Title
Resolution Authorizing the February One Downtown Development Project Including a Construction Reimbursement Agreement between the City of Greensboro and Elm Street Hotel, LLC for the Construction of the February One Parking Deck and, Authorizing a not to exceed amount of $30,000,000 for the February One Parking Deck Project
Body
Department: Transportation
Council District: 3
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: David Parrish, 336-373-2002
Contact 2 and Phone: Adam Fischer, 336-373-2861
PURPOSE:
For the City Council to approve the February One Downtown Development Project pursuant to NCGS 160A-458.3 or other State law, authorizing the City Manager to enter into a construction reimbursement agreement with Elm Street Hotel, LLC in an amount not to exceed $25,866,241 for the construction of the February One Parking Deck, to authorize a not to exceed amount of $30,000,000 for the February One Parking Deck project (i.e., $2 million for project design, $2,133,759 million for land cost, and $25,866,241 for construction), and to authorize the Mayor to execute any necessary deeds, easements, or other closing documents to effectuate construction of the new parking structure.
BACKGROUND
Currently the City's four (4) parking structures are at or near capacity with monthly and transient parkers. Over the past twelve months the City of Greensboro has experienced a significant growth in parking demand due to new and anticipated development in downtown Greensboro. Within the downtown core, the City is projecting a deficit within the next two years due to new residential, office development, commercial, and hotel development. Elm Street Hotel LLC intends to invest $30,000,000 in the redevelopment of the Elm Street Center and the construction of a new hotel and retail space adjacent to February 1 Place. The hotel tower will contain approximately 180 rooms located above part of a new public parking structure.
On April 18, 2017, the Ci...
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