Belo Terms for QOL - Dallas · 2015-01-20 · 3 Project Background The “Donors” have deposited...
Transcript of Belo Terms for QOL - Dallas · 2015-01-20 · 3 Project Background The “Donors” have deposited...
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Proposed Term Sheet
for
Belo Garden
Quality of Life CommitteeOctober 8, 2007
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Purpose of Briefing
Present and receive concurrence on the proposed Term Sheet for agreement with the Donors funding the development of Belo Garden
Development PhaseCity’s rights and responsibilities Donors’ rights and responsibilities
Operations PhaseCity’s rights and responsibilities Donors’ rights and responsibilities
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Project Background
The “Donors” have deposited the following in the Belo Garden Fund at the Dallas Foundation:
Belo Corp. - $3MBelo Foundation - $2.5M
The “Donors” have deposited the following in the Belo Garden Permanent Endowment Fund at the Dallas Foundation:
Maureen and Robert Decherd - $1MTo establish a permanent endowment fund for major capital repairs and improvements
Total private donations deposited at the Dallas Foundation - $6.5M
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Project Background
1.5-acre site bounded by Main, Griffin and Commerce streetsOne of three proposed “core parks” in the City’s Downtown Parks Master Plan (formerly known as “Griffin Street Garden”)Ownership currently lies with Sunbelt Management Company and City of Dallas (“Murphy’s Crossing” R.O.W.)2006 Bond Program included $6.5M allocation for the project as matching funds
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Project Site
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Master Plan
Main
GardenPlaza
FountainPlaza
Texas Grove
Entry Garden Gardens
Gardens
Hill
Main Street
Commerce Street
Grif
fin S
treet
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Master Plan
Griffin and Main St. Entrance
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Master Plan
Central Fountain Plaza
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Master Plan
Garden and Garden Wall
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Funding Sources
City of Dallas (2006 Bond Program) $6.5MBelo Corp. $3MBelo Foundation $2.5MMaureen and Robert Decherd $1M Downtown Dallas, Inc. (grant) $.2M
Total Project Funding $13.2M
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Funding Allocation
Land Acquisition and Environmental Remediation (City) $6.5MDesign and Construction Cost (Donors) $5.7MMajor Repair and Capital Improvement Endowment (Donors) $1M
Total Funding Allocation $13.2M
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Land Acquisition
The City has agreed to diligently pursue acquisition of the site
Appraisal and Environmental Survey:Boundary surveys, appraisals and environmental assessments completed
Environmental assessments indicate soil contaminationSoil remediation appraisal estimates to be completed in October 2007
City Council and Park and Recreation Board will be asked to authorize acquisition and Eminent Domain, if it becomes necessary, in January 2008
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Design and Construction
Belo will design and construct a downtown park known as “Belo Garden” on the property
Belo has retained Hargreaves Associates to design the park
Murphy’s Crossing, a 25’ wide-pedestrian way, will be integrated into the design of Belo Garden
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Design and Construction
Any contracts let by the Donors under the agreements for the design or construction of the park shall:
Contain insurance and payment and performance bond provisions under limits acceptable to the CityRelease, indemnify and hold harmless the CityObligate the contractor or firm to comply with all applicable state, federal and local lawsBe advertised and awarded to facilitate M/WBE participation
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Design & Construction
City will review and approve design and construction documentsAll funds must be deposited in a designated account at the Dallas Foundation prior to the commencement of constructionUpon completion of construction and acceptance by the City, Belo Garden will be turned over to the City for maintenance and operation
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Design & Construction
If the construction of Belo Garden is not completed within 18 months from the date of City obtaining “right of possession” of the land, the City, after providing a 30 -day notice and opportunity to cure, may take over construction
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General Operational Terms
It is the strong desire of the donors to improve the street aesthetics in the area around Belo Garden and Dealey Plaza
Remove 22 on-street parking spaces around the perimeter of Belo Garden as well as Dealey PlazaProhibit advertising within or around the perimeter of Belo Garden
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Naming Rights
In consideration of the Donors fulfilling their obligations under the Agreement, the park shall be named “Belo Garden” to honor and recognize Alfred Horatio Belo and the employees past, present and future, of Belo Corp. This naming is in accordance with the “Criteria for Establishing Capital Development Partnerships for New Downtown Parks” –adopted by the Park and Recreation Board in 2004
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Maintenance Endowment
A permanent endowment has been established and the income shall be used for major capital repairs and improvements, including:
Granite, concrete and asphalt surfacingWater featuresLight standards and fixturesIrrigation linesWall structuresPublic art installationsTrees
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Projected Schedule
Complete construction documents and environmental remediation specificationsCity Council authorization to acquire propertyApplication to TNRCC for Voluntary Clean-up ProgramTNRCC approval of clean-up plan
January 2008
January 2008
January 2008
September 2008
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Projected Schedule
Closing and possession of property
Allowance for eminent domain process, if requiredSubsequent City Council action may be required
Start constructionComplete construction
October 2008
November 2008August 2009
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Next Steps
Park and Recreation Board approval of agreement(s)City Council approval of agreement(s)
October 4, 2007
November 2007