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Message: [QUOTE="ct06111, post: 1869975, member: 6413"] [URL]http://crdact.net/data/Unsorted/10-20-2016-DraftBoardMtg-Minutes-73635-1.pdf[/URL] [I]XL Center Capital Improvements – Capital projects at XL and in the Church Street garage are progressing, with bids for the security and elevator work expected to be released in about 2-3 weeks. Installation of the new ice floor with begin in the late spring 2017. Event Update – The loss of the Maroon 5 concert and an underperforming Blake Shelton concert dealt serious blows to the XL operating budget. Maroon 5 was expected to net approximately $200k, while Blake Shelton netted only about half of its projected $150k in revenue. UConn has begun its hockey season and attendance numbers have been low, but that is to be expected given the teams played and the fact that it is so early in the season. Status of XL Redevelopment plan - Michael Freimuth reported the following: Several members have inquired as to the status of the overall redevelopment plan for the XL Center and the Board’s acceptance of the reconstruction alternative as a way forward (rather than the alternative replacement option). The selected alternative has been presented to a variety of public officials and to the general public both at various meetings and via the media. It was suggested as part of the Authority’s capital improvements request during the last legislative cycle, but was not included due to the size of the request at a time of tight state budgets. Nonetheless, CRDA has pursued building improvements that are either: 1/necessary for current operations; 2/dictated by changes in management practices (e.g. security changes); or 3/have reached a point in a system’s life cycle that demands its complete update/reconstruction (ice slab). Funds allocated to CRDA in FY 15-16 for various projects consistent with CRDA’s overall statutory authority to undertake Capital City Projects have been utilized to meet these needs (as well as those at the Church Street Garage). CRDA has begun to explore the feasibility to acquire the atrium area presently serving the arena and subject to a common area maintenance and management contract and have ordered appraisals and further engineering assessments in order to further understand this option. Preliminary review of this material has raised the possibility to acquire the entire “Trumbull Block” that adjoins the atrium. This includes the areas currently leased by St. Josephs School of Pharmacy, the area left vacant by the YMCA and the storefronts along Trumbull. This block also connects the arena to the garage via the Church Street overpass and literally sits on top of the exhibition hall that makes up part of the XL Center. The acquisition of this portion of the complex would allow for the ultimate build out of the transformed arena when pursued. Such acquisition would also bring substantial advantages to the utility and infrastructure changes necessary as part of the proposed re-subdivision of the real estate. For any property acquisition to advance, it is suggested that the Board formally assess this acquisition in a public hearing and authorize such action as it might be guided by the due diligence currently underway. “The CRDA Board of Directors hereby orders a public hearing to be conducted by the Venue Committee to consider the redevelopment plan for the XL Center Capital City Project, to be held at least one week prior to the next CRDA Board meeting.” [/I] Next CRDA meeting is Dec 8th. [/QUOTE]

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