Item A: Downtown Update - East Broadway

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take more funds from the Facility Reserve, and the Agency could borrow less. While this strategy would allow the Agency the ability to work on unspecified future projects, it could also reduce funds available for future projects, including the City Hall project, depending on the speed with which the Urban Renewal Agency is able to reimburse the City. 4) Intergovernmental Agreement Between the City and Urban Renewal Agency An intergovernmental agreement between the City and the Urban Renewal Agency would cover the terms of the Agency's participation in the garage purchase. It would also set out the agreement for the Agency to reimburse the City for the facility reserve's contribution to the garage project. The IGA would have to be approved by both the City and the Agency. Financial and/or Resource Considerations The East Broadway/Whole Foods Development Project involves significant financial and resource considerations. See Attachment C for details concerning the proposed financing strategy. Timing Prompt action is recommended. The council is being asked to move forward with action at this meeting in order to maintain the timelines established by GED. RELATED CITY POLICIES This project addresses implementation strategies and policies from the Downtown Plan, in addition to the Growth Management Policies and the Goals and Objectives from the Riverfront Urban Renewal District Plan. This project does not directly address or affect council goals or priorities. Relevant Downtown Plan policies include the following: . 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 Downtown Plan policies emphasize downtown Eugene as a strong regional center, and a diverse, dense, economically strong urban center. The proposed Whole Foods Development Project addresses these policies as a higher density, pedestrian-oriented, public/private redevelopment project in the area of the Wayne Morse Federal Courthouse. 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. LICMOl2006 Council AgendasIM060222IS060222A.doc