Report Prepared by: Frank Quintero, Director of Economic Development
Title
SUBJECT: Approval of a Parking Lease Agreement Between the Tioga Investors, LLC, and the City of Merced to Lease Up to 70 Parking Spaces in Parking Lot #4 and Parking Lot #5 for a Charge of $35.00 Per Parking Space with an Initial Term of Five (5) Years with Three (3) - Five (5) Year Options to Extend
REPORT IN BRIEF
Considers a lease agreement for up to 70 parking spaces in parking lot #4 and parking lot #5, for The Tioga apartment tenants at $35 for each parking space per month.
RECOMMENDATION:
City Council - Adopt a motion approving the parking lease agreement with the Tioga Investors, LLC and authorizing the City Manager or the Assistant City Manager to execute the necessary documents.
Body
ALTERNATIVES
1. Approve as recommended by staff; or,
2. Approve, subject to modification (identify specific amendments in the motion); or,
3. Deny; or,
4. Refer to staff for reconsideration of specific items (specific items to be addressed in the motion; or,
5. Continue to a future meeting (date and time to be specified in the motion.)
AUTHORITY
City of Merced Charter, Section 200
CITY COUNCIL PRIORITIES
As provided for in the 2019-20 Adopted Budget, Economic Development, Objective 3) "Coordinate with High Speed Rail, ACE Train, and other projects that may serve as economic engines in downtown."
DISCUSSION
Representatives from The Tioga project are requesting to lease up to 70 parking spaces from the City of Merced in Parking Lots #4 and #5 (see Exhibits A-1 and A-2 in Attachment 1). The spaces will be used for apartment resident parking at the renovated The Tioga. The Tioga Investors team and City of Merced staff have negotiated a lease, and both parties are in agreement with the proposed terms (Attachment 1).
The Tioga renovation project includes the transition of the former 100-room hotel to a 70-unit, market rate apartment complex consisting of studio, one-bedroom, and two...
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