UO Foundation backs out of EWEB deal

Below is a statement from Eugene Water& Electric Board General Manager Roger Gray today:

The University of Oregon Foundation announced on Tuesday, May 19, that it was ending negotiations with Eugene Water & Electric Board for purchase of EWEB’s vacant riverfront property.

We are disappointed with the Foundation’s decision, although we recognize this decision was made with great care.  However, we believe the property still holds enormous potential for the community to create a world-class, vibrant, mixed-use development.

In the past six months, we’ve made significant progress with a community-supported vision for redeveloping of the riverfront property, working through a number of challenges that will put us in a better position as we move forward from here.

We remain optimistic about the future of this property and how it can transform our downtown riverfront and create value for our customers and the greater community. We at EWEB appreciate the partnership with the City of Eugene and will continue to work with the city to honor the community’s vision for a river district.

We will need to consult with our elected commissioners on our next steps; there are numerous options to consider and we are committed to making sure momentum carries forward for this once in a lifetime opportunity.