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Tim Kelly of Keyser Marston addressed the alternate financial option. He stated for the project to move forward there must be a 1,000-space parking garage or the project is not adequately parked. After long discussions with the developer, there is a total amount of money concluded to be a fair consideration of $20,000,000.00. The alternate proposal presented allowed for the developer to pay $8.6M for the land and build a 1,000-space garage. This proposal is beyond the financial parameters. The alternative is one where more consideration for land but less consideration for the garage is proposed. The structure presented to the City is one where the City owns the garage and the land underneath it, maximizing the private investment in the garage. Council Comments: Council Member Hartnett clarified that the parking lot would be a public parking structure. Council Member Pierce requested more information regarding art films or foreign language films. Tim Kelly responded that the business is that of showing first run commercial movies, however, with 20 screens there is an opportunity at different times of the year to fill in with art form films. Council Member Jordan commented that she had perused the San Jose Mercury News movie guide listing several times and Century theatres throughout the Bay Area had no art films listed. Vice Mayor Claire thanked Mr. Bygdnes for his presentation. He referenced the recession in 1991 when it was extremely difficult to bring development forward such as Sequoia Station. Council Member Howard commented that the parking policy has been to charge, not so as to make a profit for the City but for maintenance of the lots. Council Member Jordan stated she would be voting against the project although she was very excited about it from the beginning because of the concept of other activities being accessible prior to going to a movie. She further stated that San Mateo's 12-theatre complex would provide a more charming and sophisticated experience. She stated she would have rather seen a visioning process for the community rather than the theatre being the driving force in the downtown revitalization process. Council Member Jordan stated that unless the DDA were amended to provide fewer screens she could not support the project. M/S Hartnett/Claire to adopt: RESOLUTION 14140 OF THE COUNCIL OF THE CITY OF REDWOOD CITY ACCEPTING AND APPROVING SUMMARY REPORT REGARDING PROPOSED DISPOSITION AND DEVELOPMENT AGREEMENT FOR THE DOWNTOWN RETAIL- REGULAR COUNCIL AND REDEVELOPMENT MEETINGS JANUARY 29, 2001 MINUTES PAGE 8 MINUTES Book No.58 Page NO. 337