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ATTACHMENT B <br />M I N U T E S <br /> <br /> <br />Eugene City Council <br />McNutt Room—City Hall—777 Pearl Street <br />Eugene, Oregon <br /> <br /> December 14, 2009 <br /> 5:30 p.m. <br /> <br />COUNCILORS PRESENT: Alan Zelenka, Mike Clark, Andrea Ortiz, Jennifer Solomon, Chris Pryor, <br />George Poling, George Brown, Betty Taylor. <br /> <br />Her Honor Mayor Kitty Piercy called the work session of the Eugene City Council to order. She adjourned <br />the meeting of the Eugene City Council and convened a meeting of the Eugene Urban Renewal Agency <br />(URA). <br /> <br />A. WORK SESSION: <br /> Beam Development Project Update <br /> <br />City Manager Jon Ruiz introduced Nan Laurence, Planning and Development Department, to present the <br />Beam Development project update. <br /> <br />Ms. Laurence provided an overview of the URA’s agreement with Beam Development for the acquisition of <br />the Washburne Building, Centre Court Building and adjacent vacant parcel. She said the purpose of the <br />work session was to keep the project moving forward by amending the Purchase and Sale Agreement (PSA). <br />She referred to the amended PSA included in the agenda packet and described the proposed changes in <br />phasing, timing and financing that were necessitated by the economic downtown, constricted lending <br />environment, reduced demand for new office space, and tax credits that were not feasible or significantly <br />reduced. <br /> <br />Ms. Laurence highlighted the proposed changes: <br /> <br />? <br /> Phasing/timing: proceed in a phased approach with rehabilitation of the Centre Court as Phase I <br />and new construction in Phase II; extend date for submission of building permits to May 1, 2010, <br />complete rehabilitation by Fall 2011 <br />? <br /> City lease commitment: phasing of the project would remove the City’s commitment to lease <br />? <br /> Financing: the amount of public investment—Housing and Urban Development (HUD) 108 loan <br />and Brownfield Economic Development Initiative (BEDI) grant funds—unchanged, private invest- <br />ment reduced from $8 million to $785,000 for Phase I; BEDI grant repaid from distribution of net <br />proceeds based on the percentage of financial investment (60 percent City and 40 percent Beam) <br />? <br /> Tenant commitments: Beam to demonstrate tenant commitments sufficient to cover interest pay- <br />ments prior to use of HUD 108 funds – 50 percent pre-leased <br /> <br />Mr. Zelenka arrived at 6:20 p.m. <br /> <br /> <br /> <br />MINUTES—Eugene City Council December 14, 2009 Page 1 <br /> Work Session <br /> <br />