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Item B: West Broadway Project Update
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Item B: West Broadway Project Update
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6/9/2010 1:17:28 PM
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4/19/2007 8:40:17 AM
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City Council
City_Council_Document_Type
Agenda Item Summary
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4/25/2007
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<br /> <br />Preservation of Local Businesses <br />BEAM KWG <br /> <br />Centre Court is currently vacant; no information is The development team will work with the City to <br />provided regarding the existing tenants in the preserve local businesses and accommodate <br />Washburne building. existing tenants. Business displacement expected <br />during construction. Retention of the office tenant <br />in the Washburne building is an important goal. <br /> <br /> <br /> Level of Financial Participation from the URA <br />BEAM KWG <br /> <br />In the scenario where the developer obtains Parking $15,987,972 * <br />ownership of the property immediately: Utilities 5,000,000 <br /> Offsite costs 1,002,000 <br /> Estimated gap $ 1,590,000 Buy-down for profit yield 1,556,251 <br /> Affordable Housing Loan 1,327,181 ** <br /> Total $24,873,404 <br />* Level of URA participation is not available for <br />the alternative flex/live scenario due to limited * City to purchase and retain ownership of parking <br />information ** Loan to be repaid <br /> <br /> <br /> Opportunities for Public Input <br />BEAM KWG <br /> <br />Beam has previous experience with public KWG has previous experience with public <br />involvement in development projects. Indicated involvement in development projects. They <br />that the first task will be to visit with local indicated their interest in contracting with a public <br />residents and stakeholders to identify what the participation expert to create and implement a <br />community needs and how they can work with the public involvement plan for the project. <br />community to deliver a project which builds on <br />established neighborhood themes. <br /> <br /> <br />Public Involvement <br />The redevelopment of West Broadway is a high-profile project which could include significant public <br />investment and change the urban form and identity of this area of downtown. It will be important to <br />involve a broad spectrum of participants, including the development team, neighborhood groups and <br />citizens throughout Eugene, downtown stakeholders, and business and property owners along <br />Broadway. Staff has prepared a preliminary outline of a public involvement process for the two <br />proposed development concepts (Attachment C). The KWG outline assumes a more comprehensive <br />public involvement effort, which could include a contracted outside party to guide the process. The <br />L:\CMO\2007 Council Agendas\M070425\S070425B.doc <br /> <br />
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