Fiscal Note
This transaction essentially amounts to an equal exchange of 24 existing surface public stalls for 24 public stalls to be built within the proposed Monroe Commons redevelopment project. There is no significant change to future Parking Utility revenues anticipated.
While it is generally more costly to maintain structured parking stalls than surface parking stalls, the proposed exchange limits City responsibility for future capital repair and replacement costs to the average historical cost, adjusted for inflation. Thus the Parking Utility is protected from extraordinary future repair and replacement costs.
Title
SUBSTITUTE - Authorizing the Parking Utility to exchange the Evergreen Parking Lot located at 1802 Monroe Street for a parking lot condominium in the proposed Monroe Commons redevelopment project.
Body
PREAMBLE
Monroe Neighbors, LLC ("Developer") is proposing to develop Monroe Commons a mixed-use redevelopment project adjacent to the Parking Utility's Evergreen Parking Lot ("Evergreen Lot") located at 1802 Monroe Street (see attached Exhibit A). The Developer desires to acquire the Evergreen Lot from the Parking Utility for Monroe Commons. The Evergreen Lot contains approximately 8,900 square feet (of which 2,900 square feet are located in the West Lawn Avenue and South Spooner Street rights-of-way). The Developer is proposing that the Parking Utility exchange the 24-stall Evergreen Lot for a condominium unit within Monroe Commons consisting of 24-stalls of street level, covered public parking (see attached Exhibit B).
NOW, THEREFORE BE IT RESOLVED, that the City of Madison ("City") hereby approves the exchange ("Exchange") with Monroe Neighbors, LLC (the "Developer") of the Parking Utility's Evergreen Parking Lot ("Evergreen Lot"), located at 1802 Monroe Street, for a condominium unit within Monroe Commons Condominiums ("Condominium") consisting of 24-stalls of street level, covered public parking ("Public Parking Uni...
Click here for full text