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<br /> Vice Mayor Claire stated the $500,000 subsidy will allow the developer to borrow less <br /> and the Agency will not get that money back. However, the Agency will receive "the <br /> present value of the cash flows at 8% positive in our case and we will get much more back <br /> in tax increment which will be a benefit to this community." <br /> 2. Mayor Buchan opened the public hearing at 8:25 P.M. <br /> 3. Hear public comments; None. <br /> 4. MIS: CLAIREILA BERGE TO CLOSE THE PUBLIC HEARING <br /> CARRIED BY UNANIMOUS VOICE VOTE AND HEARING CLOSED AT 8:26 P.M. <br /> 5. Council Action; <br /> TITLE READ. MIS: GREENALCWCLAIRE <br /> RESOLUTION NO. 12359 OF THE COUNCIL OF THE CITY OF REDWOOD CITY <br /> MAKING FINDINGS AND APPROVING SALE OF LAND BY REDEVELOPMENT <br /> AGENCY OF THE CITY OF REDWOOD CITY PURSUANT TO DDA FOR MEZES <br /> PLAZA PROJECT, AND APPROVING EXECUTION OF DDA BY THE CITY OF <br /> REDWOOD CITY <br /> ADOPTED BY UNANIMOUS ROLL CALL VOTE. <br /> Mr. Joe Brady, Mezes Group, explained that the name of the project had always been <br /> Mezes and described how the name Trestine was introduced. Mr. Brady advised that <br /> he was open to discussing with his partners, renaming the project after former City <br /> Manager Jim Smith who passed away on October 23, 1994. <br /> Mr. Pat Edens, Mezes Group, presented the good faith check in the amount of <br /> $32,000 to the Mayor who presented it to Director Church. <br /> MEMO 10/25/94 <br /> ---------------------------------------------------------------------------------------------------------------------------- <br /> B. Public Hearing to consider the proposed Winslow Area Underground Utility District <br /> Affidavits of mailing and publication of notice are on file in the City Clerk Department. <br /> 1. Staff Report; <br /> City Engineer Luck presented the staff report and described the situation at 490 <br /> Winslow. City Engineer Luck explained the County's intentions to realign Winslow <br /> at that point and the likelihood that the County will buy that property. <br /> 2. Mayor Buchan opened the public hearing at 8:35 P.M. <br /> MINUTE BOOK NO. 52 <br /> Page No. 418 Regular Meeting Minutes <br /> October 24, 1994 <br /> Page 7 <br />