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<br />$350,000 predevelopment loan to match that of the construction loan. (The current term calls for <br />repayment on March 1, 2010, in conjunction with disbursement of the HUD 108 loan.) <br /> <br /> <br />ADDITIONAL BACKGROUND INFORMATION <br />Beam is relying on the HUD 108 funds as their major construction financing source. On February <br />26, 2007, the council approved an ordinance (No. 20376) authorizing the use of Section 108 as a <br />financing tool. The ordinance established the City’s general ability to borrow for Section 108 <br />projects with the stipulation that individual projects be approved by council resolution only after a <br />public hearing conducted by the council. The public hearing on the use of the 108 funds for the <br />Beam project is on December 14, 2009, with action scheduled for January 11, 2010. A separate <br />AIS has been provided to the council for this item, which includes additional information on the <br />HUD 108 funds. <br /> <br /> <br />RELATED CITY POLICIES <br />Beam’s rehabilitation of the Centre Court building is consistent with the policies and <br />implementation strategies in the Downtown Plan, including: <br /> <br />? <br /> <br />Downtown development shall support the urban qualities of density, vitality, livability and <br />diversity to create a downtown, urban environment. <br />? <br /> <br />Actively pursue public/private development opportunities to achieve the vision for an active, <br />vital, growing downtown. <br />? <br /> <br />Use downtown development tools and incentives to encourage development that provides <br />character and density downtown. <br />? <br /> <br />Promote multi-story, mixed-use structures downtown through financial incentives or code <br />amendments. <br />? <br /> <br />Stimulate multi-unit housing in the downtown core and on the edges of downtown for a <br />variety of income levels and ownership opportunities. <br />? <br /> <br />Provide and promote development and community events that reinforce downtown’s role as <br />the cultural center for the city and region. <br />? <br /> <br />Reinforce the creative, distinctive culture of downtown as the arts and entertainment center <br />of the city. <br /> <br />In addition, the proposed development project is responsive to the following Growth Management <br />policies: <br /> <br />Policy 1: Support the existing Eugene Urban Growth Boundary by taking actions to increase <br />density and use existing vacant and under-used land within the boundary more <br />efficiently. <br />Policy 2: Encourage in-fill, mixed-use, redevelopment, and higher density development. <br />Policy 3: Encourage a mix of business and residential uses downtown using incentives and <br />zoning. <br />Policy 10: Encourage the creation of transportation-efficient land use patterns and <br />implementation of nodal development concepts. <br /> Z:\CMO\2009 Council Agendas\M091214\S091214B.doc <br /> <br />