pages: CityCouncil/2006-03-21.pdf, 15
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CityCouncil | 2006-03-21 | 15 | be maintained by the City under the ground lease and the City would receive all of the rental income; the Grand Lake Theater had all improvements and investments made years ago; the City has a healthy box office/concession profit participation starting at 17% above a performance measure once the developer reaches a certain return profit participation is through the life of the project; the community should not be responsible for the long-term maintenance. Councilmember/Commissioner Daysog stated the information is very helpful, but the fact remains that there is a huge spread between 40 cents per-square foot and the market rate; the City should collect 60 to 80 cents per-square foot the developer would still receive a substantial, below market rent; he believes 40 cents per- square foot is significantly south of where the City should be. Councilmember/Commissioner deHaan stated parking was the most important issue in the Downtown Vision Plan; the theater was considered a nicety but not a necessity two redevelopment areas were merged to develop a funding stream; approximately $26 million was left from the $47 million after pay offs; the majority of the money was spent on Park Street; approximately $1.2 million was spent in the Webster Street area; the majority of revenue came from Marina Village; alternative sites were considered to gain additional parking; the parking analysis indicates a shortage of 19 spaces during peak times; the theater uses the vast majority of the parking capacity parking spaces have been lost with the street renovation; parking spaces were bought out with the Knowles project i the proposed parking structure was initially was six levels; seven levels were needed because of the setback; the seventh level is not serviced by the staircase or elevators; the new parking is not 350 spaces because there was existing parking at the Video Maniacs; 280 additional spaces would cost approximately $40,000 per parking space; if all parking spaces are counted, the amount gets down to about $32,000 per space; studies indicate a range from $15,000 to $17,000 per space; today's costs are close to $20,000; a larger construction cost is created by building vertically; the City would pay $3.8 million for the staircase, escalator, and elevators because seven screens require two stories a seven or nine screen theater could be built at the old Video Maniacs site and a parking structure could be built elsewhere if the building was single story; he is concerned with the extra $4 million from the bonds; the theater is not a complete restoration; the lobby would be beautiful; the balcony probably would not be completed because of constraints; he has concerns that heavy traffic would be brought to Oak Street; a study was conducted for 11:00 p.m. to 1:00 a .m. Saturday traffic while the peak hours start at 8:30 p.m. ; project costs are now estimated to be $28 Special Joint Meeting Alameda City Council and 7 Community Improvement Commission March 21, 2006 | CityCouncil/2006-03-21.pdf |