At the August 17, 2009, work session, the City Council instructed staff to proceed with selling the Park IV parking garage.  City Code Section 22-902 establishes a procedure for disposing of City property and the City has an outstanding contract with a parking consultant to develop a marketing plan and assist with the marketing, if requested.  The attached resolution is the starting point for complying with City Code and directs staff to proceed under the consultant contract.

The City Council may:

• Approve the proposed resolution of intent to sell Park IV
• Disapprove the proposed resolution and provide additional guidance to staff
• Amend and approve the proposed resolution

The resolution sets a minimum sale price of $4.75 million, the amount recommended by the Parking Advisory Board.  Assuming that sale proceeds are deposited in the Parking Enterprise Fund, the money would be available for parking operations or for capital projects, such as a new parking structure.  Determining the location, size, design and financing for a new structure would probably push construction into FY 2010-2011. 

Staff recommends that the City Council approve a Resolution of Intent to sell Park IV, set a Public Hearing, and direct staff to proceed with a contract with Strategy 5 to market the garage.