of FAYETTe u y 4RKAN' 113 West Mountain Street Fayetteville, AR 72701 479) 575- 8323 Resolution: 37- 20 File Number: 2019- 0898 SAGE PARTNERS, LLC DEPOT LOT PROPOSAL: A RESOLUTION TO AUTHORIZE MAYOR JORDAN TO SIGN LETTERS OF INTENT WITH SAGE PARTNERS, LLC, ON BEHALF OF FAYETTEVILLE DEPOT, LLC AND FARMERS & MERCHANTS BANK ( F/ K/A THE BANK OF FAYETTEVILLE), FOR THE PURCHASE OF APPROXIMATELY 0. 6 ACRES ALONG WITH NECESSARY PERMANENT ACCESS AND TEMPORARY CONSTRUCTION EASEMENTS AT THE NORTHWEST CORNER OF WEST AVENUE AND DICKSON STREET FOR THE CONSTRUCTION OF A REPLACEMENT PARKING DECK FOR THE TOTAL AMOUNT OF $ 350, 000. 00, THE CONVEYANCE OF APPROXIMATELY 0. 2 ACRES AT THE NORTH END OF THE CIVIC PLAZA WHEREAS, on December 18, 2018, City Council passed resolution 250- 18 which supported using 10, 000, 000. 00 from the Cultural Arts Corridor Bond for replacement parking for the parking spaces that would be lost in the West Avenue Parking Lot at Dickson Street and West Avenue where the Civic Plaza is to be built; and WHEREAS, on Tuesday, April 9, 2019, the Citizens of Fayetteville approved Question 8 in the bond election that authorized $ 31, 685, 000 for Arts Corridor Bond Improvement which provides that, prior to the removal or loss of twenty- five ( 25) or more public parking spaces from the West Avenue Parking Lot related to the Cultural Arts Corridor, the City must replace the 290 lost parking spaces within 1000 feet of the Walton Arts Center' s west public entrance; and WHEREAS, on March 12, 2019, City staff and Garver Engineering provided an analysis of several locations within 1000 feet of the Walton Arts Center' s west public entrance that would be suitable for replacement parking. That analysis identified three locations that met bond criteria: 1. Depot Lot at the northwest corner of Dickson Street and West Avenue; 2. East Lot located on the east side of School Avenue between Dickson Street and Spring Page 1 Printed on 1/ 22/ 20 File Number: 2019- 0898 Resolution 37-20 Street; 3. Nadine Baum Studios Site located on the west side of West Avenue between Spring Street and Meadow Street; and WHEREAS, based on the cost to replace the Nadine Baum Studio building, the existing Walton Arts Center lease that does not expire until 2039, and the lack of University of Arkansas interest in redeveloping the site, Mayor Jordan and Staff recommend eliminating Nadine Baum as an option for replacement parking; and WHEREAS, while the Depot Lot and the East Lot on School Avenue both appear to be workable options for the replacement parking deck, Mayor Jordan and Staff recommend the Depot Lot as the preferred and most viable option for replacement parking based on the analysis contained in the staff memo included with this Resolution and the scoring in the Replacement Parking Deck Decision Matrix. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section l: That the City Council of the City of Fayetteville, Arkansas hereby authorizes Mayor Jordan to sign a letter of intent with Sage Partners, LLC, on behalf of Farmers & Merchants Bank ( formerly known as The Bank of Fayetteville), for the purchase of approximately 0. 3 acres along with necessary permanent access and temporary construction easements at the northwest corner of West Avenue and Dickson Street for a payment in the amount of $ 100, 000. 00. Section 2: That the City Council of the City of Fayetteville, Arkansas hereby authorizes Mayor Jordan to sign a letter of intent with Sage Partners, LLC, on behalf of Fayetteville Depot, LLC, for the purchase of approximately 0. 3 acres along with necessary permanent access and temporary construction easements at the northwest corner of West Avenue and Dickson Street for a payment in the amount of $250, 000. 00 along with the conveyance of approximately 0. 2 acres of property at the north end of the Civic Plaza. PASSED and APPROVED on 1/ 21/ 2020 K Attest: FAYE 1) EVILLE : : y kA J Kara Paxton, City Clerk Treasure r iG r0 N • C ``` Page 2 Printed on 1/ 22/ 20 City of Fayetteville, Arkansas 113 West Mountain Street Fayetteville, AR 72701 479) 575- 8323 Text File File Number: 2019- 0898 Agenda Date: 1/ 21/ 2020 Version: 1 Status: Passed In Control: City Council Meeting File Type: Resolution Agenda Number: B. 3 SAGE PARTNERS, LLC DEPOT LOT PROPOSAL: A RESOLUTION TO AUTHORIZE MAYOR JORDAN TO SIGN LETTERS OF INTENT WITH SAGE PARTNERS, LLC, ON BEHALF OF FAYETTEVILLE DEPOT, LLC AND FARMERS & MERCHANTS BANK ( F/ K/ A THE BANK OF FAYETTEVILLE), FOR THE PURCHASE OF APPROXIMATELY 0. 6 ACRES ALONG WITH NECESSARY PERMANENT ACCESS AND TEMPORARY CONSTRUCTION EASEMENTS AT THE NORTHWEST CORNER OF WEST AVENUE AND DICKSON STREET FOR THE CONSTRUCTION OF A REPLACEMENT PARKING DECK FOR THE TOTAL AMOUNT OF $ 350, 000. 00, THE CONVEYANCE OF APPROXIMATELY 0. 2 ACRES AT THE NORTH END OF THE CIVIC PLAZA WHEREAS, on December 18, 2018, City Council passed resolution 250- 18 which supported using 10, 000,000.00 from the Cultural Arts Corridor Bond for replacement parking for the parking spaces that would be lost in the West Avenue Parking Lot at Dickson Street and West Avenue where the Civic Plaza is to be built; and WHEREAS, on Tuesday, April 9, 2019, the Citizens of Fayetteville approved Question 8 in the bond election that authorized $ 31, 685, 000 for Arts Corridor Bond Improvement which provides that, prior to the removal or loss of twenty- five ( 25) or more public parking spaces from the West Avenue Parking Lot related to the Cultural Arts Corridor, the City must replace the 290 lost parking spaces within 1000 feet of the Walton Arts Center' s west public entrance; and WHEREAS, on March 12, 2019, City staff and Garver Engineering provided an analysis of several locations within 1000 feet of the Walton Arts Center' s west public entrance that would be suitable for replacement parking. That analysis identified three locations that met bond criteria: 1. Depot Lot at the northwest corner of Dickson Street and West Avenue; 2. East Lot located on the east side of School Avenue between Dickson Street and Spring Street; 3. Nadine Baum Studios Site located on the west side of West Avenue between Spring Street and Meadow Street; and WHEREAS, based on the cost to replace the Nadine Baum Studio building, the existing Walton Arts Center lease that does not expire until 2039, and the lack of University of Arkansas interest in redeveloping the site, Mayor Jordan and Staff recommend eliminating Nadine Baum as an option for replacement parking; and WHEREAS, while the Depot Lot and the East Lot on School Avenue both appear to be workable options for City of Fayetteville, Arkansas Page 1 Printed on 112212020 File Number.' 2019- 0898 the replacement parking deck, Mayor Jordan and Staff recommend the Depot Lot as the preferred and most viable option for replacement parking based on the analysis contained in the staff memo included with this Resolution and the scoring in the Replacement Parking Deck Decision Matrix. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby authorizes Mayor Jordan to sign a letter of intent with Sage Partners, LLC, on behalf of Farmers & Merchants Bank ( formerly known as The Bank of Fayetteville), for the purchase of approximately 0. 3 acres along with necessary permanent access and temporary construction easements at the northwest corner of West Avenue and Dickson Street for a payment in the amount of $100, 000. 00. Section 2: That the City Council of the City of Fayetteville, Arkansas hereby authorizes Mayor Jordan to sign a letter of intent with Sage Partners, LLC, on behalf of Fayetteville Depot, LLC, for the purchase of approximately 0.3 acres along with necessary permanent access and temporary construction easements at the northwest corner of West Avenue and Dickson Street for a payment in the amount of $250, 000.00 along with the conveyance of approximately 0.2 acres of property at the north end of the Civic Plaza. City of Fayetteville, Arkansas Page. 2 Printed on 1/ 2212020 City of Fayetteville Staff Review Form 2019- 0898 Legistar File ID 12/ 17/ 2019 City Council Meeting Date - Agenda Item Only N/ A for Non -Agenda Item Peter Nierengarten 12/ 10/ 2019 SUSTAINABILITY/ RESILIENCE ( 631) Submitted By Submitted Date Division / Department Action Recommendation: Staff recommends adopting a resolution authorizing Mayor Jordan to sign a letter of intent with Sage Partners on behalf of the Bank of Fayetteville, Farmers and Merchants and to sign a letter of intent with Sage Partners on behalf of Fayetteville Depot, LLC ( Greg House) for the purchase of property for the construction of a new parking structure on the Depot Lot to replace the parking spaces on the West Ave Lot in preparation for the construction of the Civic Plaza as part of the Cultural Arts Corridor Project. Budget Impact: Account Number Fund Cultural Art Corridor Bond - Replacement Parking Project Number Project Title Budgeted Item? NA Current Budget Funds Obligated Current Balance Does item have a cost? NA Item Cost Budget Adjustment Attached? No Budget Adjustment Remaining Budget V20180321 Purchase Order Number: Previous Ordinance or Resolution # Res. 250- 18 & Ord. 6126 Change Order Number: Approval Date: Original Contract Number: Comments: CITY OF Y FAYETTEVILLE CITY COUNCIL MEMO ARKANSAS MEETING OF DECEMBER 17, 2019 TO: Mayor and City Council THRU: Don Marr, Chief of Staff FROM: Peter Nierengarten, Environmental Director CC: Susan