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EURA UGENE RBAN ENEWAL GENCY AIS GENDA TEM UMMARY Work Session: West Broadway Update Meeting Date: February 11, 2008 Agenda Item Number: B Department: Planning & Development Staff Contact: Denny Braud www.eugene-or.gov Contact Telephone Number: 682-5536 ISSUE STATEMENT The Urban Renewal Agency (URA) has signed purchase option agreements on several properties within the West Broadway redevelopment area. The URA Board is asked to consider next steps for the properties. BACKGROUND The URA secured purchase options on properties within the West Broadway redevelopment area between Willamette Street and Charnelton Street (see Attachment A map of the optioned properties). The option terms and purchase prices associated with each of the purchase options were negotiated independently based on each property owner’s individual circumstances. A summary of terms associated with each property is included in Attachment B. On December 10, 2007, the URA provided direction to pursue a development agreement for the Beam Development project and to proceed with acquisition or assignment of the options on the Washburne building, Centre Court building and adjacent hole, within the financial constraints of the current $33 million urban renewal district spending limit. Also on December 10, 2007, the URA provided direction to proceed with acquisition of the Diamond property, also within the existing financial constraints of the urban renewal district spending limit. On March 10, 2008, the council will consider the supplemental budget action necessary to move forward with the purchase of the Centre Court building and adjacent hole ($2.8 million), the Washburne building ($1.9 million), and the Diamond property ($290,360). The Diamond option agreement also requires the thth City to convey ownership of the City-owned parking lot located on Oak Street between 11 and 12 Avenues as additional compensation for the acquisition of the Diamond property (See Attachment C map of City-owned Oak Street parking lot). The Diamond parking lot is an integral part of the future th development of the adjacent URA-owned 10 and Charnelton development site. (Development proposals for the site will be sought through a Request for Proposals that is scheduled for release on March 1, 2008.) The Downtown Urban Renewal District financial resources are limited and may not be sufficient to accommodate additional property purchases beyond that of the Centre Court building, adjacent hole, Washburne building, and Diamond property. Furthermore, preliminary negotiations with Beam Development indicate a need for URA financial participation. (A hypothetical financial model for the F:\CMO\2008 Council Agendas\M080211\S080211B.doc