Title
A Resolution Authorizing the Use of City Right of Way Known as the Public Alley Between South Weber Street and South Wahsatch Street, South of East Cimarron Street for a Pedestrian Sky Bridge.
Presenter:
Bob Cope, Economic Development Officer
Darlene Kennedy, Real Estate Services Manager
Body
Summary:
A resolution authorizing the use of City right of way known as the public alley between South Weber Street and South Wahsatch Street, south of East Cimarron Street, for a pedestrian sky bridge.
Greystar Development Central, LLC ("Developer") is the planned developer of the property located at 501-505 S. Weber and 325-329 E. Cimarron St. Developer is planning to construct a six (6) story, 277-unit downtown multifamily apartment project. The project will include 328 structured parking spaces.
Developer has requested the use of aerial space over a portion of city owned right of way for the construction of a pedestrian sky bridge over a public alleyway.
In accord with City Charter Section 10-60 Owner requests a ninety-nine (99) year Lease for economic development purposes.
In accord with The City of Colorado Springs Procedures Manual for the Acquisition and Disposition of Real Property Interests Chapter 10, Section 10.2 d.iii.2, Staff requests that the Lease be valued at a below fair market value for a public purpose.
Background:
The development plan illustrates a six (6) story, 277-unit downtown multifamily apartment project with a pedestrian sky bridge over a public alleyway. While a revocable permit could be used to permit the proposed sky bridge to encroach into the public right of way, a revocable permit is only valid for one year, and could be revoked at any time for any reason. The developer is pursuing a 99-year lease consistent with the City Charter and Code.
The project will result in an investment of approximately $83 million. It will create approximately 660 temporary construction jobs and 13 permanent jobs, and add approximately $...
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