Item B: Disposition of Real Property

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URA RBAN ENEWAL GENCY AIS GENDA TEM UMMARY Urban Renewal Agency Work Session: Disposition of Real Property Meeting Date: October 31, 2012 Agenda Item Number: B Department: Planning & Development Staff Contact: Denny Braud www.eugene-or.gov Contact Telephone Number: 541-682-5536 ISSUE STATEMENT An offer has been received to purchase the real property owned by the Urban Renewal Agency (URA) th located at 8 Avenue and Ferry Street west of the Federal Courthouse. The council is being asked to approve the disposition of the property. BACKGROUND The Urban Renewal Agency (URA) owns the 1.89 acre commercial (C-2) property located immediately west of the Federal Courthouse (see Attachment A map). The property is a remnant from the 8.9 acre parcel that was acquired from Chiquita and AutoCraft in 2001 for the new Federal Courthouse project. The property was partitioned and the western 4.46 acre parcel was sold to the federal government for the Courthouse. The eastern parcel was further divided through the dedication of 2.57 acres for construction of the new road system in the Courthouse area. The remaining 1.89 acre parcel is considered to be a redevelopment site with the potential to advance the goals of the Downtown Plan and Riverfront Urban Renewal Plan. The City has received a signed letter of intent to purchase the property from Northwest Community Credit Union (NWCCU). An outline of the proposed terms that are subject to URA approval is included in Attachment B. NWCCU was founded in 1949 as the Weyerhauser Credit Union and has grown into a well-established state-wide financial institution. They are proposing to construct a new regional facility that is expected to be approximately 60,000 square feet in a multi-story building. The primary function of the facility would be a regional office that would function as the support center for NWCCU’s state-wide branches. The facility would also include a retail branch on the ground floor. The branch would require a drive- thru teller to support retail operations. Because the property has a zoning overlay which prohibits drive- thru uses, NWCCU has indicated that the City’s approval of the drive-thru use is a required condition for the closing of the sale. Initial employment at the new facility would be 150, with plans to grow to 200 in the near future. Although NWCCU is a non-profit financial cooperative, they pay property taxes. The proposed site is located on 8th Avenue, one of the four Great Streets in downtown Eugene. The redevelopment of this important site proposed by NWCCU addresses long held goals and policies for a vibrant, prosperous, inviting downtown connected to the riverfront. NWCCU will create an active use S:\CMO\2012 Council Agendas\M121031\S121031B.doc