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B. RedeveloDment Obiectives. <br /> <br /> The principal goals of this Redevelopment Proposal are <br />to preserve and enhance the architecturally significant Building <br />through a comprehensive phased program of renovation, to provide <br />both an improved movie theater facility for the Loop, replacing <br />the now vacant theater, and to provide a suitable structure and <br />building systems for commercial and residential users. <br />III. LAND USE PROPOSAL <br /> <br /> If this Proposal is approved the Developer's <br />renovations shall meet the requirements of the Authority's <br />Eastgate-Westgate Urban Renewal Plan. Demolition of existing <br />improvements began shortly after Tivoli Building, L.L.C. acquired <br />title to the Site, and the renovation projectsdescribed above <br />will begin after the Developer receives the necessary Authority <br />and City approvals. <br /> <br /> A. Development Stages. <br /> <br /> It is the Developer's intent to construct this project <br />in two ongoing phases over a 5 year period. The exterior <br />modifications to the Building, the reconstruction of the theater <br />and the renovation of the storefront units are to be completed <br />within no more than two (2) years after receipt of Authority and <br />City approvals. <br /> <br /> A summary of the existing tenants is attached hereto as <br />Exhibit B. As all of these leases will expire in the near <br />future, the Developer intends to carefully review and screen <br />lease renewal requests and, where vacancies appear, to use <br /> <br />SL02 239182.8 3 <br /> <br /> <br />