Item B: Lane Community College Downtown Project

Home Browse Search

EURA UGENE RBAN ENEWAL GENCY AIS GENDA TEM UMMARY Work Session: Lane Community College Downtown Project Meeting Date: March 10, 2010 Agenda Item Number: B Department: Planning & Development Staff Contact: Denny Braud www.eugene-or.gov Contact Telephone Number: 541-682-5536 ISSUE STATEMENT th Lane Community College (LCC) has been selected to redevelop the 10 and Charnelton property (see Attachment A map) for its new downtown campus project. The Urban Renewal Agency (URA) Board provided direction to enter into an exclusive negotiation with LCC, negotiate a purchase and sale agreement, and return to the URA Board for final approval of the terms. The URA Board is being asked to review and approve the terms. BACKGROUND At the January 25, 2010 URA work session, the following motion passed: th Move to select LCC to redevelop the 10 and Charnelton property as the location for its new downtown education facility. Direct the Agency Director to enter into an exclusive negotiation agreement with LCC for a period of six months, negotiate proposed terms for a purchase and sale agreement for review and approval by the URA Board. LCC is currently conducting a feasibility analysis addressing site conditions, code requirements, potential tenants, housing feasibility, conceptual design, and a preliminary cost estimate. The feasibility report is the first phase of the project and is expected to be completed in early March. The project concept being analyzed in the feasibility phase includes a new 80,000 square foot education building and adjoining 80,000 square feet of student housing which would accommodate approximately 200 students. LCC has had preliminary discussions with their Board of Education regarding the needs associated th with acquisition of the 10 & Charnelton property. The URA’s negotiations with LCC have centered on assistance provided by the URA to help remove specific project barriers including 1) site control, 2) timing of the disposition of the existing Willamette Street property (see Attachment B map), and 3) maximizing funds available for project financing. Because there are significant costs and commitments associated with the second phase of the project work, LCC will need to secure site control before moving into phase two. Site control will also be important for LCC to access potential financial resources that are targeted for “shovel ready” projects. Site control will occur when the URA enters into an agreement with LCC regarding the site. LCC is seeking to enter into an agreement by April 2010.