AgdaPkt 2000-12-04 - Laserfiche WebLink

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2. Restaurants and specialty retailers in particular, benefit. ' 3. Movie patrons are projected to spend between $9,000,000 to $10,000,000 per year in other stores and restaurants, in addition to ticket sales and snacks. 4. Workers in the office building are projected to spend $1,100,000 per year in the downtown area. 5. The project will help revitalize downtown retailing. Altogether, downtown retail spending could increase by between $20,000,000 to $40,000,000 per year outside the project, and could support between 110,000 and 175,000 square feet of new downtown retail space outside the project. 6. The project will provide an estimated 655-685 jobs on-site and will also generate additional jobs elsewhere in the downtown. The Fiscal Report (a full copy of this report will be available on December 4, 2000) addresses the long- term operational costs and revenues to the City of Redwood City. In summary, for the project as currently proposed, it concludes: . General Fund: A net increase in revenue amounting to $397,400 per year. . Parking Fund: A net increase in revenue amounting to about $21,000 per year. . Redevelopment Fund: An increase in tax increment revenue of $156,000 in 2003-04 in addition to $183,000 in revenue dedicated to housing projects. These amounts would increase each year consistent with property tax adjustments. In addition to these direct impacts, the proposed project is expected to revitalize downtown Redwood City, bringing new spending to retail outlets in the area. Spending at the level estimated in the Economic Impact Analysis would generate between $200,000 and $400,000 per year in sales tax to the City General Fund. What the City is Getting and Giving The Redevelopment Agency sought development proposals for these blocks downtown with revitalizing the downtown in mind: 1 . Create an entertainment/retail project downtown that would act as a stimulant to the entire area. 2. Develop a public parking garage to serve the downtown as well as this project. The Redevelopment Agency and developer are still in discussions over the final agreement. We anticipate that a hearing on the Disposition and Development Agreement (DDA) will be scheduled for January 22, 2001. At this point the developer's proposal to the Agency is as follows: What We Would Get ~ $14,000,000 to complete the purchase of the private properties on blocks one and two. ~ $20,000,000 to design and build a 1,000 space parking garage which the City will own. ~ 80,000 square feet of retail space on the ground floor with a cinema with 4,200 seats on the second level, that will provide a new anchor tenant for downtown and provide the catalyst for broader economic revival. Also, an office building that will bring additional employees' downtown, to support the retail uses. ~ Closure of the existing Century Park 12 cinema and eventual new use. What we are giving: ~ Two parcels of land - approximately 15,000 square feet of land on block two and 42,000 square feet on block one (the Way-to-Go parcel) for a of 57,000 total square feet. ~ Use of the Agency's powers to assemble the site. ~ Providing the developer with the ability to build the entertainment/retail project on block one and the 108,000 square feet of office on block two. 'T"'-- '~""T"""