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JT Public Hearing - First Implementation Agreement And Amendment to Variance No. 1998-06 Saint Joseph Ballet December 19, 2005 Page 2 enhanced the overall success of the City's arts and culture corridor along Main Street. As part of the August 1998 official actions, shared parking arrangements were initiated with Bowers Museum. To ensure that parking was readily available for the SJBC proj ect, as well as Bowers Museum, a joint parking lease agreement was approved that established the rights and responsibility for use of the Agency-owned parking lots south of Bowers and west of Kidseum and SJBC (see Exhibit A). That agreement assured that both parties would be able to use either lot and would coordinate to ensure that special events are not held on the same date and time to avoid parking shortfalls. The agreement also provided that the Agency would retain development rights to the lots so long as replacement parking is provided within a reasonable distance of the facilities. The Bowers Museum expansion, which is now underway , involves a 30,000 square foot building expansion and a new surface parking lot. The new parking lot will be developed on three parcels of property located immediately north of the existing facility. The property is currently owned by the Steadfast Communities. A land exchange between the City and Steadfast Communities will be facilitated in order to provide parking for the expanded Bowers Museum and to develop Steadfast's mixed-use luxury housing project. The site on which the Steadfast project will be developed is currently owned by the City/Agency and used as the main parking lot for Bowers Museum and SJBC. The First Implementation Agreement addresses the loss of parking at Bowers Museum's existing south parking lot as a result of the proposed land exchange between the City and Steadfast. Under the implementation agreement, SJBC will receive 50 parking spaces in the new north parking lot under the same provisions as its current 50-space allocation in the existing Bowers south parking lot. Addi tionally, the Agency will grant SJBC fee simple title to the two parking lots behind Kidseum and SJBC for $1.00, with the exception of the row of parking immediately adjacent to the Kidseum and east of the north/south alley between 18th and 19th Streets. SJBC will then lease the property back to Kidseum under the same terms and conditions that presently exist for shared parking. Lastly, the Agency will allow SJBC the first right of offer and the first right of refusal to purchase the Kidseum property at any time in the future if the City and Bowers no longer desire to operate a Kidseum and/or museum programs in the Kidseum facility. 80A-2