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RESOLUTION 94-038 EXHIBIT will include frame shops, galleries, art supplies, cafe, bookstores and other shops. The G~and Central Building is proposed to be remodeled to accommodate a graduate student art center and will include art studios, gallery space, project room, printmaking studio, gift shop, theatre, restaurant and classrooms. Interior remodeling includes integrating classroom space, a computer lab, installation of an elevator, installation of a new storefront system, new interior walls, installation of new electrical lighting, bringing restrooms up to ADA standards, adding new restrooms, new flooring, new trellis, new roofing, heating and air conditioning installed in residential units, new carpet, vinyl floor covering and oabinets will also be installed. All improvements will be according to building code requirements. The Handlebars Saloon is presently uninhabited and needs a major interior renovation. The entire roof needs to be replaced within five years; asbestos in the flooring and roof needs to be mitigated or removed; a Phase I environmental report indicates a previous history of storing hazardous materials. This needs remediati0n by a previous owner who is liable for cleanup. Off-site parking will be provided for both of these buildings on a site owned by the Redevelopment Agency and leased to an adjacent property owner. This property owner is responsible for completing all parking lot improvements including lighting and security. The rehabilitation of the properties will alleviate the blighting conditions outlined in (1) and (2), above. This report includes information on the following topics: (1) an estimate of the amount of tax increment revenues or other funds to be used to pay for the acquisition and rehabilitation of the Properties; (2) the facts supporting the determinations required by Section 33445 of the California Redevelopment Law to be made by the Agency and the City Council; and (3) the redevelopment purpose for which tax increment revenues or other funds are being used to pay for the acquisition and rehabilitation of the Proper- ties. II. EST.~MATED TAX INCREMENT OR OTHER AGENCY FUNDS TO BE USED TO PAY FOR THE ACQUISITION AND REHABILITATION OF THE PROPERTIES The Agency estimates that the cost Of acquisition and rehabilitation of the Properties will be approximately as follows: Gas Company property Acquisition: Rehabilitation: up to $300,000.00 up to $500,000.00 3