7. HRSR 06-26-2006 - Laserfiche WebLink

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Consider Acquisition of 716 & 720 Main Street June 26, 2006 Special HRA Meeting Page 2 of 3 Following is a summary description of the subject properties: Address 716 Main Street 720 Main Street Parcel number 75-405-0235 75-405-0230 Parcel size .11 acres .14 acres Buildin size 3,650 sf; 3,000 sf basement 5,960 sf Features Retail/office space Vacant first floor Current tenant for basement stora e $7,800 toss Retail space Existing lease to 9/30/07 with O'Reilly Automotive $45,000 net 2006 Market value $241,500 $251,700 2006 Pa able taxes $7,062 $7,428 Analysis Future Parking Demands Acquisition of the properties provides an opportunity for the HRA to accomplish both short term and long term objectives. Upon removal of the buildings approximately 21 new parking stalls can be added in the short term. Long term the acquisition positions the HRA the ability to provide deck parking as part of a long-term strategy to accommodate future public parking demands created by: • Future redevelopment activities • New developments currently under construction • City park development (as a programming destination & related activities) • Ongoing parking demands created by future expansions of existing business Demands created by increased employee parking permits that compete with the availability of customer parking Staff has had discussions with two downtown property owners that have indicated a strong interest in seeing their property redeveloped within the next five years. If the properties were to be redeveloped in a similar density (commercial and/or residential) as the MetroPlains projects, there is limited area to provide all of the required parking onsite as opposed to some combination of public and private parking. Staff is completing an analysis to indicate the required parking demands (existing and future) in comparison to the amount provided (public and private). The analysis will be presented at the HRA meeting as staff is refining the calculations and preparing illustrations. Another factor creating demand for parking is the increasing demand for employee stalls that compete with the availability of customer parking. The King Avenue parking lot includes a total of 136 stalls, of which 77 are made available for employee parking with the balance being for customer parking. To date the Police Department reports approximately 300 valid employee permits have been issued. It is expected that employees of the new developments will be requesting permits for parking in this lot. While not all employees have the need to work and park downtown at the same time, there is limited potential for expanding the employee permitted area without sacrificing customer parking. S:\Downtown Revitalization\Memos\2006\6.26.06 Houlton buildings.doc