R2007-32 AUTHORIZING EXECUTION OF LEASE

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, + ' � � ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM Memo No. 07-28 February 28, 2007 TO: Honorable Mayor Paul Osborne and City Council Members FROM: Steve G City Manager Greg Crow irector of Economic&Urban Developmen� SUBJECT: Agreement with Archway Broadcasting SUMMARY RECOMMENDATION: Staff recommends approval of the attached resolution authorizing the leasing of up to 35 parking spaces in Municipal Parking Garage B (corner of Water St. &North St)with Archway Broadcasting. BACKGROUND: On February 8, 2007, Archway Broadcasting entered into a lease to consolidate all five of their radio sta.tions and forty-tw� employees together on the first floor of the Barnes Citizens Building downtown. Their sta.tions and employees are currently located at 1100 East Pershing Road and 337 North Water Street. The City purchased their property at 337 North Water Street on December 15, 2006 as part of ongoing redevelopment efforts for that block. Archway Broadcasting will be leasing the space from the City until they move into the Barnes Citizens Building. T'he Bames parking garage is unable to accommodate all of Archway's parking needs. Archway is requesting leasing 27 parking spaces for ten dollars per month per space ($10/month/space) from the City in Parking Garage B with the ability to increase the number of spaces to 35, if needed. The term of the lease is fifteen years. The normal monthly ra.te for parking spaces in Garage B is twelve dollars per month$12/month. T'he relocation of Archway Broadcasting's radio stations will increase the number of employees located in downtown enhancing the City's ability to attract new retail and businesses to the downtown. POTENTIAL OBJECTIONS: N/A INPUT FROM OTHER SOURCES: N/A STAFF REFERENCES: If Council members have questions they may contact Greg Crowe, Director of Economic and Urban Development,424-2727,or at gccrowe@decaturnet.org BUDGET/TIME IMPLICATIONS: N/A