To: Honorable Mayor and Members of Town Council
From: Kristin Read, Assistant Town Manager
Through: David L. Corliss, Town Manager
Title
Resolution Approving the First Amendment to the Parking Lease Agreement with The Move LLC
Body
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Executive Summary
Town Council in 2015 approved a loan commitment to The Move office building at 202 Sixth St., among the purposes of which was to help provide additional pubic parking within Downtown Castle Rock. Subsequent to Council approving the loan commitment, the Town Manager in 2016 approved a parking lease agreement with The Move (Exhibit A), making available to the public 47 parking spaces during evenings and weekends at a cost to the Town of $8,500 per year.
The Town and its partners are always seeking ways to maximize public parking within Downtown Castle Rock. One such effort recently was to discuss with The Move whether any additional parking could be made available to the public, as contemplated in the lease. The Move’s ownership graciously agreed to make available to the public during evenings and weekends all 72 parking spaces on their property - an increase of 25 spaces - without requiring any additional compensation from the Town.
The purpose of this item is to amend the lease agreement between the Town and The Move LLC to include the 25 additional spaces, as well as to correct a couple of clerical errors/omissions within the original lease. As stated, the rent due would not change under the proposed amendment. The lease term would be extended by about a month, from the end of November 2036 to January 1, 2037. The amendment also clarifies that the Town’s commitment to the agreement is subject to annual appropriations for this purpose.
Staff Recommendation
Staff recommends that Council approve the amendment to the parking lease agreement.
Proposed Motion
“I move to approve the Resolution as introduced by title.”
Attachments
Attachment A: Resolution
Attachment B: First Amendment to Parking Lease Agreement
Exhibit A: Parking Lease Agreement