08-13-97 Council Workshop Minutes

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MINUTES CITY COUNCIL AUGUST 13, 1997 Moarn reported that Cinemark has done studies and put together demographics, and feels that a 17-screen movie theatre will work in this area. They have received applications from the distributors in Hollywood for this location. The president of Cinemark will be in the area over the Labor Day weekend to look at the area and determine the specifics. Moarn felt that the bi~~est problem will be once Cinemark makes a commitment, they will want the theatre up and running tomorrow. Once that commitment is in place, issues such as the parking ramp must be addressed as well as work begun to attract retail, office and restaurant development. Moarn presented a concept layout of the area which showed the theatre at the Rice Street/Little Canada Road intersection, and Little Canada Road closed off between Middle Street and Rice Street. Moarn felt a piece of land 160 feet by 370 feet was necessary for the theatre. A~ain, the theatre is proposed at 17 screens and will have stadium seating and a state-of-the- art sound system. The stadium seating results in the back wall of the theatre bein~ 48 feet hi~h. Moarn proposed that retail development be wrapped around this back wall to cut the effect of the building height. It is possible that some of the retail development would be two stories in height. Fahey was concerned about the footprint that a 17-screen theatre would require versus I 1 screens. Moarn reported that Cinemark may be willing to go down to 14 screens but that is the smallest they would go. Moarn estimated that a 17-screen theatre would seat 2,500 to 3,000. Fahey asked if there were any alternative locations. Moarn replied that the location could be adjusted as a result of Cinemark's visit to the area. Joe Vitale, The Venetian Inn, asked who will own the parking ramp. Moarn replied that the City would own the ramp. Moarn anticipated a two-story, 1,000-car ramp. The footprint of the ramp could be reduced if the ramp were three-story. Moarn aiso anticipated small tenants facing the alleyways which would be created in the redevelopment of the area. Joe Vitale asked if there would be tenants for the retail and restaurant space. Moarn replied that if the movie theatre is developed, there will be tenants for the other space. These tenants would not need to be subsidized. Moarn estimated that the movie theatre would consist of 60,000 square feet and would pay taxes at $4 per foot. Moarn reported that his office has run some preliminary numbers and the feasibility of the project looks good. However, second story office space would help a lot.