TO: Urban Renewal Agency Board
FROM: Chair Julie Hoy
SUBJECT:
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Motion from Chair Julie Hoy regarding consideration of expanding the Salem Convention Center
Ward(s): Ward 1
Councilor(s): Member Tigan
Neighborhood(s): CAN-DO
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MOTION:
I move that the Urban Renewal Agency Board direct staff to update the 2019 Economic Impact Analysis of a proposed expansion of the Salem Convention Center and Salem Convention Center Market Study of the Salem Convention Center and report back to the Board on the a potential expansion.
DISCUSSION:
In 2019 the City received a preliminary economic impact and benefit-cost analysis of a proposed expansion of the Salem Convention Center that was a companion to a Salem Convention Center Market Study also received by the City.
The Salem Convention Center is owned by the City’s Urban Renewal Agency and managed by the Salem Group, LLC under an agreement with the URA. The Convention Center has been an overwhelming success for our community and drives both tourism and business generation not only in the downtown but throughout our community.
It is important for the City and URA to continue to support the current success of the Salem Convention Center and plan for its future. The Convention Center opened in 2005 and was financed through urban renewal bonds and a $7.2 million dollar CDBG federal loan, which has been paid off by the Agency
Updating the Economic Impact Analysis and Market Study will ensure that current data and cost estimates are applied as well as considering the other factors that did not exist when those original studies were prepared. With accurate, up to date information, the URA Board and City Council can work toward making important decisions regarding the Convention Center.
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