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<br />1) Land Transaction with the Shedd <br />Attachment A provides a general outline of terms for a land transaction between the City of <br />Eugene (the City) and the Shedd Institute for the Arts, LLC (the Shedd). Based on council <br />action, this outline will be the basis of a legal agreement between the City and the Shedd to <br />be signed by the City Manager and a representative of the Shedd. <br /> <br />2) Development Agreement <br />Attachment B provides a general outline of terms for a development agreement between the <br />City, Broadway High Associates (BHA), and Gerding/Edlen Developers (GED). Based on <br />council action, this outline will be the basis of a legal agreement between ( a) the City and (b) <br />BHA and GED. Following agreement on the specific terms of the agreement, it will be <br />signed by the City Manager and representatives of GED and BHA. <br /> <br />The development agreement will specify that the completed public parking garage will be <br />similar in scope and design with drawings submitted by GED, as presented to the council at <br />the February 13 work session. Staff will continue to address the urban design goal of <br />orienting the commercial space along 8th Avenue as much as possible. Publicly-owned, <br />privately leased commercial space exists in many of the other City-owned garages. Based on <br />City Council discussion on February 13, staff is also exploring the option of structuring the <br />ownership and design of this commercial space so that it could be sold, rather than <br />maintained as publicly-owned space. <br /> <br />GED will be responsible for constructing the parking structure (including the commercial <br />space). Because that structure is a public improvement project, GED will have to comply <br />with all applicable public contracting laws and prevailing wage requirements. In addition, in <br />order that the project can be awarded to GED without going through a competitive bid <br />process, the council may be asked to take action under the City's public contracting code. <br />Additional information will be provided to the council on this point ahead of the council <br />meeting. <br /> <br />3) Financing Strategy <br />The financing strategy recommended by staff is for the Riverfront Urban Renewal District to <br />pay for as much of the costs of the garage project as possible. The total cost, including <br />payment to the developer and other related City costs, is estimated to be $8,035,000. <br />Funding for the project would come from several sources: Riverfront Urban Renewal <br />District revenue bonds of $4 million; Riverfront District cash of $1.5 million; City <br />stormwater funds of $0.25 million; City Library Debt Service Fund reserves of $0.4 7 5 <br />million; and City Facility Reserve of $1.8 million. Under this approach, the Riverfront <br />Urban Renewal District would pledge all of its revenues, after paying for district <br />administration costs, to this garage project, either as an up-front cash contribution or to <br />service debt in future years. <br /> <br />There was a suggestion at the February 13 City Council meeting that the relative shares of <br />Urban Renewal Agency and City contribution might be reconfigured to provide the Agency <br />with more flexibility to conduct future projects. If that approach were chosen, the City could <br /> <br />LICMOl2006 Council AgendasIM060222IS060222A.doc <br />