Item B: West Broadway Project Update

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Option 1 Summary Estimated Total Project Cost: $191.2 Million Estimated Public Investment: $24.8 Million (13% of total project) $15M parking, $5M utilities, $1M offsite, $1.5M buydown for profit yield, $1.3M affordable housing loan Estimated Private Investment: $167.5 Million (87% of total project) Concept Result: Hotel (87,800 sq.ft., 106 rooms), retail (132,279 sq. ft.), theatre (55,000 sq. ft.), grocer (55,000), condo units (288 units), affordable rental units (184), underground parking (600 spaces) URA Decision and Timing: May 2007: ?Council review of financing strategies ?Begin process to amend downtown urban renewal plan ?Begin process for Section 108/BEDI funds ?Public hearing on Section 108 financing May – August 2007: Public involvement (see Attachment C) June 2007: Council resolution on Section 108 application July 2007: Public hearing on urban renewal plan amendment September 2007: ?Council approval of urban renewal plan amendment ?Council final project approval, including property transactions ?Council budget authority approval Option 2:Select Beam Development Option 2 would lead to the renovation of the Centre Court building and the Washburne building, and a yet-to-be-defined level of new construction in the adjacent vacant land. This option assumes a more modest commitment of financial resources. Upon selection, staff would begin working with Beam to develop more concrete project details, particularly related to the level of financial participation from the URA. Staff would also work with Beam to develop and initiate a public involvement plan for the project. Option 2 would also require the URA to maintain the existing purchase option agreements on the Centre Court and Washburne properties. The URA would let the options on the remaining L:\CMO\2007 Council Agendas\M070425\S070425B.doc