Item C: West Broadway Project Update

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– This item is also related to one of the new 2007-2008 City Council Goals: Downtown Initiative Facilitate significant revitalization of downtown core. COUNCIL OPTIONS The following four options have been identified. Please note that the postponed motion from the May 9 work session has been added and is now Option 1. Option 1: Select Beam Development & KWG Development Partners Select Beam and KWG as the developers for the West Broadway project, and direct the Agency Director to initiate actions related to agreements with the developers; public process that includes a citizen advisory committee with an independent urban planner/facilitator whose work shall be completed by the end of August and presented to the Agency in September; option agreements; financial tools (including an Urban Renewal Plan amendment and HUD Section 108); and a relocation/transition plan, all th consistent with the Agency’s May 9 discussion, with all proposed actions, other than option agreement renewals and extensions, brought back to the Agency for final authorization. This motion further directs the Agency Director to secure the services of a qualified urban planner/facilitator to oversee the public process for the West Broadway development site footprint, and to establish a West Broadway Development Advisory Committee to work with a qualified urban planner/facilitator, and the developers, to identify preferred design elements, mix of uses, public open spaces, options for parking, as well as a transition plan for existing businesses. The Agency and the Advisory Committee would also seek additional public input. The Advisory Committee shall be composed of 11 members, with each councilor selecting one member and the Mayor selecting three members. In addition, the Agency Director shall secure the services of a qualified consultant to perform market analysis and economic feasibility studies. This research and analysis will inform the Agency and the Advisory Committee’s deliberations. Option 2: Select KWG Development Partners Option 2 is a comprehensive approach to the redevelopment of West Broadway and assumes a significant commitment of financial resources. Upon selection, staff would begin working with KWG to develop more concrete project details, particularly related to the level of financial participation from the URA. Staff would also work with the URA, the community, and KWG to develop and initiate a public involvement plan for the project. Option 2 would require the URA to maintain the existing purchase option agreements on the West Broadway properties and to continue negotiations on key properties that are not currently under option. In May, detailed financial strategies related to the KWG proposal would be brought to the URA for consideration. Option 3:Select Beam Development Option 3 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 the URA, the community, and Beam to develop and initiate a public involvement plan for the project. Option 3 would 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 properties expire. In May, detailed financial strategies related to the Beam proposal L:\CMO\2007 Council Agendas\M070514\S070514C.doc