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Item A: Urban Renewal
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CC Agenda - 07/08/09 Work Session
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Item A: Urban Renewal
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6/9/2010 1:10:33 PM
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Agenda Item Summary
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7/8/2009
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<br />Examples of other downtown projects that have been assisted by DRLP funds include McDonald Theatre <br />Building, Adam’s Place, Downtown English, Harlequin Beads & Jewelry, Bradford’s Hi-Fidelity, The Strand <br />Building (occupied by Theo’s & Cozmic Pizza), Full City Coffee Roasters, Saturday Market, The Davis <br />Restaurant & Bar, Zenon Café, and Ambrosia. <br /> <br />C. Community Development Block Grant <br />The City of Eugene receives an annual allocation of Community Development Block Grant (CDBG) funds <br />through the US Department of Housing and Urban Development (HUD). CDBG projects must be used for <br />projects that benefit low- and moderate- income individuals. A limited number of projects that eliminate <br />conditions of slums and blight are also eligible. The City has two programs that can provide financial assistance <br />to qualified projects. <br /> <br />Brownfields Economic Development Initiative Grant (with HUD Section 108 Loan) <br /> <br /> BEDI / Section 108 Summary <br />? <br /> <br /> $2 million BEDI grant awarded to the City in 2006; $1.315 million remaining <br /> <br />? <br /> $7.95 million Section 108 loan pool approved by HUD; $5.189 million remaining <br /> <br />? <br />The remaining BEDI & Section 108 funds are currently committed to Beam <br /> <br /> <br />Development <br /> <br />? <br /> Individual project approval process: 1) Public hearing at City Council, 2) Council approval <br /> <br />(resolution), & 3) HUD approval <br /> <br />? <br /> Project must meet HUD national objective <br /> <br /> Benefit low/mod income through job creation or provision of services <br />o <br /> <br /> Eliminate conditions of slums and blight <br />o <br /> <br />? <br /> Projects must be in Downtown or Riverfront urban renewal districts <br /> <br />? <br /> Section 108 funds must be repaid to HUD <br /> <br />? <br />Primary collateral and debt service for remaining Section 108 borrowing would be <br /> <br /> <br />developer repayments and urban renewal <br />. Secondary collateral must also include the <br /> <br />City’s pledge of future CDBG funds; City general funds may not be used as collateral <br /> <br />The City was awarded a $2 million BEDI grant to assist redevelopment projects within the City's Downtown <br />Urban Renewal and Riverfront Urban Renewal Districts. BEDI funds must be used in conjunction with a <br />Section 108 guaranteed loan. HUD administers the BEDI as a key competitive grant program to stimulate and <br />promote economic and community development. BEDI is designed to assist cities with the redevelopment of <br />abandoned, idle, and underused industrial and commercial facilities where expansion and redevelopment is <br />burdened by real or potential environmental contamination. BEDI grant funds are targeted for use in the <br />redevelopment of brownfield sites in economic development projects to increase economic opportunities for <br />low- and moderate-income persons as part of the creation or retention of jobs and to eliminate conditions of <br />slums and blight. <br /> <br />Section 108 is the loan guarantee provision of the CDBG program. Section 108 allows cities to borrow up to <br />five times their annual CDBG allocation; thereby, providing communities with a source of financing to support <br />large-scale economic development, housing rehabilitation, and public facility projects. In March 2006, the City <br />submitted a $7,895,000 Section 108 application that HUD later approved. Section 108 funds combined with <br />BEDI funds are a loan fund for redevelopment projects within the two urban renewal districts that will make <br />positive economic and community development benefits. <br /> <br />Council authorized the use of the Section 108 loan program in an ordinance in February 2007. To draw down <br />Section 108/BEDI funds, the specific project funding request is subject to a HUD public comment process, and <br />a public hearing is required, followed by City Council and HUD approval. Projects that receive Section <br />108/BEDI funds must 1) meet a CDBG national objective of benefiting low or moderate income persons or <br />eliminating conditions of slums or blight, 2) lead to economic revitalization in connection with brownfields, 3) <br />
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