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<br />\ \--y <br /> <br />amounts would increase each year consistent with property tax adjustments. <br /> <br />In addition to these direct impacts, the proposed project is expected to revitalize <br />downtown Redwood City, bringing new spending to retail outlets in the area. Spending <br />at the level estimated in the Economic Impact Analysis would generate between <br />$200,000 and $400,000 per year in sales tax to the City General Fund. <br /> <br />What the City is Getting and Giving . <br />The Redevelopment Agency sought development proposals for these blocks downtown <br />with revitalizing the downtown in mind: <br /> <br />1. Create an entertainment/retail project downtown that would act as a stimulant <br />to the entire area. . <br />2. Develop a public parking garage to serve the downtown as well as this project. <br /> <br />The Redevelopment Agency and developer are still in discussions over the final <br />agreement. We anticipate that a hearing on the Disposition and Development Agreement <br />(DDA) will be scheduled for January 22, 2001. At this point the developer's proposal to <br />the Agency is as follows: <br /> <br />What We Would Get <br />~ $14,000,000 to complete the purchase of the private properties on blocks one <br />and two. <br />~ $20,000,000 to design and build a 1,000 space parking garage which the City <br />will own. <br />~ 80,000 square feet of retail space on the ground floor with a cinema with 4,200 <br />seats on the second level, that will provide a new anchor tenant for downtown <br />and provide the catalyst for broader economic revival. Also, an office building <br />that will bring additional employees downtown, to support the retail uses. <br />~ Closure of the existing Century Park 12 cinema and eventual new use. <br /> <br />What we are giving: <br />~ Two parcels of land -- approximately 15,000 square feet of land on block two <br />and 42,000 square feet on block one (the Way-to-Go parcel) for a of 57,000 total <br />square feet. <br />~ Use of the Agency's powers to assemble the site. <br />~ Providing the developer with the ability to build the entertainment/retail project <br />on block one and the 108,000 square feet of office on block two. <br /> <br />Next Steps <br />The Council will continue the discussion to December 4, 2000. At this second meeting, the <br />developer will present architectural details of their project to the Council, Planning <br /> <br />4 <br />