Summary:
In 2011, the City and FAMU entered into a multi-year parking lease for the use of parking spaces at the Centroplex Parking Garage for FAMU Law School. Rates must be approved by City Council. The rates for the next five (5) academic years (August 1 to July 31) are proposed as follows:
- August 1, 2016 to July 31, 2017: $20 per space for 355 spaces ($85,200 annually - $7,100 monthly)
- August 1, 2017 to July 31, 2018: $22 per space for 355 spaces ($93,720 annually -$7,810 monthly)
- August 1, 2018 to July 31, 2019: $24 per space for 355 spaces ($102,240 annually - $8,520 monthly)
- August 1, 2019 to July 31, 2020: $26 per space for 355 spaces ($110,760 annually -$9,230 monthly)
- August 1, 2020 to July 31, 2021: $26 per space for 355 spaces ($110,760 annually -$9,230 monthly)
The first payment at the new rate for the 2016/2017 academic year will be effective for parking spaces for the month of November, and payment will be due on or before November 1, 2016. Pursuant to the Lease, prior to the start of each academic year, FAMU can make a request for more or fewer spaces to meet the needs of the students for the upcoming academic year, provided FAMU timely notifies the City in writing and subject to the remaining terms in the Lease.
FAMU agrees to these proposed rates. |