Title
Consider/Discuss/Act on a Resolution Revising the Lease Agreement for the Downtown Parking Garage, Generally Located on the Northeast Corner of Chestnut Street and Virginia Street
Summary
COUNCIL GOAL: Direction for Strategic and Economic Growth
Enhance the Quality of Life in McKinney
MEETING DATE: January 16, 2018
DEPARTMENT: City Manager's Office
CONTACT: Barry Shelton, AICP, Assistant City Manager
RECOMMENDED CITY COUNCIL ACTION:
* Staff recommends approval of the resolution revising the lease agreement.
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.
* On April 4, 2017, the City Council approved a Resolution authorizing 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.
* The previously approved lease is being amended as follows:
o The deadline for completion of the garage is being extended until December 1, 2018.
o The City will be responsible for the cost to relocate one power pole from the south side of Herndon Street.
o The City will waive development fees for the project.
o The City will be responsible for up to an additional $35,000 for associated utility, paving and landscape construction or repair.
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 construction of the Davis at the Square 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 downtown parking. On June 6, 2016, the ...
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