Number
131416
Version
Substitute 1
Reference
070560
Sponsor
THE CHAIR
Title
Substitute resolution approving a parking agreement between the City of Milwaukee and the Aloft Hotel.
Analysis
This resolution approves an agreement negotiated by the City to lease 100 parking spaces at the City’s 4th and Highland parking structure, where the City has at least 100 unused parking spaces, to guests of the Aloft Hotel. Provisions of the lease include the following:
1. Month-to-month lease beginning on April 1, 2014, which can be terminated by either party with 30 days’ notice. The City will not terminate this lease so long as the Aloft Hotel complies with all lease conditions.
2. The vehicles of Aloft Hotel guests will be parked in leased parking spaces by valets employed by the Aloft Hotel. The hotel will be charged prevailing unreserved structure parking rates for guest vehicles parked in excess of the 100 spaces leased.
3. The monthly unreserved parking rate at the 4th and Highland parking structure in $90. The City and the Aloft Hotel have negotiated a $70 per month per parking space lease, or a flat $7,000 per month whether leased spaces are used or not. Rates will increase after 2 years based on Consumer Price Index at any time the City increases its unreserved monthly parking rate.
4. The monthly parking rate per lease space will increase if the Aloft Hotel exercises its right to reduce the number of parking spaces leased, and any request to lease more the 100 spaces must come before the Common Council for approval.
5. The Aloft Hotel will install security cameras and a monitoring booth at the 4th and Highland parking structure.
Body
Whereas, The temporary parking permit for the nearby surface parking lot used by guests of the Aloft Hotel, located at 1230 N. Old World Third Street, expires on March 31, 2014, and will not be renewed by the City; and
Whereas, The City’s 4th and Highland parking structure has unused capacity of at least 100 parkin...
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