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1. Bowling Alley Update 7700 Market Bo leva~ PO Box 147 Pho 'el 952 22/ ~ax: 952 227 ii i0 Poe 952227 Fax 95222Z~90 ~>x}~e }5222 ~ 60 ax;952227 TO ax 952227 iS 0 ?ho~ez 952 227 120 }ax:95222~ 0 230 Co(~te Boueva c r:>oe 952227 ~400 Fax 952227 X404 Poe 952227 1130 Fax 952 22z ~ 1 i0 ~59i Pa~ F{oad Psor:e: 95222} SOO Fax 952 227 3i0 Seabr Ce~e~' Pnofse: 952 22}~ 125 ax 952227 I~0 wwwccPa~assen', us MEMORANDUM TO; Todd Gerhardt~ Executive Director FROM: DATE: Rstin Miller~ Assistant to the Executive Director January 7~ 2004 iRE: Bowlins Alley 1Update GHGR©~ND For the past several months~ City staff~ has been pascicipatinS in negotiations with Market Street Statiom Chanhassen Cinema~ and Southwest Metro Transit representatives to finalize details in re~.?~ds to the bowling alley redevelopment prqject All parties involved hoped to have closed on the deal by December 15~ 2003. However~ several i'actors have led to us not meetins this date~ and this report is intended to provide an update on the pro~l~ress of nesotiafions, Market Street Station~ the master developer of the site~ has secured financin~a~ an~ansed for suffident leases~ and has asreed to terms of relocatinS the Southwest Metro Park and Ride. The City has resolved all issues needed on our' end, includin$ vacatin8 easements., and developh'a~ the she plan a~reement. The only unresolved issues am between Market Street Station and the Chanhassen Onema~ mostly mfardina parkin~ easement issues~ Negotiations with the Cinema were proceedin~ well~ but with the holidays bein~ their bus,est time the year~ the Cinema management R}It it was best flpr them to focus on their operations until the holidays were oven The Cinema owner is mturnin~ to town from an extended vacation~ and staff expects negotiations to resume this week~ A conclusion to this project is extremely dese~ and while this delay is frustratinS~ staff is hopeful that Rx~her nesotiatiens will assist in ceminS to an asreeahle solution for all involved. RE~©M~iNDAII©N At this time~ ne fu~her action is needed by the EDA or the City~ Staff would recommend that all negotiations continue as planned~ and fl~.~her updates wilt be provided il~ circumstances significantly chan~e~