BEAVERTON CITY COUNCIL ENDORSES PORTLAND-AREA DEVELOPER'S PLAN TO IMPROVE THE ROUND
Posted: March 6th, 2012 12:22 PM
Photo/sound file: http://www.flashalertnewswire.net/images/news/2012-03/1786/52280/TheRoundSitePlan.jpg (The Round Site Map)
- City tentatively agrees to purchase "Class A" office building -
Yesterday evening, the Beaverton City Council voted unanimously to revise the Definitive Development Agreement (DDA), which provides Portland-based ScanlanKemperBard (SKB) confidence to acquire nearly all undeveloped lots at The Round.
"We're finally turning the page on The Round by incentivizing development," said Mayor Denny Doyle. "Through our citizen-led Community Vision program—which served as the strong foundation for our Civic Plan—we heard loud and clear that we must invest in the heart of Beaverton. By removing the prescriptive nature on The Round's development, we've made it much more attractive for this local company to step up and invest in Beaverton."
As part of the agreement, the developer has committed to pay nearly $1 million in cash (and real estate) that was still owed the city for public improvements at The Round.
Details of the agreement—including the nearly $1 million—consist of:
o Developer will improve some of the vacant lots (Lots 1, 2 and 6) for surface parking, meeting city design standards (until such time as the real estate market makes it feasible to build structures on those lots);
o Developer will donate Lot 3 near the creek to the city (making the Creekside improvements more-feasible);
o Developer will purchase one city-owned lot (Lot 5) at its appraised value;
o Developer will donate a portion of one lot (at the northwest corner of The Round) for use to extend Rose Biggi Avenue to Westgate Drive;
o Developer will pay the city $250,000 for completion of the public plaza on the south side of the light rail tracks (the other half of the circle used for public performances in front of the loft building);
o The city will keep about $117,000 already paid by a prior developer for public improvements not yet built;
o The city will receive an option for exclusive, free use of 220 parking spaces in the parking garage to be used for visitors and tenants of the Coldwell Banker Building; and
o It retires all outstanding debt owed the city by prior developers and all costs incurred by the city for capital projects and improvements.
Further, the city recently announced that it has begun due diligence for the purchase the Coldwell Banker Building at The Round for $8.65 million. The tentative purchase and sale agreement is contingent on the city's findings, and City Council ratification, which is expected on or about March 20, 2012.
The Coldwell Banker Building houses the city's Central Plant, which provides heating and cooling for The Round. The current lease on the space for the Central Plant costs the city $400,000 per year.
"By buying this 108,000 square-foot, Class A building, we're taking control of an expensive Central Plant lease," said Mayor Doyle. "If we did nothing, we'd continue to pay $400,000 per year for the 33-year life of the lease—spending $13.3 million. This gives us a critical asset, while demonstrating strong fiscal stewardship."
For additional information, please visit www.BeavertonOregon.gov/PressRoom.
ABOUT BEAVERTON
Beaverton enjoys one of the most diverse populations among Oregon cities. It was one of just four cities of its size recently recognized as a "Smarter City" energy leader by the Natural Resources Defense Council and one of the 100 Best Places to Live in America by Money magazine. In addition, Beaverton has been named one of the safest cities in the Pacific Northwest for three consecutive years, as one of the best places to raise kids by BusinessWeek magazine, an All-America City finalist, as one of the top 25 Suburbs for Retirement by Forbes.com, one of the 100 Best Walking Cities in America by Prevention magazine, the Recycler of the Year from the Association of Oregon Recyclers, a Tree City USA by the Arbor Day Foundation, a Bronze Award Bicycle Friendly Community designation by the League of American Bicyclists and as one of the Environmental Protection Agency's Green Power Communities. Most recently, the Beaverton Community Vision program was named Public Involvement Proj
ect of the Year—Best Planning Project by the International Association of Public Participation (IAP2) Cascade Chapter. For more information, please visit www.BeavertonOregon.gov.
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