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Community Redevelopment Agency December 10, 2010 Page 5 Glancy thanked the Board for their input on the Estado 11 project. She believed that the City and CRA's investment in the property is for the gain of the community and not for private industry. Ms. Glancy stated that the Chef is building a $2.5 million facility and the property is valued at $600,000 - $700,000. She said if the restaurant fails there is over $3 million invested in the site and of that over $2 million is from the investors. Ms. Glancy said the City would own the property. She said the investment in the property is in the real estate value and not in the restaurant business. She explained that the property is a small narrow strip and is limited in what can be developed on the site. She said the site was designed to provide adequate parking. Ms. Glancy didn't feel that retail or a hotel would be practical for this site. She said that an Estado 11 could be a destination restaurant that could draw people to the area and that is the investment and value to the project. Ms. Glancy said the agreement would be drafted so that no money would be spent by the City until the Chef receives his financial backing, She said all that is needed at this time is the City to agree to assist financially with the infrastructure needs. Ms. Glancy said it is the Chefs dream to build Estado 11 in Seminole County, She said he is going to continue to look for a site and another City will be very wise and fortunate to have it in their city. Ms, Glancy expressed a concern that the proposed changes to stormwater requirements could add additional cost that could hinder the development of the site. Ms. Glancy stated that Altamonte Springs and Winter Park made government investments to jump start their economy. She said these areas are booming. She said that the City wants to jump start our economy and create a unique concept for our community. She reviewed the development of Uptown Altamonte and Winter Park. She stated over the last several years Altamonte Springs invested $27 million and Winter Park invested $33 million of public money for improvements. Ms. Glancy said this is the City's golden opportunity and the Tax Increment Funding (TIF) money is just for this purpose. Ms. Glancy explained that Commissioner Miller had discussions with Mr. Craig Miller, former President and CEO of Ruth Chris Steakhouse, regarding the Pro Forma for the Concord Center project, Mr. Miller stated that what Chef Keogh was proposing and offering in his Pro Forma was "spot on" as far what he can afford to build and his return. She said that Mr. Miller led Ruth Chris Steakhouse through four years of record new restaurant openings, record sales and profits, a very successful public offering and the relocation of the company in the aftermath of