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

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will review credit underwriting on December 7. The CDBG Advisory Committee will review the HUD underwriting on December 8. Recommendations from both meetings will be shared with the council on December 14. The City Council public hearing is scheduled for December 14. Step 2 – Council for Access to Funds (Bond Approval): Prior to entering into any borrowing for an individual project, the City Council must approve a project bond resolution. Action is scheduled for January 11, 2010. If the council approves the item, the City will then submit the individual project #2 loan application for HUD review. Step 3 – Council Approval for Use of Funds: The City will only have the ability to use the HUD 108/BEDI funds after the council takes additional actions related to the Beam project. Specifically, the City Council will need to approve the overall project by reviewing the Beam agreement and approving needed amendments to the existing Purchase and Sale Agreement (scheduled for December 14). RELATED CITY POLICIES The proposed project is consistent with the policies and implementation strategies included in the Eugene Downtown Plan, including: • Downtown development shall support the urban qualities of density, vitality, livability and diversity to create a downtown, urban environment. • Actively pursue public/private development opportunities to achieve the vision for an active, vital, growing downtown. • Use downtown development tools and incentives to encourage development that provides character and density downtown. • Promote multi-story, mixed-use structures downtown through financial incentives or code amendments. In addition, the proposed project is responsive to the following Growth Management objectives: Policy 1: Support the existing Eugene Urban Growth Boundary by taking actions to increase density and use existing vacant land and under-used land within the boundary more efficiently. Policy 2: Encourage in-fill, mixed-use, redevelopment, and higher density development. Policy 3: Encourage a mix of business and residential uses downtown using incentives and zoning. Policy 4: Improve the appearance of buildings and landscapes. Policy 10: Encourage the creation of transportation-efficient land use patterns and implementation of nodal development concepts. Policy 14: Development shall be required to pay the full cost of extending infrastructure and services, except that the City will examine ways to subsidize the costs of providing infrastructure or offer other incentives that support higher-density infill, mixed use, and redevelopment. Policy 16: Focus efforts to diversify the local economy and provide family-wage jobs principally by supporting local and environmentally-sensitive businesses. Direct available financial and regulatory incentives to support these efforts Z:\CMO\2009 Council Agendas\M091214\S0912145.doc