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�. �-�32 <br /> E. Present Use <br /> Block 1 is currently improved with several commercial buildings, induding the Way-to-Go • <br /> Building at 2107 Broadway and othar structures along Jefferson Street and Middlefield Road. <br /> F. ' Reuse Conditions <br /> The DDA includes covenants and conditions that impad the development economics and <br /> hence the value of the interests conveyed to the Developer. If the reuse conditions are <br /> changed, then the reuse valuation is subject to change. This reuse analysis assumes <br /> compliance with these covenants and conditions. The more important reuse conditions for the <br /> proposed development are as follows: ; <br /> • The Developer will construct, operate, and maintain a first class state-of-the-art <br /> retaillcinema project as defined in the DDA <br /> • The Developer will provide a copy of a signed lease with a theater operator <br /> approved by the Agency, which lease will have a tertn of not less than fifteen <br /> (15) years and will provide for the operation of a 20-screen, 4,200-seat theater <br /> with stadium seating and Dolby, THX, or comparable sound system, and which <br /> will be open for business seven days per week and will show primarily first run ' <br /> movies. <br /> • The Developer wili commence construction immediately upon conveyance. <br /> Speculation is not allowed. <br /> G. Date of Valuation <br /> November 25, 2002 <br /> H. Fair Reuse Value <br /> The conclusion of the reuse valuation is that $7.5 million is a fair consideration to be paid by the <br /> Developer to the Agency for the air rights parcel on Block 1 given the terms and conditions in <br /> the Dispositi�n and Devetopment Agreement (DDA). <br /> Kayaer Mareton Associates, InC. <br /> 'I 8610.001\017-023.doc p� Z <br />