AgdaPkt 2002-12-09 - Laserfiche WebLink

Browse Search

�� REPOR T . _ � � �,x�.,.. "�' =•'1'� t?i8`City Council � Redevelopment Agency Board - F�am the Council Cia'ema; Sub-Committee � i December 9, 2002 Subject Downtown Retail-Cinema Project Recommendation The City Council Retail/Cinema Complex Subcommittee unanimously and strongly recommends that the City Council/Redevelopment Agency approve amendments to the Disposition and Development Agreement and authorize the remaining steps necessary to implement the Retail/Cinema Project. The Council Subcommittee has from time to time reported to the Council on the status of the project. The 5ubcommittee has monitored the preparation and negotiation of the proposed amendments to the DDA and the creation of the parking plan, and believes that � the project as now configured provides substantial benefit to the City in the preservation of Block 2 as a key City asset. The project contains approximately 85,000 square feet of retail space on the first floor and a 20 screen theater on the second. Borders Book Store and Cost Plus, whose interest stems from the foot traffic generated by the movie goers, will be the anchor retaii tenants. Consistent with the required number of parking spaces as originally approved, an underground, two story, public parking garage will be constructed providing approximately 590 new public spaces, in addition to the approximately 2,946 other public spaces (1,733 in publicly owned lots/garages antl 1,213 in on street parking). These figures include only 123 spaces allocated at the County parking garage but it is likely that more than 600 spaces could be used, bringing the total to more than 4,013 public spaces. As the Council is aware, even in the best economy our State and City ever experienced, our downtown still struggled. The struggle existed despite substantial City investment in sidewalks, landscaping, landmarks and store front improvements. A successful downtown needs people and excitement. The retail/cinema project will help provide what is missing and be a tremendous shot in the arm to existing downtown business, will attract new ones, and will represent as much as $60 m;llion in new investment. With the undergrounding of a pubiic parking facility, the City will retain the right to develop the adjacent block (Block 2) as an extremely valuable asset in our overall downtown improvements. The Council Subcommittee is very pleased to unanimously recommend to the Council that we move ahead with this project in its new configuration. We will be meeting concurrently as the City Council and the Redevelopment Agency 1