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1 REGULAR COUNCIL MEETING <br /> 2 AUGUST 25, 1992 <br /> 0 PAGE 8 <br /> 5 <br /> 6 Mr. Cavanaugh noted that since the anchor store, Montgomery <br /> 7 Wards, moved from the shopping mall in 1979, the activity in <br /> 8 the mall has steadily declined. He is of the opinion that <br /> 9 location of a CUB Store in the mall will generate traffic to <br /> 10 the existing stores in the mall and will attract new tenants . <br /> 11 He noted he has been contacted by three firms interested in <br /> 12 locating in the mall in the eventuality that CUB locates <br /> 13 there. Also, there is a prospective tenant for the New Market <br /> 14 space which will require 91 ,000 square feet . <br /> 15 <br /> 16 The resident at 3412 Skycroft inquired if consideration had <br /> 17 been given to using the existing space rather than the <br /> 18 proposed demolition . <br /> 19 <br /> 20 Ms . Pat Draper, representing CUB Stores, advised that the <br /> 21 grocery industry technology requires a state-of-the-art type <br /> 22 of building and this building is antiquated. She noted that a <br /> 23 present standing building cannot be adapted to suit the needs <br /> 24 of an upscale grocery store and it cannot be made to be <br /> 25 efficient . <br /> 26 <br /> 27 The resident at 4033 Silver Lake Terrace is supportive of the <br /> plans . He feels' it will address three important issues; those <br /> 41 are, economic interests, environmental concerns , and liability <br /> 30 and vulnerability of the City. The economic interests of the <br /> 31 City will be served in that there will probably be other <br /> 32 businesses which will locate in the City .ar.-a spinoff result <br /> 33 of this redevelopment . The environmental concerns will be <br /> 34 addressed in that an opportunity will be present to repair the <br /> 35 infrastructure which was put in to control the water runoff <br /> 36 into Silver Lake from the mall . He questioned why the Mobil <br /> 37 Station was not included in the project . The resident advised <br /> 38 he is comfortable with the issues of liability and <br /> 39 vulnerability in that the City Council and staff appear to <br /> 40 have minimized any risk to the City with this project . <br /> 41 <br /> 42 The resident at 2909 St . Anthony Boulevard questioned the <br /> 43 sources of information which indicated that this redevelopment <br /> 44 would reverse the economic decline of the mall . He feels <br /> 45 another opinion .should be gotten regarding the use of the <br /> 46 shopping mall . He referred to a recent article in the Pioneer <br /> 47 Press which stated there is a mall glut . <br /> 48 <br /> 49 This resident recalled that Apache Plaza shopping mall has <br /> 50 already received one tax abatement and that another is <br />