DEPARTMENT: Center City Development Office
DEPARTMENT HEAD: Lori Houston
COUNCIL DISTRICTS IMPACTED: Council District 1
SUBJECT:
Parking Agreements at One Alamo Center
SUMMARY:
This ordinance allows City staff to negotiate the usage of 100 parking spaces in an effort to facilitate the redevelopment of East Commerce Corridor and the downtown core at One Alamo Center which was obtained through an economic development agreement with Klabzuba Realty.
BACKGROUND INFORMATION:
On April 17, 2014, City Council approved an economic development agreement with the Klabzuba Realty, LLC and a related forgivable loan and parking license agreement in order to support up to 50 jobs downtown and support the redevelopment of the Commerce Street corridor. In exchange, the City obtained 100 parking spaces which could be utilized to further facilitate the redevelopment of East Commerce Corridor and the downtown core.
The parking license provides the City access to 100 parking spaces for a period of 10 years, with 10 spaces available seven days a week at all times and the remaining 90 spaces available in the evenings Monday through Friday and all day on Saturday and Sunday. The City has the ability to sublease the spaces to third-parties to facilitate retail and housing development along the Commerce Street Corridor. In exchange for the parking, the City provided a $500,000 forgivable loan to Klabzuba Realty. The loan for the parking license will be forgiven by $50,000 a year for a period of ten years, provided that 100 parking spaces are made available throughout that period. Klabzuba Realty must use the loan proceeds to assist with tenant recruitment and retention for the building.
Under this ordinance, City staff will be allowed to negotiate economic development packages that can consist of parking contracts which are not limited to parking agreements, valet parking services and/or month-to-month individual parking. The City Manager o...
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