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<br />October 28, 2019, Work Session – Item 2 <br /> <br />Infrastructure Contingency Planning – Downtown Riverfront The City is constructing the infrastructure to serve the new Downtown Riverfront Park and the rest of the development site. In line with the Agency Board approved Williams & Dame Associates’ terms, the financial model for the Riverfront Urban Renewal District assumes that the cost of this infrastructure work is paid for by a combination of a local improvement district and urban renewal funds, with WDA ultimately paying for approximately 60 percent of the total cost through the LID assessments. However, if the bids for the infrastructure work come back significantly higher than currently estimated, it is possible that WDA could choose to terminate the Development and Disposition Agreement rather than contribute to the additional costs. (It is also possible that some other contingencies occur that could result in WDA not moving forward.) The City has developed a back-up plan to ensure that—if WDA did not move forward—the City would still be able to construct enough of the infrastructure to serve the new Park, without needing to use other City funds to cover the infrastructure cost. But potentially—if the bids were to come back significantly higher than currently estimated or if WDA does not move forward—additional urban renewal funds might be needed. Other trade-offs might also be necessary. Information will be presented at the work session to outline these potential costs and trade-offs. The contingency plan is shown in Attachment C. <br />Projects in the Planning/Design Stage <br /> Steam Plant: Earlier this year following Agency Board direction, the Agency began negotiations with a local development team who proposed 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 on October 24, and an Agency Board work session is scheduled for November 18. <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 an initial $4 million budgeted (adequate funding for design and its share of the infrastructure cost), additional funding likely would 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 anticipated that additional funding will be needed. <br />Other Potential Future Opportunities There are a number of other potential investment opportunities within the Riverfront District, which were included in Agency Board materials in March and April. Agency Board input is sought on the projects listed and any projects not listed that staff should explore. Additional information on each project and a map of the District is in Attachment D.