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MINUTES <br />CITY COUNCIL <br />MAY 13,1998 <br />operate within the redevelopment site, but stated that he would look into <br />this. <br />Pedersen suggested that the answer may be to develop the north site prior <br />to the south site. Once a building is completed on the north, the existing <br />businesses can be relocated. <br />Moarn pointed out that the new construction on the north would be at new <br />lease prices. <br />LaValle indicated that the existin~; businesses may not want to lease. <br />LaValle su~gested that the building be condominiumized so that the <br />businesses can own their own space. LaValle suggested that new lease <br />rates would put these businesses out-of-business. LaValle felt the City <br />had the responsibility to relocate these people. <br />Fahey reported that the City has met with representatives of Regal <br />theaters. Regalindicated thatthey did notfeelit was necessary to acquire <br />property to the north of Little Canada Road. Regal would also be willing <br />to work with the existing businesses and would phase in the construction. <br />However, after reviewing Rice Street access, Regal indicated Yhat they <br />were no longer interested in the site. <br />Fahey indicated that he questioned the need to assemble a 17-acre parcel, <br />and suggested that perhaps the project should move forward with just the <br />theater on a 10-acre site. Fahey stated that he was not interested in <br />impacting any more businesses than necessary. Fahey felt the north parcel <br />should be out and the City should concentrate on the south half of the <br />redevelopment area. Pahey stated that he was tired of holding up all these <br />businesses. Fahey also noted the difficulty the City has had in contacting <br />Kim Wise, and suggested that perhaps Cinemark is not really interested. <br />Fahey also pointed out that there are traffic issues to be concerned about <br />should a theater develop in the area. Fahey again suggested that the <br />redevelopment area be scaled back. <br />Joe Vitale pointed out tliat the idea was to redevelop this whole area, and <br />questioned what would happen with the north side of Little Canada Road. <br />Vitale also stated that he thought the City had a guarantee that Cinemark <br />was strong enough financially to do the redevelopment project. <br />The City Administrator replied that tl~e City has had no ~uarantees. <br />Pedersen indicated that the solvency of Cinemark is not the issue. The <br />issue is whether or not they are committed to the project. <br />