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<br />Interest in the property has been limited to-date. One other offer was received in February 2011, but it <br />was subsequently withdrawn. The property is irregularly shaped with a tapered end point that provides <br />limited depth for new construction. The immediate adjacency to the actively used railroad also <br />negatively impacts the redevelopment potential and property value. The proposed purchase offer <br />appears to be the only prospective buyer and the maximum achievable price at this time. (An adjacent <br />unimproved parcel previously owned by Peace Health immediately west of the property recently sold for <br />$15.94/sqft). The property’s proximity to the University of Oregon and Northwest Christian University, <br />and high traffic counts, make it well suited and more valuable for a retail use. Additionally, <br />redevelopment of the vacant parcel for a commercial retail use would create construction employment <br />and permanent employment to support the City’s economic development goals. A higher price might be <br />achievable in the long-run if the City chooses to leave the property on the market for an extended time, <br />allowing for overall real estate market conditions to approve. <br /> <br /> <br />RELATED CITY POLICIES <br />Eugene City Council Vision, Goals and Outcomes includes “fair, stable, and adequate financial <br />resources.” The sale of surplus property that is not needed for a public purpose generates financial <br />resources that can be used for public purposes. <br /> <br /> <br />COUNCIL OPTIONS <br /> <br /> <br />1. Authorize the City Manager to sell the surplus Franklin Boulevard property as proposed. <br /> <br />2. Disapprove the sale of the surplus Franklin Boulevard property and direct the City Manager to <br />continue marketing the site. <br /> <br /> <br />CITY MANAGER’S RECOMMENDATION <br /> <br />The City Manager recommends approval of the sale of the surplus Franklin Boulevard property to <br />Thomas Fox Properties, LLC as proposed. <br /> <br /> <br />SUGGESTED MOTION <br /> <br />Move to authorize the City Manager to sell the Franklin Boulevard surplus property to Thomas Fox <br />Properties, LLC consistent with the terms outlined in the Agenda Item Summary. <br /> <br /> <br />ATTACHMENTS <br /> <br />A. Franklin Boulevard Property Map <br /> <br /> <br />FOR MORE INFORMATION <br /> <br />Staff Contact: Denny Braud <br />Telephone: 541-682-5536 <br />Staff E-Mail: denny.braud@ci.eugene.or.us <br /> <br /> <br /> <br /> S:\CMO\2012 Council Agendas\M120123\S1201237.doc <br />