pages: CityCouncil/2005-08-16.pdf, 12
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CityCouncil | 2005-08-16 | 12 | requested staff to address said assumptions. The Development Services Director stated the assumptions are extremely conservative; staff assumed the project would gross approximately $2 million per year in ticket sales and another $900,000 to $1 million in concessions, for a total of $3 million; the financial analysis has determined that the project obligations to the CIC would be met at the achievement of said $3 million; the percentage rent is based on the business producing $3 million; the assumption is that 60-65% of the Alameda market will be captured the Bay Area is an anomaly with respect to theater-going trends; Bay Area theater attendance is almost twice the national average ; theaters in the area are doing twice the amount of business that staff estimated per screen; staff also wanted to ensure that the project has enough revenue to maintain the facilities; DDA provisions require that the buildings need be operated in a certain manner. Councilmember Daysog inquired what the square foot rent would be for the historic theater. The Development Services Director responded staff would have to calculate the amount; the rent has been $2,000 per month for the past few years. Councilmember Daysog inquired what is the square footage of the historic theater, to which the Development Services Director responded that the entire building is 33,000 square feet, which includes space that would not be used. Mayor Johnson requested an overview of the current condition of the historic theater and the status of the acquisition. The Development Services Director responded the Council took action to begin the eminent domain process late last spring; the building estimate, based on an appraisal, was deposited with the courts; the owner has picked up the deposit and advised the court that he would not contest the sale and is only interested in the value; the value will now be established through the eminent domain processi the City will take possession of the theater on October 3 or 4; the City has worked with the owner to gain access to the building and begin work, such as investigation of the ground water problem in the basement. Mayor Johnson noted that the building has been used as a skating rink, disco, roller rink and gymnastics auditorium. The Development Services Director stated that the City has been Regular Meeting Alameda City Council 12 August 16, 2005 | CityCouncil/2005-08-16.pdf |