Laserfiche WebLink
MINUTES <br />CITY COUNC,IL <br />AUGUST 13,1997 <br />Vitale asked if the movie theatre would pay fair market value for their <br />property. Moarn replied that traditional(y the developer wil! buy the <br />property. Restaurants would pay between $7 and $10 per square foot for <br />land, while the theatre would pay $] for their land. There would be no <br />property tax breaks for the theatre. <br />Fahey was concerned about the impact on property owners in the area. <br />Pedersen pointed out that the movie theatre and the parking ramp would <br />be immediate. However, the rest of the redevelopment would be phased <br />in. Moarn reported that once the movie theatre is in the works, he would <br />bring the plan to the restaurant people. <br />Concern was expressed about the distance the parking ramp would be <br />from the theatre. Moarn felt the distance was close to the same distance <br />between the Edina Theatre and the ramp in that area. <br />Moarn pointed out that by the end of September the City will know if <br />there is a commitment for the movie theatre. <br />Richard Vitale asked the proposed mix of retail versus restaurants. <br />Moarn replied that once the movie theatre is committed, the retail and <br />restaurants will come on strong. The key is how close these uses are to the <br />front door of the movie theatre. <br />Fahey stated that he saw no reason to factor in the Vitale strip malls at this <br />time. <br />Moarn pointed out that there are not many IS-acre sites available in the <br />heart of the suburbs. Theatres are competin~ for sites such as this. <br />Richard Vitale asked if Moarn were working with any other movie theatre <br />purveyors. <br />Moarn reported that he is working with Cinemark at this time. If these <br />negotiations are not successful, he would contact other theatre groups. <br />Pedersen asked if this would be a first-run theatre. Moarn replied that it <br />would be, but Cinemark also has second-run theatres. There are about <br />seven major theatre companies, and Cinemark is about fourth largest. <br />Fahey stated that the Council needs to see the numbers as well as a clearer <br />delineation of the boundaries for the various size theatre developments. It <br />was also pointed out that the bank may not be interested in moving, and it <br />may not be necessary to do anything with the bank site. Fahey also <br />