Item 5: Beam Development Project Extension

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summary of steps they propose to take to move the project forward. (See Attachment B - letter from Beam). Because discussions with LCC are preliminary, an extension of time in the PSA is necessary for Beam and the URA to further investigate the LCC opportunity. In addition to an extension of time, and in light of council discussions on the City Hall building, a new police facility, and other possible City office space scenarios, the City and Beam are discussing the current tenant commitment included in the PSA. Based on the current PSA terms, the City has committed to lease up to 50,000 square feet in a newly constructed building on the vacant parcel. There could be more flexibility in the agreement regarding the City’s commitment in order for the City to expand its opportunities. However, the City recognizes tenancy is an important issue for this project and wants to remain as supportive as possible, while also maintaining the City’s flexibility. The removal of the lease commitment would not preclude the City from leasing space from Beam in the future and we will continue to discuss the potential of adding flexibility into the PSA as part of this amendment. RELATED CITY POLICIES The proposed redevelopment along West Broadway is consistent with the policies and implementation strategies included in the Downtown Plan, including: ? 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. ? Use downtown development tools and incentives to encourage development that provides character and density downtown. ? Promote multi-story, mixed-use structures downtown through financial incentives or code amendments. ? Stimulate multi-unit housing in the downtown core and on the edges of downtown for a variety of income levels and ownership opportunities. ? Provide and promote development and community events that reinforce downtown’s role as the cultural center for the city and region. ? Reinforce the creative, distinctive culture of downtown as the arts and entertainment center of the city. In addition, the proposed development project is responsive to the following Growth Management policies: Policy 1: Support the existing Eugene Urban Growth Boundary by taking actions to increase density and use existing vacant 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 business and residential uses downtown using incentives and zoning. Policy 10: Encourage the creation of transportation-efficient land use patterns and implementation of nodal development concepts. Z:\CMO\2009 Council Agendas\M090526\S0905265.doc