Columbus Consolidated Government
Council Meeting
12/21/2004
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To
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Mayor and Council
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Subject
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Agenda Report - MOU- Front Avenue Parking Deck
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Initiator
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Richard Bishop, Deputy City Manager
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Recommendation
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Approval is recommended to enter into a Memorandum of Understanding for the \n \n Front Avenue Parking Deck.
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Approval
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Approved
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Background
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In connection with the streetscapes project and the development of student
housing, the City is in need of additional parking spaces in the 1000 Block of
Broadway. In order to meet the demand for additional parking spaces, a
parking deck of approximately 523 spaces will be constructed. The City will
have the use of approximately 106 spaces, Foundation Properties approximately
299 spaces and W.C. Bradley ( WCB) Co. approximately 118 spaces.
WCB is owner of the property and will convey ownership of property to
Foundation Properties. Foundation Properties will construct the parking deck
for approximately 523 spaces. The approximately cost for the construction of
the deck is $5,250,000.
Foundation Properties will issue Bonds for the construction cost of the parking
deck. At the completion of construction Foundation Properties will convey the
parking deck to the City. The City will lease back to WCB and Foundation
Properties spaces that will provide payment of debt service on the Bonds issues
by Foundation Properties.
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Analysis
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see draft MOU
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Financial Considerations
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The City's financial responsibility for capital cost will be $500,000. These
funds have been established as part of the Steetscapes Project and is available
through the Bond Issue. The City will also be responsible for maintenance and
utilities for the facility.
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Projected Annual Fiscal Impact Statement
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Legal Considerations
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The City Attorney has reviewed the Memorandum of Understanding.
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Recommendations/ Actions
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Recommend approval for the City Manager to enter in Memorandum of Understanding
for the Front Avenue Parking Deck