Item A: Expenditure Review Panel FY11 Report

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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. th 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 Foundat $1.9 million. Chapter 6. The Agency will consider the terms for an agreement between the Agency and LCC. The specific activities to be undertaken will be defined by the Agency, set out in the agreement with LCC, and may include integration of a public safety station and/or open space within the development project. LCC currently has $17.5 million in other funds to contribute to the project. LCC is undergoing a feasibility analysis that will provide a detailed cost estimate for the project. The total project cost is expected to significantly exceed the $17.5 million that has been secured to date. Construction is anticipated to start in early 2011, for completion no later than 2013. 20