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File #: 44762    Version: Name: Cap East Projects - Spark, Cosmos & Parking; Reso Amendment
Type: Resolution Status: Passed
File created: 10/12/2016 In control: ECONOMIC DEVELOPMENT COMMITTEE
On agenda: 11/1/2016 Final action: 11/1/2016
Enactment date: 11/2/2016 Enactment #: RES-16-00837
Title: SUBSTITUTE Authorizing the Mayor and City Clerk to execute a Development Agreement to facilitate the development of the “Spark” project, the “Cosmos” project, and the Capitol East District Parking Structure on the 800 south blocks of East Washington Avenue and East Main Street; and, amending Res-16-00674 which authorized the City to execute a contract with Graef-USA Inc. for up to $610,000, to authorize expenditures of up to $776,560 to complete architecture/engineering for a Capitol East District Parking Structure.
Sponsors: Paul R. Soglin, Ledell Zellers, Marsha A. Rummel
Attachments: 1. Cosmos-Spark Development Agreement.pdf, 2. Cosmos-Spark Development Agreement VERSION 2.pdf, 3. FINAL 800 Block Report 10_17_16.pdf, 4. Cap East 20 Yr Operating Model.pdf, 5. EDC Approved Land Banking Guidelines 2-3-10.pdf, 6. Cap East Q-A Email Ahrens-Staff - TPC 10.19.16.pdf, 7. Email Comment re Parking Rates TPC 10.19.16.pdf, 8. Paras Handout Item F.2. - TPC 10.19.16.pdf, 9. PKG Memo and Pro Forma to BOE 10.24.16-Leg File 44762.pdf, 10. V1 FILE 44762 Master27-Oct-2016-01-29-06.pdf, 11. CapEast - Scenario Kimley-Horn Park+ Dec. 2015.pdf, 12. 11/1/2016 Council Handouts_Jeff Vercauteren.pdf
Date Ver.Action ByActionResultAction DetailsWatch
11/1/20162 COMMON COUNCIL Adopt As SubstitutedPass Action details Not available
10/24/20161   RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER  Action details Not available
10/24/20162 BOARD OF ESTIMATES (ended 4/2017) RECOMMEND TO COUNCIL TO ADOPT - REPORT OF OFFICER  Action details Not available
10/19/20161 ECONOMIC DEVELOPMENT COMMITTEE Return to Lead with the Recommendation for ApprovalPass Action details Not available
10/19/20161 TRANSIT AND PARKING COMMISSION Return to Lead with the Following Recommendation(s)Pass Action details Not available
10/19/20161 BOARD OF ESTIMATES (ended 4/2017) Referred  Action details Not available
10/19/20161 BOARD OF ESTIMATES (ended 4/2017) Referred  Action details Not available
10/18/20161 COMMON COUNCIL ReferPass Action details Not available
10/12/20161 Economic Development Division Referred for Introduction  Action details Not available
Fiscal Note
The proposed resolution authorizes the activities associated with construction of the Capitol East Parking Structure as part of the development agreement with American Family Mutual Insurance Company and Gebhardt Development. The Adopted 2016 Capital Budget includes $7,000,000 for the parking structure under the Economic Development Division, and the 2017 Executive Capital Budget includes an additional $6 million, for a total budget for the project of $13 million. The initial estimated cost for the project has increased to $16 million with the decision to pursue a larger ramp with 600 parking stalls.

The funding sources for the total project cost of $16 million are as follows:

$7 million Tax Increment Financing (TIF) - supported Borrowing
$5 million General Fund-supported General Obligation Borrowing
$3 million Parking Utility Cash Reserves
$1 million General Land Acquisition Fund

Should the project be completed under budget, any savings will be used to reduce the General Fund contribution to the project cost. The goal depending on the performance of the District is to have TIF pay the entire share of the project that is not otherwise paid by Parking Utility reserves.

Under the adopted TIF project plan, the City has the authority to reimburse itself for up to $2 million of its borrowed expense from TIF for a total TIF contribution of $9 million. The project plan can be further amended to increase the contribution above $9 million depending on actual TIF incremental revenues received.

The land acquisition costs, included in the total project cost above, will be determined as follows:

The City will purchase a portion of MG&E’s holdings for $16/s.f. Currently the estimated purchase will be 62,100 s.f. for a total cost of $993,600; however, this will be subject to change pending the confirmation of the exact area of land to be purchased. The source of funding for this will be the General Land Acquisition Fund.

Additionally, Gebhardt Development...

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