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~ Memorandum <br />To: The Downtown Development Board <br />From: John Whittington / Billy Wasson <br />Project Coordinators <br />Date: September 22, 1998 <br />RE: Private Sector Role in Courthouse Square <br />One of the conditions set by the City for the provision of up to $2 million in urban renewal <br />funding for Courthouse Square streetscape expenses was that they receive "det~iled <br />financial information about the project, including the particulars of the arrange ent <br />between the private parties and public entities." The packet that has been provi~ed details <br />the financial aspects, but does not address the private party arrangement. ~', <br />We can't at this oint in the ro'ect rovide final and s ecifi I <br />, p p ~, p p c terms of our rela~tionslup <br />with the private partner on the block. The request for proposal (RFP) for priva e <br />development, which has been submitted to City staff for their review and comm nt, has <br />not yet been issued, and thus there is no contract prepared or in place that defin s the roles <br />of the partners. We can provide the following information about the type of rel tionship <br />that we foresee at this point in time: ', <br />• The physical ground level space for private development is in the range of 1b,000- <br />15,000 sq.ft., located on the full width of the north portion of the block, adj cent to <br />Chemeketa St (precise size to be determined in final design/construction dra~wings). <br />• The private developer will secure the property through a long-term lease (e. ~~ ., a 50- <br />or 99-year lease)...the land can't be sold to the private partner, as the Trans~t District <br />would lose their share of the federal funding that purchased the land, and th~ project <br />may no longer qualify as a"joint development" in the Federal funding agenc~'s eyes. <br />• Though there is no requirement, we are anticipating that the private developl' ent will <br />be two or more stories in height. The RFP that has been drafted places a lim~tation of <br />55 feet on the height of the private development. ~, <br />~ There would be benefits to both the public and private partners if the constr'~uction of <br />Courthouse Square and the private development could occur simultaneously~i. <br />However, this has been viewed as unlikely, as the private developer may not~l be <br />selected much prior to the beginning of excavation for Courthouse Square. '', <br />~ I <br />ATTACHMENT E <br />