Agenda - Council - 11/24/2020 - Laserfiche WebLink

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CC Regular Session Meeting Date: 11/24/2020 By: Diana Lund, Finance 5.6. Information Title Adopt Resolution #20-277 Adopting the 2021 Parking Ramp Maintenance Budget & Adopt Resolution #20-278 Allocating the Parking Ramp Maintenance Costs per the Adopted 2021 Budget. Purpose/Background: Purpose: Allocate costs of the municipal parking ramp to the respective users: City, Residence at the COR Apartments and Transit per the Parking Use and Maintenance Agreement (PUMA). Background: The city adopted an amended and restated Parking Improvement Use and Maintenance Agreement (PUMA) for Parking District A (City Municipal Ramp) on April 30, 2012 and First Amendment on January 8, 2013. This agreement obligates the owner of each parcel in Parking District A to pay the City for costs the city has or will incur to maintain, repair and replace the District A parking improvements based on an allocated costs assigned to each parcel. This agreement was transferred from Flaherty and Collins to Residence at the COR Apartments, LLC with the sale of the property on April 9, 2015. Per the agreement, the city is required to prepare a budget for formal adoption at least 30 days prior to fiscal year end or by November 30 outlining the anticipated parking maintenance costs for the next fiscal year and adopt a resolution allocating the budgeted parking maintenance costs among the parcels per the parcels "allocated share". The city's 2021 Parking Ramp Maintenance Budget is attached that also includes the calculation of each parcels allocated share. Observations/Alternatives: Per Sections 7-9 of the PUMA, the city is required to establish an annual parking maintenance budget and allocate the respective shares to those parcels receiving benefit. Funding Source: The parking ramp is funded by the budget of General Government Buildings under the General Fund and the allocated share charged to Residence at the COR Apartments, LLC for their usage of 275 stalls in the parking ramp Recommendation: Approve attached Resolution #20-277 Adopting the 2021 Parking Ramp Maintenance Budget And Approve attached Resolution #20-278 Allocating the Parking Ramp Maintenance Costs per the adopted 2021 budget based on each parcels allocated share as outlined. Action: