R2008-117 AUTHORIZING EXECUTION OF LEASE

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. , . . . ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM Memo No. 08-96 � July 30, 2008 TO: Honorable Mayor Michael T. Carrigan and City Council FROM: John A. Smith, Interim City Manager Greg C. Crowe, Assistant City Manag�� SUBJECT: Reynolds Redevelopment Agreement Amendment and Parking Lease RECOMMENDED COURSE OF ACTION: Staff recommends approval of the attached resolutions amending the Redevelopment Agreement with Reynolds Development and approving the parking lease for spaces in Municipal Parking Garage B. BACKGROUND: The attached amendment changes the dates regarding the City's responsibilities for demolition of properties on the west side of the 300 Block of North Water and the conversion of the 300 Block of North Water from one-way traffic to two-way traffic. The original dates were to convert the street traffic by May l, 2008 and demolish or rehabilitate the buildings by July 25, 2008. The amendment switches those dates since the City demolished the properties prior to the street conversion to prohibit the street work being damaged by the demolition of the buildings. Also, the amendment changes the lease terms of up to 140 spaces in Parking Garage B at no cost after the term of the anchor tenant's lease with Reynolds Development which is fifteen years. After the fifteen year initial term, renewal terms not to exceed four five year terms will be no more than the current rate of $12.00 per space per month which is what Regions Bank employees are currently paying. Previously, the subsequent parking lease terms were at no cost. Also, the City agrees to lease up to an additional 30 spaces at the current rate of$12.00 per space per month if there are more than 140 full time tenant employees in the building for the same term of fifteen years with possible renewal terms not to exceed four five year terms. A parking lease with the same terms is also attached for Council's approval. The amendment also includes a revised rendering for the public courtyard that is to be constructed in the middle 60 feet on the west side of the 300 Block of North Water by December 15, 2008. The previous rendering included the rehabilitation of the buildings on the west side of the block which have � been demolished. The updated rendering shows the now open land north and south of the future , courtyard. City staff and our consultants are recommending utilizing this open space temporarily I while future development projects are pursued. The concept includes temporary gravel paths with ' benches and public art space amongst a tree nursery. The trees that will be planted will be allowed to grow and become acclimated to the soil to then be transplanted for other streetscape projects in the City. City staff has met with Bert Gray, President of the Decatur Area Arts Council, who is interested in utilizing the public art space. The centerpiece of the revised courtyard is proposed to be the site of the Preston Jackson monument. Surrounding the monument will be brick and granite pavers with benches. Concrete sidewalks will be poured on both sides of the courtyard with decorative lighting that matches the 300 Block North Water design. STAFF REFERENCE: Any additional questions may be forwarded to Greg Crowe at 424-2727 or at cg rowe�a,decaturil.gov.