AgdaPkt 2003-09-22 - Laserfiche WebLink

Browse Search

REPORT_ To the Honorable Mayor and City Council and the Redevelopment Agency Board From the Gity Manager and the Executive Director September 22, 2003 Subject Construction and Reimbursement Agreement for Underground Public Parking Garage in the Downtown area Recommendation 1. Authorize the City Manager and the Redevelopment Agency Executive Director to execute a Construction and Reimbursement Agreement with BHV Innisfree Ventures I, LLC, developers of the Downtown Retail- Cinema project, for construction of an underground public parking garage. 2. Appropriate the initial portion of the $18.2M for the above from the $20M loan from the City to the Agency, which will be paid back to the City from the Redevelopment Agency's bond as part of the Downtown Funding Plan, and the remainder from the bond funds. Background On December 9, 2002, the City Council and Redevelopment Agency approved an Amended and Restated Disposition and Development Agreement (DDA) with BHV Innisfree Ventures I, LLC for development of a proposed downtown retail- cinema project (executed on January 8, 2003). The project includes a two -level underground public parking garage to be located directly beneath the retail- cinema building and projecting under a portion of Middlefield Road. The ground floor of the project will include retail stores and restaurants and the second floor will contain the cinema multiplex. The design and construction of the underground public parking garage is integrally related to the design and construction of the retail- cinema project directly above it and therefore staff believes it is structurally and physically impracticable and more economical to have the developers construct the public parking garage. For this reason, this work need not be competitively bid. However, the project will be subject to the payment of prevailing wages. The approved design for the underground public parking garage includes approximately 580 parking spaces on two- levels directly under the retail- cinema project and projecting underneath the Middlefield Road right -of -way. The vehicular ingress and egress for the garage will be from Jefferson Ave. There will be elevators and stairwells for pedestrians that will bring people to the street level sidewalks around the block. PW:cls /CD /agenda: construction & reimbursement parking garage 091703