STRATEGIC PRIORITY: Economic Development
AGENDA DATE: March 27, 2024
COUNCIL DISTRICT(S):|910|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 Departme...
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