Mayor and Council DATE: February 7, 1975

L.D. Pollock,
City Administrator

RE: Commercial Building ~ Shaughnessy and White adjoining Shaughnessy Mall

Further to the memorandum from the Land Use Committee regarding the above mentioned
building the report indicates that the owrer may require leased parking spaces from
the City. This was done for the Shauriu.essy Mall building and was done for a portion
of the parking requirements of a building Located at 2620 Shaughnessy Street. The
arrangement made with these owners was $150.00 per stall as an initial payment and

a monthly rental of $7.00 per. month per stall. If arrangements are made to lease
space to this proposed development these rates should be revised.

On the basis of current costs the parking recently constructed at the Recreation
Centre site would indicate that capital costs of parking improvements are running
closer to $300.00 per stall. With regard to the monthly rental there is still very
little market information in this area on which to base parking rates. Our Apprajs-
ers feel that the rates would probably be established somewhere in the $5.00 to
$10.00 a month range and our current rate of $7.00 per month is not unreasonable.

. Bear in mind that when the City has leased parking spaces in the past they have
not been designated spaces. The present arrangements with Shaughnessy Mall under
their Land Use Contract provides for the monthly rental of $7.00 a month with a
review at the end of five years. This contract was. entered into in 1972 and as
the same developer is involved in the current building proposal perhaps the rate
of $7.00 per month could remain and be subject to review when the Shaughnessy Mall
contract is up for review at the end of the five year period,

£ believe that the developer will require the 24 spaces as leased parking from the
City in order to proceed with this development and perhaps. Council would consider
revising the initial payment to $300.00 per stall and consider leasing 24 spaces
to the developer,

‘LDP:da