82-25 AUTHORIZING, APPROVING, RATIFYING AND CONFIRMING CERTAIN ADDITIONS AND CHANGES TO ECONOMIC DEVELOPMENT REVENUE BONDS (BRETTWOOD VILLAGE ASSOCIATES PROJECT)

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The Partnership plans a redevelopment of the property that will improve the quality and appearance of the Project. The goal is to make the center a viable location for new tenants and enhance the image of existing tenants. Two of the existing major tenants, Kroger and Super X Drugs have already signed leases for new spaces in vacant portions of the center and will vacate their older, smaller space which will be available for new tenants. A fourth major tenant, Toy Town, is a new addition to the center, having moved into the space formerly occupied by Woolworth's. Merchandising Draper's shopping center department, which will oversee the entire project, has been involved in the management, leasing and development of shopping centers for over 25 years. Draper began work on the Project in early 1980 with a review of all existing retail facilities in Macon County. Several retail categories were pinpointed which did not have adequate representation in the market are a. The recruiting of Toy Town was the result of a perceived inadequacy in toy and entertainment games in the Decatur market. A second major unsatisfied need for the center in its market area is the addition of a major discounter, catalog discount store, or major home improve- ment or home accessories store. Other ideal alternatives would include discount soft goods or a major hardware operation. With several anchor tenants in place, remaining efforts will be directed toward re-alignment of existing tenants and replacement of some with new local tenants geared toward specific target markets and to obtain a store meeting the needs set forth in the preceding paragraph. A convenience strip is also planned for the south elevation of the property, to take advantage of heavy traffic exposure on Pershing Road. The physical rehabilitation program is described below. Physical Changes The common areas will be updated by repaving the parking lot, adding additional curbing and increasing the size of parking spaces in front of (west of) the new Kroger store. Parking improvements will also include the installa- tion of new light fixtures, striping and directional lanes and markers for improved traffic flow. New signs will be installed at the south and west perimeters of the center. The existing Dairy Queen will remain in its present location, however, the photo kiosk, now located near the south entrance, will be reconstructed in the west parking area. It is anticipated that the existing laundromat/dry cleaning facility (Norge Village) will be replaced with another tenant. In addition, a landscaping program will be undertaken. The first building to be modernized will be the former Goldblatt's space. The new Kroger and Super X will occupy the majority of the building which will be refitted to create a 45,278 square foot Kroger store, and a 10,069 square foot Super X store. Both stores will have modern sloped glass fronts. The remaining space along the south elevation of such building will be converted to smaller retail spaces. Store entrances will be recessed under a canopy design which will be repeated along the south elevation of the northwest wing. The canopy structure will incorporate a new uniform sign system on the upper 11