pages: CityCouncil/2006-06-07.pdf, 8
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CityCouncil | 2006-06-07 | 8 | the focus should be on rehabilitation of the historic theater suggested the City consider operating the renovated historic theater. Commissioner Matarrese stated the City bonded for a project that included the theater, off street parking and some retail; everyone is looking to accomplish the project; the look will have to be adjusted the cost of the historic theater has led to tonight ; Development Services has come up with a way to handle costs; money will have to be taken from elsewhere to fund the renovation project if the 60 days do not prove successful; that he would not support general fund money for the project or lowering the contingency budget he does not support Option 5 because he does not want to can the project. Commissioner Daysog stated that he voted against the bonds because it was putting the cart before the horse and the true cost of the project were not understood; now the City is trying to pick up the pieces and realizes there are no funds; perhaps everyone could be happy with just having the historic theater. Commissioner Gilmore stated the project has to have a contingency fund to go forward; staff has included a contingency fund she would not support a project without a healthy contingency fund of 15 to 20%; that she is in favor of the 60 day negotiation period because the City will have learned valuable information about the historic theater even if there is no contract at the end of the period; gathering additional information is a good thing; negotiating does not commit the City to go forward; she has a problem with Option 5 because she would not support acquiring the historic theater without having a plan; the City should not be stuck with a piece of property without the knowledge of whether the property can be developed economically; the timeframe for acquiring the theater is sooner than alternatives could be created if the project is rejected. Chair Johnson stated the 60-day time period is reasonable after the time and effort that has been spent; that she supports the staff recommendation. Commissioner deHaan stated his concern is that an opportunity to review other options would be missed by allowing 60-days to negotiate; a 15% contingency might not be enough for the historic theater project value engineering might not work and other options should be reviewed to determine how existing funding can complete the entire project; all of the funding might have to go to renovating the a $7 million loan is included because enough money was not bonded. other options should be reviewed Special Meeting Community Improvement Commission 8 June 7, 2006 | CityCouncil/2006-06-07.pdf |