Item A: Downtown Update - East Broadway

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ATTACHMENT B Development Agreement The following is a general outline of terms for a development agreement between the City of Eugene (the City), Broadway High Associates (BHA) and Gerding/Edlen Developers (GED). The terms and conditions contained herein are intended to be for discussion purposes and do not represent the final terms for this land transaction. Based on council action, the final terms will be in substantial conformity with this outline. Development Purpose GED will construct a public parking garage with publicly-owned commercial space on the ground floor. GED will also construct a commercial space for the Oregon Central Credit Union (OCCU), and a grocery store with associated parking which will be owned by BHA and leased to Whole Foods Market. Project Design and Construction The design and construction of the public parking garage must be similar in scale and design with the conceptual design (including plans, section and elevations submitted by GED and attached to this outline of terms). For the construction of the public garage and associated public commercial space, the developer will comply with public contracting laws and prevailing wage requirements. The developer will allow City staff reasonable access to review and inspect the property during construction. The completed development must be in substantial conformity with the final approved design to the City's satisfaction prior to the City's payment for purchase of the garage. Land Assembly The City will complete a land transaction with the Shedd Institute for the Arts to gain ownership of tax lots 1100 and 1000, map 17-03-31-14. This property will be the primary land for the public parking garage and embedded commercial space. OCCU owns property currently identified as tax lot 200, which will be the primary location for OCCu. The remainder of the private property on this block, specifically property currently identified as tax lots 400, 600, 700, 800 and 900, is currently in the ownership ofBHA, and will be the primary location of the grocery store. The ownership of each portion of the full block redevelopment will be articulated in the development agreement between the City, BHA and GED. Alley Vacation GED shall initiate a vacation of the north-south alley and the east-west alley in a manner sufficient to meet the development plans for the site. BHA will pay the full assessment of the value for the alley vacation, estimated at approximately $225,000. Public Parking Garage Purchase Price The price for the public parking garage is estimated to be $6.7 million, assuming approximately 260 parking spaces and approximately 5,000 square feet of publicly owned commercial space. This amount includes all labor, design, site work, construction, permitting and related costs required to fully construct the public parking garage similar in scale and design to drawings submitted by GED and attached to this outline of terms. This amount is due from the City to LICMOl2006 Council AgendasIM060222IS060222A.doc