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RESOLUTION NO. R-1213-61: A RESOLUTION OF THE NORMAN MUNICIPAL AUTHORITY APPROVING AND AUTHORIZING A LOAN FROM REPUBLIC BANK AND TRUST IN THE TOTAL AGGREGATE PRINCIPAL AMOUNT OF $150,000; APPROVING THE ISSUANCE OF A PROMISSORY NOTE IN THE TOTAL AGGREGATE PRINCIPAL AMOUNT OF $150,000, SECURED BY A PLEDGE OF REVENUES COLLECTED FROM METERED PARKING WITHIN THE GRAY STREET PARKING FACILITY; AUTHORIZING EXECUTION OF NECESSARY DOCUMENTS; AND WAIVING COMPETITIVE BIDDING.
ACTION NEEDED: Acting as the Norman Municipal Authority, motion to adopt or reject Resolution R-1213-61.
ACTION TAKEN: ___________________________________
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BACKGROUND: In 2003, The City of Norman hired Carter & Burgess, Inc. to conduct a parking survey for the Downtown and Campus Corner areas. The purpose of the study was to identify a parking strategy for these high traffic areas to ensure responsible development. Carter & Burgess ultimately determined that there was a shortage of parking during peak periods on typical weekdays and that the parking shortage would increase with planned development. They recommended increasing parking supply and increasing metered rates. In order to increase parking supply, Carter & Burgess recommended developing a surface parking lot on Gray Street between Peters and Crawford Streets to serve the downtown area.
This surface lot, hereinafter referred to as the “Gray Street Parking Facility”, was completed in January 2007, and, upon completion, it had 104 parking spaces that were available to the public. Now, the City of Norman facility maintenance building has been removed from the property, and the number of spots has increased to 147.
In 2011, the City of Norman parking service officers conducted a traffic count at the Gray Street Parking Facility in order to gauge usage. From December 1, 2011 to December 15, 2011, vehicles parked in the lot were counted at 9:00 am, 12:00 pm, and 3:00 pm each day. According to this survey, on average, 60%...
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