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<br />project will also result in 67 indirect jobs driven by business purchases related to these projects. They <br />will also contribute to the creation of 19 induced jobs based on employee purchases. <br /> <br />Permanent Jobs <br />: Based on industry employment standards for office and retail an estimated 192 <br />permanent jobs will occupy the completed Centre Court building. <br /> <br />Indirect Economic Impacts: <br /> The rehabilitation of the Centre Court brings a key corner in downtown <br />back to life. The newly rehabbed building will enhance the downtown economically and aesthetically, <br />and attract new businesses and area visitors to downtown. <br /> <br />SPECIFIC CITY ACTIONS <br />City Action Estimated Cost <br />To finance the Centre Court rehabilitation, the City <br />Construction Financing $ 6,504,000 <br />would provide federal funds from the Department of <br />Total $ 6,504,000 <br />Housing and Urban Development Section 108 (HUD <br />108) loans and Brownfield Economic Development Initiative (BEDI) grant in the amount of <br />$6,504,000 (assuming the application process is successful, as is anticipated). Private investment will <br />be approximately $735,000. <br /> <br />HOW <br />Project design and construction would be managed by Beam. The City would act in partnership with <br />Beam to provide input on design and assistance with construction financing. <br /> <br />WHEN <br />Council is scheduled to consider amendments to the Purchase and Sale Agreement on December 14. <br />Council will hold a public hearing on the use of HUD 108 funds on December 14. Following the <br />hearing and public comment period, council would need to consider a resolution authorizing official <br />application for the federal funds. HUD could then make a decision at the end of January with funds <br />available by the end of February. Beam would start construction by in early 2010 and complete <br />occupancy by early 2011. <br /> <br />RELATED POLICIES/GOALS <br />Business assistance and improvements to the building stock downtown is supported by City Council’s <br />Downtown Collective Statements August 2009; Downtown Plan; West Broadway Advisory <br />Committee Recommendations; Park Blocks Master Plan; Central Area Transportation Study; <br />Downtown Vision; Cultural Policy Review; and Growth Management Policies. <br /> <br /> <br /> <br />