19H - RFQ - 3RD AND BROADWAY PARKING STRUCTURE

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RFQ 3rd and Broadway Parking Structure August 5, 2013 Page 2 designed to encourage creativity by developers in proposing the optimum development scenario best suited to the Downtown and reflective of the needs of the community. The Third Street and Broadway parking structure was constructed in 1982 on a 62,243 square foot lot. The building area is approximately 146,055 square feet and consists of three levels that service both daily and monthly parking. The structure has reached a point of functional obsolescence due to its lack of vehicle and pedestrian mobility between Third and Fourth Streets, and lack of street level activity along its outer edges. Additionally, there are several items in need of repair or resolution including structural shoring, poor circulation, drainage issues, and obsolete parking equipment. Based on an initial evaluation conducted by City engineers, it is estimated that it would cost the City approximately $8.6 million to perform the necessary electrical, mechanical, drainage, and structural improvements along with parking control upgrades installation of security upgrades and wayfinding just to bring the parking structure to a baseline level of service. At the City Council Development (Land Use) and Transportation Committee meeting, staff presented the options of either making the estimated $8.6 million of repairs to the parking structure necessary to bring it to the baseline standard, or demolishing the structure and developing a project that includes replacement parking. The Committee members and staff agreed that the long-term benefits associated with demolition and redevelopment is the preferred option. The Committee members also concurred with staff that the development would need to incorporate adequate parking to replace the existing 440 spaces as well as any additional capacity necessary to support any new uses generated by the project. However, it was agreed that shared (reduced) parking could be considered if justified by a parking study. The recommended action authorizes the release of an RFQ for the development of the Third Street and Broadway parking structure site (Exhibit 2). The process will involve two steps: this issuance of the RFQ to identify qualified developers followed by the issuance of a Request for Proposals (RFP) to a short list of the top RFQ respondents. This process is designed to limit the initial costs and time burden on respondents in order to attract the interest and participation of the highest number of qualified developers as possible. The shortlisted developers would then be requested to submit full proposals to the City for an evaluation and selection process. This approach will ensure that the City and development community can most efficiently deliver the optimum development scenario for the site. Based on the anticipated schedule, qualifications will be due September 9, 2013, with the review process commencing immediately. Following the review of qualifications, recommendations will be made by staff and the Committee to the City Council regarding top candidates to invite to participate in submitting a full proposal. It is anticipated this list of top candidates will be brought to the Council for its consideration at its November 4, 2013 meeting. Depending upon the number of qualification packages received, the time frame may be adjusted. Attached is the RFQ distribution list which includes entities who have expressed interest in development in the City over the years, in addition to other organizations that can assist in outreach to their members (Exhibit 3). The RFQ will also be posted on the City's website. It is anticipated that the RFQ will be issued on August 6, 2013, subject to City Council approval. 19H-2