Submitted By: Roberto Ellis
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Presentation By: Aubrey Hale
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Department: Growth Management
STAFF RECOMMENDATION (Motion Ready):
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Approve Parking Agreement for Project Hometown - Downtown Ocala Marriott AC for dedicated parking spaces in the second City parking garage
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OCALA'S RELEVANT STRATEGIC GOALS:
Quality of Place, Economic Hub
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
The proposed new hotel is located within the downtown area at 211 SW Broadway Street (Parcel ID: 2854-025-001), immediately north of the new parking garage site. It is important to note that the Downtown Ocala Master Plan (Master Plan) focused on the need to emphasize potential opportunities for vacant properties, underutilized properties, and properties developed with surface parking. The parking garage and hotel properties are fitting examples of development/redevelopment opportunities that are an essential component of downtown's long-term success.
The developer recognizes that the City has offered to facilitate the hotel project by providing parking and other incentives. The terms established under the Parking Agreement for Project Hometown - Downtown Ocala Marriott AC (Parking Agreement) are recognized as a City incentive to the developer, representing no fee for parking for the duration of the Redevelopment Agreement. Upon completion of the Redevelopment Agreement, the developer/hotel operator will be required to pay all applicable parking rates.
FINDINGS AND CONCLUSIONS:
City Parking Incentive
Details of the incentive and the project are summarized below. Refer to the attached document titled Parking Agreement for Project Hometown for more information on the terms and conditions for the City and developer.
Parking Agreement:
The City will provide 225 exclusive parking spaces to the developer. Parking is a prime concern for most development projects downtown and often influences the final project design and business operation.
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