SUBJECT: Ordinance approving a Parking Easement and Agreement between City of Houston and Finger-FSC Crawford, LTD
RECOMMENDATION: (Summary)
City Council adopt an ordinance approving a Parking Easement and Agreement between City of Houston and Finger-FSC Crawford, LTD
SPECIFIC EXPLANATION: In order to meet the demonstrated need for multifamily and active street level retail development in the eastern area of downtown, Finger Development Company acquired two full blocks of property across from the downtown baseball stadium for development. Finger also sought abandonment of that portion of Prairie Street between the two blocks.
In order to promote a mixed use development, City Council approved an Economic Development Agreement[1] with Finger Development Company (“FDC”) via Ord. 2012-709 passed August 15, 2012. The project was required: to provide 380 residential units, to provide approximately 10,000 square feet of retail, to provide 650 parking spaces in a parking garage, and be completed with a certificate of occupancy issued by the City no later than June 30, 2015.
Article V. B. of the development agreement allowed for extension of time to complete the project if reasonable progress is being made toward completion and that the Project can and will be completed and the City receives adequate consideration from the Developer.
To provide the additional consideration required for an extension, the Developer proposes and the Chief Development Officer recommends accepting a parking easement requiring the developer to provide 14 handicap parking spaces in the garage for a ten year period which is documented in the proposed Easement. The 14 garage handicap parking spaces will replace spaces on Crawford St. adjacent to the garage location. Those spaces will be converted to standard metered spaces creating revenue. The value to the city of this rearranged public parking is estimated by parking management to be over $33,000 a year or over $266,000 net present value over the ten year term of the agreement.
cc: Marta Crinejo, Agenda Director
Anna Russell, City Secretary
Ronald Lewis, City Attorney
Gary Dzierlenga, Senior Assistant City Attorney