Item A: Downtown Financing Strategy

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variety of other classes, the multi-use facility will include space for tenants and other community uses, possibly a public safety station. There is also a possibility that student housing could be incorporated as part of the redevelopment plan. th The Downtown Public Library, immediately across 10 Avenue, is a community asset that will benefit greatly from development on the Agency owned site, especially the development proposed by LCC. The Agency invested significantly in the Library. The Downtown Eugene Public Library project was built and equipped for just over $36 million. About half of that amount came from City debt obligations that were issued in 2000 through a partnership with the Eugene Urban Renewal Agency (URA). The payments on the debt of about $2.5 million per year came from the URA. Beginning in 1993, the URA purchased the land on which the library was built for $875,000. The City borrowed $18.5 million which was to be repaid from tax increment dollars from the URA. The URA also contributed additional cash to the project, with a total of about $25 million of the $36 million project coming from URA, representing nearly 70 percent of the capital cost for the new Library. The remaining 30 percent came from a combination of sources, including $5 million raised by the Eugene Public Library Foundation’s Capital Campaign, sale of assets, and proceeds from a local option property tax levy of $1.9 million. 2)Broadway Place Garages: The Plan Area is parking exempt, which means that property owners are not required to provide parking. Yet parking availability is critical to the economic success of downtown. As such, the Agency has participated in several projects to provide structured parking opportunities within the Plan Area. One such project was the Broadway Place Garages. Continued provision of Broadway Place parking will support LCC’s New Downtown Center project and other redevelopment along West Broadway, such as Lord Leebrick’s property. Given City budgetary issues, continued operation and stability of the Broadway Place Garages will be enhanced by the Agency assuming the debt repayment on the garages. It would also make it possible for the parking fund to provide financial support for increased safety services. Background: The Agency assembled the two half-blocks that were used to develop the Broadway Place mixed-use project. Agency funds in the amount of $2.6 million were contributed to the parking structure construction costs. The City sold development rights for housing to be constructed on top of the parking structures. The Broadway Place mixed- use project includes 170 apartment units, ground floor commercial space, and 740 structured parking spaces. It is a major anchor for the west-end of downtown and a popular residential destination with very low vacancy rates. Availability of parking was a contributing factor to Enterprise Rent-A-Car locating downtown and employing 300 people. 3)Park Blocks Improvements for the Farmers’ Market: The Lane County Farmers’ Market operates multiple times per week during the spring, summer, and fall on a portion of the Park Blocks. Although the Agency has completed several improvements to the Park Blocks, the Farmers’ Market continues to encounter issues with the space, such as access to electricity and level and paved surfaces. Improvements to the Park Blocks and expansion of 8