Title
Approving a resolution committing the use of up to $8,000,000 from Reinvestment Zone #1 for the purpose of funding a multi-level public parking structure for the Downtown East Project; Repealing all resolutions or parts of resolutions in conflict herewith; Providing a severability clause; Providing a savings clause; Finding and determining that the meeting at which the resolution is passed is open to the public as required by law; and providing an effective date.
Summary
As the Downtown East project design has progressed, the ability to construct a parking structure within Phase One of the project has been considered. With anticipated project savings on infrastructure and earned interest, it is anticipated that a parking structure to support Phase 1A is feasible. Additional funding up to $8M may be needed in order to construct a 5-story parking structure that will house approximately 500 parking spaces that would serve the Multi-Generational Recreation Center, City Hall, and Phase 1 Retail. Construction of a parking structure within Downtown East will eliminate the need for temporary surface parking lots that were originally assumed on Lots 1 and 7, allowing the project to be more financially and environmentally friendly by eliminating the temporary nature of the parking lots that were originally considered.
Constructing a parking structure instead of a surface parking lot in a mixed-use development offers several key benefits, particularly for the city's long-term vision for Downtown East. The parking structure enables the parcels on the north side of the project to more quickly develop and support the planned density, as those areas would remain vacant until Phase 2 of the development. By consolidating parking in a structured facility, the development can also create more pedestrian-friendly spaces, promote walkability, and improve access to city services, retail, and amenities. Overall, a parking structure is a more sustainable and efficient so...
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