DEPARTMENT: Center City Development Office
DEPARTMENT HEAD: Lori Houston
COUNCIL DISTRICTS IMPACTED: 2
SUBJECT:
Agreement with Boar 2000 to Remove Downtown Parking Spaces
SUMMARY:
An Ordinance authorizing an agreement with Boar 2000 for the City of San Antonio to remove a total of 10 parking spaces on Old Guilbeau and Aubrey Streets in order to facilitate security requirements of the Federal Reserve Bank, which leases the adjacent building from Boar 2000.
BACKGROUND INFORMATION:
The Federal Reserve Bank is relocating within downtown San Antonio to the building located at 402 Dwyer, which is owned by Boar 2000, LLC. At present, the building is being finished out to accommodate the Federal Reserve Bank, which requires no on-street parking adjacent to the building in order to comply with federal security requirements. Therefore, Boar 2000 has requested the City remove 10 on-street parking spaces, which are adjacent to 402 Dwyer. Boar 2000 will reimburse the City $1,107.00 for the first year of lost parking revenue with this amount increasing 3% annually. The agreement will renew automatically as long as the Federal Reserve Bank remains at this location.
ISSUE:
It is the City's policy to enter agreements for removal of parking spaces when practical in exchange for reimbursement of lost revenue. Approval of this ordinance will enable the Federal Reserve Bank to remain downtown at a location that meets federal security requirements regarding on-street parking.
ALTERNATIVES:
The City may choose not to remove parking spaces on Old Guilbeau and Aubrey Streets to accommodate the Federal Reserve Bank's downtown relocation.
FISCAL IMPACT:
Under terms of the agreement, first year reimbursement due to the City shall be $1,107.00, increasing annually by 3%. Revenue from this agreement shall be deposited to the Parking Fund.
Reimbursement to City
FY2014
$1,107.00
FY2015
$1,140.21
RECOMMENDATION:...
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