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expenditure of $26M of Redwood City funds to fund a parking structure primarily for the exclusive use of the theatre project. Daniela Gasparini stated that she is past Chair to the Chamber of Commeme that had voted in favor of the project when the DDA was approved in 2001. Although there was not sufficient time to present to the Board and members the current DDA proposal, there were three past Chaire at the meeting to speak in support. She further stated that she cannot wait to walk or drive to see a movie at the new theatre and utilize the retail component of the project. Ms. Gasparini stated that the underground parking access should be studied to provide more than one way in or out and monitoring of the traffic flow in the area would be helpful. Keith Bautista compared the vision and leadership, along with patience and persistence involved in the building of the 1,800 mile railroad line in the 1860's to that of the Retail/Cinema project. He stated that in the years to come many seen and unseen benefits will be realized and he strongly recommended a positive vote on the project. John Anagnostou, resident and co-owner of the Fox Theatre and the Little Fox, stated that some points in the proposal were made that need clarification. He stated that people are motivated by love and fear, but that fear was mostly being expressed on this subject. He stated that the love from the project will be exhibited by the people coming to this vacant town and that there is not really a parking problem. He asked that clarification occur and that everyone realize that tough decisions need to be made -- or the town will continue to sit idle. Matt Matteson, building owner at 1991 Broadway, stated that he was speaking for those who have followed the call to invest in Redwood City and that the theater project is one that excited the investors and is clearly one that they welcome. He stated that he believes that not only will people come and spend money Downtown, but that tenants and owners will invest in their spaces as a result of the theatre project. He urged Council to keep the big picture and help them continue to invest in Redwood City. Recess: 9:00-9:30 p.m. Council Member Hartnett made the following responses to questions: · The issue of the Redwood City parking garage costs - stated that the present value is approximately $22M. The City receives in return for that, the $20M garage asset. This value does not take into consideration any revenues generated by the project or parking; any value obtained with respect to Block 2; or revenue generated from operations in Block 2 such as transient occupancy tax. REGULAR MEETING CITY COUNCIL, BOARD OF DECEMBER 9, 2002 __ EQUALIZATION AND REDEVELOPMENT AGENCY MINUTES PAGE 7 MINUTES Book No. 59 Page No. 331