Title
Resolution to Approve Riverside Park Parking Lot Land Lease with the University of Michigan (8 Votes Required)
Memorandum
Attached for your review and action is a resolution to approve a land lease agreement with The University of Michigan to lease 18 parking spaces at Riverside Park. The 18 parking spaces are located along the north boundary line of the park, adjacent to Canal Street (shown on Exhibit A of the lease). The term of the lease agreement will be for two years, with the University having the option to renew the lease for one successive two-year period.
The lease is an updated version of the one the City and University entered into in 2010 that expires February 29, 2016, and contains essentially the same conditions. Dates and the rent amounts have been updated. During the term of the lease, the University shall pay to City rent in the amount of $12,177.00 ($676.50 per spot) for each year of the rental period. This amount is a 2.5% increase from the last year of the expiring lease and an 11% increase since 2010. This revenue is recognized in the Parks & Recreation Services General Fund budget.
Since 2014 the University has allowed the City to utilize surface parking lots on the weekends along Maiden Lane and Wall Street at no charge to accommodate overflow parking at the Argo Cascades.
The University has access to the parking spaces Monday through Friday from 6:00 a.m. to 5:00 p.m. Outside of those times the parking spaces are available for park use, which dovetails with the times the park is busiest: after work hours for programmed activities and the weekends.
Exhibit B of the lease agreement contains provisions for maintenance, security and signage. It also specifies the days and times of use as Monday through Friday from 6:00 a.m. to 5:00 p.m. The parking will be available for park use at all other times.
PAC recommended approval of this lease at their January 26, 2016 meeting.
Staff
Prepared by: Colin Smith, Park & ...
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