25C - AGMT FIFTH ST PARKING LEASE

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REQUEST FOR COUNCIL ACTION CITY COUNCIL MEETING DATE: JUNE 5, 2018 CLERK OF COUNCIL USE ONLY: TITLE: APPROVED AGREEMENT WITH EAST END ❑ As Recommended PARTNERS LP FOR PARKING LEASE AT ElAs Or Amended dinance on 1 sl ng 300 EAST FIFTH STREET E] Ordinance on 2nd Reading (STRATEGIC PLAN NO. 3,413) ❑ Implementing Resolution ❑ Set Public Hearing For A r CID�JkANAGER RECOMMENDED ACTION CONTINUED TO FILE NUMBER Authorize the City Manager and Clerk of the Council to execute an agreement with East End Realty Partners, LP for a minimum of thirty-six (36) parking spaces and a maximum of forty-eight (48) parking spaces in the City owned parking structure located at 300 East Fifth Street for an initial six months period, at a monthly rate of $1,620 per month. After the initial six months period, the agreement shall be for a subsequesnt period of ten years, with two additional ten-year extensions, at a minimum monthly rate of $2,160, subject to non -substantive changes approved by the City Manager and City Attorney. DISCUSSION East End Realty Partners, LP (Developer) is working on a project for the construction of residential units on the second floor of the existing building at 201 East Fourth Street, commonly known as the Fourth Street Market. The developer is proposing to convert the second story of the building that is currently vacant to 24 studio units, ranging in size from 473 to 820 square feet; the project will be known as "401 North Bush Street Apartments." However, providing on-site parking for the project is not possible without a complete demolition of the existing building. Due to the current site configuration and improvements, the developer must rely on an off-site parking structure to provide parking for the residents of the project. On January 22, 2018, the Planning Commission approved Variance No. 2018-01 to allow off-site parking and a reduction in required off-street parking. Prior to exercising the rights conferred by the variance the applicant must comply with the conditions of approval which include entering into a long term parking lease agreement for the life of the residential project for off-site parking within a half mile radius of the project site prior to the building permit issuance. The developer is proposing to lease parking spaces from the City parking structure immediately to the north at 300 East Fifth Street. The parking structure contains approximately 700 spaces, with only a portion to be reserved for exclusive use for the residential project and the remainder 25C-1