Development Agreement Amendment

Park ‘n Go Columbia Bank Garage (Municipal Lot 5)

December 17, 2015CCRA

Mike Merrill, Parking Services Manager

• Consider a request to amend the Columbia Bank Building and Parking Garage Disposition and Development Agreement to acknowledge the change in funding used by the City to acquire the parking garage and allow third party control of more parking spaces in the garage

• Make a recommendation

Overview

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Municipal Lots

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Municipal Lot 5 - Park ‘n Go Columbia Bank Garage

Located at 5th and Broadway

233 Public parking spaces

57 Metered spaces (90 Minute and 5 Hour)

5 Reserved disabled parking spaces

42 licensed and reserved parking spaces

• Disposition and Development Agreement signed in 1999

• City purchased garage using tax exempt bonds

• Limitations on third party control of parking spaces in the garage were established to protect financing tax exempt status

• City restructured the financing to non tax exempt securities in 2014

• Only developer may lease/license parking spaces in the garage

Present Situation

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• There are 233 parking spaces available in the garage

• 57 metered (90 minute and two hour)

• 171 general access

• 5 reserved for disabled placard

• Developer desires to control 171 parking spaces in the garage

• City’s bond council’s opinion is that limitations to third party control of parking spaces in the garage are no longer needed due to the restructured financing

•

Present Situation con’t

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• DDA establishes an option period for the developer to purchase the garage beginning January 1, 2016 through December 31, 2021

• The DDA amendment facilitates a simultaneous amendment to the garage Operating Agreement and execution of a Parking License Agreement

• The Parking License Agreement will allow the developer to manage 171 parking spaces Monday – Friday from 6a.m. to 6p.m.

• The City will maintain public parking in the garage at the metered parking spaces and all of the general access parking spaces in the garage after 6p.m. Monday through Friday and all hours on weekends

Proposal

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Expense and Revenue Comparison

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Lot 5 Operating Revenue and Expense Comparison Actual and Projected License Proposal 2014 Actual Projected

Operating Revenues $122,290.42 $193,992.00 Operating Expenses $224,819.97 $231,563.00 Operating Income (loss)

($102,529.55) ($37,571.00)

Annual Difference $64,958.55

• Positive Next step transition to private management Reduce deficit Remove limitations on future parking garage management options

• Potential Issue

Displace some current permit holders

Outcomes

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• December 16, 2015 Parking Advisory Committee

• January 25, 2016 City Council

Next Steps/Timeline

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Questions and Discussion

• Mike Merrill, Parking Services Manager• Mike.merrill@cityofvancouver.us• www.cityofvancouver.us/ced

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