AgdaPkt 2000-11-27 - Laserfiche WebLink

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I -11 . In downtown Redwood City, movie patrons are projected to spend betWeen 59 and 510 mil- lion per year outside the cinema complex (depending on the project configuration). The increase would amount to about $6.66 per moviegoer. This amount does not include spending on movie tickets nor on concessions within the cinema complex itself. (See Table 14.) Office workers (Alternative 4 only) are expected to spend approximately $1.1 million per year in the downtown area. Purchases would include not only lunches and drinks, but also occasional dinners and drinks, apparel, and other purchases. (See Table 16.) The impact of the project on businesses in downtown Redwood City will depend on the pro- ject's ability to transform Redwood City into a stronger retailing center. The retail compo- nent of the project - including planned tenant retail and restaurant space on both project blocks in the project (on Block 1 only in Alternative 4) - is projected by the project sponsor to be supported by sales of between $32 million and $54 million per year (Alternative 4 and original proposal, respectively; see Table 17). The projected spending by movie patrons outside of the cinema complex (estimated above at $9 to $10 million per year) and office workers (Alternative 4 only; $1.1 million per year) represents only part of total future sales in the project and elsewhere downtown. It is expected that future sales gains will be realized as a consequence of the increase in the overall scale and level of activity in the downtown, and two scenarios to describe this increase are presented. (See Table 22.) a The fIrst scenario assumes that Redwood City as a whole would achieve per capita sales comparable to those of other, comparable cities in San Mateo County. Under this scenario, Redwood City would see an estimated $57.3 million in additional spending in downtown- type retail outlets. This volume of spending would support not only the proposed project but also approximately 110,000 square feet of retail space elsewhere in downtown. =:¡ The second scenario, which assumes that Redwood City would be transfonned into more of a "central place" retailing center, similar to San Rafael in Marin County, yields an estimate of $71.5 million in increased spending. This amount of spending would support approximately 175,000 square feet of retail space in addition to the proposed project. Employment is expected to increase as a result of the project. With the original proposal, com- bined employment (cinema plus retail) at the proposed project would total 310 to 335 full-time equivalent jobs; with Alternative 4, which includes an office building, combined employment would total 655 to 685 full-time equivalent positions. These jobs would support additional economic activity in and around Redwood City. Totalonsite plus offsite employment growth is estimated to total up 655-685 jobs with the original proposal and 805 to 870 jobs with Alternative 4. (See Chapter 5.) With the closing of the existing Century 12 cinema complex, the net increase in employment is estimated by deducting from project (or Alternative 4) employment the current employment at the other cinema. The resulting retail-related employment for the original proposal amounts to an estimated 416 jobs. of which 260 would be onsite and 156 offsite. For Alternarive 4, the net change with would be equal to onsite employment related to the retail uses plus the office work- ers plus the resulting offsite employment gains. In this alternative, onsite retail employment would total 180 positions, the office would add 435 jobs, and induced offsite retail employment would total 116 to 121 jobs, for a total of about 730 jobs. (See Chapter 5.) . . . , .~,..... ~- 'T