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CITY OF SAN LEANDRO APPROVED AND FORWARDED TO CITY COUNCIL STAFF REPORT DATE: March 9,2007 ager TO: John Jermanis, City Manager FROM: Cynthia Battenberg;'Rssistant to the City Manager Luke Sims, Business Development Manager -n SUBJECT: RESOLUTION APPROVING A PARKING AGREEMENT FOR 101 CALLAN AVENUE WITH SL 101, LLC SUMMARY AND RECOMMENDATION SL 101, LLC, the new owners of the office and retail building located at 101 Callan Avenue, have requested the City enter into a long~term agreement for parking in order for them to meet the City's parking requirement. A 30-year agreement for the lease of one hundred and eight (108), or more, parking spaces in the Estudillo garage and Hyde Street parking lot was developed to meet this need. Staff recommends City Council approval of the resolution authorizing the City Manager to enter into the Parking Agreement for 101 Callan Avenue with SL 101, LLC. BACKGROUND AND DISCUSSION In 1972, the City entered into a long~term parking agreement with the developer who built the office and retail building at 101 Callan Avenue. The parking agreement specified that the City would provide the parking spaces necessary for the building to meet the parking requirement at the time. The parking agreement lapsed in 2000. The owner of 101 Callan Avenue continues to lease parking spaces in the Estudillo garage and, in order to meet the increased need for parking, also leases spaces at the Hyde Street surface parking lot across the street from the garage. The office building at 101 Callan Avenue is currently in escrow with a projected close date of April 2007. The new owners, SL 101, LLC, have submitted the required documents to convert the four~story, 49,271 square foot office and retail building into 18 individual, for~sale, non~ residential condominium units. The Board of Zoning Adjustments approved the zoning permit for the condominium conversation and a parking exception at their February 2007 meeting. Two items are outstanding and require City Council approval: a Parking Agreement which is before you for consideration; and, the condominium map which is scheduled for the April 2, 2007 Council meeting. The proposed Parking Agreement is a 30~year agreement with three lO~year options to extend with the consent of the City. Under the agreement, the City will lease a minimum of one hundred and eight (108) parking spaces in the Estudillo garage and the Hyde Street parking lot to SL 101, LLC. In exchange, SL 101, LLC will pay the City a monthly fee for the parking spaces. The monthly parking fee is based upon current the market rate of $55 per unreserved space and