WHEREAS, over the past two (2) years the City has been in discussion with Elm Street Hotel, LLC (Developer) about the redevelopment of the Elm Street Center and a new six story, 850-space parking structure that would serve the new Hotel and Event Center along with other growing downtown public parking demands;
WHEREAS, the City can take advantage of economies of scale and avoid duplication of effort and expenses if the Developer designs and constructs the parking deck along with the associated hotel project;
WHERAS, annual operating expenses and debt service costs totaling approximately $2,285,000 will be funded from operating revenues from the new deck, existing parking fund revenues, and general fund revenues.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GREENSBORO:
That the City Manager is authorized to enter into a Memorandum of Understanding (MOU) with Elm Street Hotel, LLC to design not to exceed $2 million and build a public parking deck in the 100 block of South Davie Street.
Moved by Councilmember Hoffmann, seconded by Councilmember Outling, to adopt the resolution.
The motion carried on the following roll call vote: Ayes, Nancy Vaughan, Yvonne J. Johnson, Mike Barber, Marikay Abuzuaiter, Jamal T. Fox, Sharon M. Hightower, Nancy Hoffmann, Justin Outling and Tony Wilkins
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WHEREAS, the City can take advantage of economies of scale and avoid duplication of effort and expenses if the Developer designs and constructs the parking deck along with the associated hotel project;
WHERAS, annual operating expenses and debt service costs totaling approximately $2,285,000 will be funded from operating revenues from the new deck, existing parking fund revenues, and general fund revenues.
NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GREENSBORO:
That the City Manager is authorized to enter into a Memorandum of Understanding (MOU) with Elm Street Hotel, LLC to design not to exceed $2 million and build a public parking deck in the 100 block of South Davie Street.
Moved by Councilmember Hoffmann, seconded by Councilmember Outling, to adopt the resolution.
The motion carried on the following roll call vote: Ayes, Nancy Vaughan, Yvonne J. Johnson, Mike Barber, Marikay Abuzuaiter, Jamal T. Fox, Sharon M. Hightower, Nancy Hoffmann, Justin Outling and Tony Wilkins
https://greensboro.legistar.com/Calendar.aspx
