Item 5: PH: Use of 108 Funds for Construction Financing

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Project Specific – December 2009 through 2011 Amended Purchase and Sale Agreement – December 2009 Permitting – March 2010 through June 2010 Construction – July 2010 through March 2011 Individual Project Application – Loan #2 (loan to developer) Internal review (including Loan Advisory Committee, CDBG Advisory Committee, 30-day public comment, public hearing at City Council, and City Council resolution) – December 2009 through January 2010 HUD Portland Field Office Review – Mid January 2010 Loan documents between City-HUD, City-URA, and URA-Beam signed, issue obligations – Late February 2010 7. Eligible Activity BEDI/108 funds will be used for the eligible activity described at 24 CFR 570.703(i)(1) economic development activities eligible under 570.203 (specifically, 570.203(b) provision of assistance to a private for-profit business). Uses of BEDI funds will qualify under 24 CFR 570.703(i)(1) economic development activities (570.203(b) provision of assistance to a private for-profit business). 8. National Objective The proposed BEDI/108 project will qualify for compliance with national objective 24 CFR 570.208(a)(4) job creation and retention activities for low- and moderate-income persons. Beam is actively recruiting retail and office tenants. Based on industry employment standards for office and retail, an estimated 192 permanent jobs will occupy the completed building. A minimum of 51% of the created jobs will be available to low- to moderate-income individuals. The City/URA will require Beam to enter into a Memorandum of Understanding with the Oregon Employment Department for the outreach and recruitment of low- to moderate- income persons for the permanent jobs made available by the project. 9. Public Benefit Standards The total amount of Section 108 and BEDI funds to be used in the project: $6,504,000 o The total number of permanent full-time-equivalent jobs to be created or retained as a o result of the project (at a minimum): 186 The cost per job created: $35,000 o 10. Brownfield Conditions Brownfields are vacant and underutilized properties where redevelopment is complicated by actual or perceived environmental contamination. The Centre Court building was most recently used as commercial office, but was vacated in advance of a planned housing development 4