Building on the recent refurbishment of Sixth Street and the opening of new stores and restaurants in its historic downtown, the City of Redmond is launching a competitive Request for Proposals to develop an anchor attraction within Redmond’s Historic Downtown core.
The Agency intends to award the selected project a forgivable loan of up to $500,000. The successful proposal will be required to rehabilitate an existing building or develop a new project that strengthens the downtown core as a destination for shopping, dining, and entertainment.
Below are some of the main criteria for proposals:
• Include primarily destination retail, dining, entertainment, or lodging. Projects with these components may include upper story residential uses. (Primarily residential and industrial projects are ineligible.)
• Achieve a minimum of a 4:1 leverage ratio of private investment to public investment of urban renewal dollars
• Be located within the boundaries of the Downtown Overlay District of the City of Redmond.
• Consist of new construction or substantial rehabilitation. Substantial rehabilitation projects must involve replacing two or more major building systems such as (elevator, roof, electrical system, fire suppression, plumbing system, heating and ventilation systems etc.)
• Advance at least two of the following objectives:
o Eliminate conditions of blight—Address blighted conditions including underutilized land and/or deteriorated buildings and structures.
o Promote Redmond’s economic development— Enhance the downtown core’s attractiveness as a place to live, work, or seek entertainment.
o Stimulate direct and indirect private investment—Generate further private investment beyond that directly associated with the project (such as a major anchor retailer, employer, or entertainment venue expected to generate ancillary investment).
o Creates job— Bring new employers and employment opportunities to the community.
o Focus on families—Enhance Redmond’s attractiveness to families and create amenities for families.
The Agency seeks to make an award to a project that is ready to proceed with site control secured, commitments for financing available, and tenants identified. Applications are available for download at www.ci.redmond.or.us/.
Those interested in applying for the application must register with City Recorder Kelly Morse via e-mail at kelly.morse@ci.redmond.or.us by November 15, 2013. The deadline for submitting an application is January 17, 2014.
