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<br />ATTACHMENT G <br />Beam Development <br />at Willamette & Broadway– project description <br /> <br /> <br />GENERAL BACKGROUND <br />Beam Development owns the Centre Court building <br />and adjacent vacant lot on the southwest corner of <br />Broadway and Willamette. As will be described in <br />detail at the December 14 work session, Beam has <br />proposed to develop the project in phases. The first <br />phase would be to rehabilitate the building for office <br />and retail. The second phase would be to develop the <br />adjacent vacant lot. <br /> <br />The Centre Court Building is at the intersection of two <br />Great Streets, the primary crossroads of the urban <br />center. Currently, the vacant condition of this building <br />appears as a symbol of the economic conditions <br />downtown. For this reason, rehabilitation of the Centre <br />Court is a community priority and a critical piece in <br />the forward momentum for a revitalized downtown. <br /> <br />The Urban Renewal Agency and Beam Development <br />signed a Purchase and Sale Agreement (PSA) in May 2008 for Beam’s purchase of the Centre Court <br />building and adjacent vacant parcel, and the Washburne Building. Beam purchased all three properties <br />in July 2008. City staff has worked with Beam since that time to structure a financially viable project, <br />using a combination of federal and local funds. In November, Beam proposed to move forward with <br />the Centre Court, and to include the new construction in the vacant site as a second phase. Beam also <br />began interior work including hazardous materials abatement from the building. They anticipate <br />submitting building permits for interior demolition in winter 2010 and construction permits in spring <br />2010. The rehabilitation is expected to include quality materials that reinforce the historic character of <br />this prominent building. <br /> <br />JOBS/ECONOMIC DEVELOPMENT IMPACT <br /> <br /> <br />ImpactDescriptionTotal <br />Jobs based on cost of renovating and converting the existing Centre <br /> <br />Temporary Construction <br /> <br />Court building, business purchases related to construction, and 270 <br /> <br />Related Jobs <br /> <br />employee purchases <br /> <br />Permanent JobsJobs based on phase 1 (Centre Court rehabilitation)192 <br />Brings a key corner in downtown back to life, encouraging new <br /> <br />Indirect Economic Impacts <br /> <br />business and attracting visitors. <br /> <br /> <br /> <br />1 <br />Temporary Construction Related Jobs <br />: Based on the estimated cost of the project, 184 temporary <br />construction jobs would be created, 64 of which would be from new money in the economy. The <br /> <br /> <br />1 <br /> Temporary construction jobs were calculated based on the estimated costs of construction. Staff applied the U.S. <br />Department of Energy standard: for every $92,000 invested in a project one temporary construction job will be created. <br />Staff also provided the estimated construction costs to the Oregon Employment Department to calculate the number of <br />temporary construction jobs that would be created by “new” money flowing into the local economy. <br /> <br /> <br />