Title
Parking and Transportation Funding Options for Innovation Square (B)
This item involves a request for the City Commission to hear a presentation on Innovation Square parking and transportation funding options.
Explanation
In response to a request from the University of Florida Development Corporation, City staff began researching possible options for the City to construct and operate parking and transportation facilities and services to facilitate the development of Innovation Square. Staff met with Innovation Square stakeholders including the University of Florida Development Corporation and prospective Innovation Square developers to discuss needs and options. Staff also sought guidance from an experienced consulting firm, Government Services Group (GSG).
These efforts resulted in the identification of a special assessment for parking and transportation facilities and services as a possible option that would allow the City to assess benefitting Innovation Square property owners for capital and operating costs associated with new parking and transportation facilities and services. It is anticipated that the special assessment would be an optional tool that could be used if requested by property owners and approved by the City.
There are many key issues that must be addressed. The first is identifying whether there is a public need for parking and transportation facilities. This is the threshold question in order for the City to lawfully issue bonds and have the bond issue validated. Any improvements funded by a bond issue must be City-owned and operated (although the City could contract for management services) and open to the public.
The CRA has partnered with the University of Florida Development Corporation to fund an Innovation Square Parking Analysis & Strategy that is well underway and focusing on: 1) the parking spaces needed; 2) where the parking spaces should be located; and 3) how the parking spaces should be phased with the develop...
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