RESOLUTION No.  36223 AS AMENDED

Accept Third Amendment to South Waterfront Central District Project Development Agreement and direct implementation (Resolution)

WHEREAS, pursuant to the Charter of the City of Portland and ORS Chapter 457, the City adopted the North Macadam Urban Renewal Plan on August 11, 1999 by Ordinance No. 173651, (the “UR Plan”), establishing an urban renewal area (“UR Area”) within which PDC will focus efforts to encourage private development to cure blight and enhance economic development opportunities; and

WHEREAS, on November 13, 2002, by Ordinance No. 177082 and Resolution 36111, the City Council adopted the South Waterfront Plan as a subdistrict plan in the Central City (“South Waterfront Plan”) superceding the North Macadam District Framework Plan which the Council had adopted by Resolution 35815 in August 1999; and

WHEREAS, the Portland Development Commission (“PDC”) is responsible for coordinating and guiding development of the South Waterfront Plan Area on behalf of the City in accordance with the vision and goals of the South Waterfront Plan; and

WHEREAS, North Macadam Investors, LLC (“NMI”), River Campus Investors, LLC (“RCI”), Oregon Health & Science University (“OHSU”), and Block 39, LLC (collectively the “Developer Parties”) and PDC negotiated a development agreement to provide for the development of a 31-acre area within the South Waterfront Plan area (“Project Area”) in accordance with the vision and goals of the South Waterfront Plan; and

WHEREAS, on July 9, 2003, by Resolution No. 6029, and on August 13, 2003, by Resolution No. 6041, the Portland Development Commission authorized the South Waterfront Central District Project Development Agreement (“Agreement”) and on August 14, 2003, by Resolution 36163, the City Council accepted the Agreement, and on August 22, 2003, all Parties signed the Agreement; and

WHEREAS, on February 18, 2004, the Developer Parties and PDC executed the First Amendment to the Agreement to document public and private obligations for completion of street and utility improvements, and on April 1, 2004, the Developer Parties and PDC executed the Second Amendment to extend the termination date to June 30, 2004 in the event Basic Contingencies are not satisfied, waived, or otherwise resolved by that date; and

WHEREAS, the Developer Parties and PDC desire to execute a Third Amendment comprising amendments to extend the schedule for certain Basic Contingencies, to modify the Funding and Financing Plan, to modify certain elements of the Agreement the implementation of which have proved impractical, or which, if modified, will enhance the overall quality or utility of various Projects contemplated by the Agreement; and

WHEREAS, the nature of the proposed Third Amendment requires approval of the Commission and acceptance of City Council;

NOW, THEREFORE, BE IT RESOLVED, that the City accepts the Third Amendment to the South Waterfront Central District Project Development Agreement as summarized in Exhibit A; and

BE IT FURTHER RESOLVED, that the City directs the Office of Management and Finance, Bureau of Environmental Services, Portland Office of Transportation, and Portland Parks & Recreation to work with PDC to make such revisions to Intergovernmental Agreements as are needed to implement public obligations as modified by the Third Amendment to the South Waterfront Central District Project Development Agreement.

Adopted by the Council, June 10, 2004

GARY BLACKMER

Mayor Vera Katz  Auditor of the City of Portland

Prepared by: Cheryl Twete, PDC  

June 10, 2004  By_/S/Colleen Phillips

           Deputy

BACKING SHEET INFORMATION

AGENDA NO. 672-2004

ORDINANCE/RESOLUTION/COUNCIL DOCUMENT NO. 36223