title
Consider/Discuss/Act on a Resolution Authorizing the City Manager to Execute a Parking Garage Lease Between Virginia@5, LLC, SP2 301 E Virginia, LLC and the City of McKinney
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
Enhance the Quality of Life in McKinney
MEETING DATE: April 4, 2017
DEPARTMENT: City Manager's Office
CONTACT: Barry Shelton, Assistant City Manager
RECOMMENDED CITY COUNCIL ACTION:
* Staff recommends approval of the Resolution.
ITEM SUMMARY:
* On November 15, 2016 the City Council approved a development agreement with the owners of the property on the northeast corner of Chestnut Street and Virginia Street for the design, construction and lease of a parking garage.
* The first phase of the development agreement was for schematic design services for the purpose of obtaining preliminary cost estimates.
* On March 7, 2017, four options were presented, with estimated construction costs, for the City Council's review.
* The City Council selected option "C" as the preferred option and directed staff to move forward with the development of the lease agreement. Option "C" is for a five story parking structure that would leave Herndon Street open and only utilize the subject property for the construction of the garage.
* The attached Resolution will authorize the City Manager to execute a lease agreement with the property owners, Virginia@5, LLC and SP2 301 E Virginia, LLC. The lease agreement will be executed upon the award of a construction contract for the structure.
BACKGROUND INFORMATION:
* Downtown public parking has been a topic of conversation for many years. These discussions have intensified recently with the introduction of structured parking garage concepts and the recent ground breaking of the mixed-use development on the "9-Acre site" located on the southeast corner of Davis St. and Tennessee St.
* The City Council formed a downtown parking committee to investigate options for improving down...
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