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II. DESCRIPTION OF THE REDEVELOPMENTPROJECT <br /> <br /> A. Delineation of the Pro~ect Area. <br /> The Site contains a four-story building commonly known <br /> <br />as the Tivoli Building, constructed in 1924. The Building <br />contains approximately 41,000 gross square feet (including <br />approximately 17,000 gross square feet of commercial space and <br />24,000 gross square feet of (now vacant) residential space). The <br />Building is located adjacent to a public parking lot and across <br />the street from another public parking lot. A legal description <br />of the Site is provided in Exhibit A which is attached hereto. <br /> <br /> The Developer proposes to extensively renovate the <br />interior of the Building. The movie theater portion of the <br />Building on the Site will be demolished and improved and enlarged <br />to accommodate three screens. Substantial additional repairs and <br />improvements will be made to the interior of the Building and <br />various Building systems. Building facade renovations also will <br />be made in keeping with the historic character of the Building. <br />In a subsequent phase of the Project, the upper-story units will <br />be renovated and re-let as residential apartments. All <br />commercial tenants remaining in the Building and all new <br />commercial tenants will be required to upgrade and improve their <br />respective storefronts and to provide new signage, pursuant to <br />plans requiring approval by the Developer and the City. A <br />limited liability company controlled by Joe and Linda Edwards <br />will lease the theater from the Developer or Tivoli Building, <br />L.L.C. <br /> <br />sL02 239182.8 2 <br /> <br /> <br />