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Memo <br /> <br />To: City Council <br /> <br />From: Jim Hartnett, Chair, Council Retail-Cinema Project Subcommittee <br /> <br />cc: City Manager <br /> <br />Date: 07/10~02 <br /> <br />Re: Project Update <br /> <br />As you know, due to the change in overall economic conditions over the past year, the <br />developer for the proposed Downtown Retail-Cinema project has reevaluated the original <br />project concept to determine its feasibility in today's market. The result is that the developer <br />has suggested an amendment to the Disposition and Development Agreement (DD^) <br />approved by the City Council and Redevelopment Agency Board (RDA) on January 29, <br />2001. <br /> <br />The Council Retail-Cinema subcommittee and staff have been evaluating the possible <br />options for a revised project. The developer is fully prepared to go forward with the <br />development of Block One (bounded by Broadway, Jefferson and Middlefield) as originally <br />proposed. The primary proposed change would be to Block Two (bounded by Jefferson, <br />Middlefield, Winslow, and the Railroad tracks). <br /> <br />The major considerations for development of Block Two relate to how we can create a <br />revised project that: <br /> <br /> 1. responds to market conditions <br /> <br /> 2. provides an adequate parking supply for the project <br /> <br /> 3. funds any additional parking <br /> <br /> 4. creates an urban design that facilitates a connection between the Downtown, the <br /> train station and Sequoia Station <br /> <br />· Page 1 <br /> <br /> <br />