CC Min 2003-02-24 Jnt - Laserfiche WebLink

Browse Search

cost of the parking garage to the Redwood City citizens amounts to almost one year's total budget, $62,585,000.00, and that if the Council commits to the project without a commitment that the Redevelopment funds will be available is a concern. If the Redevelopment Agency's ability to issue debt is restricted or eliminated, the City's General Fund would then be the only likely source to issue bonds for the Retail /Cinema project parking garage. Within the General Fund, the only source of funding would be the City's Utility Users Tax which would result in the City eliminating or deferring almost one half of the Capital projects funded annually from the Utility Users Tax. He asked that the item be continued. Kate Eckardt stated that she would like to readdress the water issue and that it is pertinent to this subject. She suggested information be placed on the website and that we need to pay attention now to what is going on. James Knapp stated that he has been an inspector at the S.F. Airport and has seen cost overruns. He further stated that the water table is a problem because of the clay in the soil and impacts the cost. Council comments were made on the topic. M/S Hartnett/Howard to approve an Implementation Agreement with the City of Redwood City, the Redevelopment Agency and BHV Innisfree Ventures I, LLC, developers of the project, for the Amended and Restated Disposition and Development Agreement for the Downtown Retail- Cinema and Public Parking Project and authorize the City Manager and the Redevelopment Agency Executive Director to execute same. The motion passed by a majority roll call with Council Member /Board Member Jordan voting no and Vice Mayor/Vice Chair Ira abstaining. MINUTE ORDER 03-46 RD MINUTE ORDER 03 -06 B. Hearing and Adoption of Resolutions of Necessity for Initiation of Eminent Domain Proceedings for the Downtown Underground Public Parking Garage and Retail- Cinema Project. (CITY COUNCIL ONLY) Economic Development Coordinator Webb explained the initiation of the eminent domain proceedings and that the acquisition is for the underground parking facility in the downtown area. Action tonight would allow the project to keep moving forward in a timely fashion. Herman Fitzgerald stated the four issues before Council in considering adoption of condemnation proceedings in six separate resolutions. He stated the findings that JOINT CITY COUNCIUREDEVELOPMENT AGENCY MEETING FEBRUARY 24, 2003 MINUTES PAGE 7 MINUTES Book No. 59 Page No. 398