Item A: Downtown Financing Strategy

Home Browse Search

Lane Community College New Downtown Center: The Agency will consider the terms for an agreement between the Agency and Lane Community College (LCC). The specific project activities to be undertaken will be defined by the Agency, set out in the agreement with LCC, and may include integration of a public safety station and/or open space within the development project. LCC currently has $17.5 million in other funds to contribute to the project. LCC is undergoing a feasibility analysis that will provide a detailed cost estimate for the project. The total project cost is expected to significantly exceed the $17.5 million that has been secured to date. Construction is anticipated to start in early 2011, for completion no later than 2013. Broadway Place Garages: The Agency will support the Broadway Place Garages by making the annual debt payments (both principal and interest), which will secure the financial stability of the garages, enhance safety services and relieve the struggling Parking Fund within the City of Eugene. The support will take place starting in FY2010/2011. Farmers’ Market Space Improvements on the Park Blocks: The Agency will spend up to $500,000 on improvements to the Park Blocks in order to make that location more attractive and functional for the Farmers’ Market. The improvements will start in FY2010/2011. VA Clinic: The Department of Veterans Affairs (VA) is planning to locate an expanded clinic in leased space in the Eugene area. Downtown Eugene may be an ideal area for the clinic. The lease award is estimated for the last quarter of 2010 or the first quarter of 2011. If the downtown location is selected, the Agency will consider the terms for an agreement between the Agency and VA and/or the property owner. The specific project activities to be undertaken will be defined by the Agency and set out in an agreement. Although no estimate was used for private party or VA contribution, other such contributions would be anticipated. The VA plans to occupy the new location (as selected through the RFP) by December 2012. Project Delivery Administration: Actions for this activity include program administration (pro- ject management, financial services, debt issuance and administration); legal services; reporting (budgets, financials); preparation of market, feasibility, or other economic studies; preparation of design, architectural, engineering, landscaping architectural, planning, development, or other developmental studies; providing accounting or audit services; providing special rehab- ilitation, restoration, or renovation feasibility and cost analysis studies; assisting in preparation of the annual financial report required under Section 800 of the Plan; providing property acquisition appraisals; and evaluation of the plan and the success of its activities. The Agency may also acquire, rent, or lease office space and office furniture, equipment, and facilities necessary for it to conduct its affairs in the management and implementation of this plan. Projections for district administration assume that once the LCC and Beam projects are complete, district administration expenses will be reduced to a minimal level that will be sufficient to ensure administration of outstanding debt, budget development, and financial report preparation. Specifically, the administration projection includes staffing at 1.4 FTE for years FY11 through FY13 followed by 0.14 FTE for years FY14 through FY19. Additional items in 10