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File #: 43477    Version: 1 Name: JDS Negotiations Update and Action on Development Agreement.
Type: Resolution Status: Passed
File created: 6/22/2016 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 7/5/2016 Final action: 7/5/2016
Enactment date: 7/6/2016 Enactment #: RES-16-00510
Title: JDS Negotiations Update and Action on Development Agreement. Accepting the Recommendation of the Board of Estimates and the June 24, 2016 Amended Report of the Judge Doyle Square Negotiating Team; Authorizing the Mayor and City Clerk to Execute the Development Agreement with Beitler Real Estate Services LLC for the Judge Doyle Square Project and Directing Follow-up Actions by the City as Described and Agreed to in the Development Agreement
Sponsors: Paul R. Soglin, Michael E. Verveer
Attachments: 1. City - Negotiating Team Report to BOE - 6 10 16 (6 24 16 Addendum).pdf, 2. Judge Doyle Square Development Agreement (Final).pdf, 3. Judge Doyle Square Development Agreement (Final Version 2).pdf, 4. 7/5/16 Email J. Jacobs re 43477.pdf
Fiscal Note
The development agreement included in this resolution reflects the following contribution of public funds for a 616 stall public underground ramp:

$13 million from Parking Utility reserves
$1 million from GO debt for 40 City fleet stalls in the ramp
$1 million from GO debt for a Bike Center
$24 million from TID 25 balance

Total = $39 million

Included in the $39 million for the ramp are design, engineering, developer services and construction costs for the public underground ramp on Block 88 as well as demolition of the Government East parking structure on Block 105 upon completion of the underground ramp. Under the Development Agreement, the developer will be paid $1.5 million ($75,000 per month) to coordinate the public and private elements of the project.

The total cost of the project is estimated at $170 million, with approximately $131 million from private debt and equity sources. The project is expected to add $87 million in assessed value when completed and occupied. The developer will enter into a ground lease with the City for use of the city-owned land on Blocks 88 and 105. Lease payments will begin 10 months after a certificate of occupancy has been issued for the buildings and is estimated to total $755,000 annually for the apartment buildings on Blocks 88 and 105 and the hotel on Block 105.


The 2016 Adopted Capital Budget includes $53,137,000 for the Judge Doyle Square project. Funding for the project is split between TID 25 cash ($21.2m), Parking Utility reserves ($18.0m), and proceeds from the land sale ($13.9m). The 2016 capital budget reflects this funding across projects in the Economic Development Division, Parking Utility, and Engineering.

· Economic Development Division, TID 25-Judge Doyle Square (pg. 287)
o Budget: $32.8m
o Use: Funding available for project costs consistent with Council resolution and project plan amendments.
· Parking Utility, Judge Doyle Square Garage (pg. 354)
o Budget: $18.0m (Parking Utilit...

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