98-17 RESOLUTION TO ENTER INTO A DOWNTOWN DEVELOPMENT AGREEMENT (DDA) WITH CHI GREENSBORO, LLC TO DESIGN AND BUILD A PUBLIC/PRIVATE PARKING STRUCTURE
WHEREAS, over the past eight months the City has been in discussion with CHI Greensboro, LLC (Developer) about the redevelopment of the Eugene/Bellemeade area and the development of a new public/private parking structure that would serve the proposed public parking demands in the area and the Developer’s parking demands for their new mixed use project;
WHEREAS, the Developer would agree to design and construct an eight (8) story parking structure that will contain approximately 1,050 public parking spaces for the City of Greensboro;
WHEREAS, upon completion of the project, the City will own, operate, and maintain the public parking spaces in the structure:
WHEREAS, the current estimated cost to design and construct the public components of the parking structure is approximately $30 million;
WHEREAS, annual operating expenses and debt service costs totaling approximately $2.5 million 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 Downtown Development Agreement (DDA) with CHI Greensboro, LLC to design not to exceed $2 million and possibly build a public/private parking structure in the Eugene/Bellemeade area.
Moved by Councilmember Outling, seconded by Councilmember Hoffmann, 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
WHEREAS, over the past eight months the City has been in discussion with CHI Greensboro, LLC (Developer) about the redevelopment of the Eugene/Bellemeade area and the development of a new public/private parking structure that would serve the proposed public parking demands in the area and the Developer’s parking demands for their new mixed use project;
WHEREAS, the Developer would agree to design and construct an eight (8) story parking structure that will contain approximately 1,050 public parking spaces for the City of Greensboro;
WHEREAS, upon completion of the project, the City will own, operate, and maintain the public parking spaces in the structure:
WHEREAS, the current estimated cost to design and construct the public components of the parking structure is approximately $30 million;
WHEREAS, annual operating expenses and debt service costs totaling approximately $2.5 million 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 Downtown Development Agreement (DDA) with CHI Greensboro, LLC to design not to exceed $2 million and possibly build a public/private parking structure in the Eugene/Bellemeade area.
Moved by Councilmember Outling, seconded by Councilmember Hoffmann, 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
