pages: SuccessorAgencyOversightBoard/2013-06-27.pdf, 3
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SuccessorAgencyOversightBoard | 2013-06-27 | 3 | Minutes June 27, 2013 Successor Agency Oversight Board Page 2 of 3 Successor Agency and then placed on the Long Range Property Management Plan (LRPMP). Member McMahon asked why this should concern the Oversight Board. Counsel responded that the Oversight Board must approve the LRPMP. In response to a question from Member Ortiz, Oversight Board Counsel stated that the Oversight Board could pass a Resolution stating a policy position on this matter. Member Potter stated that the SCO office will issue a draft report and the Successor Agency will have ten days to respond. The Oversight Board will be asked to consider a resolution before the SCO issues a final report. Counsel stated that the Oversight Board's resolution would be forwarded to the State. In response to a question by Member Ortiz, Counsel stated that it would be best to wait and see what is in the draft report before the Oversight Board adopts a resolution, but that timing concerns may preclude that option. Member McMahon stated that he needed to see what compelling community interests are being met so a decision could be justified. Ms. Garrabrant-Sierra stated that parking is a negotiated employee benefit that needs to be respected. (The parking garage is used by City employees and, until recently, was also used by AUSD employees.) Mr. Ramiza explained the Successor Agency's compelling arguments: The $19 million number cited by DOF as the value of the theater is not accurate. This number reflects, among other costs, the cost of land acquisition, the detailed historic restoration and relocation of tenants. Theater lease revenues are needed to pay the HUD 108 loan for the parking structure and other operation and maintenance costs of the project. The theater is one of the most (if not the most) important historic building in the Park Street Historic District. The historic integrity of the building could be jeopardized if the property were to be transferred to a landlord other than the City. A lot of work went into the selection of Alameda Entertainment Associates and they run the theater in accordance with specific use and operating covenants in favor of City, including covenants relating to days/hours of operation, maintenance of the historic auditorium as a single screen auditorium, and quality of films (i.e. first-run movies). The theater is a community asset and the City has reserved rights to use the historic auditorium for community and civic uses. The theater plays a pivotal role in the revitalization of the Park Street business district. Ensuring the continued use and operation of the theatre in a manner consistent with use and operating covenants in favor of City as described above provides important benefits to the community and is essential to the ongoing success of the Park Street district. | SuccessorAgencyOversightBoard/2013-06-27.pdf |