Fiscal Note
The proposed resolution authorizes Intergovernmental Agreements with the University of Wisconsin-Madison relating to the removal of up to eight parking spaces on N. Brooks Street and Monroe Street. The agreements require the payment of $44,431 to the City for each parking space removed. The fee per space is calculated as the present value of lost meter revenue for the next 20 years. Revenues will be deposited in the Parking Fund.
Title
Authorizing Intergovernmental Agreements with the University of Wisconsin-Madison to Address the Removal of Certain On-Street Parking Spaces on Monroe Street and N. Brooks Street (District 5, District 8).
Body
WHEREAS, the University of Wisconsin-Madison has two construction projects, the Levy Hall Project, at W. Johnson St. and N. Park Street, and the Athletic Training Facility Project, at 323 Breese Terrace.
WHEREAS, in order to effectively use Clymer Place to serve Levy Hall, the University desires to have sufficient turning radius for trucks on N. Brooks Street. The necessary turning radius area currently includes four City-owned and maintained on-street metered parking spaces; and,
WHEREAS, as part of the Athletic Training Facility Project, the University desires to create a new driveway access point at 1440 Monroe Street. The necessary driveway access area currently includes four City-owned and maintained on-street metered parking spaces; and,
WHEREAS, the parking spaces sought to be removed by the University are managed by the City’s Parking Division, a municipal utility owned and operated by the City as an enterprise fund; and,
WHEREAS, the City is agreeable to removing the necessary on-street parking spaces needed by the University for the Levy Hall Project and the Athletic Training Facility Project, provided that the City’s Parking Division is sufficiently made whole for the loss of these on-street parking stalls; and,
WHEREAS, normally the removal of parking stalls to serve development is addressed through the City’s development process and within the parameters of a developer’s agreement. However, the University generally does not enter into such agreements with the City for its developments, meaning that a separate agreement will be necessary for this purpose. As a result, it is necessary for the City and the University to enter into Intergovernmental Agreements relating to the removal of these parking spaces to facility these University Projects.
NOW, THEREFORE, BE IT RESOLVED that the Mayor and City Clerk are authorized to enter into Intergovernmental Agreements with the University of Wisconsin-Madison relating to the removal of certain parking spaces on N. Brooks Street and Monroe Street to facilitate the Levy Hall and Athletic Training Facility Projects, under which the University will reimburse the City for the value of the lost on-street metered parking stalls, on a form and in a manner that has been approved by the City Attorney and on terms consistent with the attached.