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• The Planning Commission has recommended the land use redesignation of the Courthouse <br /> site and adjacent property from heavy industrial to commercial use. This redesignation will <br /> be included in the Downtown Plan Update which will be acted upon by Council in February <br /> :2004. <br /> There has been substantial market interest in the development opportunities in the Courthouse <br /> District. For example, the University Book Store recently announced their intention to relocate <br /> their existing warehouse facility and redevelop the property directly south across 8th Avenue from <br /> the Courthouse with amulti-story, mixed-use retail/commercial office structure to provide lease <br /> space. AGBI, LLC, owners of the warehouse properties to the south and east of the Courthouse <br /> property, has stated their intention to redevelop their properties for mixed-use commercial <br /> development. Gerding/Edlin Development Company, a Portland developer, has expressed <br /> significant interest in the City-owned site:as well as redevelopment opportunities on sites in and <br /> bordering the Courthouse District. (See Attachment 4 -Letters of Development Intent/Interest) <br /> The Courthouse development is also seen as a catalyst to promote development along east <br /> Broadway as it enters the downtown core. This development will serve to fully link the <br /> Courthouse District to the Downtown core along an active pedestrian promenade. This <br /> development is fully consistent with the City's. designation of Broadway as a "Great Street" in <br /> the upcoming Downtown Plan Update. <br /> The City has had discussions with both local and regional development interests regarding <br /> development types, likely real estate terms, and development incentives. The City has taken <br /> specific action to provide support for this commercial redevelopment, including: <br /> • .The Council directed staff to prepare Plan revisions to extend the term of the Riverfront <br /> Urban Renewal District beyond its current expiration date (September 2005), expand the area <br /> of the District to include both sides of Broadway and the area east of Pearl Street, and expand <br /> the project list to focus work in and around the Courthouse District. Council is scheduled to <br /> review and approve these matters in October and November 2003 with final action to take <br /> place in early 2004. <br /> • .The City expects to offer real estate and business development incentives to support <br /> redevelopment in the Courthouse District. These incentives will include use of City-owned <br /> property in public/private partnership development, tax increment proceeds or bonds to <br /> support infrastructure investments, property acquisition, and development and business <br /> expansion loans. <br /> • It is the City's intent to offer the balance of the City-owned property east of the Courthouse <br /> for sale to the private development market through a Request for Proposal process. The <br /> Request for Proposal criteria will focus on level of investment, density, and character of the <br /> development. It is anticipated that the City's property could be offered shortly after rezoning <br /> action is taken in early 2004. <br /> Page 6 <br /> <br /> _ . <br /> _ _ _ <br /> <br />