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Nick Didow said that he would pass this suggestion along to his board. He agreed that <br />cooperation was a goad idea. <br />Chris Berndt made a PowerPoint presentation about the Downtown Economic Development <br />Initiative. She said that this project started when they began their downtown small area plan in <br />1997. <br />Background <br />- Downtown Small Area Plan, adopted in March 2000 -Lots 2 and 5: "Development <br />Opportunity Areas" <br />- Comprehensive Plan, adapted May 2000, includes strategies related to downtown and <br />nearby neighborhoods <br />- Downtown Design Workshops, February -March 2002 -public developed concepts far <br />Lots 2 and 5 and other downtown sites <br />- Council Committee on Lot's 2 and 5, formed June 2002 to consider how to proceed with <br />development of sites <br />- Council adopted principles and priorities far sites, February 2003 <br />- Contract with Stainback Public-Private Real Estate, November 2003 <br />Project - Key Steps <br />- Project kick-off event at Old Post Office, November 2003 <br />- Market Demand Study completed in Spring 2004 by Economics Research Associates <br />- Conceptual master plans for Lots 2 and 5, RBC site, and Wallace Parking Deck <br />developed by HKS, Inc. May-June 2004 <br />- Council adopted building program for sites, June 2004 <br />- Draft financial feasibility analysis -public forums on September 14 and 27, 2004 <br />Next Steps <br />Council seeking comment from the Downtown Commission, Chapel Hill Downtown <br />Economic Development Commission <br />Council to consider proceeding with developer solicitation and selection phase, October <br />27, 2004 <br />- Meetings with downtown merchants, neighborhoods, and UNC <br />Regarding the building program, there will be retail, a substantial residential component, as well <br />as replacement parking and additional parking. She showed pictures of the conceptual plans. <br />Far Lot 2, the vision is to have an underground transit transfer system, which could replace the <br />buses stopping on the side of the street. <br />Diana McDuffie asked about the transit transfer center and if they are envisioning a developer to <br />build this and if it would be built with public funds. She asked if it would have a lot of impact on <br />how the bus service is delivered. Chris Berndt said that the idea originated with the Chapel Hill <br />Transit Board. This is at a very preliminary stage. The idea would be to look for federal sources <br />of funding. <br />Diana McDuffie said that they want to be involved early on in the discussions of funding. <br />