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9.A - Page 3 <br /> public parking was required for daytime availability, the project would be over parked <br /> and not meet the City's broader goals of encouraging transit and other travel modes. <br /> Over time it is possible and likely that the convenience of the rail line enables the <br /> building's tenants to not require so much restricted parking and some portion of the <br /> onsite parking could become more generally available. <br /> Recognizing the impacts of removing the 200+ parking spaces from Block 2 during the <br /> three years of construction, the developers in their initial proposal offered a parking <br /> technology contribution. The DDA provides a$50,000 contribution from the <br /> development that will be used to install a smartphone application that tracks parking <br /> availability in both of the City-owned garages. Additionally, these funds will be used to <br /> further install an on-street parking tracking system. <br /> The developers have requested the ability to lease the City's Winslow Street parking lot <br /> for the first year of construction as a lay down and staging site. . That agreement will <br /> be negotiated prior to Council's review of the DDA and other project components. <br /> These funds can also be used to offset some parking impacts in the Downtown. The <br /> specifics of parking program adjustments will be presented in a separate discussion on <br /> Downtown parking with the Council later this summer. <br /> The Disposition and Development Agreement is required for the City to sell the property <br /> to Hunter Storm. As a result of negotiations with the developers, staff is recommending <br /> a sales price of $17 million, which is slightly more than $206/sf (the site is 82,378 <br /> square feet), consistent with the Downtown market values. <br /> As part of the Council's study, the developer will provide an animation of a drive- and <br /> fly-though of the project. The project design has been reviewed by City staff as well as <br /> outside architectural and urban design professionals to be certain it not only meets the <br /> stringent requirements of the Downtown Precise Plan, but that the design, details, and <br /> materials are of the highest quality. The design was also reviewed with the Block 2 <br /> subcommittee at the end of May. <br /> �� <br /> �����_ <br /> BILL EKERN <br /> DIRECTOR OF COMMUNITY DEVELOPMENT <br /> �� <br /> ROBERT B. BELL <br /> CITY MANAGER <br />