ACTION ITEM
SPONSOR: Teniade Broughton, Chairperson
SUBJECT:
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PARKING SPACE ALLOCATION AGREEMENT FOR NORTH PALAFOX PARKING LOT
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RECOMMENDATION:
recommendation
That the Community Redevelopment Agency (CRA) approve a parking space allocation agreement for a license to use 88 parking spaces within the North Palafox Parking Lot, Parcel ID Numbers 000S009007000022 and 000S009007000023, by the EGD Hotel, LLC.
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SUMMARY:
The Community Redevelopment Agency (CRA) property at the southwest corner of North Palafox and Gregory Streets, otherwise known as the North Palafox lot, is developed as a parking lot. A portion of the parking lot is currently leased by the United States Government for Federal Courthouse Parking. Of the 133 spaces located on the lot, 45 spaces are leased by the Courthouse. The remaining 88 spaces are not leased and currently serve as public parking.
The EGD Hotel, LLC has requested a license to use the remaining 88 spaces between the house of 7:00 a.m. through 6:00 p.m., Monday through Friday, during construction of the East Garden District hotel and twenty-four hours a day, seven days a week, upon receipt of a certificate of occupancy. The term of the license is 10 years.
The EGD Hotel is a component of the master-planned East Garden District redevelopment project located along the eastside of Jefferson Street and at the corner of Garden and Jefferson Street. Approval of this agreement would provide for parking necessary for the development of the hotel.
PRIOR ACTION:
None.
FUNDING:
Not applicable.
FINANCIAL IMPACT:
Monthly license fees due to the CRA for use of the parking spaces would be $30.00 per space during construction of the hotel and $50.00 per space upon completion of the hotel, during the first five-year period. The fees due after the 5 year period would be market rate adjusted annually in accordance with the Consumer Price Index (CPI) rate. Fees collected will be deposited into the Parking Management Fund in accordance with the CRA’s Interlocal Agreement with the City for Parking Management.
LEGAL REVIEW ONLY BY CITY ATTORNEY: Yes
10/4/2022
STAFF CONTACT:
David Forte, Deputy City Administrator - Community Development
Sherry Morris, Development Services Director
Victoria D’Angelo, CRA Assistant Manager
Lissa Dees, Parking Manager
ATTACHMENTS:
1) Parking Space Allocation Agreement - Gregory and Palafox Parking Lot
PRESENTATION: No end