CC Min 2001-01-29 Reg - Laserfiche WebLink

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John Anagnostou stated this is the right project for downtown Redwood City and the majority of people who do business in the downtown support it. He stated he has done his own research and has looked at theatre projects over the many months since the project has been proposed. He stated that he has discovered the projects have revitalized all downtowns that were dead for years, because it has also created a stimulus to all retail businesses during both daytime and nighttime hours. He further stated that the project would have a synergistic effect for the businesses and local community at large. He agreed that the project will be such a success that the only concern is that it be done right. Merrily Robinson stated that her opinion is that she wants to go downtown. If the traffic is difficult in one area, she suggested taking different routes. She stated she would like to see some art films to add to the culture. She continued with safety concerns and requested a drop off safety zone. M/S Hartnett/Howard to close the public hearing. The motion passed by a unanimous voice vote by those present. 8:45-9:00 p.m. - Recess City Manager Everett responded to questions posed in the public hearing. 1. What is the cost of the parking structure? A rule of thumb throughout the industry is $15,000.-20,000. Per space. The cost has been calculated using the upper limit conservative estimate for a 1,000-space garage for a total of $20,000,000.00. ..... 2. Will the City make money or lose money on that? We hope to make a little money, we believe we might break even, the least likelihood is to lose money. 3. Is it true that at Sequoia Station, the developer gets back $300,000.00 a year? Yes, that is true. It is a deal that was struck in 1992 or 1993. 4. A follow-up question is what does the developer get back from this deal? The developer gets nothing back from this deal. There is no Agency and/or City Council General Fund money going back into the deal. 5. What are the names of the shops going into the structure? Until the developer has a development agreement, he is unable to sign a lease with any shop owner, especially any national chain. He has spoken with many of them, there is lots of interest, but not until a development agreement is in hand from the City can the developer seek signed leases. 6. The separate funding alternative proposal for the garage. The structure of the garage agreement must be put in context with the entire deal, not just the garage. The finances must cover the entire financial deal. 7. If the developer must spend more than the $20,000,000.00 for the parking lot, will the City pay the override amount? If it is over that amount, the City pays the difference, if thc cost is less, the City receives the difference. -- REGULAR COUNCIL AND REDEVELOPMENT MEETINGS JANUARY 29, 2001 MINUTES PAGE 7 MINUTES Book No.58 Page NO. 336