Item 3: Resolution Authorizing HUD Section 108 Revenue Bonds

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downtown zoning and goals and should incorporate a mix of uses including active ground floor uses such as retail or entertainment, office, ownership units, and rental units. In addition, the RFQ specified that development concepts should incorporate sustainable development practices including the use of multistory buildings, green building features, and a mix of housing units available to persons at various income levels. In May, the City selected two of the five RFQ respondents, Beam Development and KWG Development Partners, as qualified developers for the Redevelopment Area. The City is in the process of finalizing a Memorandum of Understanding with each party. Based on concepts presented in their RFQ responses, the visions of the developers are to remake the Redevelopment Area into a dynamic 24-hour community with restaurants, a multi-screen movie venue, night clubs, a mix of national and local retailers, a large grocer, a high-end hotel, office, and a dense mix of rental and ownership housing. The scale of the buildings will entail varied modules of two to five story structures with differentiated architectural styles and materials. The end uses related to the Section 108/BEDI Properties include hotel, cinema, grocery store, retail, office, and affordable rental housing. The grocery, affordable housing, and cinema, will extend beyond Section 108/BEDI Properties to other properties within the Redevelopment Area. See Exhibit B. The five story hotel, set over underground public parking, is anticipated to be boutique in style and size with approximately 96 rooms and a restaurant and meeting facilities on the ground floor (total of approximately 86,000 square feet). A grocery store of 55,000 square feet is anticipated for the far west portion of the Redevelopment Area with four levels of affordable rental housing above and two levels of parking underground.The affordable housing will be approximately 170 units at 60% average median income. On the eastern side of the same block will be a cinema, estimated at 55,000 square feet, with twelve screens over ground level retail and an underground parking garage. Additionally, historic rehabilitation of two buildings on West Broadway will contribute approximately 28,000 square feet of retail below 60,000 square feet of office. The grocery, housing, and cinema, will extend beyond Section 108/BEDI Properties. See Exhibit B. b. Purpose / Community Development Objectives: The BEDI/108 funds will result in economic and community development that affects an important area within the City: the Downtown Urban Renewal District. The project will further the City’s economic development priorities listed in the Eugene-Springfield Consolidated Plan 2005. The Community Development component of the Plan provides the following summarized objective: “Promote economic development and diversification through the creation of jobs.” The five-year projected outcomes are for 200 jobs and 50 economic development loans. BEDI/108 funds will be used to complement other City programs designed to achieve these objectives. Specifically, the City’s Business Development Fund (BDF) will provide below- market financing to local business that create or retain jobs available to low and moderate income persons. The BDF may also provide financing for activities that eliminate slums or blight. In addition, at least 25% of the funds will assist emerging or high risk businesses facing extraordinary credit barriers through the Emerging Business Loan Pool. The downtown area is the economic and cultural center for the entire City. Prevalent levels of economic distress within the City’s center have a major impact on the quality of life for the