To

Mayor and Council

Subject

Bay Avenue Parking Deck

Initiator

Engineering

Recommendation

Recommend approval to purchase the Bay Avenue Parking Deck from W. C. Bradley \n \n Co. (WCBC) in the amount of $6,400,000.

Approval

Approved

Background

The City of Columbus issued Series 2003B Bonds to cover the cost to construct

a 780 space Parking Deck. The WCBC, through a Memorandum of Agreement (MOA)

was responsible for the design and construction of the Parking Deck. Upon

completion of the Parking Deck, WCBC is to convey to the City the Parking Deck

for a purchase price of $6,200,000.



During the construction of the Parking Deck, City staff identified additional

items that would improve the operation of the deck. These items are security

cameras and water availability on each level for cleaning. The cost of these

improvements will be $200,000.. The funds for these improvement will be

provided with interest earnings from the Series 2003B Bonds and General Fund

CIP Contingency.

Analysis

A MOA between the City and WCBC provides funding to design and construct the

Parking Deck. In addition WCBC will lease spaces that will provide revenue to

cover the debt service for the Parking Deck.

Financial Considerations

Funds to construct the Parking Deck will be provided by the Series 2003B

Bonds. Fund for the additional items will be provided by interest earnings and

CIP Contingency.

Projected Annual Fiscal Impact Statement

Legal Considerations

N/A

Recommendations/ Actions

Recommend approval to purchase the Bay Avenue Parking Deck from W. C. Bradley

in the amount of $6,400,000.

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