CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Adopt the resolution authorizing the early termination of the June 20, 2006 parking agreement between the City and North Central College
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DEPARTMENT: Transportation, Engineering and Development
SUBMITTED BY: William J. Novack, Director of TED/City Engineer
BOARD/COMMISSION REVIEW:
NA
BACKGROUND:
In 2006, North Central College (NCC) proposed the construction of a 58,000 square foot fine arts center at the northwest corner of Chicago Avenue and Ellsworth Street (later to be named Wentz Hall). The anticipated schedule of events included nearly 150 event days including a commercial concert series. At that time, it was determined that the availability of on-street parking, college parking lots, and private parking lots would not be sufficient to accommodate the parking demands of the new facility.
DISCUSSION:
The combination of the lack of existing parking, projected event schedule and concerns about the impact on downtown parking resulted the approval of a twenty-year parking agreement between the City and NCC. The agreement required NCC to assess a $0.50 per ticket charge and pay the City a minimum of $13,000 annually for the potential impact on downtown parking. The agreement is scheduled to expire in 2028 unless the city exercises its option to renew the agreement for another twenty years.
A number of circumstances have changed which has prompted NCC to request an early termination of the agreement:
• NCC has increased parking on campus by 758 spaces including the new parking pavilion which opened this year.
• NCC ended it’s presented performance series, which included well-known national artists, in May 2024. NCC is focusing the use of Wentz in fulfilling the College’s mission in service to its students. While some third-party rentals will occur, the scale of those events will be significantly less than originally envisioned.
• The City has added parking capacity in the downtown and established the Downtown Food and Beverage tax to fund downtown parking.
NCC representatives approached staff to request early termination of the agreement (attached). Given the above changes in circumstances, staff recommends that City Council approve the early termination of the agreement.
FISCAL IMPACT:
The early termination of the agreement will result in an anticipated reduction of $13,000 annually to the downtown parking fund for the next four years.