Project Background: After completion of the purchase of 51 East State Street in 2022, the EURA board directed EURA staff to create a Request for Proposal (RFP) for the two EURA-owned properties – 51 and 67 East State Street.

67 East State Street was previously purchased in 2020 for $220,000 and 51 East State Street was purchased for $390,000.

 In April 2022, the EURA sought development proposals “to create a redevelopment project that will promote further economic development and vitality in the downtown area for the benefit of the subject property and the other properties and businesses located in downtown Eagle.”

 Development proposals were instructed to meet the goals of Downtown Eagle which included, but weren’t limited, to the following:

• Establish a distinctive, a well-maintained, and a well-branded downtown.
• Create a well-organized multi-use community that promotes the live, work, play, and recreate lifestyle.
• Promote and support a strong and vibrant business community.
• Promote and develop a unique downtown that supports pedestrian, bicycle, and transit connectivity.

In May 2022, the EURA held a pre-proposal conference meeting with interested parties to discuss the RFP and explain the vision of the EURA. In July, one proposal was submitted by the Eagle-based developer Pacific Companies and an interview was conducted by the board in August.

The Pacific Companies proposal was a three-story mixed-use project known as “The Gateway in Eagle”. The developer proposed the following:

• 10,000sf of retail/restaurant uses on the ground floor
• 5,000sf of office on the second floor
• 1,500sf for a wine bar on the third floor and
• 17 condos on the third floor

The proposed project was sensitive to the design considerations for both the Old Towne and Four Corners design goals as outlined in the Eagle Comprehensive Plan. A few notable design considerations were included in the design:

• Corner building entries and increased corner setbacks at the intersection of State Street and Eagle Road;
• Terraced elevations incorporated into the design of the building;
• Creation of public art and the creation of open space within the public realm;
• The desire to distinguish the building from Old Towne through the development of landmark buildings as encouraged by the Four Corners standards; and
• Provides for a mix of uses with retail/commercial on the first floor and residential on the upper floors.

At the August 2022 board meeting, the Board authorized the RFP review committee to begin negotiations with the developer. In November, Pacific Companies submitted their Design Review application into the city for the Eagle Gateway project.

2023 Project Update: The overall project design was approved by the Eagle Design Review Commission on January 12, 2023 and the Eagle City Council on February 14, 2023.

On March 07, 2023, the Board approved both the Purchase and Sale Agreement for 51 and 67 East State Street and the OPA for the approved reimbursements.

The sale of the property occurred on March 31, 2023 to Pacific Companies in the amount of $281,390.

The OPA outlines the terms of the reimbursement agreement. Pacific Companies is eligible to receive 90-percent of the net tax increment that the project generates from 2023 through 2031 up to a maximum amount of $1,768,577.27.

Eligible reimbursement costs through the OPA include: demolition; streetscape; the pedestrian plaza; sewer, water, and drainage improvements; undergrounding of the power lines; historic streetlights; and façade enhancements on the corner of Eagle and East State Street. It should be noted that the agreement also states that the $717,129 for the façade enhancements should only be reimbursed after all other improvements have been reimbursed.

The project is under construction and is on schedule to be completed in the fourth quarter of 2024.