TO: Urban Renewal Agency Board
THROUGH: Krishna Namburi, Interim Executive Director
FROM: Kristin Retherford, Director, Community Planning and Development
SUBJECT:
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Execution of the Memorandum of Understanding with ORREO, LLC for redevelopment of the Urban Renewal Agency owned site known as Block 45.
Ward(s): 2
Councilor(s): Nishioka
Neighborhood(s): CANDO
Result Area(s): Strong and Diverse Economy; Welcoming and Livable Community.
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SUMMARY:
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Seeking Urban Renewal Agency (Agency) action to authorize the Executive Director to execute a Memorandum of Understanding (MOU) memorializing the selection of ORREO, LLC as the development team to redevelop the Agency site referred to as Block 45.
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ISSUE:
Shall the Agency authorize the Executive Director to execute a MOU between the Agency and ORREO, LLC to redevelop the Agency owned site Block 45?
RECOMMENDATION:
recommendation
Authorize the Executive Director to execute a MOU between the Agency and ORREO, LLC to redevelop the Agency owned site Block 45.
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FACTS AND FINDINGS:
The Agency purchased the Block 45 property in 2023 with South Waterfront Urban Renewal Area (SWURA) and Riverfront Downtown Urban Renewal Area (RDURA) tax increment funds, in accordance with section VIII of the SWURA Plan and section 400 of the RDURA Plan:
• Maintain the central core area as the dominant center for regional retail and office development
• Encourage the development of new housing
• Increase the total housing supply adjoining the core
• Encourage and support the project goals of affordable housing, economic development
In addition, section 600 of the RDURA Plan outlines activities that may be used to achieve the Plan, which include:
• Acquisition of real property for sale or lease for redevelopment
• Entering into agreements for owner participation in rehabilitation and/or redevelopment
ORREO, LLC (principal, Charles Weathers) were selected for the redevelopment of Block 45 through a public process that included two separate evaluation committees where the final scores of the committee members ranked ORREO, LLC as the top pick and recommendation for development team for Block 45.
BACKGROUND:
In the summer of 2024, the Downtown Advisory Board (DAB) recommended, and the Agency amended site redevelopment goals for the Block 45 solicitation, consisting of; 1) design creativity, 2) relationship to Riverfront Park, 3) mixed-uses, and 4) benefit maximization of the proximity to Pringle Creek and Willamette River.
The process to select the development team was as follows:
The Block 45 webpage was created in September 2024. The press release and public solicitation were issued on September 19, 2024. Applicants were required to submit complete applications by 5:00 PM on November 4, 2024. Applications could be submitted electronically on the website, by email, or delivered physically to the Urban Development offices. Six applications were received by the deadline.
The first evaluation committee consisted of DAB members and city staff, reviewed and scored the applications, and advanced the top three development team submittals to the next round of evaluation. On February 19, 2025, these finalists pitched their development vision to the second evaluation committee which consisted of Mayor Julie Hoy and three Agency Board Members, and city staff. ORREO, LLC scored the highest in the final round of evaluation because the proposal best met the evaluation criteria. This outcome and the top two finalists were shared with the Agency.
The Agency reviewed the top two development proposals in executive session on April 28, 2025, May 12, 2025, and June 10, 2025, where they arrived to a consensus and directed staff to return to the Agency to consider a MOU between the Agency and ORREO, LLC.
The execution of the MOU will memorialize the results of the evaluation process to select ORREO, LLC as the development team for Block 45. At a future date, the terms of a disposition and development agreement will be presented to the Agency for consideration.
Tory Banford
Project Manager
Attachments:
1. Block 45 Memorandum of Understanding