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Looking at the issue of land issue, Mundie stated that one must consider that the City only owns part of block one, and secondly its purpose and allowed zoning uses will also determine its cost. This is addressed by looking both at the City Zoning and the characteristics of the area. Based on the previous study, this area will demand pazking. Such pazking could not be at a subsurface level because the conduit for Redwood Creek goes underground and just about cuts the site in half. Consequently, the maximum office space usable would be 80,000 square feet (because a considerable amount of the area was dedicated to parking). The hypothetical land value of the building described be in the 4 to 5 million dollars range, which is considerably less than what the proposed project would yield. � Block 2 also has the same parking issues, and probably the maximum office space available would be 11,000 square feet. The price would probably be $600,000 to $650,000. Mundie's conclusion then is that these projects would be smaller than the actual proposed project, and the smaller size and the parking requirements, make it doubtful that the City could obtain a higher price for the sites. . � Mundie fiuther stated that when considering the revitalization process one could reason that since the alternative projects would be smaller scale, the opportunity cost for the rev�talization of the downtown would also be smaller. Addressing the second question Mundie stated that one thing to remember is that the cinemas were brought into the project because the commercial district in that azea was already failing. The idea was to have the cinemas improve those conditions. From Mundie's observations and studies in other azeas such as San Luis Obispo and Santa Bazbara, the revitalization effect seems to be so positive that it is feasible to have the commercial districts hold their own, even if the cinemas were to fail. Consequently, the brief answer is that the City does not lose any more than the benefit that the cinema brought with it in the first place. Mundie said that the final question, which focused on the issue of parking, required a brief answer. While the success of the cinema does depend, to some degree on the parking, the degree of such correlation is not cleaz. Mundie said that this is particulazly true in mixed-use areas. A good guideline is to remember that if the City offers enough parking for retail, in the mixed used districts, that supply will probably be sufficient (in a shared pazking setting) to meet the demand from movie goers and avoid economic impacts on the cinema. Everett, informed that staff was also available for comment. Mayor Ruskin initiated the process of public comment. Public Comment - 9:00 P.M. Stan Smith, stated that he really enjoys the downtown, however there is a lack of things to do. Smith fully supports the project, and hopes that after further review the City will decide to go forward with the project. REGULAR COUNCIL MEETMG DECEMBER 4, 2000 MINUTES PAGE ]0