Title
Motion Entering into a Lease Agreement for Public Parking at 105 Laurel Avenue
PURPOSE: To enter into a lease agreement for public parking at 105 Laurel Avenue.
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Department
DEPARTMENT: Economic Development
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Council Direction
COUNCIL DIRECTION:
___ Race/Equity ____ Climate ____ Comprehensive Plan _X_Other
Council Direction Statement
This agreement would continue to provide downtown parking opportunities on lots that are already vacant and used for parking rather than building new parking locations.
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Information
INFORMATION: The Town has leased this property for public parking since the 1990s. Recently the property owner has changed, and this contract will update the contract to the new owner - Upstream Laurel Avenue LLC. The terms of this contract will remain the same as the previous contract - payment of the property taxes in return for a lease on the property.
While not significant, this parking lot is used both on weekdays and weekends. Data from the 2025 Parking Counts show a weekday average of 25 percent, and a weekday average of 53 percent occupancies indicating consistent but minor usage. In the table below, you can see Saturday morning is the most frequent occupation of this parking lot.
|
LOCATION |
THURSDAY |
SATURDAY |
|
|
9:00 AM |
11:00 AM |
4:00 PM |
9:00 PM |
9:00 AM |
11:00 AM |
4:00 PM |
9:00 PM |
|
Laurel Ave |
31% |
38% |
31% |
0% |
94% |
100% |
0% |
19% |
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Fiscal and Staff Impact
FISCAL IMPACT: There is no additional budgetary impact associated with this item. Funds are already budgeted in the Parking Fund for this purpose. Property taxes last year totaled $4,596.46, the amount of the annual lease for 16 spaces ($23.94 per space per month).
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Recommendation
RECOMMENDATION: Based on the current monthly lease rate and usage data, staff recommend approving the lease agreement and authorizing the Town Manager to sign this lease agreement.
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