AgdaPkt 2003-01-06 - Laserfiche WebLink

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M/S Howard /Ira to adjourn the Board of Eoualization Meetina. The motion passed by a unanimous voice vote. The motion passed by a unanimous voice vote by those present. 7:45 p.m. - Vice Mayor Ira left the dais due to a conflict of interest on Item 9.A. JOINT ITEM - CITY COUNCIL AND REDEVELOPMENT AGENCY 9. STAFF REPORT — CITY COUNCIL AND REDEVELOPMENT AGENCY A. Downtown Retail- Cinema Project; Council Member Hartnett, Chair of the Retail /Cinema Project Committee, stated he is proud and pleased to submit the report on the recommendations. The report included in the agenda packet reflects the unanimous recommendation of the Council subcommittee. He explained the background indicating that Council approval of the Disposition and Development Agreement (DDA) was approved in January of 2001. After that time, the economy changed nationwide, but more dramatically, in Silicon Valley. As a result of the economy it became apparent that alternatives needed to be explored in connection with the Block 2 portion of the Retail /Cinema Project. Initially, Block 2 was anticipated to have an office building of over 100,000 square feet and a parking garage to service the office building and the Retail /Cinema complex along with other parking needs. After it was apparent that Block 2 development was not feasible, a substantial effort was made to explore what alternative uses might make sense in order to generate similar value which would support the value. As that effort unfolded, it became apparent that there were not alternative uses that appeared to provide the same kind of support or that were consistent with the Downtown needs. It was then decided to study what else might be done to promote a better Downtown. At this time, there is an opportunity to reconfigure the project consistent with the goals set at the beginning if the project. The amendment to the DDA still has within its confines the Retail /Cinema complex as envisioned, but now has two stories of underground parking below the Retail /Cinema complex, extending out to the street that will serve the entire Downtown area. Economic Development Coordinator Webb explained in greater detail the amendment to the Disposition and Development Agreement and showed various slides to exhibit the various points. Council questions and comments ensued regarding the parking garage and parking fees. Public Comment: REGULAR MEETING CITY COUNCIL, BOARD OF DECEMBER 9, 2002 EQUALIZATION AND REDEVELOPMENT AGENCY MINUTES PAGE 5