Title
Authorization to Enter into Parking License with Precision Medicine Facilities, LLC at 445 N. 5th St. (Ordinance S-48950)
Description
Request to authorize the City Manager, or his designee, to enter into a short-term license with Precision Medicine Facilities, LLC (Precision), for parking at 445 N. 5th St. Further request to authorize the City Treasurer to accept all funds related to this item. There is no impact to the General Fund as a result of this action.
Report
Summary
The parking lot immediately south of the building located at 445 N. 5th St., also known as the TGEN building, has served as a temporary visitor parking lot for the building’s activities since the building’s construction in 2004. The City retains all rights to develop the parking lot in accordance with future Phoenix Biosciences Core development plans.
The short-term license for 23 parking spaces will be for a one-year period and will automatically extend each year, not to exceed Sept. 30, 2027. Precision shall pay $12,114.41 per year with a 3 percent escalation rate with each automatic extension.
Contract Term
The term is for one year, with four one-year extensions, not to exceed Sept. 30, 2027.
Financial Impact
Annual license payments will be deposited into the Genomics Facilities and Operations Fund. There is no impact to the General Fund as a result of this action.
Location
445 N. 5th St.
Council District: 8
Department
Responsible Department
This item is submitted by Deputy City Manager Ginger Spencer and the Community and Economic Development Department.