EUGENE, Ore.- Move forward with a proposal from Master Development LLC and Powell Development Co. to develop the Eugene Civic Stadium property as a retail store and housing, Superintendent George Russell recommended to the school board Wednesday night.
“The findings conclude that it is in the District’s best financial interest to sell the property to reduce ongoing maintenance costs, significant and looming capital costs and other risks associated with ownership,” said Russell.
The Master/Powell project would build a 100,000 sq. ft. Fred Meyer on the property and include apartments.
Russell suggested the district ground lease the property to Master/Powell. This proposal would generate $7.1 million over the next 20 years and give the district the option of renew the lease or sell the property in the future.
“There are immediate District needs to which the proceeds could be applied,” said Russell.
The board is expected to make a decision at a public meeting on June 1.