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6.1 B - Attachment No. 2 <br /> ECONOMIC OUTLOOK AND MAJOR INITIATIVES <br /> In the City's downtown area which is encompassed by the Redevelopment Agency, the newly completed <br /> Courthouse Square created a public gathering place and an opportunity to provide activities and events <br /> that brought people to the downtown area for entertainment and dining. It is estimated that over 82,000 <br /> attended these events over the six months that they were held. Surveys indicate that about 79% of the <br /> attendees purchased food or beverages while visiting, creating an economic boost for downtown <br /> businesses. <br /> The Agency also solicited proposals for vendors to operate in the four Agency-owned kiosks located in the <br /> Square pavilions and was successful in filling two spaces which helped to activate the Square on a daily <br /> basis. The Agency will continue to work on filling a11 spaces in the next year. A retail vacancy study for the <br /> downtown was conducted and has been updated on a quarterly basis. This data will be used to develop an <br /> economic development plan that will help to minimize vacancies in the future. <br /> The Agency continues to working on site preparation for the Agency-owned Bradford site, which is <br /> intended to be developed for senior housing and daycare services. <br /> CONTACTING THE AGENCY'S FINANCIAL MANAGEMENT <br /> These Component Unit Financial Statements are intended to provide citizens, taxpayers, investors, and <br /> creditors with a general overview of the Agency's finances. Questions about this Report should be directed <br /> to the Finance Department,at 1017 Middlefield Road,Redwood City,California 94063. <br /> 7 <br />