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Yes, there will be no City contribution. As proposed, the City and the Redevelopment <br /> Agency will receive more than they will be giving in terms of the value of the parking <br /> structure vs. the sites that will be transferred to the developer. <br /> <br /> 10. Can we earmark the project revenues for other projects in the downtown? <br /> <br /> Yes, although in practice, these revenues will come in twice yearly increments and the <br /> amounts in the very early years will not amount too much. So, in reality the Agency is <br /> more likely to budget revenues available in a given year for a particular project, rather <br /> than wait for revenues to accumulate. <br /> <br /> 11. What will the City do to provide for displaced businesses, including Police <br /> Athletic League (PAL) and Aurora School? <br /> <br /> Under the Redevelopment Law, the Agency is obligated to relocate the businesses and <br /> residential tenants, if any, that arc on the site. Fixtures and equipment would be moved <br /> or by option, purchasing some of them. Both PAL and Aurora School are located in <br /> the "Way to Go" building and have known that it was a short-term arrangement. The <br /> City has been working with both organizations to facilitate their relocation. <br /> <br /> 12. Describe how the formula results in a net of $829,000 to the City and <br /> Redevelopment Agency and comment if this is a minimal amount? <br /> <br /> The actual revenue projection for the project included approximately $450,000.00 in <br /> net funds that would go to the City General Fund and approximately $22,000.00 to the <br /> parking fund, approximately $156,000.00 to the Redevelopment Agency General <br /> Fund, and approximately $183,000.00 to the Agency Housing Fund. Based upon <br /> percent of revenues for the 2001/02 year, the increase to the General Fund would be <br /> less than 1%o, to the Parking Fund just under 4%, to the Agency General Fund, just <br /> over 4% and to the Agency Housing Fund, just over 11%. None of these totals are <br /> deemed to be minimal. <br /> <br /> 13. What does Agency powers mean? <br /> <br /> The power of eminent domain, the ability to purchase property, so long as fair market <br /> is paid. <br /> <br /> 14. What are the dimensions of the Metreou project in San Francisco? <br /> <br /> To the best of collective knowledge, the height along the street is 70 feet, stepping up <br /> to at least 125 feet at thc highest point, partly due to the height of the Imax cinema <br /> screen. Thc overall Metreon site is approximately 20% bigger than the proposed <br /> retail/cinema project. <br /> <br />----~ JOINT ADJOURNED REGULAR COUNCIL MEETING JANUARY 8, 2001 <br /> MINUTES PAGE 9 <br /> MINUTES Book No.58 <br /> Page NO. 305 <br /> <br /> <br />