Fiscal Note
This resolution authorizes a third amendment to the development agreement associated with the project commonly known as the Judge Doyle Square Development Project. The resolution changes the real estate transaction from a ground lease to a purchase of the Block 105 Apartments parcel. The purchase price will total $4.4 million and the proceeds will be deposited in the Parking Utility enterprise fund.
On June 5, 2018, the Common Council adopted RES-18-00403, File ID #51484, which authorized appropriations for the construction of the above ground Podium component of the building on Block 88 as part of the Judge Doyle development. The $11 million cost to design and construct the podium and above-ground parking component of the residential building on Block 88 was financed from the Parking Utility reserves, to be repaid, with interest, from the proceeds associated with development on Blocks 88 and 105.
Proceeds from Block 88 ($5 million paid at closing and $1 million to be paid 15 years from the date of issuance of certificate of occupancy of the residential building on Block 88), were deposited in the Parking Utility fund through RES-19-00818, Legistar #58250, adopted December 3, 2019. Proceeds from the sale of Lot 1 of Block 105 total $3.6 million and were deposited in the Parking Utility fund through RES-21-00673, Legistar #67092, adopted October 5, 2021. These amounts combined with the $4.4 million from this resolution total $13 million (with another $1 million to be paid in the future) to the Parking Utility fund.
The Parking Utility enterprise fund is expected to end 2022 with fund balance reserves of $10.7 million. Deposit of proceeds from the sale of this lot as authorized under this resolution will increase those anticipated reserves to $15.1 million at year-end. Due to the economic effects of the pandemic, these estimated reserves are approximately $6.5 million below 2019 levels.
This resolution includes no city appropriations.
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