:elf-°eprv,ceED wash YOUR CAR!
ACUUMS
FIRST STREET CAR WASH
corner of 1 st & Jefferson
Thursday, Friday and
Saturday nights.
JAZZLE
Miss KSND
Tod Model Fashion Show
Thursday nights 8:00 p.m.
93< BEER & WINE
Local construction slowdown
may result in rental shortages
By Marian Green
OflheErntBU
Eugene isn't likely to see the
yellow hard hats of construction
workers building new rental
units for at least two years, a
local developer told the city's
housing committee Tuesd jy.
As a result. Eugene may face
a housing shortage if and when
the economy turns around, he
said.
Local developer Rob Bennett,
also a committee member, said
his current building project,
which is funded partially by
state and federal subsidies, will
leave him $10-12,000 in the red
during its first year.
For Bennett to construct that
same project with "convention
al” financing on his own, he
said the negative balance would
run closer to $93,000 during the
initial year.
The 36-unit, multi-family
project, which Bennett prefered
not to name, includes two one
bedroom, 21 two-bedroom and
12 three-bedroom units — with
rents in the "affordable" range
of $212-$312 because of the
subsidies, he said
High interest and vacancy
rates are the primary causes of
the prohibitive costs, he said
Subsidized, affordable rent
projects are beneficial because
"I don't think they get built oth
erwise," Bennett said
“With those kind of numbers
there isn't going to be any
conventional construction,”
Bennett said "And this is a
no-frills project It's not a
luxury project in any sense
of the word.
"There's just this huge gap
between the existing rent level
and that (level) which would
encourage any kind of new
construction."
Bennett stressed that if and
when the economy turns
around “we'll have a real
crunch
"If the economy turns around
and the community grows, new
people will move into the area
and take up the slack in the
existing supply," he said. "I
don’t think that's going to hap
pen for a while.”
Bennett conservatively es
timated two years for interest
rates to fall and population
growth to occur at levels that
would allow viable new con
struction
The University area could feel
a rental housing pinch if
population growth in the com
munity "spills over" into the
area, he said Rents in the area,
which Bennett characterized as
"relatively low," could rise sub
stantially
Business school announces first
annual ‘Rainbow Run’ with Salazar
The University’s School of Business Admin
istration will sponsor a 10 kilometer "Rainbow
Run.” featuring world-class distance runner.
Alberto Salazar at 10 a.m. Saturday. May 22 in
Alton Baker Park.
Salazar, a University alumnus, broke the
world record in the marathon at the New York
City Marathon and most recently won the
Boston Marathon
The purpose of the race is to increase com
munity awareness of the business school, said
Andy Woid, assistant to the dean of the busi
ness school
The fee for individuals entering the race is $7
with the application turned in by the day of the
race Applications may be picked up at the
business school office in Gilbert Hail, at most
local sporting goods stores or at the race site.
All competitors will receive a tree T-shirt.
Five round trip tickets to San Francisco, cour
tesy of Republic Airlines, will be given away
The top female and male finishers in the race
will each receive a ticket, along with three
winners to be determined by a drawing
The business school is also inviting area
firms to participate. Firms that donate $100
become qualified to have all employees run in
the race free. Those making the donations will
then be invited to a social gathering on June 5.
where they will have a chance to meet busi
ness school faculty members, graduate and
undergraduate students
Worried about
a place to live???
Need good food,
a reasonable price,
good friends???
Check out the
Residence Halls for
the best deal in town.
We’ll have a table with information in the EMU lobby today. Stop by to
see us and find out what we have to offer or visit the Housing Office at
Walton Hall.
Spend a
Classic Evening
with KWAX
91.1 FM
Casino Night
and Auction
Friday, May 21
7:30 p.m.
McKenzie Room
Valley River Inn
Tickets $5.00 available at the door
or in advance at KWAX
and the Mimical Offering.
806 Charnelton
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