Loading...
2.24.14Association Building March 24, 2014 1 Association Building Feasibility Report What the Report Identified: Construction costs Potential partnerships Architectural renderings Building attributes Best development practices Alternative funding sources Best building uses What Needs to Be one: Establish City financial commitment Find an investor by promoting: Architectural renderings Building attributes Best development practices Alternative funding sources Select best building use 2 Next Steps Accept Association Building Report Authorize up to $600,000 in Urban Renewal Agency cash development incentives and the Property Issue a Request for Proposals (RFP) Appoint a Feasibility Review Committee The Agency be briefed on the outcome of the RFP process and presented with any recommendation deemed appropriate by the Feasibility Review Committee 3 Urban Renewal Fund Overview Urban Renewal Debt Capacity $3.5 million Urban Renewal Projects Paid with Bonds First Street: $3,320,000 Other Projects Paid with Available Funds Association Building: $ 600,000 Fire Station: $ 700,000 Total: $1,300,000 4 Recommended Development Incentives Urban Renewal Cash Incentives: $600,000 (baseline improvements) Association Building RMV: $535,000 Total Incentive Value: $1,135,000 * This does not commit budget funds or actual cash expenditures; it is only an expressed intent to expend funds should the Agency approve and award a contract. A successful proposal would be included in a future budget or supplemental budget request prior to expenditure of any funds. 5 Request for Proposal Benefits Promotes downtown Woodburn and the Association Building Allows the Agency to set the redevelopment objectives and priorities Allows for community engagement through a review committee Allows the Agency to review variety of projects May result in the selection of a final project 6 RFP Objectives Maximize Building Attributes: Make advantageous use of the prominent location along N Front Street and the Downtown Plaza by providing active street-level uses that generate positive economic activity and enhance vibrancy between destinations. Complement District Uses and Identity: Provide primary uses that enhance the neighborhood’s 24/7 vitality and contribute to the diversity that makes the downtown desirable and attractive. Additional consideration will be given to proposals which, in part or in whole, incorporate best uses identified in the Association Building Feasibility Study. Minimize City’s Financial Risk: Minimize the need for the Agency’s financial assistance and maximize Agency’s financial return. Timely Completion: Prompt completion of any proposed project. 7 RFP Requirements The proposals must: advance the development objectives demonstrate successful experience on projects of similar size and scope complete concept plan, budget, and schedule be financially feasible and minimizes the Agency’s financial assistance maximize the long-term value and public benefits derived from redevelopment of the Property 8 Feasibility Review Committee Review proposals, interview applicants, and make recommendation to the Agency. 2 Urban Renewal members 2 community members City Administrator 9 RFP Timeline Issue Date: March 25, 2014 Building Tour: May 7, 2014 Deadline: July 7, 2014 at 5:00 PM URA Meeting: August 11, 2014 10 Recommendation Accept Association Building Feasibility Study Authorize up to $600,000 in Urban Renewal Agency cash incentive and the Association Building to be offered as part of the Request for Proposals Direct the City Administrator to issues a Request for Proposals for the acquisition and redevelopment of the Association Building Appoint a Feasibility Review Committee The Agency be briefed on the outcome of the RFP process and presented with any recommendation deemed appropriate by the Feasibility Review Committee. 11 Identified Uses Association Building Feasibility Study 12 Neighborhood Activity Center Youth and family-oriented Provides community activity space the City currently lacks Grants may be available to assist with development Draws community members downtown Mixed-use subsidizes operational costs 13 14 Example Neighborhood Activity Centers Broadway Commons, Salem OR Sellwood Community Center, Portland, OR 15 Business Incubator with Arts Focus Supports local businesses Diversifies downtown business Community-wide economic impact Mixed-use subsidizes operational costs Grants may be available to assist with development 16 17 Examples of Business Incubators Disjecta, Portland OR Portland Open Studios, Portland OR 18 Brewpub/Beverage Distillery Promotes local agriculture Tourism attraction Diversifies downtown business Entertainment venue Return property to tax rolls 19 20 Brewpub vs. Taverns Steelhead, Eugene OR Rumors, Woodburn OR 21 Brewpub vs. Tavern Hopworks Urban Brewery, Portland OR The End Zone, Woodburn OR 22