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Mr. Lasher replied the concept of the land includes that entire area. A retail business that fronts a <br />cinema would be included. The concept was that the off-peak parking would be available to the <br />cinema for evening and weekend use. The City has taken an active role in the cinema <br />development because they have agreed on the role of the parking. It is the Council's prerogative <br />should they choose not to be involved with the cinema. He explained LSA Design has been <br />involved with projects where the city owned the parking, which allowed the project to move <br />forward. If the Council chooses to allow the developer to go forward with the cinema, the <br />developer will be before the Council asking to use the parking during off-peak times. This <br />option does not force the City to exercise those rights. <br /> <br />Mr. Lasher reviewed the following: <br /> <br />· Paragraph No. 4 <br />· Paragraph No. 5. <br /> <br />Mayor Gamec questioned if this binds the City to having a parking deck or just a parking facility. <br /> <br />Mr. Lasher replied at this time they are moving forward with a feasibility study that puts both <br />parking structures in place and allows the City to move forward with them. The feasibility <br />studics for both parking structures will be before the Council at a future time. <br /> <br />Councihnember Kurak questioned if there is language to bind this property to parking facilities. <br /> <br />Mr. Lasher replied at this point in time it is not written to be binding, but the assumption is that <br />this property would be used for a parking facility. <br /> <br />Mr. Bray indicated this would be incorporated in the original development agreement. He <br />explained Paragraph No. 5 is redefining a term. <br /> <br />Mr. Lasher explained it was not defined as geographic location in the development agreement, <br />and is being done so in this amendment. <br /> <br />Mr. Lasher reviewed Paragraph No. 6. <br /> <br />Councilmember Cook asked if there is a cap on the assessments. <br /> <br />Mr. Lasher replied there is not a cap at this time. <br /> <br />City Administrator Norman indicated there will likely be a cap, as it is in no one's interest that <br />the charge is made so high that they cannot sell any of the properties. The City will not likely <br />receive the entire amount, but it would be some money flowing in for the maintenance. <br /> <br />City Council Special Work Session/November 9, 2004 <br /> Page 3 of 11 <br /> <br /> <br />