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Item A: Downtown Financing Strategy
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Item A: Downtown Financing Strategy
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Agenda Item Summary
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3/8/2010
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<br />Section 500 – Land Use Plan <br />The use and development of all land within the Plan Area shall comply with the regulations <br />prescribed in the City’s comprehensive plan, zoning ordinance, subdivision ordinance, City <br />charter, or any other applicable local, State or Federal laws regulating the use of property <br />within an urban renewal area. <br />Section 600 – Project Activities <br />To achieve the objectives of this Plan, the Agency may undertake the following activities, and <br />no others, with tax increment funds: <br /> <br />A.LANE COMMUNITY COLLEGE NEW DOWNTOWN CENTER <br /> <br />The Agency may spend up to $8 million of tax increment funds (not counting payment of debt <br />issuance or interest costs) to assist LCC in the development of a new downtown building for its <br />th <br />programs, at the 10 and Charnelton Site. Upon agreement by LCC and the City, the project <br />may include a public plaza or open space area at the site and potentially a downtown public <br />safety station. <br /> <br />LCC is proposing to build a new 80,000 square foot mixed-use state of the art downtown <br />education facility. The education building is targeted for LEED Platinum certification. LCC is <br />th <br />also considering the construction of approximately 200 beds of student housing on the 10 & <br />Charnelton site. The new highly-sustainable education building is expected to be a teaching <br />tool for LCC’s nationally recognized Energy Management program and become a model for <br />sustainable development. The new education facility will secure LCC’s presence downtown for <br />several decades and will be a major activity generator for downtown. Existing education <br />programs and new programs to be included in the new building will draw thousands of students <br />and visitors to the facility each year. Additionally, new housing residents will generate more <br />activity in the downtown core. This landmark building, coupled with the activity generated <br />through the project, will become a major anchor which will support adjacent retail and services, <br />enhance the perception of safety by introducing high volumes of new pedestrian traffic, and <br />attract new investments in the area. The Agency may provide assistance with project related <br />costs for the new education facility and housing, including construction hard and soft costs, site <br />improvements, infrastructure, open space, green building features, art and other project <br />related cost. <br /> <br />The Agency may acquire the existing LCC Downtown Center property located at 1059 <br />Willamette Street. This acquisition would facilitate its redevelopment and reuse. If acquired, <br />the property would be redeveloped for either private or public uses pending future action by <br />the Agency Board. Such redevelopment would be accomplished either through retention, <br />resale, or lease depending on the redevelopment plan for the property. It is anticipated that <br />redevelopment of the property would be accomplished by the end of 2019. <br /> <br /> <br />Proposed Downtown Urban Renewal Plan – March 2010 <br />- 4 - <br /> <br />
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