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|November 5, 2018, City Council Regular Meeting|
43. Motion to Approve Encroachment Agreement with Plant Riverside, LLC for Parking Spaces in the 500 Block of West River Street
The Plant Riverside, LLC is requesting an encroachment agreement for a portion of West River Street. The area, which will accommodate 37 parking spaces, is located in the 500 block of West River Street between Martin Luther King Jr. Boulevard and Fahm Street. The area previously contained on-street parking spaces.
Due to the construction along River Street, there is limited access to the area. The Kessler Plant Riverside Hotel Project is located west of the construction site. The agreement allows Plant Riverside, LLC, to use the land for parking. License fee is $9,620 per month ($115,440 annually).
The agreement does not convey a property right and can be terminated for any reason in the future with notice. The lease agreement has been reviewed by Risk Management and the City Attorney's Office has reviewed the lease for legal form.
Sean Brandon, Parking Services Director
Annual net revenue in the amount of $115,440.00
Plant Riverside, LLC - Revocable License Encroachment Agreement.pdf