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3 <br /> 1 Chris Berndt made a PowerPoint presentation about the Downtown Economic Development <br /> 2 Initiative. She said that this project started when they began their downtown small area plan in <br /> 3 1997. <br /> 4 <br /> 5 Background <br /> 6 <br /> 7 - Downtown Small Area Plan, adopted in March 2000 — Lots 2 and 5: "Development <br /> 8 Opportunity Areas' <br /> 9 - Comprehensive Plan, adopted May 2000, includes strategies related to downtown and <br /> 10 nearby neighborhoods <br /> 11 - Downtown Design Workshops, February— March 2002 — public developed concepts for <br /> 12 Lots 2 and 5 and other downtown sites <br /> 13 - Council Committee on Lot's 2 and 5, formed June 2002 to consider how to proceed with <br /> 14 development of sites <br /> 15 - Council adopted principles and priorities for sites, February 2003 <br /> 16 - Contract with Stainback Public-Private Real Estate, November 2003 <br /> 17 <br /> 18 P_roiect— Key Steps <br /> 19 <br /> 20 - Project kick-off event at Old Post Office, November 2003 <br /> 21 - Market Demand Study completed in Spring 2004 by Economics Research Associates <br /> 22 - Conceptual master plans for Lots 2 and 5, RBC site, and Wallace Parking Deck <br /> 23 developed by HKS, Inc. May-June 2004 <br /> 24 - Council adopted building program for sites, June 2004 <br /> 25 - Draft financial feasibility analysis— public forums on September 14 and 27, 2004 <br /> 26 <br /> 27 Next Steps <br /> 28 <br /> 29 - Council seeking comment from the Downtown Commission, Chapel Hill Downtown <br /> 30 Economic Development Commission <br /> 31 - Council to consider proceeding with developer solicitation and selection phase, October <br /> 32 27, 2004 <br /> 33 - Meetings with downtown merchants, neighborhoods, and UNC <br /> 34 <br /> 35 Regarding the building program, there will be retail, a substantial residential component, as well <br /> 36 as replacement parking and additional parking. She showed pictures of the conceptual plans. <br /> 37 <br /> 38 For Lot 2, the vision is to have an underground transit transfer system, which could replace the <br /> 39 buses stopping on the side of the street. <br /> 40 <br /> 41 Diana McDuffie asked about the transit transfer center and if they are envisioning a developer to <br /> 42 build this and if it would be built with public funds. She asked if it would have a lot of impact on <br /> 43 how the bus service is delivered. Chris Berndt said that the idea originated with the Chapel Hill <br /> 44 Transit Board. This is at a very preliminary stage. The idea would be to look for federal sources <br /> 45 of funding. <br /> 46 <br /> 47 Diana McDuffie said that they want to be involved early on in the discussions of funding. <br /> 48 Mayor Foy said that there might not be a possibility for a transit center there, but they would like <br /> 49 to at least propose it if it were feasible. <br /> 50 <br />