pages: CityCouncil/2005-08-16.pdf, 14
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CityCouncil | 2005-08-16 | 14 | be downsized if one of the theaters and some retail were removed stated that he is concerned with protrusions going in all different directions; inquired whether the footprint could be reduced. The Development Services Director responded the buildings are linked; eliminating a theater from the Cineplex top level would impact the value of what remains and the project's ability to support the additional cost of going to a second floor; some of the value supports the construction cost. Councilmember deHaan stated protrusions usually cost more money removing the 79-seat theater would allow the building to be brought back; review of other options would allow reduction of mass; that he has concerns about design. Kyle Conner, Project Developer, stated more screens are needed, not less; eliminating a screen on the second level of the Cineplex would leave only nine screens; that he would like to have more than ten screens; that he would have a problem with reducing the number of screens. Mayor Johnson inquired whether Mr. Conner's plan would be to go forward with the balcony eventually, to which Mr. Conner responded in the affirmative. Councilmember Daysog inquired what the $72,000 in rent for the historic theater equals per square foot. Mr. Conner responded the ground floor is approximately 19,000 square feet, including retail; the cinema would be approximately 15,000 square feet. Councilmember Daysog stated that movie theater square footage comparisons are a way to gauge whether the rent is appropriate. Mr. Conner stated debt service for construction should be considered as rent because he has a ground lease and does not own the property; rent would be approximately $1.30 per square foot when considering all of the components to service the debt and rent for the facility. Councilmember Daysog inquired what the figure would be if debt service were not considered, to which Mr. Conner responded $0.40 per square foot. The Development Services Director stated that the rent is based on revenues. Regular Meeting Alameda City Council 14 August 16, 2005 | CityCouncil/2005-08-16.pdf |