R2010-116 AUTHORIZING AGREEMENT SOUTH WATER STREET, LLC

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. DEVELOPMENT SERVICES MEMORANDUM No. 10-45 June 2, 2010 TO: Honorable Mayor Michael T. McElroy and City Council FROM: Ryan P. McCrady, City Manager Greg C. Crowe, Assistant City Manager SUBJECT: Parking Garage C Lease Agreement with South Water Street LLC. for the Millikin Building SUMMARY RECOMMENDATION: Staff recommends approval of the resolution authorizing the Mayor to sign the attached Parking Garage C Lease Agreement with South Water Street, LLC. BACKGROUND: South Water Street, LLC. would like to purchase parking passes for the tenants of the Millikin Building at the reduced rate of$10/month for the upper deck and $15/month for the lower deck for at least 50 parking spaces and no more than 100 parking spaces. The agreement requires South Water Street, LLC. to purchase at least 50 parking spaces annually with the option to buy additional spaces each month up to 100 at the reduced rate for no more than ten years. The current monthly rate is $20 for upper level parking in Garage C and $25 for lower level parking. The administration of the parking spaces will be the responsibility of South Water Street, LLC. The reduced parking rate will advance the Developers intent to fill the Millikin Building furthering the City's goal of redeveloping Downtown Decatur. Also, the annual group payment for the parking spaces will provide the City with a consistent revenue stream. POTENTIAL OBJECTION: None. INPUT FROM OTHER SOURCES: N/A STAFF REFERENCE: Any additional questions may be forwarded to Greg Crowe at 424-2727 or at gcrowe@decaturil.gov. BUDGET/TIME IMPLICATIONS: N/A