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Date
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July 27,
2009
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Agenda
Item No. 18 Roll
Call No. 09- Communication No. 09-512 Submitted by: Matt Anderson, Office of Economic Development |
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AGENDA
HEADING:
Set
Date of Public Hearing on the renewal of a parking lease agreement with Nelson
Development, LLC (Jake Christiansen,
Co-Manager, 1045 76th Street Suite 2000, West Des Moines, IA 50266) for approximately 160 spaces at the
northeast corner of East Grand Avenue and East 4th Street in East
Village.
SYNOPSIS:
Recommend
Council approval to set the date of hearing for the August 10, 2009 meeting,
authorize public notice of this hearing to be published on July 28, 2009.
FISCAL
IMPACT:
Amount:
The parking lease will generate $9,600 in revenue ($60.00 a space) per
month. Monthly rental payments will be due the first of the calendar month
after a loan used for enhancements to the space has been repaid. This is
expected to occur within two years.
Funding
Sources: All revenues collected will be deposited into
the Eastern Gateway urban renewal account, URR084.
ADDITIONAL
INFORMATION:
On
December 22, 2003, Council approved a Lease Agreement with Nelson Development
for the property on the northwest corner of East 4th Street and East
Grand Avenue. The term of the original lease was five (5) years and generated
an annual revenue stream of $57,600 ($30.00 a space). Nelson Development made
approximately $313,000 of improvements to the site and is responsible for the
operations and maintenance of the property. Nelson Development will also be
responsible for all taxes assessed on the property which is estimated to be
$18,000 for 2009.
The 160
spaces are currently leased to Iowa Workforce Development which is located
directly to the east of the property.
The
current use of this property is an interim use with the long-term intent to
market and sell land for redevelopment.
PREVIOUS
COUNCIL ACTION(S):
Date:
December 22, 2003
Roll
Call Number: 03-2941
Action: Hearing on Lease of Parking Lot
in the Vicinity of East 4th and Grand to Nelson Development, L.L.C.
(Council Communication No 03-603) Moved by Brooks to adopt. Motion carried 6-1.
Date:
September 8, 2003
Roll
Call Number: 93-973
Action: Authorizing City Manager to
negotiate parking lease agreement with Nelson Development, LLC.
BOARD/COMMISSION
ACTION(S): NONE
ANTICIPATED
ACTIONS AND FUTURE COMMITMENTS: NONE
For more information on this and other agenda items,
please call the City Clerk’s Office at 515-283-4209 or visit the Clerk’s Office
on the second floor of City Hall, 400 Robert D. Ray Drive. Council agendas are available to the public
at the City Clerk’s Office on Thursday afternoon preceding Monday’s Council
meeting. Citizens can also request to receive meeting notices and agendas by
email by calling the Clerk’s Office or sending their request via email to
cityclerk@dmgov.org.