Title
Discuss and consider action to approve a Purchase and Sale Agreement (PSA) with Griffin Swinerton, LLC for construction of the Downtown East parking structure, and authorizing the City Manager to execute the same.
Summary
The proposed Purchase and Sale Agreement (PSA) outlines the terms in which Griffin Swinerton, LLC, the master developer of the Downtown East project, will construct the Downtown East parking structure at a guaranteed maximum price of $18,183,480.24. The cost for the project includes $2,519,249.24 in soft costs, including design, and $15,664,241.00 for construction.
As the Downtown East project design has progressed, the ability to construct a parking structure within Phase One became a viable option as funds from project savings on infrastructure and earned interest were realized as well as funding from the TIRZ as approved by Council in November 2024 and cost savings from City Hall (see item 2025-0802). The proposed cost is within the overall cost assumed for the Downtown East Project of $223M.
With this PSA, Griffin Swinerton will construct a 5-story parking structure that will create approximately 465 parking spaces that will serve The Monarch, 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.
Phase One of Downtown East includes the construction of The Monarch (the Multi-Generational Recreation Center), City Hall, plaza, retail, parking and related infrastructure. With each PSA, the City will make installment payments on the guaranteed maximum price for each component of the project. Upon final completion and final payment Griffin Swinerton, LLC’s obligations under the PSA the parking structure will be considered complete.
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