EDC 02-09-2010
City of Cupertino
Economic Development Committee
Regular Meeting
February 9, 2010
1.CALL TO ORDER
At 3:33 p.m. Kelly Kline called the meeting to order in Conference Room C at City Hall.
2.ROLE CALL
City Staff: K. Kline, A. Shrivastava, C. Atwood, Ralph Qualls, Dave Knapp, Jennifer Li
Chamber: Bob Adams, Josh Hogan, Lynn Ching
City Council- Gilbert Wong, Orrin Mahoney
Guests: Mike Rohde, Jim Cuneen
Planning Commission: Lisa Giefer
Introductions were made around the table.
3.APPROVAL OF MINUTES
Carol Atwood moved to approve the minutes of the regular meeting on November 10,
2009. Ralph Qualls seconded, and the motion passed unanimously.
4.ORAL COMMUNICATIONS-
None
5.NEW BUSINESS
A.Introduction of New Members: Gilbert Wong, Lisa Giefer
A brief committee overview and purpose was provided for the benefit of the new
members.
B.Budget/Fiscal Strategic Plan Update
Carol Atwood talked about the Fiscal Strategic Committee. The committee compares
the City’s expenditures to those of other cities. At the beginning of the year, the City
decreased operational expenses by $2 million. Due to the state of the economy, an
additional $3.5 million may need to be cut.
C.Economic Development Manager Report
Kelly Kline mentioned that Wingstop and Bluelight Cinemas are open and receiving
good reviews. A new event center has also opened next to Bluelight. Aqui will be
next to open in early March. Kelly then reported that Panasonic has signed a lease for
the new building at 10900 Tantau. Panasonic will take the second floor of the
building, approximately 50,000 sf. The size of this transaction is noteworthy given
the economic climate and modest demand for office space. There will be 135 to 200
employees at this location. In other leasing news, the De Anza Center is now 100%
leased. The Mervyn’s site will likely be divided into two tenant spaces. The
Homestead Center is going through a facade change and renovation. The Symantec
property on Stevens Creek at Torre was just sold to Lane Properties and Walton
Street.
Articles about AABC’s first successful Mandarin Business seminar were published in
the Courier and World Journal. She also mentioned that the number of e-newsletter
subscribers is nearing 1000. While the City’s vacancy rate is now 13%, it has the
lowest vacancy and highest asking price compared to other South Silicon Valley
cities.
6.OLD BUSINESS
A.Cupertino Square Update
Kelly introduced Mike Rohde, general manager of Cupertino Square, who provided a
mall update. Mike reported that the mall ownership has changed, and is now owned
by Vallco Shopping Mall, LLC. Along with the change in ownership, the mall will be
changing its name from Cupertino Square back to Vallco Shopping Mall. The owner
is currently evaluating the market and closing deals with some reputable restaurants.
Mike expressed the importance of the City’s continued partnership.
B.Cupertino Restaurant Association Update
Cinema ads featuring 9 restaurants plus Flint Center have been running at the AMC
theatres since Thanksgiving.
C.City Updates
Aarti Shrivastava said that the City will soon be finalizing the Housing Element
pending HCD’s review and comments. Phase Two of the Green Business Ordinance
is being reviewed, and after this, the ordinance will move at a faster pace. The State’s
new landscape ordinance went into effect on 1/1/10. Staff recommendations for the
implementation will be forthcoming.
7.CURRENT DEVELOPMENT REPORT
Aarti Shrivastava talked about the latest Development Activity Report, and highlighted
Homestead Square. PW Market will either expand or lease out the space being created by
Rite Aid moving to the front of the site. Carl’s Jr. will be demolished and replaced by a
new pad building. Villa Sera is under construction, and is building out Phase 2 on the
west side. They will start on the park in March, and finish by the end of the year.
Kelly then briefly went over the Upcoming Projects Matrix, which highlights upcoming
Planning Commission and City Council dates.
8.MISCELLANEOUS COMMITTEE UPDATES
Lynn Ching, President of the Chamber of Commerce then updated the committee. The
previous two mixers were successful, and the 2/10 mixer will be at Bluelight Cinemas.
The Chamber is looking at doing a joint event in mid-June at Quinlan Center with the
Restaurant Association. Kris Wang is trying to help the Chamber increase business
membership, which is currently 270. One thing that they are looking into is a trial
membership opportunity.
9.FUTURE ITEMS/CALENDAR
th
The next Economic Development Committee Meeting is scheduled for May 11, 2010 in
Conference Room A at 3:30 p.m.
10.ADJOURNMENT
The meeting was adjourned at 4:52 p.m.
___________________________
Kelly Kline
Economic Development Manager