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<br /> <br />?Council final project approval, including <br />property transactions <br /> <br />?Council budget authority approval <br /> <br /> <br />Option 2:Select Beam Development <br /> <br />Option 2 would lead to the renovation of the Centre Court building and the Washburne building, and a <br />yet-to-be-defined level of new construction in the adjacent vacant land. This option assumes a more <br />modest commitment of financial resources. Upon selection, staff would begin working with Beam 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 Beam to develop and initiate a public <br />involvement plan for the project. Option 2 would require the URA to maintain the existing purchase <br />option agreements on the Centre Court and Washburne properties. The URA would let the options on <br />the remaining properties expire. In May, detailed financial strategies related to the Beam proposal <br />would be brought to the URA for consideration. An estimated timeline for this option, including <br />potential financing steps and future URA approvals, is included in Attachment D. Option 2 assumes that <br />th <br />the URA would move forward with the TK Partners’ project, as previously selected in the 10 and <br />Charnelton Request for Proposals process. <br /> <br />Option 2 Summary (Beam) <br /> <br />Estimated Total Project Cost: $ 18.1 Million <br /> <br />Estimated Public Investment: $ 1.6 Million (9% of total project) <br /> <br />Estimated Private Investment: $ 16.5 Million (91% of total project) <br /> <br />Concept Result: Retail (40,600 sq. ft.), office (55,423 sq. ft.), <br /> surface parking (5,600 sq. ft., 15 spaces) <br /> * Supplemental information also indicated <br /> a scenario with flex/live uses but limited <br /> detail was provided. <br /> <br />URA Decision and Timing: May 2007: Council review of financing <br /> strategies <br /> May – August 2007: Public involvement <br /> (See Attachment G) <br /> September 2007: <br /> <br />?Final project approval, including property <br />transactions <br /> <br />?Budget authority approval <br /> <br /> <br />Option 3: Take no action on the RFQ responses <br />Under Option 3, the URA would let the options on the remaining properties expire. Option 3 assumes <br />th <br />that the URA would continue with the TK Partners project, as previously selected in the 10 and <br />Charnelton Request for Proposals process. This option could be expanded to include a planning process <br />L:\CMO\2007 Council Agendas\M070509\S070509B.doc <br /> <br />