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8. STAFF REPORT - BOARD OF EQUALIZATION <br /> <br /> A. Fiscal Year 2002-2003; <br /> <br /> Financial Services Director/Assistant City Manager Ponty explained that there was <br /> one appeal filed out of 4,324 appraisals and the appraiser has reached an <br /> agreement with the appellant. The net difference in taxes to the District is $15.00 <br /> out of over $2M in revenue. The appraised value has been reduced from <br /> $500,000.00 to $470,000.00. <br /> <br /> M/S Howard/Pieme to accept the revised appraised values for the single property <br /> which an appeal was filed and for which the City and the property owner have <br /> agreed to a reduced value. The motion passed by a unanimous voice vote. <br /> MO 02 BE-004 <br /> <br /> M/$ Howard/Ira to adjourn the Board of Equalization Meetin.q. The motion passed <br /> by a unanimous voice vote. The motion passed by a unanimous voice vote by <br /> those present. <br /> <br /> 7:45 p.m. - Vice Mayor Ira/eft the dais due to a conflict of interest on Item 9.A. <br /> JOINT ITEM - CITY COUNCIL AND REDEVELOPMENT AGENCY <br /> <br /> 9.STAFF REPORT - CITY COUNCIL AND REDEVELOPMENT AGENCY <br /> <br /> A. Downtown Retail-Cinema Project; (100) <br /> <br /> Council Member Hartnett, Chair of the Retail/Cinema Project Committee, stated he is <br /> proud and pleased to submit the report on the recommendations. The report included <br /> in the agenda packet reflects the unanimous recommendation of the Council <br /> subcommittee. <br /> <br /> He explained the background indicating that Council approval of the Disposition and <br /> Development Agreement (DDA) was approved in January of 2001. After that time, the <br /> economy changed nationwide, but more dramatically, in Silicon Valley. As a result of <br /> the economy it became apparent that alternatives needed to be explored in <br /> connection with the Block 2 portion of the Retail/Cinema Project. Initially, Block 2 was <br /> anticipated to have an office building of over 100,000 square feet and a parking <br /> garage to service the office building and the Retail/Cinema complex along with other <br /> parking needs. After it was apparent that Block 2 development was not feasible, a <br /> substantial effort was made to explore what alternative uses might make sense in <br /> order to generate similar value which would support the value. As that effort unfolded, <br /> it became apparent that there were not alternative uses that appeared to provide the <br /> <br /> REGULAR MEETING CITY COUNCIL, BOARD OF DECEMBER 9, 2002 <br />-- EQUALIZATION AND REDEVELOPMENT AGENCY MINUTES PAGE 5 <br /> <br /> MINUTES Book No. 59 <br /> Page No. 329 <br /> <br /> <br />