Eugene leaders have agreed to invest $6 million in urban renewal funds to support the redevelopment of the Steam Plant.
The Steam Plant is right along the Willamette River. It’s a key piece of the city’s downtown Riverfront project. A development team led by DeChase Miksis plans to turn the industrial building into a multi-use project with restaurants, offices, art spaces and a hotel. But the building is deteriorating after being empty for so long.
At a Wednesday Work Session, Eugene City councilor Emily Semple urged her colleagues to move forward as construction costs continue to go up.
“I think from a historic point of view it’s really important to save it,” she said. “From an economic point of view I think it’s important to save it. And for the attractiveness and pleasantness of living down by the riverfront, I think this is a really great amenity.”
The council in its role as Urban Renewal Agency approved the $6 million contribution. Those funds would go to the first phase of the project which includes asbestos abatement, assessment of the building, and historical preservation.
Eugene has already approved the use of up to $1.8 million in Tax Increment Funds to cover the cost of City Fees and Asbestos remediation. With the Urban Renewal Agency’s approval of another $6 million that makes for up to $7.8 million from the city’s Urban Renewal funds.
The development team is covering the remaining costs of the project which is estimated at $60 million. The timeline is to start construction in two years.
