Item B: Review of West Broadway Request for Qualifications Responses

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.~'lark.et conditions \vill also play a major role in determining how this area is redeveloped. Given the cost of construction dovvntovvn and the fa.ct that Eugenels property values and lease rates lag behind more dense dovvntowns-in larger nletro areas, a comprehensive redeveloptnent approach would likely have greater potential to elevate the market values and conditions in the area nIore quicklY;t therefore l11aking rerlevelopnlent along West .Broadvvaynluch lliore feasible. The RFQ stra.teg)r also nlakes effective LIse oftlle linlited option period througb selectionofa qualified developer \vho could act on the purchase options within the option period. Additionally, the.R.FQ strategy wou.ld take advantage of the positive-dovlntovvn monlentum created by the reopenin.g of .Broadway, the new Eugene lJublicLibrary, The Tate Condominiums, WestTovvn on gth, and the potential Kel'11per 10th &Ch.arnelton project. 2. .Purchase some or all of the properties and offer them for sale and rede"relopmellt The council could consider purchasing some of the key properties, or all of the properties, currently under option. Under this strategy, the .LrRA could take advantage-of the linlited opportunity to acquire key properties during the option periods. .Following the purchase of tbe property(s), the lJRA could seek proposals for devrelopnlent of individual properties or groups of properties. This strategy would require the identification of financial resources necessary to execute the purchase of properties. City staff is analyzing both .Downtown Urban .R.eneVvral resources and the recently approved CDBG-HU-D 108 loan and Bro,:vntield Economic Development Initiative (B.E,DI) grant as potential sources of financing for acquisition. Ihis analysis is still in progress. 3. Reopen disCllssions with Connor and \Voolley/Opus. The council previously provided direction to work with Connor and Woolley/Opus on developing a more detailed proposal. Although it is not clear that Connor and Woolley/Opus would choose to move forward \vith their previously discussed redevelopment project, the City could first consider \vhether Connor and Woolley/Opus have an interest in properties that are currently l.1nder option. Prior disc.ussionswith Connor and Woolley/Opus revealed plans for retail, housing, entertainment, and hotel uses. l'he overall concept appeared to be very responsive to the goals of the .Downtown .Plan. If there is interest in resurrecting their project, the .U..RA could reopen discussions w'ith Connor and W ooUey/Opus, ""\lith the goal of obtaining additional details and con1111itlnents regarding their developnlent concept during the linlited option periods, and prior to conveying the options. R__E.LArr:E.D (~lTYPO.LIC.[ES Future redevelopment of the \VestBroadway area is consistent ,,\lith the policies and implenlentation strategies included in the Downtown Plan, including: .Downto\vn developnlent shall support the urban qualities of density, vitality, livability and diversity to create a downtovvu, urban environment. Actively pursue public/private development opportunities to achieve the vision for an active, vital, growing downto.\Nn. tJse downtown development tools and incentives to encourage developtnent that provides c.haracter and density doxvntown. .p ro mote multi-story, mixed-use structures downtoVvrn through financial incentives arcade amendments, Stimulate multi-unit housing in the dow'ntown core and on the edges of downtown for a variety of income levels and ownership opportunities. L:\C~1()\2006 Council Agendas\tvI061127\S061127B.doc