Title
Authorization to Amend City Contract 121451-DPR and Enter into Other Agreements as Necessary with RED CityScape Development, LLC, to Fund Patriots Park Improvements (Ordinance S-49020)
Description
Request to authorize the City Manager, or his designee, to amend City Contract 121451-DPR and enter into any other necessary agreements with RED CityScape Development, LLC, or its affiliates (collectively, RED), to fund Patriots Park improvements. Also, request authorization for the City Controller to disburse funds associated with this request. There is no impact to the General Fund as a result of this action. Funding is available in the Downtown Community Reinvestment Fund.
Report
Summary
In February 2006, City Council authorized the issuance of a Request for Proposals for the redevelopment of Patriots Park (also known as CityScape or Block 77). In October 2006, City Council approved an agreement with RED to redevelop the block into a mixed-use development while maintaining 50 percent open space per the property's Covenants, Conditions, and Restrictions. Since the initial Cityscape redevelopment, Patriots Park remains under City ownership while the lease agreement allows RED to operate the space. The heavily used downtown park is nearly 13 years old and no significant capital investment has been made in that time. In addition, the ongoing light rail downtown hub construction of a new station immediately adjacent to the park has had a significant impact on the dedicated park space, adding an additional level of stress on the aging parking improvements.
RED is proposing to make an estimated $1.5 million in park improvements over the next year. The City will pay RED up to $250,000 annually for three years for the necessary park improvements. The total City's obligation for the park improvements is not to exceed $750,000. The remainder of the park improvements will be funded by RED. RED must comply with Title 34 of the Arizona Revised Statutes in constructing the park improvements. Design specifics and costs of the park improvements must be pre-approved by the City's Parks and Recreation and Community and Economic Development departments prior to commencement of construction.
Contract Term
The term of the agreement to reimburse RED for the park improvements is for three years.
Financial Impact
There is no impact to the General Fund as a result of this action. Funding is available in Downtown Community Reinvestment Fund.
Location
One block, bounded by 1st Avenue, Central Avenue, Washington Street and Jefferson Street
Council District: 7
Department
Responsible Department
This item is submitted by Deputy City Manager Ginger Spencer and the Community and Economic Development Department.