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HRA Special Session Date: 01/25/2011 By: Heidi Nelson Administrative Services Information Title: Consider Proposal for Theater Project in The COR - RJ's Stage and Screen Item #: 6. 1. Background: The Development Management Team has been meeting with a potential theater user, RJ's Stage and Screen, represented by Ms. Rachel Wexler. The concept of a movie theater /performing arts center in The COR is a very desirable component, creating additional entertainment opportunities as well as a community resource for performing arts. Ms. Wexler has provided the DM Team a financial proforma for the project and a draft site plan for the theater. Members of the HRA may recall that the DM team did bring this project concept forward in early 2010 and at that time the HRA was not open to the concept of a land donation for the project. Ms. Wexler is requesting re- consideration of her project that would require the donation of the land for the theater site as well as the donation of the parcel to the south to support her equity contribution for the project. The parcel to the south is a planned park in the center of The COR and thus the DM Team has expressed concern with regard to that parcel being privately held. The DM Team has indicated that the parcel would be zoned as park and encumbered for that purpose only in perpetuity. Additionally, a plan for the construction of the park improvements would need to be established according to city standards and plans for the park. For this evening's meeting, Ms. Wexler will provide a presentation about her theater concept. Her architect and contractor for the project will also be present. Attached to this case is an memo from Ms. Wexler describing the project and outlining her requests to the HRA and a site plan for the project. Recommendation: The DM Team recommends that the HRA review the project and provide direction regarding the donation of two parcels of land for the project. Funding Source: The donation of the parcel for the theater site would reduce the land sale proceeds for the overall COR project. With regard to the parcel to the south that is planned for a park, a plan to construct the improvements would need to be established and a covenant, easement or encumbrance would need to be placed over the park parcel to preclude any future development other than for park purposes. Council Action: HRA Action: Direct the DM Team with regard to the land donation for the theater project. RJ's Stage and Screen Memo Site Plan for Theater and Park Parcel COR Exhibit Attachments