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The agency is planning a mixed use project on the north side of B Avenue at First Street. Preliminary plan concepts include a new 60,000 square foot public library, public parking, retail and housing uses. The project will feature a library facilty that better meets current and future community needs and will contribute to the vitality and economic activity in the downtown core.
Feasibility Studies:
The following feasibility study reports were presented to the LORA Board in October 2010:
In March 2011, the LORA Board reviewed additional project concepts and feasibility analysis and authorized staff to proceed with the next phase of planning:
March 2011 Staff Report
Property Acquisition:
In May 2011, the LORA Board approved an acquisition plan and authorized staff to initiate property acquisition and proceed with more detailed planning.
May 2011 Acquisition Plan
At the June 20, 2011 LORA Board meeting, the Board authorized specific terms for acquisition of 500 First Street -- a two-year lease, with option to purchase at any point during lease term for $2.35 million option price. In February, the Board authorized exercise of the purchase option. The transaction closed on March 9. In January, the Board authorized purchase of the 525 First Street property for $1.18 million. Upon satisfactory completion of diligence, the sale will close in early May 2012.
Status Report presented to the LORA Board in July 2011.
Next Steps:
LORA is working toward assembly of a North Anchor project site, starting with the purchase of the property at 500 First Street. When site assembly is complete, a citizen task force will assist with development of a refined project plan, costs and funding for LORA Board and City Council consideration.
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