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people are motivated by love and fear, but that fear was mostly being expressed on <br />this subject. He stated that the love from the project will be exhibited by the people <br />coming to this vacant town and that there is not really a parking problem. He asked <br />that clarification occur and that everyone realize that tough decisions need to be made <br />or the town will continue to sit idle. <br />Matt Matteson, building owner at 1991 Broadway, stated that he was speaking for <br />those who have followed the call to invest in Redwood City and that the theater project <br />is one that excited the investors and is clearly one that they welcome. He stated that <br />he believes that not only will people come and spend money Downtown, but that <br />tenants and owners will invest in their spaces as a result of the theatre project. He <br />urged Council to keep the big picture and help them continue to invest in Redwood <br />City. <br />Recess: 9:00 -9:30 p.m. <br />Council Member Hartnett made the following responses to questions: <br />The issue of the Redwood City parking garage costs - stated that the present value <br />is approximately $22M. The City receives in return for that, the $2OM garage asset. <br />This value does not take into consideration any revenues generated by the project <br />or parking; any value obtained with respect to Block 2; or revenue generated from <br />operations in Block 2 such as transient occupancy tax. <br />The issues related to whether or not there is a public parking garage to <br />accommodate public parking and how it gets funded. The revenue necessary for <br />the project will be generated through existing revenue sources, primarily, <br />Redevelopment Agency funds. <br />The parking issue - there is 4 -hour free parking in the underground parking for <br />theatre patrons, and after the 4 hours, it is $5.00 per hour during peak periods. <br />(Peak periods are Monday through Thursday after 5 p.m.; Fridays after noon, and <br />all day on weekends) The 4 hours free parking is to provide an incentive for theatre <br />patrons to park and to use other businesses in the Downtown either before or after <br />viewing a movie. There is also 1 hour of free parking with validation in the <br />underground parking for other project businesses. <br />With respect to Block 2 — there is also the 4 -hour parking incentive, 1 -1/2 free or <br />validated parking for any person frequenting the Downtown. The only other location <br />where there is a parking charge and regulation is the Marshall Street garage — in <br />that garage there is 2 hours free or validated parking for any person frequenting a <br />business Downtown and the $5.00 charge comes only after the 2 hours. <br />Council Member Jordan asked what the projected revenue for the parking garage <br />would be. <br />REGULAR MEETING CITY COUNCIL, BOARD OF DECEMBER 9, 2002 <br />EQUALIZATION AND REDEVELOPMENT AGENCY MINUTES PAGE 7 <br />