Explanation
City Council, by Ordinance 0689-2009, passed in May 2009, authorized the Director of Finance and Management to enter into a management agreement with Capitol South for the operation of two city-owned parking facilities located at 232 S. Front Street and 80 N. Fourth Street (“Parking Facilities”). The Agreement for Management of Parking Garages (“Agreement”), dated June 3, 2009, requires that Capitol South manage the Parking Facilities to ensure that they are operated in accordance with prevailing industry standards for facilities comparable to the Parking Facilities, maximize the profitability of the Parking Facilities within the policy objectives and parameters established by the City, authorizes Capitol South to charge a fee for its services, and requires that Capitol South remit to the City, on a regular basis, all income received from operation of the Parking Facilities, net of the operating expenses for the facilities. The Department of Finance and Management has determined that parking facilities are being appropriately managed and it is in the best interest of the City to continue the Agreement with Capital South. The current Agreement does not have a provision to allow for renewals. This ordinance authorizes an amendment to the Agreement to provide a provision for renewal of the Agreement, to extend the current term, and to revise certain provisions to reflect current conditions.
Fiscal Impact: There is no funding required. The fee paid to Capital South under the management agreement is funded as an operating expense and will be paid from the parking revenues generated by the Parking Facilities.
Emergency action is requested so that management and operation of the City’s Parking Facilities by Capital South may continue without interruption.
Title
To authorize the Director of Finance and Management to modify a management agreement with Capitol South Community Urban Redevelopment Corporation for the operation of the City's two Downtown ...
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