STRATEGIC PRIORITY: Economic Development
AGENDA DATE: March 27, 2024
COUNCIL DISTRICT(S): 2
DEPARTMENT: Office of Economic Development
EXECUTIVE: Majed Al-Ghafry
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SUBJECT
Title
Authorize an amendment to Resolution No. 16-1733, previously approved on October 26, 2016, to redirect special event parking revenue and accept and deposit daily parking revenue generated by the Farmers Market Public Parking Garage - Estimated Revenue: Farmers Market TIF District Fund $53,154.00 annually
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BACKGROUND
In 2017, the City of Dallas purchased 300 public parking spaces within the Farmers Market Parking Garage as part of the Harvest Lofts (formerly known as Sheds 3 and 4) Project. Since opening to the public, daily parking has been free. The availability of free public parking is rare in downtown Dallas and has caused negative impacts that were anticipated. As such, the Public Parking Garage Maintenance and Management Agreement (MMA) executed in 2017 between the City and FM City Park LLC (the “Manager”) provides a mechanism to allow the Manager to implement paid parking for short-term daily parking. Implementing paid parking acts as a parking management tool by encouraging parking turnover for Farmers Market visitors but is intended to discourage long-term parkers (downtown residents and workers).
The MMA states that if the Manager wishes to charge a fee to vehicles in excess of 12 hours per month (special event parking), such request must be made in writing to the Director of the City’s Office of Economic Development (“Director”) and approved by the Economic Development Committee of City Council and by the Director.
On March 10, 2023, the Manager submitted a request to implement daily paid parking in the Farmers Market Public Parking Garage to the Office of Economic Development. Between March 2023 and August 2023, the request was reviewed by the Office of Economic Development and by the Department of Transportation. On September 5, 2023, the Economic Development Committee of the City Council was briefed on the request to implement paid parking in the Farmers Market Public Parking Garage and voted to defer action until October 2, 2023, in order to give staff more time to discuss with City Council Members and revise the request in response to feedback.
On October 2, 2023, the Economic Development Committee of the City Council approved the request to implement paid parking in the Farmers Market Public Parking Garage as follows:
• First two hours free
• After first two hours of free parking, then $3.00 per hour with a maximum of $18.00 per 24-hour period
• City staff shall review the fee structure after the first two years of implementation
In addition to prescribing an approval process for allowing the Manager to implement paid parking, the MMA also establishes a revenue sharing formula. The Manager’s portion of parking revenue will be re-invested into Farmers Market area common spaces, including the public parking garage, to assist with security and maintenance obligations. This agenda item will direct the City’s portion of parking revenue to the Farmers Market TIF District and dedicate the funds for district-wide improvements.
PRIOR ACTION/REVIEW (COUNCIL, BOARDS, COMMISSIONS)
On June 10, 2015, the City Council authorized a purchase and sale agreement with FM City Park, LLC for: (1) the purchase of an air rights parcel which is part of the Harvest Development Land in an amount not to exceed $439,530.00; and (2) the purchase of a completed public parking structure (300 public parking spaces), to be constructed by FM City Park, LLC in accordance with the City approved plans and set specifications in an amount not exceed $7,710,005.00, total amount for both purchases not to exceed $8,149,535.00, by Resolution No. 15-1105.
On October 26, 2016, the City Council authorized final approval of funding for the Air Rights/Public Parking Garage Purchase and Sale Agreement with FM City Park, LLC and authorized the Chief Financial Officer to accept and deposit future parking revenue generated by special event parking fees by Resolution No. 16-1733.
The Economic Development Committee was briefed on the request to implement paid parking in the Farmers Market Public Parking Garage on September 5, 2023 and voted to defer action until October 2, 2023 in order to give staff more time to discuss with City Council Members and revise the request in response to feedback.
On October 2, 2023, the Economic Development Committee approved the request to implement paid parking in the Farmers Market Public Parking Garage.
FISCAL INFORMATION
Estimated Revenue: Farmers Market TIF District Fund $53,154.00 annually
MAP
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