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<br />. <br /> <br />. <br /> <br />. <br /> <br />Status Re ort of Current and Pro osed Downtown Deve10 ment <br />Commiss on ProJects and Programs <br /> <br />Mr. Kooi summarized the current projects and programs in <br />which the Downtown Development Commission is involved. <br /> <br />Developer Selection for the A-9 site <br /> <br />In response to Chairman Luxembourger's request for a report <br />from staff, Edward Henning, Downtown Project Area Manager, <br />provided an introduction to the item. Mr. Lee Oates, Project <br />Architect, provided a slide presentation. Following the <br />visual report, Commissioner Griset asked what kind of employee <br />would be buying the proposed condominiums in terms of what <br />price the buyers would be paying and what type of work the <br />developer envisioned the buyers will be engaged in. Mr. <br />Oates replied that, based upon the Town Square Project prices, <br />it was expected that unit prices would be in the range of <br />$80,000 to Sl10,000, with 10% down payments. Based upon <br />that data, Mr. Oates projected that the buyers would be <br />earning $30,000 to $35,000 annually. The Chairman inquired <br />as to the formula used by the developer to determine the <br />number of parking spaces. Mr. Oates answered that 1.2 parking <br />spaces were allocated for each unit. Commissioner Young <br />moved, and Commissioner Johnson seconded, that the Downtown <br />Development Commission select Urban Pacific Development <br />Corporation as the developer for the A-9 Site, and award a <br />90-day Exclusive Right to Negotiate. The motion was carried <br />unanimously (5:0). <br /> <br />Oral Communications - Alternate for Commissioner Stanton <br /> <br />Commissioner Stanton inquired about the possibility of <br />appointing an alternate for himself, taking his non-voting <br />status into consideration. The Chairman asserted that such <br />an action would not present a problem, and would be acceptable. <br />The Chairman further requested the Assistant City Attorney <br />to set this possibility in writing. <br /> <br />Oral Communications - Exclusive Negotiation Agreements <br /> <br />After brief discussion, it was moved by Commissioner Griset, <br />seconded by Commissioner Johnson, and unanimously approved <br />(5:0) that the Downtown Development Commission authorize the <br />Executive Director of Economic Development to enter into <br />exclusive negotiation agreements for sports, entertainment <br />and restaurant facilities within the Downtown project area. <br /> <br />Oral Communications - "Restaurant Row" <br /> <br />Mr. Kooi presented the most current information on the develop- <br /> <br />'f <br />