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File #: 46812    Version: 1 Name: Capitol East Parking Garage 2017 Budget Amendment
Type: Resolution Status: Passed
File created: 4/11/2017 In control: COMMON COUNCIL
On agenda: 5/16/2017 Final action: 5/16/2017
Enactment date: 5/18/2017 Enactment #: RES-17-00393
Title: Amending the 2017 Adopted Capital Budget to increase the funding authorization for the Capitol East Parking Garage project by $1,890,465, and amending the Graef-USA, Inc design contract to increase the design fee by $45,600.
Sponsors: Paul R. Soglin, Ledell Zellers, Marsha A. Rummel
Attachments: 1. Capitol East District Parking Garage Budget Amendment Memo 4-18-17.pdf, 2. Capitol East Parking Garage Budget Amendment Supplemental Memo 5-16-17.pdf
Date Ver.Action ByActionResultAction DetailsWatch
5/16/20171 COMMON COUNCIL ReconsiderPass Action details Not available
5/16/20171 COMMON COUNCIL Adopt - 15 Votes RequiredPass Action details Not available
5/2/20171 COMMON COUNCIL Adopt - 15 Votes RequiredFail Action details Not available
4/24/20171 FINANCE COMMITTEE RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICERPass Action details Not available
4/20/20171 TRANSIT AND PARKING COMMISSION Return to Lead with the Recommendation for Approval  Action details Not available
4/18/20171 FINANCE COMMITTEE Refer  Action details Not available
4/18/20171 COMMON COUNCIL ReferPass Action details Not available
4/11/20171 Economic Development Division Referred for Introduction  Action details Not available
Fiscal Note
The proposed resolution amends the 2017 Adopted Capital Budget by increasing funding for the Capitol East Parking Structure located within TID 36. If adopted the resolution will add $1,890,465 to the project. This increase will be funded by 3 sources:
· $1.0m in TIF support GO Borrowing
· $677,393 from Parking Utility Reserves
· $213,072 from General Land Acquisition
If adopted the total project cost for the parking structure will be $17,890,465.
Title
Amending the 2017 Adopted Capital Budget to increase the funding authorization for the Capitol East Parking Garage project by $1,890,465, and amending the Graef-USA, Inc design contract to increase the design fee by $45,600.
Body
WHEREAS, the 2017 Adopted Capital Budget has $16 million for the Capitol East Parking Garage project, MUNIS number 1627; funding sources are $7 million in TIF-supported General Obligation Borrowing, $5 million General Obligation Borrowing, $3 million in Parking Utility Reserves, and $1 million in Land Acquisition Fund; and

WHEREAS, on September 6, 2016, the Common Council adopted RES-16-00674 to authorize the City to enter into a contract with Graef-USA for the design of an approximately 450 stall parking garage with the ability to expand to a potential build out of approximately 600 spaces in the Capitol East District; and

WHEREAS, as the Gephardt Development and American Family development projects increased in size, staff identified the need to design and build the full 600 stall parking garage to also provide some availability for public daytime parking and meet some anticipated future parking needs; and

WHEREAS, on November 1, 2016, the Common Council adopted RES-16-00837 to approve the use of $3 million in Parking Utility Reserves to increase the project budget from $13 million to $16 million to design and build the larger parking garage; and

WHEREAS, on February 7, 2017, the Common Council adopted RES-17-00126, authorizing the execution of a Purchase and Sale Agr...

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