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Item 2A: Approval of City Council Minutes
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Item 2A: Approval of City Council Minutes
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Agenda Item Summary
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5/24/2010
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<br />Mr. Braud noted from the agenda item summary memorandum to council that staff had recommended that the <br />City commit to the purchase of the LCC Willamette Street property for its appraised value of $1.2 million with <br />the caveat that the purchase price would be included in the $8 million in funding assistance provided by a <br />proposed amendment to the City's downtown urban renewal plan. <br />Mr. Braud stated that if LCC were not ultimately to move forward with development of the 10th and Charnelton <br />site within a mutually agreed time period, the City and the EURA's commitment to purchase the property would <br />be removed. <br />Mr. Braud reported that staff continued its efforts to help LCC complete a feasibility analysis with various <br />consulting firms regarding the downtown development project and that the results of that analysis were expected <br />to be presented to the LCC Board on March 16, with a subsequent report to be made available to the Eugene <br />City Council. <br />Mr. Braud outlined the staff recommendation to the EURA for it to approve the sale of the 10th and Charnelton <br />site to LCC at no cost (or $1.00) and to commit to the purchase of LCC's Willamette Street building for the <br />purchase price of $1.2 million included as part of the proposed $8 million in the urban renewal plan amendment. <br />Ms. Ortiz supported the staff recommendation and concurred with staff's assessment that their recommended <br />course of action was necessary to ensure the ultimate development of the 10th and Charnelton project. Ms. <br />Ortiz wondered if it might be better for LCC to put the Willamette Street building up for sale on the open <br />market. <br />Mr. Ruiz responded to Ms. Ortiz's comment and expressed that current real estate market conditions might make <br />it prohibitively difficult for LCC to sell its Willamette Street property outright. <br />Ms. Piercy understood the reluctance to the staff recommendation regarding the purchase of the Willamette <br />Street building, but noted that there were certain timing issues to be considered that could ultimately affect the <br />viability of LCC's plans to develop the 10th and Charnelton site. <br />Ms. Piercy perceived LCC's request and the resultant staff recommendation as part of public partnership efforts <br />to improve level of educational opportunity and economic development in the downtown area. <br />Mr. Clark voiced his support for LCC's downtown development project, but noted his concern about the City <br />"acquiring property when we should be divesting ourselves of it." Mr. Clark stated he was uncomfortable with <br />the City “getting further into the development business” with respect to LCC’s Willamette Street building and <br />the City’s current surplus properties. <br />Mr. Clark noted his discomfort with the $1.2 million purchase price for LCC’s current Willamette Street facility. <br />He believed that the actual value of the property was subject to interpretation and that it would be unwise for the <br />City to enter into a purchase agreement for that amount. Mr. Clark noted he planned to offer an amendment to <br />the staff recommended motion to specify that the purchase for LCC’s Willamette Street building be “no more <br />than” the $1.2 million appraised value and to further allow for renegotiation of the final sale price. <br />th <br />Mr. Brown supported the first part of the staff motion to provide the 10 and Charnelton site to LCC at no cost, <br />but believed that the City should not purchase LCC’s current Willamette Street property. He believed that the <br />property represented a toxic asset for which it would be extremely difficult for the City to recoup its acquisition <br />costs. Mr. Brown expressed that it would be foolhardy for the City to purchase LCC’s current downtown <br />property and believed that no one would be willing to pay $1.2 million for the property in the future. <br /> <br /> <br />MINUTES—Eugene City Council March 10, 2010 Page 5 <br /> Work Session <br /> <br />
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