AGENDA #3

MEMORANDUM

TO:                  Mayor and Town Council

FROM:            W. Calvin Horton, Town Manager

SUBJECT:      Concept Plan:  Downtown Economic Development Initiative, Town Parking Lot #5 Project

DATE:            March 20, 2006

Tonight, the Council considers a Concept Plan for the Town Parking Lot #5 Project, located between West Franklin Street and West Rosemary Street at the intersection of Church Street.

This proposal involves construction of an underground parking deck with approximately 375 parking spaces, 124 residential dwelling units and 24,000 square feet of retail floor area in three buildings ranging from four to nine stories in height.  In accordance with the Land Use Management Ordinance, there has been no staff review of this Concept Plan.

We recommend that the Council review this Concept Plan, receive comments from the Community Design Commission, and citizens, and adopt a resolution transmitting comments to the applicant.

The attached memorandum for the Concept Plan proposal includes background information on the Concept Plan process, the applicant’s materials, and additional related information.