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<br />. <br /> <br />. <br /> <br />. <br /> <br />.center. He added that long-term parking in the downtown area was <br />of great concern and that this project would address the problem. <br /> <br />The Deputy City Manager/Development Services stated that the <br />excess of 250 parking spaces was the result of the urging of the <br />downtown business interest to "over park" this project. He added <br />that staff felt that having additional parking is essential to <br />the success of this project. He stated that staff had made a <br />great effort to cut costs on this project and would not lightly <br />recommend making such a costly acquisition as the Broadway <br />Theater unless it was absolutely necessary. He added that the <br />Broadway Theater had no architectural merit and no other function <br />and staff would not propose retaining it for any purpose. He <br />stated staff had made all its recommendations regarding the hotel <br />based on the report of a reputable analyst in the field. He <br />added that the hotel would be a moderately-priced hotel with <br />luxury amenities. The Deputy City Manager/Development Services <br />stated that he did not feel that taking two years to plan a <br />development could be defined as rushing. He stated that the <br />Centerpointe project was in no way dependent upon the Westdome <br />project, adding that Centerpointe would be an anchor for the west <br />end of Fourth Street and Fiesta Marketplace would be an anchor <br />for the east end. <br /> <br />Chairman Griset thanked the City Manager and the Deputy City <br />Manager/Development Services for their remarks and advised the <br />Agency Members that now was the appropriate time for questions or <br />comments. <br /> <br />Mr. Luxembourger stated that he had been involved with the <br />Broadway Theater as an arson investigator and that, in his <br />opinion, it was a burned-out hull that could not be rehabilitated <br />but would have to be reconstructed. He stated further that he <br />did not feel that anyone would be interested in trying to <br />rehabilitate it because of the very large investment that would <br />be required and that he would urge the Agency not to encourage <br />it. He added that he was very glad to hear that additional <br />parking was being proposed in the Carley development. He pointed <br />out that he had, in the past, requested that additional parking <br />be put on Fourth Street because he felt that the community had to <br />think in terms of 20 to 25 years from now. He added that without <br />additional parking, the growth of businesses on Fourth Street <br />would be greatly inhibited. He stated that he supported the <br />developments on both East Fourth Street and West Fourth Street, <br />adding that he felt that these developments would also benefit <br />North and South Main Streets. He then asked that staff report, at <br />a later date, on the details of the financing for this project. <br /> <br />In response to Chairman Griset's questions regarding the <br />assurances that Agency would have as to faithful performance by <br />the Carley Group, the Deputy City Manager/Development Services <br />stated that the Carley Group would make a substantial investment <br />of approximately $1 million for project drawings and that at the <br />point of transfer of title, the Carley Group must record a <br />construction loan for the entire project and draw their building <br /> <br />-7- <br />