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 The Cove, LLC 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. Approximately 11.05 acres of the development area are being developed by The Grand Cove LLC, a Colorado limited liability company, as a mixed use development with multi-family housing and office space. The remainder of the development area is owned by the Urban Renewal Commission and is referred to as the "Development Site."
The Cove, LLC (developer) is proposing a multi-phased mixed-use project on the Development 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 Development Site is substantially undeveloped, produces no employment and produces few taxes. The Development 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 Development Site. The area cannot be developed without substantial engineered fill, infrastructure and other site improvements. The URC has determined that the Development Site is blighted based upon the Downtown North End Urban Renewal Plan. The Development 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 Development 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 a...
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