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ITEM 3
City Council Memorandum Law Memo No.
Date:
September 19, 2022
To:
Mayor and Council
From:
Kelly Schwab, City Attorney
Subject:
Settlement in DT Chandler, LLC v. City of Chandler relating to the purchase of the Overstreet Parking Garage located generally in the southwest corner of Chandler Boulevard and Arizona Avenue.
Proposed Motion:
Move City Council authorize a settlement with DT Chandler, LLC to resolve litigation relating to the purchase of the Overstreet Parking Garage located generally in the southwest corner of Chandler Boulevard and Arizona Avenue, authorize the City Attorney to execute a settlement agreement to resolve the litigation in the amount of $9,625,000.00, authorize the City Manager to execute documents to facilitate the purchase of the Overstreet Parking Garage, and approve a General Fund Contingency transfer of $2,018,603 to the Downtown Parking Capital Project.
Background/Discussion
The City of Chandler has leased the Overstreet Parking Garage since its opening in 2019. Once purchased, the Overstreet Parking Garage and all maintenance responsibilities will be held by the City of Chandler. The City has planned this purchase and has $7,606,397 of funds in the General Capital Projects Fund, Non-Departmental Capital Cost Center, Capital Acquisition Account, Downtown Parking Capital Project (401.1291.6210.6GG659). This final payment will require a transfer from the General Fund. Non-Departmental Cost Center.Contingency Account (101.1290.5911) of $2,018,603 to the Downtown Parking Capital Project to bring the total to $9,625,000 and allow for payment by September 30, 2022.
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