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ITEM # 8. <br />ver <br />MEMORANDUM <br />TO: Economic Development Authority <br />FROM: Catherine Mehelich, Director of Economic Development <br />DATE: October 8, 2007 <br />SUBJECT: Concept Review -Entertainment Center <br />Attachment <br />• Gateway Business Center Area Map <br />Background <br />In late August 2007 staff was approached by a developer, Energy Entertainment Enterprises, LLC <br />who had indicated interest in locating an entertainment/hospitality center within the Gateway <br />Business Center area. Initially the developer was looking at utilizing one of the privately owned <br />parcels and a portion of the city owned property. Following their discussions with the private <br />landowners, the developer is now focusing on utilizing a portion of the city owned property. Staff <br />has been working with the developer since that time to provide information about the EDA's vision <br />for the use of the property, preliminary layout plans, and to discuss site constraints and <br />opportunities to work with adjacent land owners. <br />At the EDA meeting the developer will be presenting their preliminary development concept for <br />review and feedback from the EDA in an effort to gauge the EDA's interest in the project prior to <br />proceeding in formalized development plans and applications. It is important to note that staff has <br />not yet had an opportunity to review and analyze the proposed concept for any planning/zoning <br />modifications, applicability of City financing policies or sensitivity analysis on land and infrastructure <br />costs related to the proposed development. <br />Requested Direction <br />Following the developer's presentation, staff requests the EDA's discussion and direction on the <br />following policy questions: <br />1) Does the proposed concept fits within the EDA/City Council's vision for the Gateway <br />Business Center development area? Is the EDA willing to enter into a letter of intent in <br />order for the developer to proceed? <br />2) Is the EDA is willing to consider providing financing assistance to the proposed project? <br />Based on the EDA's direction on the above issues, the EDA may wish to direct staff to proceed <br />with negotiations to refine the site layout, analyze land and infrastructure costs, and prepare a <br />proposal for financial assistance. <br />