Fiscal Note
Fiscal Note: The 2017 Adopted Capital Budget includes $39.4 million for the Judge Doyle parking garage project. This includes $24 million of proceeds from TID 25, $13.1 million from Parking Utility Reserves, $1.3 million GO borrowing for City Fleet vehicle stalls (Fleet Service Budget), and $1.0 million GO borrowing for a Bike Station (Engineering - Bicycle and Pedestrian). In addition, $0.3 million remains from a TIGER grant related to a Transit Oriented District in the South Capitol area. As such, total funding available is $39.7 million. The expenditure period for TID 25 ends on September 19, 2017. The estimated cash balance in TID 25 on December 31, 2016, is $29.5 million; the net surplus is $27.4 million. The Parking Utility has an estimated cash balance on December 31, 2016 of $35.7 million.
This resolution authorizes the use of an additional $6 million from Parking Utility reserves for the project. The $6 million would be repaid, with interest, from the ground lease revenues generated by the Judge Doyle project. Under the developer proposal, initial ground lease payments would be $180,000 for Block 88 and $575,000 for Block 105 once the buildings on the blocks are occupied. The lease payments increase by 5% every 5 years. Assuming lease payments for Block 88 begin in 2020 and for Block 105 in 2022, and the earnings rate for the city investment pool gradually increases from 0.5% to 1.5%, the $6 million would be returned to Parking Utility reserves over a 12-year period.
Title
Amending the 2017 Capital Budget to Increase by $6 million the Funding & Authorization for the Judge Doyle Public Parking Garage Project
on Block 88.
Body
WHEREAS, on April 19, 2016, the Common Council adopted RES-16-00317 to approve the selection of Beitler Real Estate Services LLC as the Judge Doyle Development Team with which to commence negotiations on proposal version B (Underground public parking garage on Block 88), and directed the Judge Doyle Negot...
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