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<br />In addition, the future development of the West Broadway Redevelopment Area is responsive to the <br />following Growth Management policies: <br /> <br />Policy 1: Support the existing Eugene Urban Growth Boundary by taking actions to <br />increase density and use existing vacant and under-used land within the boundary <br />more efficiently. <br />Policy 2: Encourage in-fill, mixed-use, redevelopment, and higher density <br />development. <br />Policy 3: Encourage a mix of business and residential uses downtown using incentives and <br />zoning. <br />Policy 10: Encourage the creation of transportation-efficient land use patterns and <br />implementation of nodal development concepts. <br />Policy 14: Development shall be required to pay the full cost of extending infrastructure and <br />services, except that the City will examine ways to subsidize the costs of <br />providing infrastructure or offer other incentives that support higher-density infill, <br />mixed use, and redevelopment. <br /> <br /> – <br />This item is also related to one of the new 2007-2008 Council Goals: Downtown InitiativeFacilitate <br /> <br />significant revitalization of downtown core. <br /> <br /> <br />COUNCIL OPTIONS <br />The following three options have been identified: <br /> <br />Option 1: Select KWG Development Partners <br /> <br />Option 1 is a comprehensive approach to the redevelopment of West Broadway and assumes a <br />significant commitment of financial resources. Upon selection, staff would begin working with KWG to <br />develop more concrete project details, particularly related to the level of financial participation from the <br />URA. Staff would also work with KWG to develop and initiate a public involvement plan for the <br />project. Option 1 would require the URA to maintain the existing purchase option agreements on the <br />West Broadway properties and to continue negotiations on key properties that are not currently under <br />option. In May, detailed financial strategies related to the KWG proposal would be brought to the URA <br />for consideration. An estimated timeline for Option 1, including potential financing steps and future <br />URA approvals, is included in Attachment E. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />L:\CMO\2007 Council Agendas\M070425\S070425B.doc <br /> <br />