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<br /> January 29, 2020, Work Session – Item 2 <br /> Mixed-income projects are challenging, and it is anticipated that a public investment will have to be made in this project for it to be successful. Providing the property at low to no cost is one option. Urban renewal dollars are another potential source to offset cost of redevelopment. Staff will consider a mix of financial tools to support the project and present them in the future to Council/Agency Board for consideration as part of the project selection process. <br />Due Diligence To-Date Staff have started on due diligence items for the site acquisition. These items will verify whether this site is eligible to receive CDBG funds. The most extensive requirement is the federal environmental review which assesses the safety and environmental issues of the site. Issues researched include noise, historic resources, stormwater, toxic materials, and more. Staff is conducting community engagement as a step in the acquisition process for the Land Acquisition for Affordable Housing Program. Input received from this engagement will be shared at the work session. Upon completion of due diligence, the City will have the option of acquiring the property. Council is being asked to approve use of CDBG funds now in order to ensure compliance with annual HUD timeliness deadlines governing use of entitlement funds. <br /> <br />Proposed Disposition Process In the Land Acquisition for Affordable Housing Program, after approval of the site and acquisition, the City administers a request for projects through an RFP process. An evaluation committee would be established to score and rank submitted proposals and provide a recommendation to City Council. Staff would return to City Council after RFP proposals have been ranked which could be up to one year after property acquisition. These steps are outlined in Attachment A. <br />Next Steps <br /> Complete due diligence activities with a closing date target of March 31, 2020. <br /> Return to Council to review and take action on a set of RFP criteria to solicit interest in the property. <br /> Form an evaluation committee and conduct an RFP process. <br /> Return to Council to select a preferred project. <br /> Conduct a public hearing on use of Urban Renewal funds, if applicable, and any other funding mechanisms and schedule Agency Board action <br /> <br /> <br />PREVIOUS COUNCIL DIRECTION On May 29, 2018, City Council approved the Eugene-Springfield One-Year Action Plan, the One-Year <br />Supplemental Plan for the 2015 Consolidated Plan. This plan identifies a strategy of increasing the supply of affordable housing using land acquisition. The plan identifies sources and uses of funding to implement these strategies. On June 13, 2016, the Urban Renewal Agency of the City of Eugene adopted Ordinance 20564 adopting an amended Urban Renewal Plan for the Downtown Urban Renewal District. In this plan, the LCC building was identified as a project eligible to receive Urban Renewal dollars, with housing as a potential use.