Item A: Urban Renewal - Laserfiche WebLink

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ATTACHMENT C Downtown Urban Renewal: Case Studies Project: Downtown Athletic Club (DAC) Summary: , In the 1970sThe URA acquired the former Ax Billy Department Store building which was built in 1909. The building was mostly vacant and scheduled for demolition. The URA issued an RFQ and selected the DAC proposal. The URA sold the property in 1985 for its appraised value ($213,000), and also provided gap financing in the amount of $150,000 for the renovation. CDBG loan funds in the amount of $300,000 were also used for the initial renovation. Outcome: The Ax Billy building is on the National Register of Historic Places. The DAC is one of the most significant anchors downtown, employing 150 individuals and drawing club members and event visitors to the core of downtown daily. The presence of the DAC is also an attractive amenity for office uses downtown. All financing provided for the DAC project has been repaid in full. Property tax revenue on the property was $3,570 in 1984. Since the historic tax exemption expired in 2005, the DAC properties have paid $375,000 in property taxes. Project: Eugene Public Library Summary: The URA purchased the former Sears property in 1993 for $875,000, which included the land on which the Library was built. The URA contributed the land to the City for the project. The total URA contribution in the amount of $24.6 million represented 68% of the capital cost for the new Library. Outcome: The Library is a major destination and activity generator for downtown, drawing visitors in the thousands every day. The Library is also a significant architectural landmark and cultural attraction that will anchor the west end of downtown for many years into the future.