To: Honorable Mayor and Members of Town Council
From: David L. Corliss, Town Manager
Fritz Sprague, Deputy Town Manager
Title
Discussion/Direction: Town Hall Parking Lot Request for Proposals (RFP)
Body
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Executive Summary
The Town has been seeking opportunities to provide more parking close to the Downtown as additional community events and activities are held in the area to help maintain our small-town character. An opportunity exists for the Town to assess the potential of a public/private partnership for additional parking on the Town-owned public parking lot adjacent to Town Hall. Staff discussed this issue with the Castle Rock Economic Partnership (CREP). Given the opportunity to enhance activity in the Downtown core, CREP recommends that Council authorize a Request for Proposals (RFP) be issued to test the market for this type of project.
In order to be transparent and maintain a fair and level playing field, CREP supported opening this opportunity to the public. At the June 13 CREP meeting, this topic was discussed, and the recommendation of the group was to seek Council authorization to issue a RFP for this purpose.
Discussion
We have received two proposals to build a parking structure on the Town-owned parking lot that currently has 95 parking spaces. The structure would add additional public parking that could be used by Town visitors for nearby restaurants and retail, activities at Festival Park and for Downtown events. CREP and staff suggest that additional parking spaces must be included to ensure adequate parking for Town Hall customers and Town staff. In exchange, the proposals seek to locate private development at the location, with the potential to add retail, office, and residential space. A map of the area is below.
An RFP would allow the Town to consider proposals for development that would benefit Town Hall and the public, as well as add additional uses and advance redevelopment along Wilcox Street. The strength in the RFP process is that it promotes transparency in a potential public/private partnership. There would be no obligation to select an applicant. However, if an applicant presents a meritorious project, the Town could partner with them, provided that the Town realized the benefit of additional parking for Downtown.
There are potential benefits in partnering with the private sector rather than having tax dollars or DDA TIF pay for a single-use parking garage. The addition of restaurant or residential space could add to the vibrancy of Downtown. Important to note, as with any redevelopment project, there would be a temporary impact to current parking during construction in the area.
CREP also discussed the need for an independent, third party to review the pro forma and financial assumptions of any RFP response before they are brought back for Council consideration as an entire package. Whether any proposed redevelopment would require DDA/TIF assistance, or any other assistance, is also likely to be part of our analysis. Any proposal of this nature would be naturally subject to discussion and negotiation, and Council always maintains the right to reject any proposal or offer.
The timing on this project is fairly aggressive, should Council authorize that an RFP be issued. Town staff and our economic partners would move expeditiously to get the RFP issued so we could conduct the project and financial analysis for Council consideration.
Recommendation
It is recommended that Town Council authorize and direct staff to issue an RFP to examine the potential for a public/private partnership in concert with the use of the Town Hall parking lot.
Proposed Motion
“I move to direct staff and our economic partners to issue an RFP to assess the feasibility of a public/private partnership using the Town-owned parking lot adjacent to Town Hall, in addition to conducting an appropriate financial assessment of any proposals for Council consideration.”