AgdaPkt 2006-04-24 - Laserfiche WebLink

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6.1E Page 1 REPORT To the Redevelopment Agency Board From the Executive Director April 24, 2006 Subject Sponsorship of Montalvo events in Redwood City to continue the support of Downtown business activity. Recommendation That Redwood City Redevelopment Agency approve an additional sponsorship of $30,000 to Montalvo to support 25.30 shows in Downtown Redwood City for the 2006/07 season. Background Redevelopment is most often a partnership with the private sector, where public funds are used to generate private investment for the public good by creating an atmosphere where businesses can thrive. The elimination of blight often requires an investment not only in physical improvements, but in programs and activities that promote and market an area in order to attract customers and investors. Montalvo performances are events that fit this description. According to Downtown businesses, Montalvo shows cause a "dramatic increase in foot traffic" and business, particularly at restaurants. Currently, theater performances are the main after-hours economic engine for Downtown Redwood City. The Montalvo program is a big part of that activity which is supporting Downtown businesses in the period preceding the completion of the redevelopment projects currently under way. Many restaurants have indicated that one theater show makes the difference between a profitable week and an unprofitable week for them. In addition to supporting businesses, the Montalvo performances introduce Downtown Redwood City as a major entertainment destination. Due to the nature of their shows, Montalvo gives positive exposure to many first-time visitors to Redwood City who otherwise may not have spent an evening in the area. The high-quality entertainment that Montalvo brings to Redwood City attracts patrons from all over the Bay Area. Without Montalvo, Redwood City alone would never be able to attract world-class acts such as Tony Bennet, Tom Jones, Neil Young, Itzhak Perlman, Lyle Lovett, and BB King. In the fall of 2004 restaurants petitioned the City to provide a $50,000 sponsorship to Montalvo in order to insure that 25 shows would be provided for the 2005 season. The Agency Board approved that funding, which in fact brought over 30 performances to Downtown. However, construction activity has extended beyond the original completion 1:_REDEVELOPMENT/2006 STAFF REPORTS/04-2006f'Montalvo Grant" 1