ACTION REQUESTED:
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Communication from the City Manager and Corporation Counsel with a Request to ADOPT an ORDINANCE Approving a PREDEVELOPMENT AGREEMENT with PARAMOUNT SOLUTIONS GROUP, LLC., for the Feasibility Analysis of a Parking Garage with First Floor Commercial Space through a Public Private Partnership.
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BACKGROUND: The City seeks to retain Paramount for predevelopment services with respect to the design and construction of a parking garage on City-owned property in the Warehouse District to support residential development and commercial activity, and to assist City in the planning of the Project in accordance with the terms and conditions of this Agreement. Developer shall provide all administrative, management, accounting, reporting, and other services necessary to provide the Services. Developer shall not incur any costs and expenses to be paid by City in connection with planning the Project or providing the Services unless such costs are provided for in the Predevelopment Budget or otherwise approved by City in writing, in City's sole discretion. City agrees it will reimburse Developer for the Cost of the Feasibility Study described in the Predevelopment Budget, not to exceed $110,000.
FINANCIAL IMPACT: Cost of services not to exceed $110,000.
NEIGHBORHOOD CONCERNS: Project will provide feasibility study on providing additional parking to support development of the Warehouse District.
IMPACT IF APPROVED: City will have a format to proceed with a partnership to develop the parking structure.
IMPACT IF DENIED: Parking demand will continue to exceed supply, impairing development potential of the immediate area.
ALTERNATIVES: As determined by the City Council.
EEO CERTIFICATION NUMBER: Not applicable.
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL'S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Attractive Neighborhoods with Character: Safe and Livable
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHEN...
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