Item B: East Broadway Development Update

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Financial and/or Resource Considerations The Whole Foods Development Project involves significant financial and resource considerations. The project requires the use of public land and dollars to construct a public garage as a key component of the full block redevelopment project. The use of Riverfront Urban Renewal District funds to build parking is permitted, as described in Section 600A.6 of the Riverfront Urban Renewal Plan: 6. Public Parking and Public Transportation Facilities The Agency is authorized to participate in funding the acquisition and construction and enhancement of public parking and public transportation facilities within the renewal area. The precise location and type of facilities will be decided after further study. Timing In order to meet the current timeline of opening the grocery store, credit union and parking garage in the summer of 2007, City Council direction to the City Manager to begin negotiating the terms of the development and the land transaction is requested at this meeting. The final terms of the land transaction, the development agreement and related legal documents, as well as the financing strategy will be presented to the council for review and approval at the second work session for this project, scheduled for February 22, 2006. RELATED CITY POLICIES This project addresses implementation strategies and policies from the Downtown Plan, Growth Management Policies, and Goals and Objectives from the Riverfront Urban Renewal District Plan. This project does not directly address or affect council goals or priorities. The Downtown Plan policies emphasize downtown Eugene as a strong regional center and a diverse, dense, economically strong urban center. Relevant Downtown Plan policies include: Downtown development shall support the urban qualities of density, vitality, livability ? and diversity to create a downtown, urban environment. Actively pursue public/private development opportunities to achieve the vision for an ? active, vital, growing downtown. Facilitate dense development in the Courthouse area and other sites between the core of ? downtown and the river. The following project is listed in the Downtown Plan as an example of a possible action to address the Implementation Strategies in the plan: Construct a new parking garage to support the east side of downtown and the new ? Courthouse district. Relevant Growth Management Policies include the following: Policy 1 Support the existing Eugene Urban Growth Boundary by taking actions to increase density and use existing vacant land and under-used land within the boundary more efficiently. Policy 2 Encourage in-fill, mixed-use, redevelopment, and higher density development. Policy 3 Encourage a mix of businesses and residential uses downtown using incentives and zoning. L:\CMO\2006 Council Agendas\M060208\S060208B.doc