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MINUTES <br />CITY COUNCIL <br />MAY 27, 1998 <br />Wise suggested tl~at at the worse case the City would end up with the land <br />and the theater building. <br />Morelan asked about the fiiture development potential of the Winter <br />property and any restrictions that Cinemark might want on that property. <br />Wise indicated that the propei~ty could be brought into the project at any <br />time. Cinemark's concern would be that any development on this site not <br />adversely affect the family entertainment development image for the area. <br />Uses such as a restlurant or video store would work, although an adult <br />book store wotiild not. Wise felt that once the theater project is in place, <br />there would be a grelt deal of interest in this site. Wise felt that any <br />restrictions Cinemark may want on this property would be reasonable. <br />Rocky Waite as]<ed how much debt the City would be takin~; on as part of <br />this redevelopment project. <br />Fifield replied that the bonds are estimated at $4.4 million, of which $1.3 <br />million would be for reconstruction of LiYYIe Canada Road. <br />The Administrator reported that the debt would be structured around the <br />Cinemai9< lelse payment. Fverythi~~g else beyond that will be under the <br />pay-as-you-go method. <br />Upoi~ motion by LaValle, seconded by Scalze, there being no further <br />business, the workshop meetin~ was adjourned at 7:16 P.M. <br />_ _._... <br />1 <br />. Y.~ /~2.-'v?.~ _ . C 1~1-, <br />iVlic ~ael L Fahey. Ivtayor <br />Attest: .u ^ %C~ ~ - <br />oel . Hlnson, City Administrator <br />