Fiscal Note
This resolution authorizes an amendment to the development agreement with Beitler Real Estate Services LLC, for the development of the Judge Doyle Project on Blocks 88 and 105. The amendment would require the first private development to be a hotel, return the development right on Block 88 to the city, require a $700,000 payment by the city to Beitler for release of the development right on Block 88, place a 20 year restrictive covenant prohibiting development of a hotel on Block 88 if a hotel is built by Beitler on Block 105, and accelerate the pace of the development on Block 105.
The 2018 capital budget (reauthorized in the 2019 adopted capital budget) included $41,791,659 for construction of the Judge Doyle Public Parking Structure (MUNIS project #11471), $1 million for a bicycle center (MUNIS project #11160), and $1.3 million for city fleet stalls in the public parking structure (MUNIS project #11319) for a total of $45,965,112. This amount was increased by $4.4 million to a total of $50.4 million through a separate budget amendment resolution (Legistar #51484, RES-18-0403, adopted May 15, 2018) to fund estimated hard and soft costs of completing first floor retail space, two above-grade parking decks and associated access ramps, as well as a load transfer slab on top of the structure (together called “the podium”) that can serve as the foundation for future development (e.g., office, apartment). Total estimated cost of the podium is $11 million, funded by a combination of the $4.4 million added through the budget amendment and $6.6 million of savings in the 2018 adopted budget amount due to bids for constructing the underground public garage coming in lower than estimated. Funding sources for the project include $23.5 million from Parking Utility Reserves, $24 million from TID 25, $2.3 million GO debt and $565,322 from a federal TIGER grant.
According to the City’s Development Agreement with Beitler Real Estate Services (see Exhibit B - Grou...
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