pages: CityCouncil/2005-08-16.pdf, 8
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CityCouncil | 2005-08-16 | 8 | parking structure creates additional business opportunities and new value; the money is also used for projects that the public has decided are important; the historic theater renovation is such a case and is an eligible, legal project i the lion share of the $5. 9 million concerning Councilmember Daysog is the construction, stabilization and restoration of the historic theater part of the expenditure that would never be recovered is for restoring the theater, which was considered of great concern to the community staff never reviewed a reuse of the building that would recover the investment the theater did not have a private sector investor all these years because nobody in the private sector could figure out what could go into the building to substantiate or support the investment. Councilmember Daysog inquired why the report shows a net negative, to which Mr. Kelly responded redevelopment law requires disclosure. Vice Mayor Gilmore stated part of the reason for the negative net present value is because the Council directed staff to preserve the historic theater; Council felt the theater would continue to deteriorate if the City did not move forward with preservation; the project cost would not be so high if restoring the theater was not so valuable and the City wanted to build a new theater and parking garage, without the historic theater the project is running in the red because so much money is being spent for the historic theater infrastructure; inquired whether the historic theater is a financial albatross. The Development Services Director responded public entities restore buildings because of the appreciation of the value of the asset to the community, on which an economic value cannot be placed; a building use that could support the project costs would result in the building being butchered to increase density, such as public storage; said type of use would not meet the community's restoration and preservation goals. Councilmember Matarrese inquired whether the parking structure design/build allows the design to be modified. The Development Services Director responded that one of the goals of using the design/build process was to ensure that the project was built efficiently with as little public money as possible; the design/build process allows designers and construction to come together to yield the most efficient garage the exterior design review is being resolved to prevent the design/build contract from growing in response to design issues; pinning down the design up front provides the additional guarantee that there would be no questions about what the design/build team put together i the Regular Meeting Alameda City Council 8 August 16, 2005 | CityCouncil/2005-08-16.pdf |