Title
Resolution to Authorize the Transfer of $90,000.00 from the Park Memorials and Contributions Fund to the DDA for Design and Renovations of Forest Street Plaza and Appropriate Funds (8 Votes Required)
Memorandum
Attached for your review and approval is a resolution authorizing fund transfer in the amount of $90,000 from the Parks Memorials and Contributions Fund (Fund 0034) to the DDA for improvements to the Forest Street Plaza. The plaza is not designated as parkland; however, but will be used as open public space within the DDA district.
As part of any site plan review process, developers are requested to provide a land donation so that new residents have adequate open space commensurate with the rest of the City. In the downtown, this is often difficult to accomplish as land is at a premium.
Two residential developments, 601 S. Forest and Zaragon I, contributed funds as part of their development agreements in lieu of a land donation to make improvements to the Forest Street Plaza, adjacent to the Forest Street parking structure. The 601 S. Forest development contributed $50,000 in the current fiscal year and the Zaragon I development contributed $40,000 in FY 2008. It was agreed that this improvement would provide an amenity for residents at 601 S. Forest and Zaragon as well as other residents and businesses in this area.
Traditionally, development contributions have funded improvements to downtown parks such as Liberty Plaza and Sculpture Plaza. However, in the South University area, there are no existing parks that contributions could be directed toward. Consequently, improving the Forest Street Plaza in a manner that will benefit both new and existing residents is being considered as an alternative way to provide open space amenities for downtown residents.
The Forest Street Plaza has been in need of renovation and improvements for many years. Large electric boxes occupy a section of the plaza, trees are in decline, and the paving is deteri...
Click here for full text