Item B: East Broadway Development Update

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There are four options for configuration of the public parking garage, as follows: Estimated Commercial Estimated th Parking Space at 8 Cost of Option Description Spaces and High Garage 1 Smaller Garage 192 No $4,810,000 Smaller Garage with 2 186 Yes $5,180,000 Added Commercial Space 3 Larger Garage 266 No $6,320,000 Larger Garage with Added 4 260 Yes $6,700,000 Commercial Space Staff recommends Option 4. This option includes a larger garage which would provide greater efficiencies and more encouragement for future development envisioned in this area th of downtown. This option also includes commercial space at the corner of 8 Avenue and th High Street, to support desired pedestrian activity along 8 Avenue, Eugene’s Great Civic Street. C. Credit Union The G Group has secured a letter of intent from the Oregon Central Credit Union to participate in the development project. The credit union will occupy approximately 5,000 square feet of privately-owned commercial space. This space will be on the ground floor of th the public parking garage, at the corner of 8 Avenue and Mill Street, and will be in addition th to any publicly owned commercial space on the northwest corner of the garage at 8 Avenue and High Street. The credit union will employ an estimated six people. The design of the credit union will include a drive-through. Project Costs The total cost for public participation in this project is estimated to range between $6.1 and $8.1 million, depending on the size and configuration of the garage. This includes the cost of purchasing the garage and additional costs for the City’s project-related expenses, such as legal fees, debt service reserves, utilities, project management, and 1% for art. This amount is in addition to the value of the land upon which the parking garage will be built. Riverfront Urban Renewal District funds are the primary source of financing for this project. Based on the final design and configuration of the garage, the total costs will determine the details of the financing strategy. If the larger garage with ground floor commercial space is determined to be the preferred option, funding sources in addition to urban renewal funds will be required. Attachment E presents the estimated costs and the financing strategy for the project. Due to the possibility of urban renewal expenditures, the Eugene Redevelopment Advisory Committee (ERAC) reviewed the Whole Foods Development Concept on December 15, 2005, and January 18, 2006. ERAC members acknowledged the need for a parking structure in this location, and voted to support the use of urban renewal funds for that purpose. ERAC members also supported the inclusion of publicly owned commercial space in the northwest corner of the City’s parking structure. L:\CMO\2006 Council Agendas\M060208\S060208B.doc