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information on the proposed investors for the project and <br />questioned whether it was true that Mr. Redinger had <br />approached potential renters for other projects in the <br />downtown area. <br /> <br /> Mr. Redinger stated that three local banks were <br />possible investors for the project as were some West <br />German businessmen. Mr. Redinger stated that it was <br />possible that Mr. Robin Lee would invest in the parking <br />deck. Mr. Redinger stated that it was true that competing <br />developers were attempting to attract the same renters, <br />but noted that that was the case anytime when space is <br />available. Mr. Redinger added that he was attempting to <br />attract new businesses, potentially some internationally, <br />to the project. <br /> <br /> Mr. Daggett stated that the Queen Charlotte project <br />could be negatively impacted should the market not bear <br />the projects proposed for the downtown area. <br /> <br /> Mr. Buck questioned whether Council was in favor of <br />continuing the public hearing as had been earlier <br />suggested. <br /> <br /> Mr. Barnes stated that he was in favor of making a <br />decision as he did not think new information would be <br />offered in the future. <br /> <br /> Mrs. Gleason stated that she did not wish to continue <br />the public hearing and noted that Council had received <br />other citizen imput in addition to the public hearings. <br /> <br /> Mr. Towe stated that he would agree to continue the <br />public hearing if it was felt that new information would <br />be offered. <br /> <br /> It was the decision of the majority of Council to not <br />continue the public hearing. <br /> <br /> As there were no further speakers the public hearing <br />was closed. <br /> <br />RESOLUTION: AUTHORIZING APPLICATION FOR AN URBAN DEVELOPMENT <br />ACTION GRANT, AUTHORIZING EXECUTION OF PRELIMINARY DEVELOPMENT <br />AGREEMENT AND AUTHORIZING LOAN AGREEMENT WITH JEFFERSON MALL <br />LIMITED PARTNERSHIP IF UDAG GRANT AWARDED <br /> <br /> Mr. Buck reviewed the history of the sites proposed <br /> for development. The City had acquired the Amoco site in <br /> an effort to control the entrance to the downtown area. <br /> The Design Task Force and Planning Commission had <br /> recommended that the Leggett parking lot site be low <br /> height office and retail space. The Health Services <br /> Foundation had been looking for a new site and the City <br /> felt it was important to attract them to the downtown area <br /> in order to attract shoppers and make a vital link with <br /> the University. Design criteria had been recommended <br /> which took into account economic realities. Following the <br /> decision of the Health Services Foundation to locate <br /> elsewhere, ~he possibility of a Urban Development Action <br /> Grant became known. The proposal submitted by Mr. <br /> Redinger had not been contingent, as the other proposals <br /> had, upon the Health Services Foundation locating on the <br /> property. The City was concerned with parking for the <br /> proposed project and the parking deck, financed partially <br /> by a UDAG grant, addressed that concern. The purchase <br /> price for the Amoco site and Leggett parking lot site were <br /> based on appraisals conducted, discounted by 30% because <br /> of the City's requirements and restrictions for the <br /> project. Mr. Buck stated that he felt the entire City <br /> would benefit from the proposed project. <br /> <br />Mr. Barnes stated that Mr. Redinger's group had been <br /> <br />21 <br /> <br /> <br />