Title
Second Amendment to the License Agreement for Use of the SW Downtown Parking Garage (B)
This item is a request to amend the License Agreement for use of parking spaces at the SW Downtown Parking Garage.
Explanation
On July 12, 2007, Southwest Second Avenue, LLC., the Developer of the Palms, and the City of Gainesville entered into an agreement, allowing the Palms the use of 96 parking spaces and a cross walk space, connecting to the third floor of the garage. According to the agreement, the Developer was to pay the City, on or before the first day of January every year during the term of the Agreement (20 years), starting on January 1, 2009, an annual fee equal to eighty percent (80%) of the long term public rental rate in effect on January 1 of that year for each space, to include any additional taxes or fees. The Developer has requested that the payments be made at the first day of each quarter of January, April, July and October of each year, a quarterly fee equal to eighty percent (80%) of the long term public rental rate in effect at the beginning of each quarter, of that year for each space, to include any additional taxes or fees. Staff believes it would be in the best interest of both parties to approve and authorize the request.
Fiscal Note.
Based on the parking garage rates in effect on October 1, 2010, The Palms will pay the City for the next quarter for the 96 parking spaces and one pedestrian space in the Garage.
Recommendation
The City Commission: 1) approve the Second Amendment to the License Agreement for use of the SW Downtown Parking Garage; and 2) authorize the City Manager to execute the Second Amendment to the License Agreement for use of the SW Downtown Parking Garage between Southwest Second Avenue, LLC., the Developer of the Palms, and the City of Gainesville, subject to approval by the City Attorney as to form and legality.