Title
Authorization to Enter into Intergovernmental Agreement for Parking Spaces with Arizona Board of Regents on Behalf of Arizona State University
Description
This report requests City Council authorization to enter into an Intergovernmental Agreement (IGA) with Arizona State University (ASU) for parking spaces in the East and Heritage garages.
Report
Summary
The Phoenix Convention Center Department currently has a contract with the Arizona Board of Regents to provide parking spaces for ASU students, faculty, downtown campus business tenants, and student residents and visitors. The agreement expires on June 30, 2017. Parking programs offered to ASU include: part-time and full-time student parking; non-reserved monthly parking; 24-hour, seven-day-per-week reserved monthly parking; and prepaid parking coupons. Existing rates will remain in place for the first two years of the new IGA and will escalate beginning in year three until prevailing public parking rates are reached in years seven to 10. Parking rates range from $21.60 to $90, including garage facility prevailing public hourly rates. The parking programs and proposed rates accompany this item (see Attachment A).
Contract Term
This is a five-year contract beginning July 1, 2017, through June 30, 2022. Provisions of the contract include an option to extend the term up to five additional years beginning July 1, 2022, through June 30, 2027, which may be exercised solely by the City Manager or designee.
Financial Impact
This is a revenue-generating contract estimated to result in $1.6 million over the life of the contract.
Concurrence/Previous Council Action
The Downtown, Aviation, Economy and Innovation Subcommittee recommended this item for approval on April 26, 2017, by a vote of 3-0.
Location
The East garage is located at 601 E. Washington St., and the Heritage garage is located at 123 N. 5th St.
Department
Responsible Department
This item is submitted by Deputy City Manager Paul Blue and the Phoenix Convention Center Department.