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Sparks Redevelopment Agency Meeting (following the City Council Meeting) 9/25/2017

Business Items: 6.2

Title: Consideration, discussion and possible approval of Amendment No. 1 to the Disposition and Development Agreement (AC-SRA-311) between SWD-Quarry Bridges, LLC, the Redevelopment Agency of the City of Sparks and the City of Sparks for an air space easement across City property and permission for The Bridges residents to park up to 50 passenger vehicles in the City parking garage.
Petitioner/Presenter: J Witt, Silverwing Development/Armando Ornelas, Assistant Community Services Director
Recommendation: Staff recommends that the Redevelopment Agency approve Amendment No. 1 to the Disposition and Development Agreement for The Bridges project.
Financial Impact: None.
Business Impact (Per NRS 237):
    
A Business Impact Statement is not required because this is not a rule.
Agenda Item Brief:

This agenda item asks the Redevelopment Agency to consider and approve an amendment to the Disposition and Development Agreement (DDA) between SWD-Quarry Bridges, LLC (Developer), the Redevelopment Agency and the City of Sparks. The DDA provided for the sale of Redevelopment Agency property to SWD-Quarry Bridges, LLC for development of The Bridges mixed-use project located in Victorian Square.

This proposed Amendment No. 1 to the DDA (Attachment A) would grant the Developer an air space easement across City property to construct a pedestrian bridge connecting The Bridges project to the City parking garage located directly adjacent to the Victorian Square movie theater. It also provides for allowing The Bridges residents to park up to 50 passenger vehicles in the City parking garage. 



Background:

On June 13, 2016, the Redevelopment Agency (Agency) and the City of Sparks City Council approved a Disposition and Development Agreement (the DDA – see Attachment B) with SWD-Quarry Bridges, LLC (the “Developer”). The DDA granted the Developer the ability to acquire and develop two parcels from the Agency on which the Developer is to construct a mixed-use project, named The Bridges (the “Project”). The Washoe County Assessor Parcel Numbers for the parcels are currently 032-341-34 (the “Northern Parcel”) and 032-341-35 (the “Southern Parcel”). Jointly the two parcels are referred to as the “Project Property.”                                                                                              

As provided for in the DDA, on the Northern Parcel, the Developer will construct a mixed-use structure that includes three stories of structured parking, two floors of apartment residences and approximately 5,000 square feet of office/retail space. On the Southern Parcel, the Developer will construct a mixed-use structure that includes a single-story parking structure, four floors of apartment residences and approximately 14,600 square feet of office/retail space, a portion of which will be used to provide private amenities to project residents. 

In accordance with the DDA, the Developer concluded its purchase of the Project Property and has commenced construction of the Project.  The Project includes 194 apartments and a total of 202 parking stalls for apartment residents. The number of parking stalls complies with the City’s municipal code (SMC 20.04.009) requiring a minimum of one (1) parking space per dwelling unit. However, based on their experience with leasing and managing the recently completed Fountainhouse at Victorian Square project, also located in Victorian Square, the Developer anticipates Project residents will own more cars than can be parked on the Project Property. More specifically, the Developer reports that residents of the Fountainhouse development own in the range of 1.4 to 1.5 vehicles per dwelling unit. The Developer anticipates that Bridges residents will own 1.3 vehicles per dwelling unit. The lower ratio for Bridges is based on a different unit mix as 40 percent of Bridges units will be studio apartments; none of the Fountainhouse units are studios.   

The City owns a parking garage adjacent to the Victorian Square movie theater building containing approximately 696 parking spaces (City parking garage) that it manages as public parking. This facility is directly north of and adjacent to the Northern Parcel. The Developer has requested an airspace easement for a pedestrian bridge to physically connect its parking structure on the Northern Parcel to the City parking garage. The proposed bridge would facilitate access for Project residents to park in the City parking garage. The location of the proposed easement is illustrated in Exhibit 1 (Bridges Access Easement) to the proposed Amendment No. 1.

In October of 2016, the City and Redevelopment Agency entered into a Parking Agreement with Syufy Enterprises, owners of the Victorian Square movie theater property, whereby the City agreed to continue providing free parking for the movie theater in the City parking garage. In that Parking Agreement, the City retains the right to charge a fee for parking in the City parking garage, on a permanent or intermittent basis, to users who are not customers or employees of Syufy or its tenant. 



Analysis:

As noted in the Background section of this staff report, the Developer anticipates that Project residents will own 1.3 vehicles per dwelling unit. This equates to Project residents having approximately 252 vehicles (1.3 x 194 = 252). Since the Project Property will have approximately 202 parking stalls, Developer and City staff estimate a parking shortfall of approximately 50 more vehicles.

This proposed Amendment No. 1 to the DDA (Attachment A) would:

  1. Grant the Developer an additional airspace easement (the “Bridge Access Easement”), in the location delineated in Exhibit 1 to Amendment No. 1, across that portion of the City parking garage parcel that separates the City parking garage from the mixed-use structure on the Northern Parcel. The easement will allow the Developer to construct, at its sole expense, a pedestrian bridge connecting the two structures. The pedestrian bridge will provide residents of the Project direct access from the top deck of the City parking garage to the structure on the Northern Parcel; and
  2. Grant the Developer the option of obtaining passes for Project Residents to park up to fifty (50) passenger vehicles in the City parking garage.  The City retains the right to charge a fee for parking in the City parking garage, on a permanent or intermittent basis. The annual fee for each parking pass would be equal to the pro rata share of the City’s annual operation and maintenance costs for the City parking garage. Alternatively, the City and the Developer may, subject to mutual agreement, determine an annual fee for the actual number, not to exceed 50, of parking passes granted to the Developer.

The City commissioned and has received a parking study from the firm Traffic Works for the Victorian Square district of the Town Center Redevelopment Area (Attachment C). The downtown parking study documented the existing parking supply in the Victorian Square study area including all on-street parking, public parking lots and public parking structures. Within the study area, there will be a total of 1,349 parking spaces in place after full redevelopment.

Parking demand was calculated for each parcel in the study area using nationally accepted Institute of Transportation Engineers (ITE) parking generation rates and hourly demand during the peak days of the week (Friday and Saturday). The hourly demand takes into consideration time-of-day usage for each land use type. For example, shopping centers require more parking during the day than at night versus a theater which requires more parking at night than during the day.

The analysis concludes that there is sufficient parking within this district, inclusive of the City parking garage and other public and private parking within the Victorian Square area, to accommodate existing and prospective land uses, including the movie theater, and permit approximately 58 Project resident vehicles to routinely park in the City parking garage. 

NRS 361.157 may impose certain tax liabilities on the circumstances of this amendment. The DDA and state law identify the developer as the sole responsible party for any such obligation.

Staff recommends that the City Council and Redevelopment Agency approve the proposed Amendment No. 1 to the DDA for development of The Bridges project.



Alternatives:
  1. The Redevelopment Agency may approve Amendment No. 1 to the Disposition and Development Agreement for The Bridges project.
  2. The Redevelopment Agency could reject or modify Amendment No. 1 subject to the consent of the Developer.


Recommended Motion:

I move to approve Amendment No. 1 to the Disposition and Development Agreement for The Bridges project.



Attached Files:
     Attachment A - Amendment No. 1 Bridges DDA signed.pdf
     Attachment B an C Fully executed Bridges DDA and Parking Analysis.pdf
     Bridges Downtown Parking Presentation.pdf

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