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, � �-�i <br /> 1. SUMMARY OF SALIENT FACTORS AND CONDITIONS <br /> A. Assignment • <br /> Prepare a reuse valuation assessing a fair consideration to be paid to the Agency by the <br /> Developer for air rights over the Agency/City-owned parcels, given the specific covenants and <br /> cond'Rions in the Disposition and Development Agreement for a Downtown Retail-Cinema <br /> Project (DDA) under consideration by the Agency.- The DDA is by and among the <br /> Redevelopment Agency of the City of Redwood City (Agency), the City of Redwood Ciry, and <br /> BHV Innisfree Ventures 1, LLC (Developer). <br /> B. Project DescripGon <br /> The proposed project ("Project") in downtown Redwood City is comprised of a retail/cinema <br /> complex containing approximately 85,000 sq. ft. of retail and restaurant space on the ground <br /> floor and a 20-screen, 4,200 seat multiplex cinema on the second level above the retail. The <br /> Project must confortn to the provisions, design criteria, and property development standards <br /> contained in the DDA. <br /> An approximately 590.space parking garage will be built undemeath the Project by the <br /> - Developer, but will be funded and owned by the Agency. The Agency will maintain ownership <br /> of the garage and will receive all parking revenues. There will be a Public FaciliGes <br /> Management Agreement between the Developer and the Agency. <br /> C. Site/Locafion <br /> The subject of this reuse valuation is the Site referred to as Block 1, an approximately 90,000 <br /> sq.ft. (2.07 acres) biock bounded by Broadway, Jefferson Avenue, and Middlefield Road in <br /> downtown Redwood City. Block 1 is currently improved with several commercial buildings, <br /> including the Way-to-Go Building at 2107 Broadway and other structures along Jefferson <br /> Avenue and Middlefield Road. Parcels include the Agency owned Way-to-Go Parcel of <br /> approximately 42,000 sq.ft. of land area ("Way-to-Go" or "Agency Parcel") and six other parcels <br /> which make up the other approximately 48,000 sq.ft. of land area. <br /> D. Zoning <br /> This analysis presumes that zoning will permit the development of the Project in accordance <br /> with the provisions of the DDA. <br /> Keyser Marston Associates, Inc. <br /> 18610.001�017-023.00C Pege 1 <br />