Item 3: Resolution Authorizing HUD Section 108 Revenue Bonds

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6.Project Implementation a. Estimated Project Schedule & Section 108 Timing: Several required Federal processes are underway simultaneously to enable the use of Section 108 funds for the existing purchase options in the Redevelopment Area. The first purchase option the City would like to exercise with Section 108 funds expires October 19, 2007 (858 Willamette, property “E” in Exhibit A). Environmental Review – May through October 2007 The City started the required environmental review in May 2007. The size and scope of the project requires an Environmental Assessment (EA). The project aggregation area for the EA includes the entire Redevelopment Area. Phase I and Phase II environmental assessment work is complete and has revealed no significant ground contaminants. Noise studies for each block have also been completed and show noise levels just above 75 decibels, which can be mitigated through construction. The required Section 106 review for historic preservation has been completed and is currently under review by Oregon State Historic Preservation Office (SHPO) with a response expected within 30 days. A Section 7 Informal Consultation is underway with National Oceanic and Atmospheric Administration (NOAA) Fisheries and US Fish & Wildlife Services due to potential impacts of stormwater runoff from the project into the Upper Willamette, which is critical habitat for several threatened or endangered fish species. Materials have been submitted to both agencies and a response is expected within 30 days. We have not identified any other issues that require consultation or additional studies. The City's goal is to conclude negotiations with federal agencies, publish the Notice of Intent to Release Funds / Finding of No Significant Impact (NOI/FONSI) Ad in mid August, and submit the Request for Release of Funds (RROF) to HUD in September. Slums and Blight Area Determination – April through July 2007 City staff has conducted a survey of the area and is in the process of formalizing the slums and blight determination for the area. Documentation for the properties includes and general area map, aerial photo and a photo of the façade (when applicable), address, map and tax lot number, year built, land and building square footage, zoning, overlay zoning, refinement plan designation, and current use. The Oregon Revised Statutes (ORS 457.010) definitions for slums and blight were used for each property and compiled on a matrix representing findings for the area. Each property was also reviewed for the conditions described at 24 CFR 570.208(b)(1)(ii). In addition, the location and general condition of the infrastructure in the area has been identified. See Exhibit E. Acquisition Procedure 1: Appraisal and Appraisal Reviews – Summer 2007 The City has initiated the basic acquisition policies detailed at 49 CFR Part 24.102 of the Uniform Act. Appraisals are underway on fourteen properties in the area with the intent that the Section 108 funds will be used on four to five of these parcels. Owners of all fourteen parcels were invited to accompany the appraiser on the walk-through of the property. The appraisals are due August 1. Quotes are currently being obtained for the review appraisals. The reviews are scheduled to occur in August. Acquisition Procedure 2: Complete acquisitions – October 2007 through October 2008 The URA secured purchase options on several downtown properties along West Broadway between Willamette Street and Charnelton Street. The five properties were selected for acquisition based on the likelihood that the option purchase price reflects fair market value.