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<br />1 <br /> <br />ROLL CALL <br /> <br />REPUBLIC <br />DEVELOPMENT <br />COMPANY <br />(Projects) <br /> <br />1 <br /> <br />24:9953 <br /> <br />MINUTES <br /> <br />CITY COUNCIL OF THE CITY OF ARCADIA <br />and <br />ARCADIA REDEVELOPMENT AGENCY <br /> <br />ADJOURNED REGULAR MEETING <br /> <br />FEBRUARY 19, 1980 <br /> <br />The City Council of the City of Arcadia, California and the <br />Arcadia Redev10pment Agency met in an adjourned session on <br />Tuesday, February 19, 1980 at 5:00 p.m. in the Conference <br />Room of the Arcadia City Hall. <br /> <br />PRESENT: <br />ABSENT <br /> <br />Members Gi1b, Parry, Pellegrino, Saelid, Margett <br />None <br /> <br />Report on the consistency between the General Plan, zoning and the <br />redevelopment project area. W. Thomas Gaston, Vice President of <br />the Republic Development Company introduced Mike Lloyd, architect <br />and consultant, Roger De Witt, land acquisition division. <br /> <br />Mike Lloyd explained the status of Granada Royale Homete1s which <br />is interested in establishing a hotel in the City at the northeast <br />corner of Huntington Drive and Second Avenue. What is being con- <br />sidered at this time is an eight story building with 260-300 rooms, <br />along with 5000 to 8000 square feet of conference area. The plan <br />is to venture with the Derby Restaurant, that existing building to <br />be remodeled and modernized. Mr Lloyd continued in part that Home- <br />te1s is a rapidly growing corporation with nine operating hotels <br />with four under construction - they are home based in Phoenix, <br />Arizona. It is strong financially being able to obtain financing <br />when others cannot. Also noted was the hotel currently under con- <br />struction in Covina - pictures of this project were circulated. <br />The officials of the corporation have visited the Arcadia site and <br />are interested. Architectural plans would be prepared by the hotel <br />chain. <br /> <br />Mr.L10yd stressed the importance of prompt action so they may proceed <br />with final negotiations with Homete1s as they are anxious to start <br />preparation of plans. In response to questions Mr. Lloyd said in <br />part that Homete1s is 100 percent owned by an individual. Estimated <br />tax increments were explained by Mr. Gaston who said the facility will <br />help economy through employment opportunities. Amenities were also <br />explained. The concept is to make it a family oriented hotel. Member <br />Saelid recited his favorable impressions when he visited a Homete1 in <br />Arizona. Member Gi1b submitted that he had received very good reports <br />from the officials of Covina - they were most pleased with the organ- <br />ization which would be operating the hotel there. <br /> <br />During this consideration discussion was held on the need for a <br />market research study and Republic asked the Agency to pay for such a <br />study which would cost approximately $10,000. <br /> <br />Recommendation for the Company to prepare the study was made. It was <br />estimated this would take about six weeks. It was MOVED by Member <br />Gi1b, seconded by Member Pellegrino and carried on roll call vote as <br />follows that the Agency pay for the market research study at a cost <br />not to exceed $10,000 to be prepared by Harris, Kerr & Forster. Any <br />cost over $10,000 to be borne by the developer. <br /> <br />AYES <br />NOES <br />ABSENT: <br /> <br />Members Gilb, Parry, Pellegrino, Sae1id, Margett <br />None <br />None <br /> <br />-1- <br /> <br />2-19-80 <br />