Item A: Downtown Development Financial Tools

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2. DEVELOPMENT TOOLS A. Land Assembly Land Assembly Summary Development footprint of adequate size is fundamental to project Areas of decline have many owners of small parcels City/URA can: Purchase property, buy purchase options; o Prepare site for development (demolition / predevelopment); and o Sell land at reduced price. o The expensive, long, and uncertain process of assembling property is a major barrier to private redevelopment. Cities and urban renewal agencies often take an active role in property assembly as a method of creating redevelopment opportunities and providing incentives for private reinvestment in a given area. Specific actions typically include securing purchase options, direct purchase for resale or contribution to development, demolition and predevelopment, and purchase price reductions. Example: The City of Eugene and the URA have previously assembled land for the benefit of the following projects: Broadway Place, Hilton Convention Center, Eugene Public Library, Wayne Morse Federal Courthouse, US Bank Building, and affordable housing development via the Landbanking Program. Parking Parking Summary Downtown core is a parking exempt area Important for developers and lenders for new housing construction Parking requirements for new development vary based on density and uses Structured parking revenues can support on-going operations and maintenance, but not the capital cost for building the garage City has historically provided structured parking to support private development and activity downtown The City owns and operates five public structured parking facilities in the downtown core, including the Broadway Place structures at Broadway and Charnelton Street (366 north spaces and 363 south spaces), the Overpark at 10th Avenue and Oak Street (598 spaces), the Parcade at 8th Avenue and Willamette Street (438 spaces), the Pearl Street Garage (262 spaces), and the Eugene Performing Arts Center garage by the Hult Center (520 spaces). The City offers monthly bulk parking permit discounts of up to 30% for businesses that purchase bulk permits (25 or more permits) and have an active alternative modes plan. Although the downtown core area is parking exempt (meaning there are no requirements to provide parking under City code), developers and lenders will typically require that the development provide parking in support of certain types of uses. For example, housing uses may require a 1:1 housing unit/parking space ratio. Retail uses may also demand specific parking supply per square foot. Within the C3 zone, the existing Land Use Code requires parking in excess of 20 spaces to be structured. Because there are cost constraints and income limitations associated with privately constructed structured parking, the provision of publicly provided parking can be a development tool. Example:Broadway Place Page 10 of 13