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Louisville <br />COLORADO • S1NC N - <br />COUNCIL COMMUNICATION <br />AGENDA ITEM <br />SUBJECT: <br />DATE: <br />FROM: <br />CONTRACT TO EXCHANGE REAL ESTATE WITH 608 <br />STUDIOS, LLC <br />1. ORDINANCE NO. , SERIES 2016 — AN ORDINANCE <br />AUTHORIZING THE CONVEYANCE OF A PARCEL OF LAND <br />OWNED BY THE CITY OF LOUISVILLE IN EXCHANGE FOR <br />THE CONVEYANCE TO THE CITY OF A PARCEL OF LAND <br />BY 608 STUDIOS, LLC — 1ST READING — SET PUBLIC <br />HEARING FOR 12/20/17 <br />2. RESOLUTION NO._, SERIES 2016 — A RESOLUTION <br />APPROVING A CONTRACT TO EXCHANGE REAL ESTATE <br />BETWEEN THE CITY OF LOUISVILLE AND 608 STUDIOS, <br />LLC FOR THE EXCHANGE OF PORTIONS OF PROPERTIES <br />LOCATED AT 608, 612, AND 624 MAIN STREET — <br />CONTINUE TO 12/20/16 <br />DECEMBER 6, 2016 <br />AARON DEJONG, ECONOMIC DEVELOPMENT <br />SUMMARY: <br />City staff and 608 Studios, LLC have negotiated a Contract to Exchange Real Estate in <br />the 600 block of Main Street. The land exchange would to align property for a Main <br />Street oriented retail and commercial building and for the City to create a more efficient <br />parking lot yielding more parking spaces. It would also achieve the City owning land to <br />accommodate an east -west oriented parking structure within the block, should that ever <br />be something City Council desires. This memorandum summarizes the proposed <br />Contract to Exchange Real Estate and evaluates the pros and cons of such exchange. <br />BACKGROUND: <br />Residents, businesses and property owners have all complained that downtown <br />Louisville lacks adequate parking. Downtown parking demand exceeds the existing <br />supply frequently, as shown by the City's 2013 parking study, and parking for downtown <br />businesses and establishments, including City facilities, extends into the surrounding <br />neighborhoods. The City has taken action on several occasions to address the issue <br />and create additional public parking supply. Recent actions include: <br />1) Expanding the public parking lot adjacent to Lucky Pie Pizza adding 28 <br />parking spaces. <br />2) Leasing 45 evening hour spaces at Koko Plaza. <br />3) Purchasing .638 acres in the DELO area to accommodate 68 new parking <br />spaces. <br />CITY COUNCIL COMMUNICATION <br />