Loading...
HomeMy WebLinkAboutAgenda Statement 1988/04/05 Item 11COUNCIL AGENDA STATEMENT • Item 11 Meeting Date 4/5/88 ITEM TITLE: Resolution~y y~ Authorizing the Redevelopment Agency to purchase proper ies located at 281-287 Landis Avenue for the purpose of providing public parking facilities ~,~~ SUBMITTED BY: Community Development Director~j-~ REVIEWED BY: City Manager~~.~i~~ ~(4/5ths Vote: Yes No X ) The Redevelopment Agency is currently in escrow for the purchase of properties located at 281-287 Landis Avenue within the Town Centre I Redevelopment Project Area. The purpose of the acquisition of these properties is to provide off-street public parking facilities in an area where demand has been increasing and additional commercial projects are planned. State Community Redevelopment law requires that, when property is acquired by the Redevelopment Agency to be developed for public purposes with the use of tax increment funds, the legislative body must authorize the project and determine that the project will be a benefit to the project area and that no other alternative means of financing the project area are available. RECOMMENDATION: That the Council authorize the purchase of 281-287 Landis • Avenue for the purpose of providing off-street public parking facilities using tax increment funds and determine the following: 1. That the purchase of said property and the construction of public parking improvements will be of benefit to the redevelopment project area. 2. That no other reasonable means of financing the purchase and development of 281-287 Landis Avenue are available to the community. BOARDS/COMMISSIONS RECOMMENDATION: Not applicable. DISCUSSION: Several years ago, the Redevelopment Agency u Town Centre Redevelopment Project Area. The parking lots in the downtown area were apprc these is the public parking lot on the east si Street and Davidson. Over the past several real estate activity in the downtown area have parking in this and neighboring locations. Ti project at Landis Avenue and "F" Street and th ndertook a parking study of the study determined that several caching capacity usage. One of de of Landis Avenue between "F" years, increased commercial and increased demand for off-street ie recent completion of the ADPIA e drooosed construction of a new office building on Parcel 1 of the Focus area will rurLner aaa do demand. parking Agency staff have been negotiating with the owners of property in the vicinity • of the ADMA project over the past year. Several months ago it became clear that the properties located on the east side of Landis Avenue, adjacent to the • Page 2, Item 1 1 Meeting Date~/$$- AD~1A project would not be available for purchase and development as public parking. During the same time frame, staff was advised of the availability of property located at 281-287 Landis Avenue and immediately began negotiating with the owner of those properties. A comparative analysis of the properties located at 281-287 Landis Avenue with the properties located 282 to 284 Landis Avenue (attached hereto) indicates that more parking spaces at a lower cost per space could be developed on the former. In total, it is estimated that 35 spaces at a total cost of $11,875 space can be provided on the subject site. The City's Environmental Review Coordinator has determined that the proposed project will have no adverse environmental impacts upon the environment. Negative Declaration IS-88-56 is issued to this effect. The proposed project will fulfill an increasing demand in Town Centre. It is therefore concluded that this project will have a beneficial effect upon the Redevelopment Project Area and allow for the continued commercial redevelopment and revitalization of the core of the downtown area. It is proposed that tax increment funds from the Bayfront/Town Centre Redevelopment Fund be used for the purchase of the subject properties. Development of public off-street parking facilities may be assisted through the use of in-lieu parking revenues. However, these funds are not sufficient to pay for acquisition as well. No other reasonable means of financing the • purchase and development of these properties are available at this time. The parking district does have income from parking meters which is currently committed to staff and maintenance costs, including the provision of additional security for the parking lots in the downtown area. Funds are not available from the City's General Fund for this project since all of the projected revenues accruing to the City will be required to balance the proposed FY 88-89 budget which is expected to be approved in June. It is recommended that the City Council authorize the purchase and development of 281-287 Landis Avenue for the purpose of providing off-street public parking facilities and make the requisite determinations that the proposed project will be a benefit to the redevelopment project area and that no other reasonable means of financing the project are available to the community. FISCAL IMPACT: A breakdown of the costs associated with the purchase and development of 281-287 Avenue is provided below: Purchase price $320,000 Relocation cost 30,000 Demolition cost 20,000 Development 60,000 Sub Total -~-~ Project Income 15,000 Total Cost ~~~ Cost Per Space $ 11,875 WPC 3507H 'bY .f `~ ~ :; i ., .,~ - ~~------- ~il of Chul;~ V;si.~, ,.~rr;ia Dated `