City Council Agenda and Packet 2015 06 02

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City„ Louisville COLORADO • SINCE 1878 CITY COUNCIL COMMUNICATION AGENDA ITEM 5B SUBJECT: RESOLUTION NO. 32, SERIES 2015 - A RESOLUTION APPROVING A PARKING LOT LEASE AGREEMENT BY AND BETWEEN THE CITY OF LOUISVILLE AND KOKOPLAZA PARTNERS, LLC. DATE: JUNE 2, 2015 PRESENTED BY: AARON M. DEJONG, ECONOMIC DEVELOPMENT SUMMARY: Evening activity has increased the last several years in the downtown area, creating additional demand for parking spaces available for shoppers. To address this demand, staff prepared and City Council provided direction on a Parking Action Plan that included numerous actions. One of those actions was to negotiate a lease agreement to secure for public use underused private parking spaces in the downtown area. Consistent with this direction, staff has negotiated a parking lease with Kokoplaza Partners LLC, the entity that owns Koko Plaza at 901 and 917 Front Street for the approximately 50 spaces parking stalls on the property. The main terms of the agreement are: • Spaces available for public use from 5pm -12am everyday • Annual lease payment of $8,000 • Lease is renewed yearly for up to 10 years (annual increases in rate tied to the Consumer Price Index) BACKGROUND: City Council approved a downtown parking action plan on August 19, 2014. The plan outlined actions to pursue parking leases with downtown properties with parking lots to assist with evening parking demand. DISCUSSION: The Koko Plaza building at 901 Front Street has a 55 space parking lot of which 50 spaces are noted long term parking spaces for tenants and their visitors. This lot is one of the largest lots in downtown and close to the main evening activity in the 800 block of Main Street. Very few of the spaces are used by Kokoplaza tenants and visitors after 5:OOpm. Staff has negotiated a lease with Kokoplaza Partners, LLC. A summary of the terms in the agreement are as follows: • 50 spaces available for public parking • Public parking spaces available for public use from 5pm -12am everyday • City will pay for, or install, signage to denote evening public parking • Annual lease payment of $8,000 • Lease begins July 1 and is automatically renewed yearly for up to 10 years (annual increases in rate tied to the Consumer Price Index). Either party can give COUNCIL COMMUNICATION 13