several issues need to be considered in assessing the future redevelopment of\,rest Broa.dway, including design, Inixof uses, density, market conditions, and tinling. The appropriate scale, orientation and design of structures rleed to be carefully! considered. The City has been \vorking with Thomas Hacker Architects to help visualize the redevelopment potential for ~Test Broadwa.y. The City has also been working w'ith The Farkas Group to help develop strategies for redevelopnlent of this area. The assemblage of property that is currently being pursued is an important fIrst step. The lIRA has secured purchase options that have a limited duration; therefore, a limited \vindow of opportunity exists for the URA to proactively pursue redeveloptnent of\\'estBroadway. There are various strategies to consider regarding the purchase options that have been secured on a nlajority of the key properties along West Broadvvay, some include: 1. Issue a_Request for Qualificatiolls (RFQ). LInder this strategy, an RFQ would be issued for selection ofa qualified developer(s)~lith a viable redevelopment concept for "Vest Broadway and the capacity to itnplement a well designed, urban nlixed-use development. RFQ criteria for the West Broadway area have been drafted. The criteria are designed to attract a comprehensive redevelopnlent approach for the area \vhich advances the policies in the Downtown Plan. A copy of draft RFQ criteria is included in Attachment C. There are several advantages to the _RFQ strategy. The scal-e and complexity of the potential redevelopment of this area of West Broadway, together with the linlited duration of the option periods, favor anRFQ.A_u-R_FQ related to the entire West Broadway area footprint provides the best opportunity to att.ract the largest number of qua.lified developer responses and a variety of redevelopment approaches and uses that could be considered. The RFQ strategy provides an OPPol1unity to attract developers who recognize the market potential for the area under a comprehensive redevelopnlent scenario. It is also possible that more than one developer could be selected to carry out different portions of the overall redevelopment project L: \C!vl0\2006 Council Agendas\~1061127\S061127B.doc