HomeMy WebLinkAbout1990-04-24; Housing & Redevelopment Commission; 157; Carlsbad Village Dr. & Roosevelt St. Parking Lotc 8’ ,’ b (,f/.J c ,-) HOUSING AND-‘EDEVELOPMENT COMMIS,-3N - AGENDA ‘b[LL $0 J
:$%Ts TITLE: NEGOTIATION OF AN AGREEMENT FOR A
PARKING LOT AT CARLSBAD VILLAGE
DEPT. RED DRIVE AND ROOSEVELT STREET
RECOMMENDED ACTION:
If the Commission concurs, your action is to adopt Resolution No. /df
AUTHORIZING the negotiation of an agreement between the City and Louise
Williams, Conservator for the Estate of Minnie Carpenter for property located at
2970, 76 and 92 Roosevelt Street and at 630 and 632 Carlsbad Village Drive.
ITEM EXPLANATION
As a part of the Elm Avenue/Carlsbad Streetscape, the Commission directed staff
to secure additional parking on or near Carlsbad Village Drive. Ms. Louise
Williams, conservator/owner of the property at 2970, 76 and 92 Roosevelt Street
and at 630 and 632 Carlsbad Village Drive has agreed to offer the properties to
the City as a Lease with Option to Purchase. /
The site is approximately 17,500 square feet. The City’s traffic consultant estimates
a parking yield between 40 and 60 spaces, depending upon the ultimate design
of the lot.
Lease payments would be approximately $4,350 per month or $52,200 per year.
The lease would remain in effect for five years when the City could opt to purchase
the property. Cumulative payments for the lease are $261,000. An appraisal
prepared by the Lee C. Johnson Company established a fair market value for the
property at $37.00 per square foot or $647,500.
The preliminary cost estimate for improving the site is $250,000. This includes;
design, construction, construction contingency, inspection and geotechnical
testing, utilities and project administration. Total cost for lease, construction of
improvements and purchase of the site is $1 ,156,500.
An investigation of alternative financing mechanisms will be made in order to
identify potential funding sources for off street parking in the Redevelopment area.
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Page Two of Agenda Bill No. /57
FISCAL IMPACT
When the Redevelopment Commission structured the Tax Allocation Bond issue,
$1.5 million was set aside for creating additional parking near Elm Avenue
(Carlsbad Village Drive). At this time, approximately $198,000 of the $1.5 million
remain unencumbered. Construction costs ($250,000) for a new parking lot at
Carlsbad Village Drive and Roosevelt Street exceed the $198,000 of
unencumbered funds by $52,000. This deficit can be funded with cash currently
available in the Redevelopment Agency’s 1989-l 990 budget.
The Redevelopment Agency Operating Fund currently has a cash balance of
approximately $1.2 million which could be used to support this project. The
Agency currently owes the City of Carlsbad approximately $6 million. There is
presently no repayment schedule set for the debt to the City. Although the use
of the Agency’s funds to support the parking lot would reduce the amount
available to repay the City of Carlsbad, the Agency’s ultimate ability to repay the
City will not be damaged by the use of $52,000 for the construction of this
parking lot.
Council may wish to direct staff to include the acquisition of this property in the
revised Capital Improvement Program. Funding for the acquisition will be
considered at that time.
Lease payments for the remainder of the 1990 fiscal year (May-June) are
estimated at $8,700. This amount can be funded with cash currently available in
the Redevelopment Agency’s 1989-I 990 budget. Lease payments for 1990-I 995
($52,200 annually) could be funded from the Redevelopment Agency’s fiscal year
budget allocation.
Staff will investigate alternate funding mechanisms which could be implemented
to fund lease payments for the five (5) year period and the eventual purchase of
the property in 1995.
It is important to note, that funding for the Senior Center, Parking Program and
all phases of Streetscape was projected to cost $10.95 million. The proceeds
from the Redevelopment Bond Issue was $10.39 million. The Council was
informed that the project costs exceeded the bond issue by $560,000. This
condition remains unchanged.
Page Three of Agenda Bill No. /57
EXHIBlTS
1. Housing and Redevelopment Commission Resolution No. /6f
2.
3.
4.
Authorizing negotiation of an Agreement for a parking lot at Carlsbad
Village Drive and Roosevelt Street
Location Map
Analysis of Fiscal Impact
Estimate of Design and Construction Costs
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RESOLUTION NO. 168
A RESOLUTION OF THE HOUSING AND REDEVELOPMENT COMMISSION OF THE CITY OF CARLSBAD, CALIFORNIA AUTHORIZING NEGOTIATION OF AN AGREEMENT FOR A PARKING LOT,AT CARLBSAD VILLAGE DRIVE AND ROOSEVELT STREET.
WHEREAS, the Housing and Redevelopment Commission of
the City of Carlsbad has determined it necessary and in the
public interest to construct a parking lot at 2970, 76 and
92 Roosevelt Street and 630 and 632 Elm Avenue (Carlsbad
Village Drive); and
WHEREAS, the Commission desires to enter into
negotiations for the property with Ms. Louise Williams; and
NOW, THEREFORE, BE IT HEREBY RESOLVED by the Housing
and Redevelopment Commission of the City of Carlsbad as
follows:
1. That the above recitations are true and correct.
2. That approval to enter into lease negotiations is hereby granted.
PASSED, APPROVED AND ADOPTED at a special meeting of
the Carlsbad Housing and Redevelopment Commission held on
the 24th day of April, 1990, by the following vote to wit:
AYES: Commissioners Lewis, Kulchin, Pettine, Mamaux and Larson
NOES: None
ABSENT: None
I 'ABSTAIN: None
WIS, Chairperson
ATTEST:
LOCATION MAP
1
GRAND
I
ELM
I
LEGEND
::Z:::::::Z j
El
:::::::::::::j :.:.:.~.:+:, AREA TO BE IMPROVED *..,*.*...*.*.
El 5;; EXISTING PARKING LOT
AVENUE
-~
AVENUE r
‘ROJECT NAME PROJECT + EXHIBIT
ROOSEVELT STREET PARKING LOT 2
m
l
-
City of Carlsbad
PRELIMINARY COST ESTIMATE
PARKING LOT AT CARLSBAD VILLAGE DRIVE (ELM AVE.) AND ROOSEVELT STREET
DESIGN $ 20,m
CONSTRUCTION $ 775,ooo
CONSTRUCTION CONTINGENCY (70%) $ 77,500
INSPECTION AND GEOTECHNlCAL TESTING $ 77,000
UTILITIES $ 8,ooO
CITY PROJECT ADMINISTRATION $ 72.500
TOTAL $25O,ooo
EXH/B/T 4
2075 Las Palmas Drive- Carlsbad, California 92009-48590 (819) 438-l 181