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<br />. <br /> <br />will include frame shops, galleries, art supplies, cafe, bookstores <br />and other shops. <br /> <br />The Grand Centra¡ Building is proposed to be remodeled to <br />accommodate a graduate student art center and wi1i include art <br />studios, gallery space, project room, printmaking studio, gift <br />shop, theatre, restaurant and classrooms. Interior remodeling <br />includes integrating classroom space, a computer lab, installation <br />of an elevator, installation of a new storefront system, new <br />interior walls, installation of new electrical lighting, bringing <br />restrooms up to ADA standards, adding new restrooms, new flooring, <br />new trellis, new roofing, heating and air conditioning installed in <br />residential units, new carpet, vinyl floor covering and cabinets <br />will also be installed. All improvements wi11 be according to <br />building code requirements. <br /> <br />The Handlebars Saloon is presently uninhabited and needs a <br />major interior renovation. The entire roof needs to be replaced <br />within five years; asbestos in the flooring and roof needs to be <br />mitigated or removed; a Phase I environmental report indicates a <br />previous history of storing hazardous materials. This needs <br />remediation by a previous owner who is liable for cleanup. <br /> <br />. <br /> <br />Off-site parking will be provided for both of these buildings <br />on a site owned by the Redevelopment Agency and leased to an <br />adjacent property owner. This prope~ty_awner is responsible for <br />comp1eting all parking lot improvements including lighting and <br />security. <br /> <br />The rehabilitation of the properties will alleviate the <br />blighting conditions outlined in (1) and (2), above. <br /> <br />This report includes information on the following topics: <br />(1) an estimate of the amount of tax increment revenues or other <br />funds to be used to pay for the acquisition and rehabilitation of <br />the Properties; (2) the facts supporting the determinations <br />required by section 33445 of the California Redevelopment Law to be <br />made by the Agency and the city council; and (3) the redevelopment <br />purpose for which tax increment revenues or other funds are being <br />used to pay for the acquisition and rehabilitation of the Proper- <br />ties. <br /> <br />II. <br /> <br />ESTIMATED TAX INCREMENT OR OTHER AGENCY FUNDS TO BE USED TO <br />PAY FOR THE ACOUISITION AND REHABILITATION OF THE PROPERTIES <br /> <br />The Agency estimates that the cost of acquisition and <br />rehabilitation of the Properties will be approximately as follows: <br /> <br />. <br /> <br />Gas Company Property <br /> <br />Acquisition: <br />Rehabilitation: <br /> <br />up to $300,000.00 <br />up to $500,000.00 <br /> <br />3 <br /> <br />27 <br /> <br />3 <br />