Item 4: Action - Ordinance Concerning Vacating a Portion of the Alley Right-Of-Way Located Between 10th Avenue and Broadway

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3) A notice of the assessment and the new public hearing would need to be provided in accordance with Eugene Code requirements; and 4) The benefited properties would need to deposit the sum to be assessed (to be retained by the city if the vacation is approved). A number of factors may be considered in the determination of assessed value of special benefit, but the analysis must include consideration of the value of the real property and the costs incurred by the city in improving the alley. Based on a recent appraisal, and information provided by the City of Eugene's Senior Real Property Officer, the estimated value associated with the portion of the alley to be attached to the Diamond Parking property is $11,200 ($20/square foot) and the estimated value associated with the portion of the alley to be attached to the Urban Renewal Agency property is $33,600 ($20/square foot). In this case, a special assessment of $0 was determined for Diamond Parking because the parking lot will lose its 10th Street entrance and could lose a few parking spaces when the alley is vacated, resulting in a potential loss of revenue. The $470,000 purchase price that the Urban Renewal Agency (URA) will be receiving from OR! for the purchase of the URA's property includes consideration for the value of alley. Postponing action and rescheduling the public hearing would result in a delay of the alley vacation as well as the closing of the sale of the Urban Renewal Agency property to OR!. It is also uncertain whether Diamond Parking will pay the assessment, which could affect the closing of the property sale to OR!. Additional Information For additional information, contact Alissa Hansen, Senior Planner at 682-5508 or via email at alissa.h.hansen@ci.eugene.or.us