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Staff and the Loan Advisory Committee reviewed the pro-forma, including <br />assumptions regarding lease rates, operating costs, capitalization rate, lender <br />underwriting criteria, interest rate assumption, and market expected rate of <br />return. The Committee confirmed the financial assumptions used in the <br />analysis and unanimously concluded that the tax exemption is needed to <br />generate a return on investment sufficient to attract the required equity <br />investment. <br />2.8 Presentations concerning the Core Campus project were given to the <br />Downtown Neighborhood Association on January 23, 2013. The Association <br />submitted a letter indicating that the Downtown Neighborhood Association <br />Steering Committee unanimously took a position of support for the Core <br />Campus project with specific points on safety for pedestrians and bicyclers. <br />2.9 The project is, or will be at the time of completion, in conformance with all <br />applicable local plans and provisions of the Eugene Code, 1971, planning <br />regulations, and the Metropolitan Area General Plan. <br />3 A display ad soliciting recommendations or comments from the public regarding this <br />project was published in the Register-Guard on May 4, 2013. The period for comment <br />expired on June 3, 2013 at 5pm. Twenty-four comments were received within that <br />period. <br />Therefore, based upon the above findings and the criteria set forth in the City's adopted <br />Standards and Guidelines, I recommend that the application be approved. <br />Ftated this A day of June, 2013, <br />Executive Director <br />Department <br />Page 4 of 4 <br />Resolution EXHIBMt — ReDort anif. 12prnwu 6"WA <br />