At tonight’s meeting, the City Council will review the approval of the Joint Development Agreement, Parking Agreement, and the Condominium Documents between the City of College Park and the University of Maryland concerning the City Hall Project. The Joint Development

Agreement and Parking Agreement contain the terms necessary for pre-development requirements and construction. The Condominium Documents include the Declaration of Condominium, Condominium Plat, and the By-Laws, and set out how the property will be owned and maintained. Specifically, we will review (a) contributions made by the parties and how the “Initial University Contribution” (“true-up”) and parking payment from the University was determined; (b) the ownership structure once the project is complete; building and plaza costs and each party’s proportional share; and use of the municipal parking garage. The Condominium Declaration is the preliminary version of the agreement because the “as-built” information is required to finalize.

The City cost of this project is approximately $19.6 million. The City will use $12.5 million using the money it borrowed in the fall of 2019 through a bond sale. The City has received approximately $850,000 in State grants, utilized General Fund savings, and will receive funds from the University of Maryland for the land contribution “true-up” ($2.3 million) and use of the municipal parking garage ($0.63 million). Approval of the Joint Development Agreement and Parking Easement provides the legal path for the University of Maryland to pay the City the costs associated with the land “true-up” and for its use of the municipal parking garage, totaling approximately $3M. The City will also use $3.1 million from its Reserves.