Laserfiche WebLink
<br /> B.A '3 <br /> years. Populus was designed to offer visitors to San Jose activities in the downtown area <br /> and is administered through the independent San Jose Downtown Association. <br /> Policy Implications <br /> Neither the proposal by Montalvo nor the staff recommendation represent an on-going <br /> commitment. This is meant to be a one-time sponsorship, beyond which the Agency will <br /> have no obligations. The purpose, from staff's viewpoint, is to provide an economic <br /> stimulus for the Downtown prior to the opening of "On Broadway." The attraction created <br /> by the presence of world-class performers is sufficient to bring people to the Downtown <br /> desþ1te the temporary inconveniences. Continuing these performances will ensure that we <br /> continue to be viewed as a top-notch entertainment destination. <br /> During the construction of "On Broadway" the Agency has offered much assistance to <br /> Downtown businesses, and this action would be a continuation of that program. Prior <br /> examples of assistance include signage for businesses on the closed portion of Middlefield <br /> Road, advertisements in local newspapers encouraging people to come Downtown during <br /> construction, and the sponsorship of special events such as Victorian Days. <br /> Fiscal Impact <br /> The total cost to the Agency would be $50,000, which would be allocated from the <br /> Redevelopment Agency's economic deyelopment budget. In terms of economic benefits, <br /> the effects of this sponsorship will be substantial. While some spend less, and some spend <br /> much more, it is estimated that the average concert-goer will spend $30 at Downtown <br /> establishments during the evening of the show. Thus assuming a low average of 350' <br /> attendees per show and a high of 1,400 attendees per show, it is estimated by staff that <br /> the proposed program of events could result in $250,000 to $1,000,000 of Downtown <br /> economic activity generated by Montalvo patrons buying dinner and drinks in area <br /> businesses before and after the concerts. <br /> D~ ,- <br /> usan Moeller <br /> Downtown Development Coordinator Redevelopment Manager <br /> ~~k~ Ar CiAL <br /> ~I PattéFson Ed Everett - <br /> ommunity Development Director City Manager <br /> Attachment <br /> 1. Downtown Business Petition <br /> 3 <br /> ,--. _..~ _w <br />