Item 3: Resolution Authorizing HUD Section 108 Revenue Bonds

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entire community. The Redevelopment Area is in the Downtown Urban Renewal District, which is characterized by a high poverty rate, high unemployment rate, and other evidence of distress including extraordinary rental cost burden, high commercial vacancy rate, very low household income, and high crime rates. See Exhibit C. c. Land Ownership: Currently, the Section 108/BEDI Properties are privately owned by four entities who have signed five purchase option agreements with the URA. The URA would like to use proceeds from Section 108/BEDI to purchase the properties. Subsequently, the URA would sell/convey the property to the development teams. Beam Development (Beam) would retain ownership. KWG Development Partners (KWG) would retain ownership of a majority of their development with the exception of the hotel. See Exhibit B. d. Improvements Ownership: The improvements will be owned by the respective developers. The preliminary development program calls for the construction of embedded and below grade parking. A portion of the parking would be owned by the City for public parking. e. Business Types to be Assisted: As BEDI/108 funds will be used by the Urban Renewal Agency, no businesses will be assisted directly other than through relocation benefits as appropriate. f. Location / Address / Neighborhood / Map: The Redevelopment Area is in the Downtown Urban Renewal District. The District, originally established in 1968, includes an area of approximately 70 acres. The goals of the Downtown Urban Renewal District are to 1) improve the function, condition, and appearance of the development area, 2) eliminate blight and blighting influences, and 3) strengthen the economic conditions of the plan area and to improve the downtown’s importance in the region by strengthening its economic base and to enhance its role as a central location for public and private development and investment. Development in the District is intended to implement the adopted policies contained in the Downtown Plan. Specifically, the objectives of the plan are related to land use, access and circulation, public facilities and improvements, and rehabilitation. The project is located in Tract 3900, Block group 1 from the Census 2000. Section 108/BEDI funds will be used to purchase five properties (nine tax lots). The addresses and associated map letters for Exhibit A are: 43 West Broadway (D), 858 Willamette (E), 44 West Broadway and adjacent subsurface lot (C), 62 West Broadway (B), and 110 and 164 West Broadway (A). The properties are in the Downtown Neighborhood Association neighborhood.