Laserfiche WebLink
· 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 soumes, primarily, <br /> Redevelopment Agency funds. <br /> <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 I hour of free parking with validation in the <br /> underground parking for other project businesses. <br /> <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 /> <br /> Council Member Jordan asked what the projected revenue for the parking garage <br /> would be. <br /> <br /> Tim Kelly of Keyser Marston responded that the analysis does not encompass 30 <br /> years worth of revenue and that would be determined by any policy decisions on <br /> parking fees. <br /> <br /> City Manager Everett clarified that a slide that implies the developer would receive <br /> $3.7M per year is inaccurate due to the fact that a loan would have been obtained in <br /> the amount of approximately $33-$35M and the developer must pay interest on that <br /> loan. <br /> <br /> Council made various comments and asked questions regarding the parking plan. <br /> <br /> Community Development Director Liedstrand stated that there will be a variety of <br /> publicity efforts and enhancement of the parking experience. <br /> <br /> M/S Hartnett/Howard to ADOPT CONCURRENT RESOLUTION RDA 02-73 OF THE <br /> REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY AND RESOLUTION <br /> 14485 OF THE CITY COUNCIL OF THE CITY OF REDWOOD CITY APPROVING THE <br /> ADDENDUM TO THE EIR FOR THE CINEMA/RETAIL PROJECT. <br /> <br />REGULAR MEETINGCITY COUNCIL, BOARD OF DECEMBER 9, 2002 <br />EQUALIZATION AND REDEVELOPMENT AGENCYMINUTES PAGE 8 <br /> <br /> MINUTES Book No. 59 <br /> Page No. 332 <br /> <br /> <br />