Title
Disposition and Development Agreement for the Cove Project
Body
RECOMMENDED ACTION (Motion):
Staff recommends that the Oregon City Urban Renewal Commission (URC) enter into a disposition and development agreement (DDA) with Clackamette Cove, LLC (CCLLC) for The
Clackamette Cove project.
BACKGROUND:
The Clackamette Cove project area consists of approximately 89.59 acres, which includes an approximate 53-acre man-made lake that is connected to the Clackamas River. The URC
owns approximately 76.04 acres of that area, CCLLC has the right to acquire 11.05 privately-owned acres within that area and Tri-City County Service District owns approximately
2.5 acres of that area. All of which are collectively the "Project Site."
CCLLC is proposing a multi-phased mixed-use project on the site, as described above, which is located at the northern-most end of Main Street in Oregon City directly behind the Oregon City Shopping Center. The Project Site is substantially undeveloped, produces no employment and produces few taxes. The Project Site has very limited public access and is of poor habitat quality with excessive slopes bordering the lake and with non-native plants. It is subject to flooding, as evidenced by the 1996 flood event that covered most of the Project Site. The area cannot be developed without substantial engineered fill, infrastructure and other site improvements. The URC has determined that the Project Site is blighted based upon the Downtown North End Urban Renewal Plan. The Project Site is within the Downtown North End Urban Renewal District.
The 89.59-acre project area cannot be developed without a substantial public investment. The costs involved in making the Project Site suitable for development are too great to be
incurred solely by a privately financed development. The extraordinary costs that require a substantial public investment are based upon the following: the Project Site needs very
significant fill in order to bring the site above the...
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