City Council Update South Waterfront Central District Project

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City Council UpdateSouth WaterfrontCentral
District Project
March 16, 2006

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Objectives of Work Session
Review South Waterfront Vision for job
creation, housing, and public amenities.
Review collective progress toward that vision.
Review roles and responsibilities for the tram.
Discuss latest tram cost estimates and schedule
Outline PDOT changes to improve project
management and oversight
Brief Council on funding proposal for tram,
affordable housing, greenway, and other
goals.
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Project Context
In November 2002, City Council adopted the South
Waterfront Plan. The Plan gave PDC responsibility
for coordinating the development on behalf of the
City in accordance with a set of agreed upon
goals.
Central District
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South Waterfront Goals

• 10,000 quality jobs
• 3,000 housing units
• 788 affordable units
• Exemplary greenway
• Integrated parks system
• Sustainable development/habitat restoration
• Multi-modal transit

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Central DistrictDevelopment Agreement

• 1.5 M sq .ft. of OHSU research, clinical, and
  institutional space
• 2,660 housing units - 430 affordable
• OHSU parking garage
• Streetcar to Gibbs Street
• Streets/utility infrastructure

• South Waterfront greenway
• Neighborhood park
• Sustainable development
• M/W/ESB
• Aerial tram to Marquam Hill

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Phase I status
GOALS
STATUS
Research/Office OHSU - 400,000 sq.ft. under
construction to open fall 2006
Market Housing NMI - 750 condos under
construction Affordable Housing PDC Negotiating
site acquisition
Parking Garage OHSU - Site Acquired
Streetcar PDOT - To Gibbs St., complete
Greenway PDC Master Plan adopted
Neighborhood Park PPR Initial improvements open
7/06
Tram PDOT- Under construction
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Central District Aerial
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Tram Saddle
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Rebar Forest
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• As the Citys agent, PDC shall reach agreement
  with
• our partners in the district that includes
  guaranteed funding for
• Tram Completion
• Streetcar Extension
• Affordable Housing
• Park Improvements and
• Greenway Improvements.

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CITY COUNCIL MEMORANDUM DECEMBER 2, 2005
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PDC Actions
Commissioned Pinnell/Busch Study
Convened Negotiating Team, Completed
Negotiations
Began Implementing Report Recommendations
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Financial Risks

• Tier I Infrastructure Projects 122.3 million
• Tax Increment Financing (TIF) 30.80m
• Local Improvement District (LID) 30.5m
• Tram 3.05m
• Streetcar 5.02m

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Tram Oversight Responsibilities

• Oversight Convene now to initiate and charge
  the groups below, meet as necessary.
• Leadership Meet quarterly, resolve cost and
  responsibility issues.
• Steering Monthly review of project schedule,
  budget compliance, recommend cost issues.

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Tram Oversight Roles
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Financial Risks

• Tier I Infrastructure Financing Plan
• Interim financing provided by General Fund
• secured lines of credit
• Lines of credit taken out by
• Tax Increment Bonds
• Special Assessment Bonds

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Financial Risks
Project Expenditures to Date TIF 20.6
million Tram 20.0 million
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Upcoming Decisions and Projected Timing

• PDOT Construction Contract Amendment, April
  2006

Amend SWF Development Agreement, April 2006
Secure Financing, April 2006
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Proposed Funding Plan
Current New Total
Affordable Housing 7.0m 18.7m
25.7m
Neighborhood Park 8.0m 4.0m
12.0m
Greenway 0m 6.05m 6.05m
Economic Dev. 5.0m 3.5m
8.5m
Trans. Contingency 0m
3.0m 3.0m
Tram 40.0m 10.0m 50.0m Tram
Contingency 0m 3.4m 3.4m
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Proposed Private DA Commitments

Commitment Value
Guarantee (NMI) 33.75m Tram (OHSU)
7.5 m Accelerate LID/Lowell Streetcar 4.8 m
Additional Condo Towers (NMI) 330.0
m Guarantee Purchase of Parks SDCs 3.0 m
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Proposed Tram Funding
2004 2005
2006 Budget Budget Proposed
Contingency
OHSU LID 13.4 M 24.75 M 24.75
M 0 M
OHSU CASH 6.0 M 6.0 M
6.0 M 1.5 M
OHSU ADDL 0 M 0 M
6 M 0 M

SWF PROP LID 5.8 M 5.8M 5.8M
0 M
TIF 3.27 M 3.5 M
7.5 M 1.9 M
TOTAL 28.5 M 40.0 M
50.0 M 3.4 M
Includes 2M Cash Advance for Potential State
Energy Tax Credits
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Tram Funding 2005
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Proposed Tram Funding 2006
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Affordable Housing
Current Funding 7.0 M Proposed Funding
25.7 M

• OUTCOMES
• Site Control
• Acquire Block 49 200-240 unit potential
• Buy Air Rights on Block 33 400 unit potential
• Acquire PDOT/ODOT Sites 400 unit potential
• RFP to be Issued for 200 Units by December 2006

• Construction
• Build 200 units by 2008 (site TBD)

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Greenway
Current Funding 0 M Proposed
Funding 6.05 M

• OUTCOMES
• Final Improvements to Central District
  Greenway
• (1,300 linear feet)

• Built To Existing City Council Greenway Master
  Plan

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Neighborhood Park
Current Funding 8 M Proposed Funding
12 M

• OUTCOMES
• Acquired 2-Acre Park Site (Public Storage)
• Complete Tenant Relocation
• Demolition and Initial Improvements by June 2006
• Complete Design and Construct Final
  Improvements by 2009

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Economic Development/ Bioscience Initiative
Current Funding 5.0 M Proposed
Funding 8.5 M

• OUTCOMES
• 400,000 sq. ft. OHSU Research/Clinical Building
  (under construction)
• Provides Bioscience Recruitment/Jobs Creation
  Program
• Bioscience Facility Construction

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Transportation Contingency
Current Funding 0 M Proposed Funding
3 M

• OUTCOMES
• Provides Funding To Address Other Non-Tram
• Transportation Improvements

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Streetcar Gibbs to Lowell
Current Funding 0 M Proposed
Funding 11 M

• OUTCOMES
• Completes Streetcar System for the Entire SWF
  District
• LID 4.8 M
• Connect Oregon 2.1 M

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Tram
Current Funding 40 M Proposed
Funding 50 M ( contingency 3.4M)

• OUTCOMES
• All DA Parties Agree to Funding Plan to Complete
  
• Tram Construction by December 1, 2006
• Minimizes Financial Risk For City

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