City of Colorado Springs
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File #: 19-614    Version: 1 Name:
Type: Resolution Status: Mayor's Office
File created: 9/25/2019 In control: City Council
On agenda: 10/22/2019 Final action: 10/22/2019
Title: A Resolution Authorizing the Use of City Right of Way Known as Tejon Street and Costilla Street for Underground Public Parking. Presenter: Bob Cope, Economic Development Officer Darlene Kennedy, Real Estate Services Manager
Attachments: 1. Resolution Marriott URA, 2. Exhibit A, 3. Marriott URA PowerPoint, 4. Signed Resolution 107-19.pdf

Title
A Resolution Authorizing the Use of City Right of Way Known as Tejon Street and Costilla Street for Underground Public Parking.

Presenter:
Bob Cope, Economic Development Officer
Darlene Kennedy, Real Estate Services Manager

Body
Summary:
A resolution authorizing the below ground use of city right of way known as Tejon Street and Costilla Street for underground public parking.

CS Dual Hotel, LLC ("Owner") is the developer and property owner of the property adjacent to the right of way known as Tejon Street and Costilla Street. Owner is in the process of constructing an eight (8) story, 261-room, Marriott-branded hotel on 1 acre in the 400 block of South Tejon Street. The hotel will have meeting spaces, two restaurants, and a two-level underground public parking garage with 216 parking spaces.

Owner has requested the use of approximately 5,669 square feet of below ground City-owned right of way for a portion of the public parking for a public purpose.

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 roughly one-acre site has been targeted for redevelopment for many years. In 2018 the property owner and developer submitted applications to both establish an Urban Renewal District and gain approval of a Form-Based Zone Development Plan and Subdivision Plat. The Urban Renewal District was established in December of 2018, while the development plan and plat were approved administratively in June of 2019.

The development plan illustrates an eight (8) story, 261-room, Marriott-branded hotel with meeting spaces, two restaurants and a two-level, underground public parking garage with 224 parking spaces. The p...

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