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POLICY PROPOSAL
DATE FILE NUMBER SUBJECT proposal Regarding Cultural PAGE_OF_
11/8/88 C.P. 135 District Parking Issues
PROPOSAL PROPOSED BY: Councilmen CI=' REVIEW
Gilley and Murrin
The Cultural District Committee is coming forward with a new master plan for
the Cultural District which will have many recommendations regarding long-term
facility needs, including future parking facilities. It will be important that
the Cultural District Committee and the City Council consider how these
facilities will be financed.
In light of these important issues which will be presented to Council in the
coming months, it is desirable to defer implementation of full , comprehensive
parking management procedures until such time as the entire plan can be
considered. After discussion with City Manager, staff and bond counsel , this
alternative was developed which would permit time to consider the master plan
before implementing some type of parking plan.
Based upon conversations with the City Manager and bond counsel , the following
interim plan is recommended.
We suggest that funds from parking meter revenues of the City be used to
provide the funds necessary to support the 1990 debt service payment for the
Equestrian Center garage. A significant portion of the debt service, $160,000,
will be accumulated for that debt service payment. The remainder for that
payment could come from parking meter revenues or other appropriate revenue
sources. This approach could be accomplished through a legal structure using a
nominal lease arrangement for all parking areas and thereby meeting the legal
requirements of the parking garage bonds. It is not being suggested that this
be a permanent arrangement for handling the future debt service payments which
occur every two years after 1990 until the bonds are paid off. This interim
step would give the City Council , the Cultural District Committee and the
community an opportunity to consider the master plan recommendations concerning
future parking facilities and how they should be financed. We believe that the
Cultural District is one of the City's finest assets; it is obvious that the
community will want to have further improvements and enhancements in the
Cultural District in the years to come. It is important that a strategy for
financing these facilities be devised, and this strategy should be used in
considering how future debt service payments of the Equestrian Center be
handled.
LEGALITY ❑
FISCAL NOTE ❑
CRY MANAGER'S COMMENTS 0
POLICY PROPOSAL (cont'd) PAGE_„OF
low
City Manager's Comments
Staff and bond counsel are prepared to work out the details of implementing
this recommendation.
Fiscal Impact
Estimated annual general fund revenue from parking meters is $675,000. Early
revenue returns for sales taxes appear strong and suggest the ability to absorb
the $217,000 in January, 1990.
Garey Gilley Steve Murrin
Councilman, District 6 Councilman, District 7
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CITY COUNCIL
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