RDA Min 1991-09-16 - Laserfiche WebLink

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. ,. Council Members discussed the Fox Theatre and the need for a contractual relationship and partnership with the Peninsula Center and Palo Alto Players that will provide benefits to the citizens of Redwood City before spending additional funds; kinds of capital projects on which bond --- proceeds must be spent, which includes entry features and excludes other, perhaps more deserving projects. MOTION: to accept recommendations as follows: 1) Funding for the following Downtown capital projects: PROJECT FUNDING ESTIMATE a) City Parking Structure 1,100,000* b) Main Street Improvements 250,000* c) Hamilton Street Improvements 800,000 d) Broadway Sidewalks 1,800,000* e) Caltrain Station 600,000 f) School Districts 1,000,000 g) Fox Theater 300,000*** h) El Camino Medians 400,000 i) Entry Features to Downtown 500,000 TOTAL $6,750,000 After approval by the Agency, firm cost estimates will be established. Amounts with an * are already based on professional cost estimates. *** Expenditure of these funds are conditional on Council approval of a contractual relationship with the Peninsula - Center and the Palo Alto Pl ayers 2) Set aside the remaining balance of the Capital Project Fund of $11,828,000, after the deduction of projects discussed under Items 1) and 4) of this report, for acquisition of land or rehabilitation of structures in the Downtown 3) Set aside $2,957,000 for acquisition of sites or structures for low and moderate-income housing. 4) The Board reaffirm Council's decision to payoff the Agency's debt to Seaport Center, and to repay the loan from the City to the Agency. MIS: StangellBuchan to approve the above amended recommendations A. 1) through 4) Carried by unanimous voice vote with Director Claire abstaining as he was not present for the majority of the discussion. MINUTE ORDER NO. RD 91-013 I Special Redevelopment Agency Minutes September 16, 1991 - Page 2 MINUTE BOOK NO.1 Page No. 019