Item B - ORI/Sears Sales Terms - Laserfiche WebLink

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EUGENE URBAN RENEWAL AGENCY AGENDA ITEM SUMMARY Work Session: Review and Approval of Sale Terms for the Oregon Research Institute-Sears Building Project Meeting Date: June 23, 2004 Agenda Item Number: B Department: Planning and Development Staff Contact: Denny Braud www. cl. eugene, or. us Contact Telephone Number: 682-5536 AGENDA ITEM SUMMARY The Urban Renewal Agency (URA) is being asked to review and approve the terms for the sale of the Sears building property to the Oregon Research Institute (ORI) for construction of a new office building. The proposed motion would authorize the URA Director (City Manager) to move forward with the sale of the property based on the terms presented in this agenda item. BACKGROUND Council Action History On May 12, 2003, the URA reviewed responses to a Request for Proposals for the sale and development of the Sears building property. A motion was approved that directed the City Manager to enter into negotiations with ORI, final terms of which would be approved by the URA. Policy Issues The process to sell the Sears property was part of the financing plan for the new library. The original goal for the disposition of the property was to maximize the value of the site for the benefit of the new library, while at the same time ensuring a future use which furthers the City's growth management goals, and advances the vision for greater Downtown Eugene. The vision includes a dense, vital, more attractive downtown that encompasses a variety of different uses such as office, housing, retail, and entertainment. The promotion of additional office development in downtown is a "key next step" identified in the vision. Additionally, a high-density redevelopment concept for the Sears property is a specific "key next step" in the vision. The recently adopted Eugene Downtown Plan includes implementation strategies for using tools and incentives to help employers locate downtown, and to attract high-density commercial development. Growth Management Policies The following adopted Growth Management polices relate to the ORI project: Policy 2 Encourage in-fill, mixed-use, redevelopment, and higher density development. Policy 3 Encourage a mix of business and residential uses downtown using incentives and zoning. Policy 10 Encourage the creation of transportation-efficient land use patterns and implementation of nodal development concepts. L:\CMO\2004 Council Agendas\M040623\S040623B.doc