Title
License Agreement for Parking for City Parking Lot #2 (B)
This item involves a request for the City Commission to consider terms for a License Agreement for Parking for City Parking Lot #2.
Explanation
On February 16, 2017, the City Commission directed staff to finalize the City Parking Lot #2 License Agreement for Parking and to include more permissive language regarding reservation of air rights.
The initial draft of the License Agreement, presented and discussed as a February 16th agenda item, led to modifications in this current agreement to permit the City to construct future improvements on the lot including, but not limited to, structured parking. In addition, the agreement was further modified to include the addition of six (6) months to the staging allowance, for a total of thirty (30) months, due to the communicated project implementation and permitting schedule, calculated at 2 years or 24 months. Finally, previously agreed to lending requirements language was added as well.
Generally, terms of the proposed License Agreement for Parking for City Parking Lot #2 consist of the following:
- 30 years at $15,768/year with three 10 year extensions upon negotiation and mutual agreement of the parties, inclusive of increases in the applicable Consumer Price Index (CPI). Currently, Parking Lot #2 generates $0 income to the City.
- Parking Lot #2 shall be restricted to vehicle parking for the term of the License Agreement (except for staging during project development (lengthened to 30 months and other related uses)
- Collier Companies shall be responsible for all improvements (estimated preliminary cost at $100,000), maintenance and operations, insurance and taxes (if applicable)
-Reservation of air rights to the City for construction of improvements including, but not limited to, structured parking
- Language regarding customary lending requirements as to license agreements for off-site parking for development projects
Fiscal Note
As ind...
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