HomeMy WebLinkAboutResolution SEDA 2013-07 06/24/2013 SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY,
AN URBAN RENEWAL AGENCY OF THE CITY OF SPRINGFIELD
RESOLUTION NO. SEDA2013-07
A RESOLUTION AUTHORIZING THE ACQUISITION OF 138 MAIN STREET,
SPRINGFIELD, OREGON (MAP AND TAX NO. 17-03-35-32-04500)
WHEREAS, the City Council adopted the Downtown Urban Renewal Plan on November
26, 2007; and
WHEREAS, the goals in the Plan encourage projects which promote public and private
improvement, improve streets, streetscapes, parks and open spaces and improvements
which create civic gathering places and develop downtown Springfield as a gateway to
the City and can serve as catalyst projects for additional economic development in
downtown; and
WHEREAS, specific projects may include pedestrian amenities, downtown public art
showcases, park recreation, pedestrian and other public improvements; and
WHEREAS, the Springfield Economic Development Agency (SEDA) has reviewed the
Crandall Arambula plan which encourages the development of Mill Plaza as a gateway
to downtown Springfield; and
WHEREAS, the Downtown Urban Renewal Plan provides a specific procedure for the
acquisition of property; and
WHEREAS, the property located at 138 Main Street is available for purchase and SEDA
is interested in acquiring the property for the purposes described above or otherwise
authorize the plan through a voluntary arms-length transaction; and
WHEREAS, the purchase price for the property located at 138 Main Street is Six
Hundred Sixty-Nine Thousand Dollars ($669,000.00); and
WHEREAS, the property located at 138 Main Street consists of one commercial building
divided into 2 suites and the transaction will include assuming the existing Ground
Lease in one of the suites and the Seller executing a nine-month lease for the
remaining suite; and
WHEREAS, SEDA has available sufficient funds to acquire the parcels based upon its
ability to borrow these funds from the City of Springfield pursuant to a preexisting
agreement between the City and SEDA providing a line of credit for these purposes.
This agreement was initially authorized November 29, 2005, extended through the year
2008-2009 on July 18, 2008, and again on July 21, 2008 and extended again on
November 1, 2011; and
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WHEREAS, the purpose of this Resolution is to authorize SEDA staff, upon successful
resolution of the transaction for the property, to acquire the 138 Main Street,
Springfield, Oregon property.
NOW, THEREFORE, be it resolved that the Springfield Economic Development Agency
proceed to acquire the property located at 138 Main Street, Springfield, Oregon.
1. Upon successful negotiation for the voluntary arms-length acquisition of 138
Main Street, we hereby authorize acquisition of the property.
2. The City Manager of Springfield is authorized to execute all documents necessary
to complete the transaction and enter into a loan with the City of Springfield pursuant
to the existing line of credit.
Adopted by the Springfield Economic Development Agency, an urban renewal agency of
the City of Springfield, Oregon, by a vote of 7 for and 0 against, this 24th
day of June , 2013.
v.
Chair
Springfield Economic Development Agency
ATTEST:
•
REVIEWED&APPROVED
irkAS 70 FO
Secretary DATE: /]__ •
Springfield Econo c Development Agency SPRINGFIELD ECONOMIC DEVELOPMENT AGENCY
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RESOLUTION NO. SEDA2013-07