Item 3: Resolution Authorizing HUD Section 108 Revenue Bonds

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Attachment F Draft Section 108 Individual Project Application for the West Broadway Land Acquisition Project DRAFT Section 108 Individual Project Application City of Eugene, Oregon, West Broadway Land Acquisition (Ten basic questions) 1.Project Description a. Background The City of Eugene proposes to utilize a combination of federal and local funds to support the redevelopment of properties along two blocks of West Broadway (the Redevelopment Area). The Redevelopment Area is approximately 5.2 acres. West Broadway historically served as the commercial center of downtown Eugene. However, at present, the area is characterized by significant vacancies and deteriorating buildings, parking lots, and excavated building sites. The Redevelopment Area was selected due to its strategic importance for commerce and opportunity to create sustainable models for living close to employment, retail, and services. A critical part of the vision is to create more opportunities for people to live in high density, location-efficient residences, quality jobs and services, and to better utilize alternative modes of transportation to reduce overall impacts on the environment. The Redevelopment Area is surrounded by community assets that make it the ideal location for urban infill and redevelopment. The intersection of Willamette Street and Broadway, located at the eastern edge of the Redevelopment Area, is considered to be the very center of Eugene. Downtown Eugene is occupied by businesses and government offices that employ over 11,000 people. Residents and employees within downtown Eugene already have immediate access to alternative travel modes including the Lane Transit District Downtown Transit Station, comprehensive bike path system, and pedestrian facilities. Access to retail, parks, and cultural facilities also make downtown Eugene an attractive location for additional development. Over the past ten years, the City of Eugene and other private entities have attempted to support the development of portions of the Redevelopment Area. The challenges of downtown development and fragmented ownership have thwarted previous efforts for a more comprehensive redevelopment approach. In April 2006, the City of Eugene started to explore ways to assemble the property and commenced negotiations with the property owners within the Redevelopment Area. At this time, the City holds purchase options for all of the properties except one, which is currently under negotiation.Property options will start to expire in September 2007, leaving a very small window for acquisition. The City of Eugene seeks to acquire five properties (nine tax lots) in the Redevelopment Area with $7.895 million in Federal Section 108 Loan Guarantee Program funds and $2 million in BEDI grant funds (Section 108/BEDI Properties). See Exhibit A. In December 2006, the Urban Renewal Agency of the City of Eugene (URA) issued a Request for Qualifications (RFQ) for a development team with the capacity to redevelop properties along West Broadway. The RFQ specified that development concepts must be compatible with