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ATTACHMENT C <br />Project: Broadway Place <br /> <br />Summary: <br />The URA assembled the two half-blocks that were used to develop the <br />Broadway Place mixed-use project. The URA conveyed the properties, previously <br />surface parking lots, to the City for construction of two parking structures. URA <br />funds in the amount of $2.6 million were contributed to the parking structure <br />construction costs. The City sold development rights for housing to be constructed on <br />top of the parking structures. <br /> <br />Outcome: <br /> The Broadway Place mixed-use project includes 170 apartment units, <br />ground floor commercial space, and 740 structured parking spaces. It has become a <br />major anchor for the west end of downtown and a popular residential destination with <br /> <br />very low vacancy rates. The Broadway Place development received the 1999 <br />Governor’s Livability Award. The property’s Multi-Unit Property Tax Exemption <br />(MUPTE) will expire in FY10, and the property will begin to generate significant new <br />property tax revenue in FY11. <br /> <br /> <br />Hult Center/Hilton Hotel/Conference Center <br />Project: <br /> <br />Summary: <br />In 1978, voters supported an $18.5 million general obligation bond <br />issue to finance the Hult Center construction, which was built on URA property <br />that was donated to the project. In 1980, the URA sold the adjacent property to <br />the Hilton developers, the construction of which was financed privately. In <br />1980, the URA issued urban renewal bonds in the amount of $2,040,000 to <br />finance the parking structure upon which the Conference Center was built. In <br />1981, certificates of participation in the amount of $6,920,000 were sold in order <br />to construct the Conference Center. Urban renewal tax increment, primarily new <br />property taxes generated from the Hilton construction, was used to repay the <br />certificates of participation. The market analysis for the hotel development <br />clearly indicated that the Hilton project would not have been economically <br /> <br />feasible without the support of the conference center activity and the shared <br />parking. <br /> <br />Outcome: <br /> The Hult Center, Hilton Hotel and Conference Center together are <br />considered to be one of the most important anchors downtown. The Hult Center, <br />regarded as the finest performing arts venue between Portland and San Francisco, <br />hosts over 700 events per year which draw thousands of visitors. The Hilton Hotel <br /> <br />