Explanation
In May 2007, City Council authorized Capitol South Community Urban Redevelopment Corporation ("Capitol South") to study parking in Downtown Columbus and develop recommendations to make Downtown more competitive in terms of improved parking availability, convenience, and value. In order to meet increased parking demand resulting from new development in Downtown Columbus the study recommended that the City construct two parking facilities. In 2008, City Council authorized a Guaranteed Maximum Price Contract with Capitol South, in an amount not to exceed $26,170,871, to develop, design, and construct two parking facilities, one located at the southeast corner of Front and Rich Streets, and the other located at the southeast corner of Fourth and Elm Streets (collectively, the "Parking Facilities"). Construction of the Front and Rich Street Parking Facility is expected to be completed in late June 2009 with an anticipated opening date of July 1, 2009. The construction of the Fourth and Elm Parking Facility should be completed in January 2010 with an anticipated opening date of February 2010.
This ordinance authorizes the Director of Finance and Management to enter into a management agreement with Capitol South for the operation of the two City-owned parking facilities and to waive the competitive bidding requirements of the Columbus City Codes. The agreement authorizes Capitol South to charge a fee for its services and requires Capitol South to remit to the City on a regular basis all income received from operation of the Parking Facilities, net of the expenses of operating the Parking Facilities.
The contract Compliance Number for Capital South/ Columbus Downtown Development Corporation is #76-0704655 (expiring 2/28/10).
Fiscal Impact: There is no funding required. The fee paid to Capital South under the management agreement will be funded as an operating expense and will be paid from the parking revenues generated by the Parking Facil...
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