SR-417-007 (11)
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SEP 1 2 ]989
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GS:SES:CP:ME Santa Monica, California
City council Meeting: September 12, 1989
TO:
Mayor and city Council
Parking Authority
FROM:
city staff
SUBJECT:
Recommendation to Approve Modifications to
Parking Space Lease for Parking Structure 2
INTRODUCTION
This report requests the City council and Parking Authority to
authorize the City Manager/Executive Secretary to negotiate and
execute a lease modification to Contract 1828 (CCS) with 100
wilshire Associates to restripe the leased spaces on the upper
levels of Parking Structure 2 to provide 60 additional parking
spaces.
BACKGROUND
On April 23, 1968, the City Council and Parking Authority approved
Contract 1828 (CCS) which leases a maximum of 320 standard vehicle
parking spaces in Parking structure 2 to Wilshire West, the owner
of 100 Wilshire at the time.
The agreement was assigned by
Wilshire West in June 1971 to General Telephone and, subsequently
assigned by General Telephone in June 1986 to 100 Wilshire
Associates, the current owner of the building.
Presently, 100 Wilshire Associates leases 307 spaces in Parking
Structure 2. The request received from 100 Wilshire Associates is
to re-stripe the parking levels occupied by the 307 spaces in order
to increase the number of lease spaces to 380 through the use of
compact vehicle parking spaces.
The building manager has
tJelm -3
SEP 1 2 1989
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determined that an adequate number of vehicles are driven by the
employees of the building justifying the number of compact vehicle
parking spaces which will be created from re-striping the parking
structure levels without adversely affecting employee parking.
The current lease requires 100 Wilshire Associates to pay a minimum
rent of $11,925 per quarter for the first 265 spaces. In addition,
the lease allows 100 Wilshire Associates to lease up to a maximum
of 320 spaces. However, for every space leased above the minimum
265, 100 Wilshire Associates shall pay an additional $45 a quarter.
staff proposes to allow 100 Wilshire Associates to re-stripe, at
their expense, the 6th, 7th, 8th and roof levels of Parking
Structure 2 to accomodate 380 parking spaces composed of standard
and compact spaces. The first 265 spaces shall be charged at the
lease rate of $11,925 per quarter; the next 55 spaces shall be
charged at $45 a space per quarter as stated in the original lease.
The additional 60 spaces which are not provided in the original
lease shall be charged at the approved out-of-district monthly
parking permit fee which currently is $50 per month per space.
The monthly fee shall increase as the out-of-district monthly
parking permit fee increases.
BUDGET/FINANCIAL IMPACT
Modifications to the current lease will result in additional
revenues to the Parking Authority in the amount of $27,000 for the
last three quarters of FY1989-90.
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RECOMMENDATION
It is recommended that the city Council and Parking Authority
direct the city Manager/Executive Secretary to negotiate and
execute a lease amendment with 100 Wilshire Associates to provide
additional parking spaces.
Prepared by: Stan Scholl, Director of General Services
Marsha Eubanks, Sr. Administrative Analyst