Item 11ACity of Southlake, Texas
M E M O R A N D U M
January 11, 2006
TO: Shana Yelverton, City Manager
FROM: Greg Last, Director of Economic Development
Discuss design elements and opinion of probable costs for the public park
SUBJECT:
proposed within the Shops of Southlake development.
______________________________________________________________________________
Action Requested:
Discuss various design elements and associated costs of the proposed
public park in order to provide direction to the developer and staff to
enable final design and cost estimation for the park improvements.
Background
Information:
The Shops of Southlake is a development by Cencor Realty Services of
approximately 230,000 sf of retail which includes a 65,100 sf Central
Market specialty grocer. The primary anchor, Central Market, has been
the most often requested single retailer during my tenure at Southlake.
The Shops development concept reflects attentiveness to design and
complimentary characteristics to the renowned Southlake Town Square
development. The City Council has expressed an interest in working with
the developer to create a landmark feature and amenity area within the
development and together have identified an area for a potential public
park.
Negotiations have lead to a variety of economic programs which will be
included in a Chapter 380 Agreement considered at your Feb. 7, 2006
meeting. Following is a summary of the Park related issues:
A.On September 12, 2005, Park Board recommended acceptance of
approximately 32,402 sf of land as a public park, tentatively named
Central Park (pending Park Board recommendation and Council
approval).
B.Waiver of the Park Dedication Fee in the amount of $34,800.
C.Participation with the developer in the development of the Central
Park amenity and landmark fountain feature with the following
qualifications:
The City will participate in the cost of “Park Improvements” at a
o
ratio of 3:1 ($3 City for each $1 Developer) not to exceed a total
City cost of six hundred thousand dollars ($600,000).
Eligible costs for participation are inclusive of consultant “soft
o
costs” not in excess of one hundred thousand dollars ($100,000).
Final approval of the Central Park amenities and landmark feature
o
subject to approval by City Council.
Developer shall up front the costs of constructing all
o
improvements.
The City of Southlake shall reimburse the developer as noted
o
above upon completion and acceptance of the improvements.
Execution of a “Declaration of Easements and Covenants”
o
regarding various aspects of Central Park to include (maintenance
of a view corridor to Central Market and provisions regarding
parking capacity)
Financial
Considerations:
Depending on the final tenant selections for this development, it is
estimated that the Shops of Southlake will generate over $1M per year in
total tax revenues to the City.
The Developer and staff will prepare a financial summary of various
aspects of the Park for presentation at the meeting.
Citizen Input/
Board Review:
The Southlake Parks and Recreation Board on September 12, 2005
recommended approval of the dedication of 32,402 sf of land as a public
park as shown on the concept plan for the Shops of Southlake
development.
Legal Review:
The City Attorney’s office has been involved in the negotiation and
writing of the future Chapter 380 agreement including this Park issue.
Alternatives:
Supporting
Documents:
The following items will be provided at the meeting.
Design plan for the Park
Design aspects of the proposed feature fountain
Opinion of probable costs for all park improvements
Staff
Recommendation:
Discuss various aspects of the proposed public park.