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<br />The Sears site under consideration includes the 1/4-block former Sears building property, along with the <br />th <br />1/8-block surface parking lot on the northwest corner of 10 and Olive (the other half of the surface <br />th <br />parking on 10 and Olive is owned by an adjacent private property). The URA purchased the Sears <br />property in 1993. The acquisition cost of approximately $900,000 included the Sears building property, <br />and the half-block on which the new library was constructed. An appraisal of the Sears property <br />completed in January 2003 indicated a land value of $20 per square foot. It is estimated that current <br />market value for the land is approaching $30 per square foot, which would result in an approximate <br />value of $1.1 million. In 2005, the former Sears building structure was demolished for a total cost of <br />approximately $202,000. <br /> <br />State statutes, the downtown Urban Renewal Plan, and adopted URA procedures govern the disposition <br />of real property held by the URA. URA procedures provide for the City Manager, as the business agent <br />for the URA, to publicly or privately solicit proposals and negotiate with any party for the disposal of <br />real property consistent with the Urban Renewal Plan. Any proposal which is acceptable to the City <br />Manager must then be presented to the council (acting as the URA) for its approval. <br /> <br /> <br />RELATED CITY POLICIES <br />Future development of the Sears site is consistent with the policies and implementation strategies <br />included in the Eugene Downtown Plan, including: <br />Downtown development shall support the urban qualities of density, vitality, livability and diversity <br />? <br /> <br />to create a downtown, urban environment. <br />Help employers locate, remain and expand downtown by targeted use of economic tools and <br />? <br /> <br />incentives. <br />Actively pursue public/private development opportunities to achieve the vision for an active, vital, <br />? <br /> <br />growing downtown. <br />Use downtown development tools and incentives to encourage development that provides character <br />? <br /> <br />and density downtown. <br />Promote multi-story, mixed-use structures downtown through financial incentives or code <br />? <br /> <br />amendments. <br /> <br />In addition, the proposed future development of the Sears site is responsive to the following Growth <br />Management objectives: <br /> <br />Policy 1: Support the existing Eugene Urban Growth Boundary by taking actions to increase density <br /> and use existing vacant and under-used land within the boundary more efficiently. <br />Policy 2: Encourage in-fill, mixed-use, redevelopment, and higher density development. <br />Policy 3: Encourage a mix of business and residential uses downtown using incentives and zoning. <br />Policy 10: Encourage the creation of transportation-efficient land use patterns and implementation of <br /> nodal development concepts. <br />Policy 16: Focus efforts to diversify the local economy and provide family-wage jobs principally by <br /> supporting local and environmentally-sensitive businesses. Direct available financial and <br /> regulatory incentives to support these efforts. <br />Policy 14: Development shall be required to pay the full cost of extending infrastructure and services, <br /> except that the City will examine ways to subsidize the costs of providing infrastructure or <br /> offer other incentives that support higher-density infill, mixed use, and redevelopment. <br /> <br /> L:\CMO\2006 Council Agendas\M060412\S060412B.doc <br /> <br />