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<br />. <br /> <br />. <br /> <br />. <br /> <br />A-8 SITE DEVELOPMENT <br /> <br />The Deputy City Manager/Development Services stated that the <br />Agency was being asked to approve a Memorandum of <br />Understanding between the Agency and Fiesta Marketplace <br />Partners (formerly known as Greater Eastern Development <br />Corporation) under the terms of which the development <br />entity, along with eight individual owner participants, will <br />develop a $10 million, 230,000 square foot festival <br />marketplace inclusive of dozens of specialty retail shops, <br />numerous eating establishments, including at least two <br />family dinner restaurants and outdoor dining areas, a new <br />tri-plex movie theater, a performing arts center and an <br />abundance of professional office and artisan studio space. <br />He added that this Memorandum of Understanding was a prelude <br />to a Disposition and Development Agreement. He pointed out <br />that, in his opinion, the Fiesta Marketplace would reinforce <br />the downtown businesses. The Deputy City Manager/Development <br />Services then introduced Mr. Irv Chase of Fiesta Marketplace <br />Partners. <br /> <br />Mr. Chase stated that there were three issues that were <br />unresolved after the meeting in January between the Fiesta <br />Marketplace Partners and the Agency: 1) Ownership; 2) <br />Finances and 3) Design uses in the project. He added that <br />he and his partners had worked hard to resolve these <br />problems to their satisfaction and, he hoped, to the <br />satisfaction of the Agency. He pointed out that those <br />involved felt that the new name of Fiesta Marketplace <br />Partners was more in tune with what they were trying to <br />accomplish. He added that the partnership was now working <br />on the second draft of the participation agreement and it is <br />expected that this agreement will be executed within 30 <br />days. He pointed out that the Agency Members had copies of <br />a Letter from the Bank of America in which they agreed to <br />provide the Letter of Credit for the project. He stated <br />that it was discussed at the January meeting that the <br />project should have a "Disneyland Main Street" atmosphere <br />and that the developers felt they had accomplished this. <br /> <br />be remiss if <br />that their <br />particularly <br />Mr. Al Cruz, <br /> <br />Mr. Chase told the Agency that he felt he would <br />he did not mention the phenomonal support <br />Partnership had received from the City staff, <br />Ed Henning and Roger Kooi. He then introduced <br />Architect for the project. <br /> <br />Mr. Cruz thanked the Agency for the opportunity to appear <br />before it. He then made a slide presentation showing the <br />existing conditions of the buildings in the proposed site <br />and called the attention of the Agency Members to elevations <br />which were on display in the Council Chambers and stated <br /> <br />-3- <br />