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<br />& Tenanting and visual appearance does not reflect premium image <br />Q Multiple ownerships with differing interests <br />o Varying lease terms with tenants <br />\!I Property size is limited (not able to expand the site) <br />e Hobby Lobby and Big Lots do not utilize the entire space <br />o Owner is considering a redevelopment effort for purposes of reselling the <br />shopping center <br /> <br />Development Issues: <br /> <br />. Property use should remain retail <br />o It is an excellent retail site that is under utilized <br />o The challenge is to upgrade the property to reflect a quality neighborhood retail <br />center <br />. Recent financial events have slowed/stalled the retail market <br />o King Sooper's wishes to expand and move within the current site <br />eKing Sooper's has met with the owner and the City on a possible concept plan to <br />move King Sooper's to the west portion of the site and move Big Lots and Hobby <br />Lobby to the east <br />o Possible outcomes: <br />o Owner retains site andredevelops site for King Sooper's expansion <br />111 Development assistance would be requested from the City to fill <br />"the gap" <br />o Owner retains site and King Sooper's vacates the site <br />111 Redevelopment could be an option, though sale of the center seems <br />more likely <br />'" Development assistance may be requested to recruit a new anchor <br />tenant to the center <br />o Owner sells the property to a new owner with unknown <br />objectives/intentions <br />.. Development assistance may be requested by new owner <br />o The City's leverage is through financial assistance; the outcome depends <br />primarily on what the owner decides to do <br /> <br />6 <br />