Item A: Expenditure Review Panel FY11 Report

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Attachment 1 Excerpts from Plan & Report LCC Downtown Urban Renewal Plan (June 25, 2010) Goal 1.d. Improve the function, condition, and appearance of the Plan Area through redevelopment of the th excavated vacant lot at the 10 and Charnelton Site. (This project also contributes to Goals 2-4.) th Objective 3. LCC is able to redevelop the 10 and Charnelton Site with a campus that will bring thousands of people into the Plan Area. Section 600 C. The Agency may spend up to $8 million of tax increment funds, plus associated interest, premium and other costs, to assist LCC in the development of a new downtown building for its programs at th the 10 and Charnelton Site. Upon agreement by LCC and the City, the project may include a public plaza or open space area at the site and potentially a downtown public safety station. The Agency already has approved the sale of this site to LCC. LCC is proposing to build a new 80,000 square foot, mixed-use, state-of-the-art downtown education facility. The education building is targeted for LEED Platinum certification. LCC is also considering the th construction of approximately 200 beds of student housing on the 10 & Charnelton Site. The new, highly- sustainab Management program and to become a model for sustainable development. The new education facility will l be a major activity generator for downtown. The Agency may provide assistance with project related costs for the new education facility and housing, including construction hard and soft costs, site improvements, infrastructure, open space, green building features, art, and other project related cost. The LCC New Downtown Campus will serve and benefit the Plan Area because: (1) Existing education programs and new programs to be included in the new building will draw thousands of students and visitors to the Plan Area each year; (2) New housing residents will generate more activity in the Plan Area; and (3) This landmark building, coupled with the activity it generates, will become a major anchor that will support adjacent retail and services in the Plan Area, enhance the perception of safety by introducing high volumes of new pedestrian traffic in the Plan Area, and attract new investments in the Plan Area. Downtown Urban Renewal District Report (June 25, 2010) th Chapter 5. Item 3). The Agency owns the 10 and Charnelton Site bounded by Charnelton Street on the west, th 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 19