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<br />The Bowers Museum Expansion Project <br />September 6, 2005 <br />Page 3 <br /> <br />DISCUSSION <br /> <br />Along with the Planning Commission actions, four additional city council <br />actions will be necessary to allow the Bowers expansion proposal to move <br />forward. The proposed resolution will authorize a land exchange <br />agreement, a lease agreement, an amendment to the operating agreement <br />between the City and The Bowers Museum, and a Redevelopment Agency <br />financial contribution. The land exchange agreement is needed in order <br />to facilitate the transfer of ownership of the existing surface parking <br />lot land at Main Street between 19th and 20th Streets and property to the <br />north, which is adjacent to the Museum expansion. This property to the <br />north is presently owned by Steadfast and this exchange will result in <br />Steadfast's construction of a new surface parking lot on this property. <br />It will also allow Steadfast to move forward with its development <br />proposal. As part of the land exchange, Steadfast will be responsible <br />for constructing the proposed surface parking lot and installing a signal <br />on Main Street. The City's contribution to the parking lot construction <br />will be capped at $70,000. <br /> <br />Under the lease agreement, the City will lease the existing north parking <br />lot, and potentially other parking facilities to the Museum corporation <br />on which the Museum will construct the expansion and other improvements. <br />Upon completion, the leased land along with the constructed facilities <br />will revert to City ownership and control. Pursuant to the amendment to <br />the operating agreement, the Museum will agree to operate the expansion <br />as part of the entire museum complex subject to certain annual City <br />appropriations for maintenance and repair of the facility. <br /> <br />Finally, the Council and Agency will authorize the City Manager and <br />Executive Director to unify the ownership of the current Bowers parking <br />lot under the City. <br /> <br />The repayment of a portion of the Redevelopment Agency's debt from the <br />Central City Redevelopment Project Area to the City's General Fund will <br />provide $200,000 to assist with the predevelopment and other costs for <br />the Bowers expansion. <br /> <br />These actions along with the Planning Commission actions will facilitate <br />the entitlements for the Bowers expansion as proposed. <br /> <br />750-3 <br />