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Approve a Parking Management Agreement with Six Flags Discovery Kingdom for the use of parking spaces located at the Solano County Fairgrounds from April 3, 2012 to January 31, 2013; and Authorize the Director of General Services to execute the agreement and any subsequent amendments
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Published Notice Required? Yes _____ No __X___
Public Hearing Required? Yes _____ No __X___
DEPARTMENTAL RECOMMENDATION
The Department of General Services recommends that the Board of Supervisors:
1. Approve a Parking Management Agreement with Six Flags Discovery Kingdom for the use of parking spaces located at the Solano County Fairgrounds from April 3, 2012 to January 31, 2013; and
2. Authorize the Director of General Services to execute the agreement and any subsequent modifications or amendments.
SUMMARY:
The Solano County Fairgrounds are located on County-owned property located at 900 Fairgrounds Drive in Vallejo. There are approximately 3,400 parking spaces on the Fairgrounds property that Six Flags has used for overflow parking for its operations under a June 2000 Lease and Parking Agreement between the County and the Marine World Joint Powers Authority, which was comprised of the City of Vallejo and the City of Vallejo Redevelopment Agency. This agreement terminated on December 31, 2011. The Parking Management Agreement will generate a minimum of $275,000 in revenue to the County and allow Six Flags to continue to use the Fairgrounds parking spaces until January 31, 2013, at which time it is anticipated that negotiations for a longer term agreement will be completed.
FINANCIAL IMPACT:
A minimum of $275,000 in guaranteed rent will be received from Six Flags with additional percentage rent due based on a graduated schedule of gross parking tickets valued at $15 per vehicle. Based on actual use of the Fairgrounds parking lot in 2011 and projected use for 2012, the additional percentage rent is estimated to be between $112,000 and $18...
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