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Regular   5.
Regular City Council Meeting
Meeting Date:
10/13/2009
TITLE
Public Hearing and Resolution Authorizing Marketing and Selling the Park IV Parking Structure
PRESENTED BY:
Bruce McCandless
Department:
City Hall Administration
Presentation:

PROBLEM/ISSUE STATEMENT

At the September 14, 2009, meeting, the City Council approved a resolution of intent to sell the Park IV parking structure.  According to City Code Section 22-902, the Council must conduct a public hearing before selling real property.  Area property owners were notified about the public hearing and potential sale and a notice of public hearing was published in the Billings Times on September 24th.  The Council should conduct a public hearing and consider adopting the attached resolution authorizing the staff to market and sell the property.  The City's contractor, Strategy 5, is preparing to market the property so there is not a purchaser at this time.  If a purchase agreement is offered, staff will request Council acceptance at that time.  Notifying property owners and conducting a public hearing at this time will shorten the time frame between receiving an offer to purchase and Council's action on it.     

ALTERNATIVES ANALYZED

The City Council must conduct the public hearing and subject to the public testimony, it may:
  • Adopt the resolution authorizing the Park IV sale; or
  • Disapprove the resolution authorizing the sale

FINANCIAL IMPACT

Staff is requesting that the City Council confirm the $4.75 million minimum sale price.  If that price is received, the proceeds will presumably be used to construct a new structure at a different location.  At the current estimate of $20,000/parking space, that amount of money will construct a garage with approximately 237 spaces, or a garage that is approximately the same size as the Park II expansion.  The Park IV garage has 772 parking spaces, so the net loss of public parking would be 535 spaces.  The cash from selling Park IV is probably the only way that the Parking Fund can afford to construct a large parking ramp in the near future because of the debt that was incurred for the Park II expansion project. 

RECOMMENDATION

Staff recommends that the City Council conduct a public hearing to hear testimony on selling the Park IV parking structure and adopt the attached resolution authorizing its sale, subject to the Council's final approval of the purchase agreement.

APPROVED BY CITY ADMINISTRATOR

Attachments