Laserfiche WebLink
<br /> <br />ECC <br />UGENE ITY OUNCIL <br />AIS <br />GENDA TEM UMMARY <br /> <br /> <br /> <br /> <br />Work Session: Disposition of Surplus Property <br /> <br />Meeting Date: May 28, 2013 Agenda Item Number: 6 <br />Department: Planning & Development Staff Contacts: Mike Sullivan <br />www.eugene-or.gov Staff Contact Telephone: 541-682-5448 <br /> <br /> <br />ISSUE STATEMENT <br />The council is being asked to approve the sale of the quarter-block surface parking lot located at <br />8 Avenue and High Street to the Shedd Institute for the Arts. <br />th <br /> <br /> <br />BACKGROUND <br />Section 2.872 of the Eugene Code provides that a proposal for the sale of property that is <br />acceptable to the City Manager shall be presented to the council for its action. The Shedd <br />Institute for the Arts approached the City with an offer to purchase the quarter-block (25,600 <br />square feet) surface parking lot located on the southwest corner of 8 Avenue and High Street, <br />th <br />directly behind the Shedd Institute for the Arts (see Attachment A map). The proposed <br />purchase price is the appraised value of $800,000 paid in cash at closing. A detailed outline of <br />the proposed terms is included in Attachment B. <br /> <br />The property, zoned C-2/TD, is currently used as a City-owned and -operated surface parking lot. <br />The property was appraised by Duncan & Brown in May 2012 which indicated a fair market value <br />of $800,000 ($32.50/square feet). The value conclusion was based on a highest and best use <br />assumption that the current use would be continued on an interim basis until a financially feasible <br />commercial use can occur. <br /> <br />The Shedd Institute for the Arts is interested in acquiring the property for the purpose of <br />growing the existing music school and performance space. Their existing music school serves <br />approximately 500 students per week. Their expansion plans envision additional classroom <br />space, a new 350-400 seat music theater, and potentially a retail music store. They have <br />indicated that a fundraising campaign for the expansion project would begin immediately <br />following the acquisition of the property, and that the start date for construction of the project <br />would be contingent on the success of the fundraising efforts. <br /> <br />The arts are a key part of the revitalization of downtown Eugene. The growing art and culture <br />district, which includes venues such as the Shedd Institute for the Arts, draws customers and <br />dollars to the city core year-round. The Americans for the Arts’ latest national economic impact <br /> S:\CMO\2013 Council Agendas\M130528\S1305286.doc <br />