Four proposals were received in December 2013 for the acquisition of the Civic Stadium properties, in response to the district’s Request for Proposals.
Three proposals were considered to be in the competitive range—City of Eugene, Eugene YMCA/DAD LLC, and Powell Development/Fred Meyer. These proposers were invited to answer clarifying questions, discuss their proposals with the school board in executive session, and submit any revisions to their proposals in January 2014.
Summary of Proposals
Proposer: City of Eugene
Development Proposal: Athletics/recreation venue. Preservation of stadium grandstands.
Purchase Offer: $4.5 million for combined properties.
Additional Details: No financing contingency. Amenable to appropriately structured deed restriction to ensure property is used for intended purposes. Contingent on a Council decision to be made within nine months following 4J’s acceptance of the City’s offer and the execution of a Purchase and Sale Agreement.
On January 22, 2014, the City Council also passed a motion directing the City Manager to inform interested parties that the City’s future purchase of Civic Stadium will, at minimum, be contingent on identifying an entity or entities who submit a plan for renovation, operation and maintenance of the Civic Stadium that satisfied the Council. The plan will include an updated renovation estimate. The entities must be able to demonstrate they have obtained sufficient financial capital to implement their plan which shall include the rehabilitation of the grandstand, playing field and the creation of a viable sports and entertainment complex. The demonstrated financial resources shall be no less than $3 million.
Proposal and Clarification Documents: City of Eugene
• Original Proposal (12/3/13)
• Clarification and Best and Final Offer (1/15/14)
• Council Motions (1/22/14)
Proposer: Eugene Family YMCA & DAD, LLC
(development partner Anslow & DeGeneault and Rick Duncan)
Development Proposal: New Y facilities along with about 60 1-unit & 2-unit family residential dwellings, primarily owner-occupied.
Purchase Offer: $4.5 million for combined properties.
Additional Details: Buyer will pay district $10,000 per month non-refundable payment during “entitlement” period (applicable to purchase price upon closing). Buyer bears all costs for land use and zoning approvals, removal of stadium, etc., with the exception of any environmental/asbestos abatement costs (estimated to be about $200,000).
Proposal and Clarification Documents: YMCA & DAD, LLC
• Original Proposal and Initial Clarifications (12/3/13)
• Clarification and Best and Final Offer (1/15/14)
• Clarification (1/29/14)
Proposer: Powell Development & Fred Meyer
Development Proposal: Mixed use development with Fred Meyer retail store, about 49 apartments, and neighborhood retail/shops.
Purchase Offer: $5.25 million for combined properties.
Additional Details: Buyer will deposit $360,000 as a good faith deposit; from this $10,000 per month will become a non-refundable payment to the district until during “entitlement” period (applicable to purchase price upon closing). Buyer bears all costs for land use and zoning approvals, removal of stadium, etc..
Lease Offer: Alternative for (non-subordinated) ground lease in amount of $400,000 per year for first 10 years with 10% increase for each subsequent 10-year term; 5 options to to extend the lease term for an additional 10 years each. Option to purchase land at the end of initial 20-year period for fair market value, with a minimum value of $10 million; first right of refusal to purchase the property in the event district decides to sell.
Proposal and Clarification Documents: Powell Development & Fred Meyer
• Original Proposal and Initial Clarifications (12/3/13)
• Clarification and Best and Final Offer (1/15/14)
• Clarification and Revised Final Offer (1/21/14)
• Clarification (1/29/14)
Proposer: Save Civic Stadium dba Friends of Civic Stadium
Development Proposal: Preservation of stadium grandstands. Sports and entertainment venue.
Purchase Offer: $16.56 for the combined properties; “the current value of $1.00 in 1938.”
Proposal Document: Friends of Civic Stadium
• Proposal (12/3/13)
Revenue Comparisons
• Revenue Comparison of Revised Proposals (clarification 2/3/14)
• Property Tax Revenue Estimates
