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<br />Actively pursue public/private development opportunities to achieve the vision for an active, vital, <br />? <br /> <br /> growing downtown. <br />Use downtown development tools and incentives to encourage development that provides character <br />? <br /> <br /> and density downtown. <br />Promote multi-story, mixed-use structures downtown through financial incentives or code <br />? <br /> <br /> amendments. <br /> <br />In addition, the proposed project is responsive to the following Growth Management objectives: <br />Policy 1: Support the existing Eugene Urban Growth Boundary by taking actions to increase density <br /> and use existing vacant and under-used land within the boundary more efficiently. <br />Policy 2: Encourage in-fill, mixed-use, redevelopment, and higher density development. <br />Policy 3: Encourage a mix of business and residential uses downtown using incentives and zoning. <br />Policy 10: Encourage the creation of transportation-efficient land use patterns and implementation of <br /> nodal development concepts. <br />Policy 16: Focus efforts to diversify the local economy and provide family-wage jobs principally by <br /> supporting local and environmentally-sensitive businesses. Direct available financial and <br /> regulatory incentives to support these efforts. <br />Policy 14: Development shall be required to pay the full cost of extending infrastructure and services, <br /> except that the City will examine ways to subsidize the costs of providing infrastructure or <br /> offer other incentives that support higher-density infill, mixed use, and redevelopment. <br /> <br /> <br />COUNCIL OPTIONS <br /> <br />1. Direct the City Manger to pursue URA or City-provided financing options that would help ORI <br /> address its financing gap. <br />2. Amend the Purchase and Sale and Development Agreement to allow additional time for ORI to <br /> address its project financing gap. <br />3. Consider other development opportunities for the Sears site, and help ORI identify other location <br /> options. <br /> <br /> <br />CITY MANAGER’S RECOMMENDATION <br /> <br />The City Manager recommends that the City utilize a combination of Downtown Revitalization Loan <br />Program and Business Development Fund financing to provide financing in the range of $2 million for <br />the ORI project, and to encourage ORI to work with its developer and investors to close the remaining <br />financing gap in a timely manner. <br /> <br /> <br />SUGGESTED MOTION <br /> <br />Move to direct the City Manger to pursue a combination of Downtown Revitalization Loan Program and <br />Business Development Fund financing in the range $2 million for the ORI project, and to encourage <br />ORI to work with its developer and investors to close the remaining financing gap in a timely manner. <br /> <br /> <br />ATTACHMENTS <br /> <br />A. Financing Options <br /> <br /> <br /> <br /> L:\CMO\2006 Council Agendas\M060213\S060213D.doc <br /> <br />