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MINUTES <br />CITY COUNCIL <br />5EPTEMBER 22, 1993 <br />to acquire the property, raze it and redevelop the <br />site. <br />LaValle pointed out the revised lease agreements on the <br />Council agenda later this evening for the bingo hall at <br />The Market Place Shopping Center, and the lease-hold <br />improvements that are a part of that project. <br />Collyard questioned the feasibility of investing that <br />money in The Market Place. Collyard felt there was no <br />property value in The Market Place Shopping Center and <br />felt the property should be redeveloped with something <br />that would provide community benefit. <br />Collyard also reported that development of both phases <br />of the Rice Street redevelopment project would occur <br />concurrently. <br />LaValle asked about the hotel proposal. <br />Collyard reported that he is in negotiations for the <br />hotel and is in discussions on the square footage. A <br />hotel chain is completing a market study that will help <br />determine the size hotel. Collyard reported that the <br />hotel would be a national chain with a reservation <br />system that would ensure the hotel was filled. <br />Collyard then explained that the theater that is <br />proposed would probably be an independent theater. It <br />is felt the theater would be successful due to it <br />location mid-point between the competition. <br />Mary O'Kane asked if a casino would really benefit the <br />City. O'Kane asked the demand that a casino would put <br />on City services. <br />Collyard pointed out that the infrastructure that would <br />serve the casino is already established. Collyard also <br />indicated that alcohol and food would be regulated at <br />the casino so that the rest of the development would <br />share the trade brought in by the casino. Collyard <br />believed that the redevelopment would be successful on <br />its own, the casino development would occur after the <br />fact. <br />The City Administrator reported that while the Rice <br />Street redevelopment project is exciting, it is still a <br />proposal and still preliminary. There would need to be <br />a development agreement worked out outlining the <br />responsibilities of each party. The proposal is <br />extremely preliminary from the City's standpoint, and <br />the City has not reacted to it as yet. The <br />Administrator also indicated that there should be <br />Page 16 <br />