Title
Resolution Approving a Lease to LeBauer Park, LLC of City Property that Will Serve as the Site of the Future Carolyn and Maurice LeBauer Park
Body
Department: Legal
Council District: 3
Public Hearing: Not Applicable
Advertising Date/By: Not Applicable
Contact 1 and Phone: Tom Carruthers, City Attorney, ext 2320
Contact 2 and Phone: Ted Partrick, Chief Engineer, ext. 2308
PURPOSE:
Adopt a resolution approving a lease to LeBauer Park, LLC of City property that will serve as the site of the future Carolyn and Maurice LeBauer Park.
BACKGROUND:
Carolyn Weill LeBauer, a resident of Greensboro, died March 8, 2012, and through her estate, she made provisions through the Community Foundation of Greater Greensboro ("CFGG") to use $10 million of her estate to develop an "outstanding public park" in the City of Greensboro ("City") to be named the Carolyn and Maurice LeBauer Park. The City, through its Parks & Recreation Department, has been working with CFGG on the development of a new city park in the downtown area of the City in accordance with the Last Will and Testament of Carolyn W. LeBauer. The CFGG and the City's Parks & Recreation Department have identified a site consisting of a 5.38± acre tract of land in downtown Greensboro, on North Davie Street, which includes the existing Festival Park and the former site of the YWCA building in downtown Greensboro for the park envisioned by Carolyn W. LeBauer. On April 1, 2014, the City adopted a Resolution in Support of the Carolyn and Maurice LeBauer City Park wherein the City agreed to accept the gift of a new park named the Carolyn and Maurice LeBauer City Park on the site described in the attached Lease Agreement. In order to facilitate the construction of the park, the City will lease to LeBauer Park, LLC the real estate necessary to construct the park, and once the park is constructed, the lease will end and the real estate along with the park improvements will become the property of the City.
As part of the Lease Agreement, LeBauer Park, LLC will also relocate the Davie-Summit-Bellmeade Street intersection located in and adjacent to the 200 block of North Davie Street and provide streetscape improvements in this area as more particularly described on Exhibit A in the attached Lease Agreement. The City has agreed to reimburse LeBauer Park, LLC for the costs of this street intersection relocation and related street/streetscape improvements in an amount not to exceed $1,748,826.00. This intersection relocation and related street/streetscape improvements include but are not limited to paving, curb and gutter, sidewalks, lighting and plantings.
BUDGET IMPACT:
The City's contribution of up to $1,748,826 is being funded as follows: General Capital Projects Fund Budget, account no. 410-4516-04.5931, $750,000, and Street Improvement Bond Fund Budget, account no. 471-4502-24.5931, $998,826. A budget adjustment is required to move funding into the correct accounts.
RECOMMENDATION / ACTION REQUESTED:
The City Council is requested to adopt the attached Resolution approving the lease to the LeBauer Park, LLC of City Property that Will Serve as the Site of the Future Carolyn and Maurice LeBauer Park.