Fiscal Note
The proposed resolution authorizes a two-year parking lease agreement with Archipelago Village, LLC, for 50 parking stalls at the South Livingston Street parking garage. The Parking Division estimates 2019 annual lease revenue of $20,000 and 2020 annual lease revenue of $27,720 based on the rate of 110% of the effective residential night permit rate (currently $42/month). The lease includes the option for two, one year extensions.
Title
Authorizing the Mayor and City Clerk to execute a parking lease agreement with Archipelago Village, LLC, for 50 parking stalls at the South Livingston Street parking garage.
Body
PREAMBLE: The recently constructed South Livingston Street Garage has 655 parking spaces. There are 550 spaces leased to American Family and 800 South, LLC during weekdays (Monday - Friday from 6AM to 6PM) with a minimum of 105 spaces available for public hourly parkers. During evenings and weekends, all 655 spaces are available for public hourly parking, and there is excess capacity during these times.
Archipelago Village, LLC is the developer of a new Hotel Indigo located at 901 E Washington Avenue. The hotel was approved in 2017 with 144 guest rooms and a first floor tenant space for a restaurant. Plans approved by the Plan Commission included 138 surface parking stalls located adjacent to the east and south walls of the new hotel. Recently, Archipelago Village, LLC submitted plans for approval to construct an 11-story, 257,000 square-foot office building and 693-stall parking garage adjacent to the new hotel. Once complete, parking for the hotel will be partially provided in the new garage. However, the proposed office building and garage will occupy a portion of the site previously approved for hotel parking, effectively reducing the parking on-site until the new garage is completed. In order to open the hotel, which is nearing completion and occupancy, Archipelago Village has submitted a revised plan to the Plan Commission to c...
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