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Asia Pacific Cultural Center Project Update
It looks like the Asia Pacific Cultural Center will be getting one of its Christmas wishes this year. Included in last week’s City Manager’s report was a copy of a November letter from Interim City Manager Rey Arellano to Lua Pritchard of the APCC, informing her that while the City cannot gift the land to her organization for a proposed mixed-use cultural center development, they are open to continuing discussions of the possibility of the sale of the land, and to provide one year for the center to assess viability and secure funding.
Back in October, Pritchard and other supporters of the project presented their hopes for a development on several currently undeveloped city-owned blocks at 21st and Jefferson, and asked the Council for the time to firm up plans – one year to answer questions the Council has for them, and to perform the due diligence to verify that the project is a workable one. The letter from Arellano, dated the last week of November, gives them just that, one year, along with a timeline for providing key information to the City to demonstrate progress on project plans. It’s not a commitment to the sale, but it commits the City to answering some of the financial questions on that end, and sets clear targets for the APCC to address questions about the project’s feasibility.
Some concerns raised by City Council over the initial project presentation included questions of the financial feasibility of the project, and a desire for greater density, as well as a request for more proof of the suggested economic and job creation benefits. The timeline from the City sets quarterly deadlines for an audit of APCC, a revised development concept that shows greater density, a third-party market feasibility study for the proposed project, and capital and operating pro formas for the proposed project. Quite a to-do list. Meanwhile, the City has its own homework to do; the nearly four-acre property in question has “several encumbrances” on it, which the City will have to sort out before it can be offered for sale.
The first deadline for the APCC is coming up soon. The letter asks that by December 31st they have performed the requested audit. The ball is in APCC’s court.
Previously from Exit133: Asia Pacific Cultural Center – Constructing a Dream.
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