Item 4: Adoption of Resolution 5045 Extending the Completion Date for a MUPTE (The Paradigm on Pearl)-and att A

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For these reasons, the developer of The Paradigm on Pearl requests an extension until April 30, 2012, to complete the project, which will allow construction to proceed under normal, reasonable, and safe working conditions. Council action on this request on October 24 will help determine the next steps for this project. The developer has expressed an intention to invest the cost savings afforded by this extension in upgrading the project’s environmental certification from LEED-Silver to LEED-Gold. They also intend to make other improvements to the building, including: 1.Replace wood finished wainscoting on the first-floor façade on Pearl Street with stone masonry. th 2.Replace the wooden power pole and streetlight on 17 and Pearl with a new, architecturally appealing streetlight. th 3.Include additional public seating on 17 Avenue adjacent to the courtyard entrance. th 4.Improve the grand entrance to the building on the corner of Pearl and 17 with a more elaborate design than currently planned, in fabricated steel and other upgraded materials. These project improvements have been added as requirements to the resolution extending the project completion date. Financial and/or Resource Considerations The MUPTE program provides tax exemptions for a limited time to encourage new, higher density housing in targeted areas. The City and other local taxing districts forgo revenue for 10 years when a property is approved for the exemption. The land, however, continues to be taxed during the exemption period. Once the tax exemption expires, taxes on the entire improved property result in substantially greater revenue for the taxing districts. RELATED CITY POLICIES MUPTE is enabled by state statute. The City of Eugene has participated in the MUPTE program since 1978. Encouraging housing in the core area is consistent with numerous adopted planning and policy documents. Examples include: Growth Management Policies Policy 1 Support the existing Eugene Urban Growth Boundary by taking actions to increase density and use on existing vacant land and under-used land within the boundary more efficiently. Policy 2 Encourage in-fill, mixed-use, redevelopment, and higher density development. Policy 3 Encourage a mix of business and residential uses downtown using incentives and zoning. Refinement Plans The Downtown Plan and relevant neighborhood refinement plans include policies encouraging residential development at higher density as well as a variety or mix of structure types providing a range of housing opportunities. S:\CMO\2011 Council Agendas\M111024\S1110244 -and att A.doc