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5 //,nZ___ <br />052 - 366 -070 945 Middlefield Road <br />052 - 366 -110 915 Middlefield Road <br />s <br />The Relocation Plan also includes a number of possible relocation sites, information about <br />relocation benefits that businesses are entitled to, and a schedule of anticipated dates for <br />displacement. There are 18 businesses, two governmental agencies, and one residential <br />tenant located in the project area. PRC has been working closely with them over the last <br />two months. The Relocation Plan has been available for review by the tenants for 30 days. <br />At previous Agency meetings we have discussed the overall schedule for this project. As <br />you know we are on a fast -track schedule in order to complete the excavation for the <br />underground public parking garage before next year's rainy season (03 -04). We will be <br />closely following the mandatory notification requirements for relocation, but none - the -less, <br />there may be some businesses who will feel pressured to make a decision. We are <br />making every effort to work with all businesses to provide assistance to make this transition <br />as smooth as possible. <br />The estimated cost for the relocation benefits is approximately $1,015,000. <br />Alternatives <br />1. Do not approve the Relocation Plan or authorize the Agency to make offers to assist <br />with relocation in which case, the project would not be able to proceed. <br />Fiscal Impact <br />The funding for the relocation costs of the tenants located in the Downtown Retail- Cinema <br />project area is part of the $7.5 million that will be funded by the developer per the terms of <br />the DDA. The DDA also provides that the Agency will fund up to $3.5 million additional <br />monies as may be needed in the event that the cost of acquisition and relocation exceeds <br />$7.5 million. This funding is part of the $20 million loan from the City to the Agency to be <br />paid back from a future Agency bond issuance. <br />Patricia J. Webb <br />Economic Development Coordinator <br />Liedstrand <br />Services Director <br />Attachments <br />Relocation Plan dated February 2003 <br />Michael Church <br />Executive Director <br />6 / /,, 0 <br />E <br />City Manager <br />`a <br />