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Item 5: PH: Use of 108 Funds for Construction Financing
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Item 5: PH: Use of 108 Funds for Construction Financing
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Agenda Item Summary
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12/14/2009
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<br /> <br />ATTACHMENT C <br /> <br />Individual Project #2 Application for HUD Section 108 <br />City of Eugene, Oregon, Funds to Rehabilitate Centre Court Building <br />DRAFT for Review: December 4, 2009 <br /> <br /> <br /> <br /> <br />Background <br />The City received approval for its first individual Section 108 project for the acquisition of <br />downtown property from the Portland field office in August 2007. The individual project <br />application was revised in March 2008 and approved by the Portland field office in June 2008 <br />(Loan #1). <br /> <br />The City utilized a combination of federal and local funds for the first step to support the <br />redevelopment of properties at the heart of downtown, on Broadway and Willamette Street. The <br />City has an agreement with Beam Development, who has since purchased two properties from <br />the City, to redevelop the important intersection of Willamette and Broadway into a vital area <br />with restaurants, retailers, and office space. The national objective for the first individual <br />Section 108 project was the elimination of slums and blight. The Individual Project #2 <br />Application is to provide construction financing to Beam for the rehabilitation of the Centre <br />Court building. <br /> <br />The City has worked with Beam since May 2007 and formalized a partnership with a Purchase <br />and Sale Agreement in May 2008. The City purchased the property with BEDI/108 funds and <br />subsequently sold it to Beam in July 2008. Based on the Purchase and Sale Agreement, Beam is <br />committed to the rehabilitation of the existing five-story, vacant building located at the southwest <br />corner of Broadway and Willamette Street. See Property Location Map, Exhibit A. <br /> <br /> <br />1. Project Description <br /> <br />The City of Eugene proposes to utilize a combination of federal and local funds to assist the <br />redevelopment of the Centre Court building. The City of Eugene seeks to provide construction <br />financing to Beam ($5,189,000 from Section 108 and $1,315,000 from BEDI). Rehabilitation of <br />the Centre Court building will contribute approximately 60,000 gross square feet. Net square <br />feet assumptions are 10,000 square feet of retail and 43,000 square feet of office space. <br /> <br />1 <br />
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