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<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 the URA, the community, and KWG to develop and initiate a public <br />involvement plan for the project. Option 1 would require the URA to maintain the existing purchase <br />option agreements on the West Broadway properties and to continue negotiations on key properties that <br />are not currently under option. In May, detailed financial strategies related to the KWG proposal would <br />be brought to the URA for consideration. An estimated timeline for Option 1, including potential <br />financing steps and future URA approvals, is included in Attachment C. <br /> <br />Option 1 Summary (KWG) <br /> <br />Estimated Total Project Cost: $191.2 Million <br /> <br />Estimated Public Investment: $24.8 Million (13% of total project) <br /> $15.9M parking, $5M utilities, $1M offsite, <br /> $1.5M buydown for profit yield, $1.3M <br /> affordable housing loan <br /> <br />Estimated Private Investment: $167.5 Million (87% of total project) <br /> <br />Concept Result: Hotel (87,800 sq.ft., 106 rooms), retail (132,279 <br /> sq. ft.), theatre (55,000 sq. ft.), grocer (55,000), <br /> condo units (288 units), affordable <br /> rental units (184), underground parking (600 <br /> spaces) <br /> <br />URA Decision and Timing: May 2007: <br /> <br />?Council review of financing strategies <br /> <br />?Begin process to amend Downtown urban <br />renewal plan <br /> <br />?Begin process for Section 108/BEDI <br />funds <br /> <br />?Public hearing on Section 108 financing <br /> May – August 2007: Public involvement (see <br /> Attachment G) <br /> <br /> June 2007: Council resolution on Section 108 <br /> application <br /> July 2007: Public hearing on urban renewal plan <br /> amendment <br /> September 2007: <br /> <br />?Council approval of urban renewal plan <br />amendment <br />L:\CMO\2007 Council Agendas\M070509\S070509B.doc <br /> <br />