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Permanent Jobs: Building improvements will help attract businesses and investors to the downtown area resulting in an ongoing, positive economic stimulus to downtown. Specifically, building improvements would work toward reducing the retail vacancy to a healthy rate of 3-5%. Currently, an 2 estimated 114,000 square feet of office space and 61,000 square feet of retail space is vacant. Filling 3 these vacancies would result in an estimated 472 jobs in the downtown core. Residents: Downtown businesses, restaurants, retail, and cultural venues benefit from an additional 150 residents and their potential expenditures and presence on the streets. Furthermore, the county and city will benefit from increased property tax revenue in an estimated amount of $140,000 per year. Of course this tax benefit would be delayed for 10 years if the projects receive the Multiple-Unit Property Tax Exemption (MUPTE). Indirect Economic Impacts: Investment in housing and business assistance programs will contribute to a positive perception of the downtown by making downtown more attractive for visitors and employees. The projects will also make it possible for more individuals and families to live in the downtown area. The presence of new residents will also contribute to the sense of community and investment in downtown. SPECIFIC CITY ACTIONS Unfunded City Action Building Improvements: Interior and exterior estimate* improvements to entrances, windows, awnings, and Building Improvements $ 1,000,000 signage are needed to enhance the pedestrian SDC/Permit Credit Pool $ 1,000,000 experience, attract additional business activities, Site Preparation & Improvements $ 1,000,000 increase marketability and attract more customers. Total $ 3,000,000 Providing assistance with funding, technical *General estimates in current dollars information, or financing for building improvements would directly improve downtown’s image and economic health. All existing businesses, arts-related businesses, and start-up businesses would be eligible. Interior and exterior improvements estimated at $100 per square foot will support approximately six projects. Awnings and signage estimated at $300 per foot will assist façade improvements on approximately six block faces. Housing related projects could include the following two city actions. Credit Pool for System Development Charges (SDCs) & Permits: Because there are higher costs to develop housing in the downtown core, public funds could be used to pay SDC’s and permit fees when such incentives are needed to help make a project financially feasible. Site Preparation & Improvements: Existing utility configuration and environmental conditions create financial barriers for the development of new housing downtown. Public funds could offset some of these extraordinary costs such as steam conversion, utility relocation, and environmental contamination. Public funds could also be used to enhance housing projects by providing pedestrian amenities, landscaping, open space and other improvements in the public realm. The projected $1 million in public financial participation for housing is scaled to support two mid-rise housing projects in the downtown core, with the goal of creating approximately 150-200 new housing units within the next several years. 2 E stimate is based on interviews with property owners/leasing agents and from informal observations all focused along West Broadway and Willamette streets. 3 Staff calculated this estimate using the standard of 250 sqft per retail employee and 500 sqft per office employee