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09/2~/98 16:a8 $50~ 588 0209 SALEM TRANSIT <br />Memorandum <br />To: The Downtown Development Board <br />From: John Whittington / Billy Wasson <br />Project Coordinatars <br />Date: September 22, 1998 <br />RE: Private Sector Role in Courthouse Square <br />One of the conditians set by the City for the provision of up to S2 million in urban ~enewal <br />~unding for Courthouse 5quare streetscape expenses was that they receive "detailed <br />fi~ancial information about the projec~ including the particulars af the arraagement <br />between the private parties and public er~ties °' The packet that has been provided details <br />the financiai aspects, but does not address the private party arrangemeat. <br />We can't, at this point in the projec~ provide final and specific terms of our relationship <br />with the private partner on the block_ The request for proposal (RF~) for private <br />~ development, which has been submitted to City staff for their review and comment, has <br />not yet been issued, and thus there is no cotrtract prepared or in place that defines the roles <br />of the partners. We can provide the folloruing information about the type of relationship <br />that we foresee at this point in time: <br />• The physical ground fevel space for private development is in the range of 10,000- <br />15,004 sq_ft., locaxed on the fvll .*ridth of the north porrion of the block, adjacent to <br />Chemeketa St (precise size to be determined in final design/construction drawings). <br />+ The private dei-eloper will secure the property through a long-term lease (e.g., a SO- <br />or 99-year lease).. .the land can't be sold to the private partner, as the Transit District <br />wonld lose their share of the federaI funding that purchased the land, and the project <br />may no longer qualify as a` joint development" in the Federal funding agency's eyes. <br />• Though there is no requ~remen~ we are anticipating that the private development will <br />be two or more stories in height. The RFP that has been drafted pia~ces a limitation of <br />55 feet on the height of the private development. <br />• There would be benefts to both the public and private partners iftt!e construction of <br />Courthouse Square and the private development coutd occur simultaaeously. <br />However, this has beea viewed as unlikely, as the private developer may not be <br />selected much prior to the beginning of excavation for Courthouse Square. <br />f~ 002 <br />