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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