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- -- -_. - -. . .--- - -- store provided affordable food alternatives at a 40% savings compared to other markets in the area due to their pol icy of no advertising and the stores' locations. Mr. Geersten advised the Agency Directors that he had just signed a lO-year 1 ease at a fl at rate and was look ing forward to continued operation at that site. Mr. Geersten stated he did not respond to requests for financial data from the Redevelopment Agency as he did not wish to divulge proprietary information. In response to the Directors questions regarding the need for survey results, Mr. Geersten stated 14% of the Canned Food store sales were from food stamps and a survey cou ld be a very touchy subject with some shoppers. Joseph Brady, 1798 Carleton Court, Redwood City, representing the Trestine developers, described the background of both the retail/ corrmercial and residential components of the development. Mr. Brady advised that one of the owners of the site desperately wants to sell the property whi le the other does not. Mr. Brady stated that if the residential development is not approved, the retail/corrmercial will have to be reduced by 20%, and advised that Trestine has been working on these two projects for two and a half years and shared costs with the Redeve lopment Agency. In answer to Agency Directors' questions, Mr. Brady described the financial aspects and descriptions of the proposed residential units, including the 8 low income units. Mr. Brady stated he believed the residential units would benefit the Redwood City retail core, whereas the Canned Food store does not. Mr. Brady asked that if the Agency decides to forego a residential project on the Canned Food site, that the Redevelopment Agency work with Trestine to develop the retail/commercial project as a viable project. Patrick Edens, 1020 Lake View Way, Redwood City, representing the Trestine developers, asked that the Agency defer a decision on the residential project and allow Trestine to continue to work with the Canned Food store management and Mr. Geersten. Mr. Edens advised he wanted to provide more financial information to the Agency so they could make a decision based on complete knowledge of the issue. The Agency Directors extensively discussed the need for affordable housing and the prospect of exchanging a profitable business which provides an important service to a significant number of people in the corrmunity, for 8 affordable units at a cost of up to $2,000,000 of Redeve lopment Agency funds. Director Greenalch addressed the issue of consistency of the Agency's policies on condemnation advising that the Agency condemned the old Whipple Lodge and tore it down to build affordable housing because the owners refused to cooperate and clean-up their blighted property after years of negotiations and court actions; whereas the Canned Food store is not a blight, but a profitable business with long standing in the corrmunity. Director Greenalch advised that $2,000,000 for 8 affordable units is too great a cost, and cannot be viewed as the greater public good in this case. --------------------------------------------------------------------------- Redevelopment Agency Mi nutes February 14, 1994 MINUTE BOOK NO.1 Page 3 Page No. 167