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<br />,22 <br /> <br />TUESDAY <br /> <br />JANUARY 11, 1977 <br /> <br />view of the unavailability of additional public funds at this time. The <br /> <br />Commission's full report, as subsequently prepared in writing at Council's <br /> <br />request, is as follows: <br /> <br />During a called meeting of the CBD Commission held January <br />11, 1977, the Commission discussed the question of whether <br />the block bounded by Walnut, Bridge, Church, and Main <br />Streets should be purchased, the buildings demolished, <br />and the area developed into an open space plaza including <br />the connection of Bridge Street with Franklin Street, all of <br />which was included in the original CBD Redevelopment <br />concept. <br /> <br />After considerable discussion and review of the matter, the <br />CBD Commission voted to recommend to City Council that <br />any plans to redevelop this block, as per the original <br />concept, be abandoned; and that the Commission undertake <br />immediately a review of the entire CBD plan with the thought <br />of establishing such policies and procedures as necessary <br />to accomplish the overall objectives of the CBD plan, which <br />is to revitalize the City's downtown area. <br /> <br />The Commission noted the following in making its <br />recommendations: <br /> <br />A. The property now owned by the Redevelopment Authority <br />has been developed into a very useful parking facility, <br />including landscaping, which generally accomplishes <br />the purpose of having open space areas within highly <br />developed commercial areas. <br /> <br />B. The probabilities of converting the property now <br />owned by the Redevelopment Authority into commercial <br />use are not favorable at this time due to the general <br />economic condition of the nation, cost of construction, <br />and general lack of interest in commercial expansion, <br />area wide. <br /> <br />C. The failure of the City to qualify for Community <br />Development funds and the lack of other sources of <br />funding, coupled with the estimated cost of <br />purchasing the property within this block, would <br />create a severe financing problem for such a project. <br /> <br />D. The Commission and Council have established a policy <br />of not purchasing and demolishing additional <br />buildings until some assurance is obtained wherein <br />new buildings will be constructed within the property <br />now owned by the Redevelopment Authority or to be <br />purchased by the Redevelopment Authority. <br />