Title
Memorial Garage Elevator Modernization Project [Published for Review 09/04/25]
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FileID
File ID: 2025-01486
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Location
Location: District 4
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Recommendation
Recommendation: Adopt a Resolution: 1) authorizing the City Treasurer or the City Treasurer's designee to secure lease financing from Banc of America Public Capital Corp in an amount not to exceed $1.16 million and to approve, execute, and deliver required lease-financing documents, including but not limited to a schedule of property; 2) declaring the City's intent to use proceeds obtained through the lease financing to reimburse itself for expenditures it expects to pay before the financing is completed; and 3) authorizing the Interim City Manager or designee to make the necessary budgetary adjustments to the Fiscal Year 2025/26 Approved Budget to reflect the procurement and financing as secured by the City Treasurer or the City Treasurer's [YC1][MT2]designee.
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Contact
Contact: Staci Hovermale, Parking Services Manager, shovermale@cityofsacramento.org, (916) 808-5849; Department of Public Works
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Presenter
Presenter: None
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Attachments
Attachments:
1-Description/Analysis
2-Resolution
3-Exhibit A - Summary of Terms and Conditions
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Additional Description/Analysis
IssueDetail
Issue Detail: The City's Memorial Garage, located at 805 14th Street, was built in 2001. It is a 10-level garage and contains a total of four elevators which are distributed by two on the west side and two on the east side of the garage.
Located across the street from the Music Circus and a couple blocks from the Memorial Auditorium and SAFE Credit Union Convention Center, Memorial Garage has served as an important source of convenient parking supporting events at those venues. Neighboring residential developments also use it to provide safe parking for their tenants. Having functioning, reliable elevators are crucial to the operation of the garage, especially when events finish an...
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