Ordinance No. 20459 - Laserfiche WebLink

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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 $2.5 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) LCC New Downtown Campus: The Agency owns the 10 and Charnelton Site bounded by Charnelton Street on the west, 10 Avenue on the south, and Olive Street on the east. The site is significantly underutilized in its present configuration — a quarter block of surface parking and a quarter block remnant from demolition of the former Sears department store. LCC approached the Agency regarding acquisition of the property for a new downtown facility. On March 10, 2010, the Agency Board authorized the Agency Director to enter into an agreement with LCC to sell the property at no cost (or $1.00). LCC has provided educational services from downtown for over 30 years at 1059 Willamette Street. The current facility no longer meets the needs of the college, and LCC intends to build and own a new, mixed -use building from which to offer educational and other services in downtown Eugene. The extensive hours of operation will create both daytime and evening activity at a key intersection of downtown. Economic opportunities for current and future downtown businesses will be created as students, employees, and visitors support restaurants, retail, services and cultural venues. In addition to Energy Management, Business Development, continuing education, and a variety of other classes, the multi -use facility will include space for tenants and other community uses, possibly a public safety station. Student housing could also be incorporated as part of the redevelopment plan. 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 Agency. The payments on the debt of about $2.5 million per year came from the Agency. Beginning in 1993, the Agency 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 Agency. The Agency also contributed additional cash to the project, with a total of about $25 million of the $36 million project coming from Agency, 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. Report on the 2010 Amendment 8